2011 Minnesota Statutes

116W.26 DEFINITIONS.

Subdivision 1.Applicability.

For the purposes of sections 116W.26 to 116W.34, the terms in this section have the meanings given them.

Subd. 2.Authority.

"Authority" means the Minnesota Science and Technology Authority established under this chapter.

Subd. 3.College or university.

"College or university" means an institution of postsecondary education, public or private, that grants undergraduate or postgraduate academic degrees, and conducts significant research or development activities in the areas of science and technology.

Subd. 4.Commercialization.

"Commercialization" means any of the full spectrum of activities required for a new technology, product, or process to be developed from its basic research of conceptual stage through applied research or development to the marketplace including, without limitation, the steps leading up to and including licensure, sales, and services.

Subd. 5.Commercialized research project.

"Commercialized research project" means research conducted within a college or university or nonprofit research institution or by a qualified science and technology company that has shown advanced commercial potential through license agreements, patents, or other forms of invention disclosure, and by which a qualified science and technology company has been or is being currently formed.

Subd. 6.Fund.

"Fund" means the Minnesota science and technology fund.

Subd. 7.Nonprofit research institution.

"Nonprofit research institution" means an entity with its principle place of business in Minnesota, that qualifies under section 501(c) of the Internal Revenue Code, and that conducts significant research or development activities in this state in the areas of science and technology.

Subd. 8.Program.

"Program" means the Minnesota science and technology program.

Subd. 9.Qualified science and technology company.

"Qualified science and technology company" means a corporation, limited liability company, S corporation, partnership, limited liability partnership, or sole proprietorship with fewer than 100 employees that is engaged in research, development, or production of science or technology in this state including, without limitation, research, development, or production directed toward developing or providing science and technology products, processes, or services for specific commercial or public purposes.

History:

1Sp2011 c 7 art 9 s 2