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164.6011 Definitions for KRS 164.6011 to 164.6041.
As used in KRS 164.6011 to 164.6041, unless the context indicates otherwise: <br>(1) "Applied research" means those research activities occurring at universities and in
private enterprises that have potential commercial application;
(2) "Cluster" means a geographically bound concentration of similar, related, or
complementary businesses with active channels for business transactions, <br>communications, and dialogue, that share specialized infrastructure, labor markets, <br>and services, and that are faced with common opportunities and threats;
(3) "Commission" means the Kentucky Innovation Commission; <br>(4) "Commonwealth" means the Commonwealth of Kentucky; <br>(5) "Council" means the Council on Postsecondary Education; <br>(6) "Eligible company" means any corporation, limited liability company, partnership,
limited partnership, sole proprietorship, business trust, person, group, or other entity <br>engaged in nonretail commerce, agribusiness, trade, or manufacturing;
(7) "Immediate family members" means:
(a) Spouse and parents-in-law; <br>(b) Parents and grandparents; <br>(c) Children and their spouses; and <br>(d) Siblings and their spouses;
(8) "Kentucky-based company" means a business with its principal place of business in
Kentucky or no less than fifty percent (50%) of its property and payroll located in <br>Kentucky;
(9) "Knowledge-based" means driven by knowledge, innovation, and speed; <br>(10) "Medium-size company" means a business with fifty-one (51) to one hundred fifty
(150) employees;
(11) "Qualified company" means an eligible company that may be granted a funding
voucher or award pending certification;
(12) "Science and technology organization" means an independent, nonprofit or quasi-
governmental organization, with a statewide mission, that has a demonstrated <br>history of managing complicated programs in the areas of entrepreneurial <br>innovation, science, and technology advancement;
(13) "Seed funding" means financing that is provided for early-stage development,
refinement, and commercialization of a product, process, or innovation through <br>continuing applied research, advancing the patent process, determining commercial <br>and market potential, or moving research toward development of a prototype; and
(14) "Small company" means a firm with fifty (50) or fewer employees.
Effective: July 12, 2006 <br>History: Amended 2006 Ky. Acts ch. 149, sec. 223, effective July 12, 2006. --
Amended 2002 Ky. Acts ch. 230, sec. 29, effective July 15, 2002. -- Created 2000 <br>Ky. Acts ch. 522, sec. 1, effective July 14, 2000.
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