2012 Hawaii Revised Statutes
TITLE 13. PLANNING AND ECONOMIC DEVELOPMENT
211E. Hawaii Innovation Development Program
211E-1 Definitions.
§211E-1 Definitions. As used in this chapter:
"Financing" means furnishing risk capital to persons for use in the development or exploitation of specific inventions or products.
"Innovation" means any new product or invention.
"Invention" means any new process or technique for which a patent has been granted; or which in the opinion of the advisory committee, the chance of obtaining a patent thereon is favorable.
"Inventor" means any resident taxpayer subject to the jurisdiction of the laws of the State of Hawaii who develops an innovation.
"Loan" means financing in which the department of business, economic development, and tourism shall prescribe the form of participation under section 211E-2(b) to carry out the purposes of this chapter.
"Product" means any product, device, technique, or process, which is or may be exploitable commercially. This term shall not refer to pure research but shall be construed to apply to such products, devices, techniques, or processes which have advanced beyond the theoretical stage and are readily capable of being, or have been reduced to practice.
"Venture" means, without limitation, any contractual arrangement with any person whereby the investor with risk capital obtain rights from or in an invention or product or proceeds therefrom in exchange for financing such persons. [L Sp 1981 1st, c 8, pt of §2; am L 1987, c 242, §3 and c 336, §7; am L 1990, c 293, §8]
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