As used in this part:
- (1) "Executive director" means the executive director of the institute appointed under Section 53H-16-304.
- (2) "Institute board" means the board of directors of the Nucleus Institute as described in Section 53H-16-302.
- (3) "Investment committee" means the investment committee of the Utah innovation fund created in Section 53H-16-403.
- (4) "Nucleus Institute" or "institute" means the Nucleus Institute created in Section 53H-16-202.
(5) "Qualified business" means a business entity that:
- (a) is established to commercialize a technology, product, or service developed in partnership with a technology commercialization program at a public institution orprivate postsecondary educational institution in the state; and
- (b) maintains the business's principal business operations in the state.
(6) "Qualified investment" means any distribution or payment of funds to a qualified business from the Utah innovation fund, including:
- (a) a direct investment of capital in a qualified business for the purchase of shares of stock;
- (b) a secured loan or revolving line of credit to a qualified business; or
- (c) a financial grant to a qualified business.
- (7) "Utah innovation fund" means a limited liability company organized under Section 53H-16-402.
Renumbered and Amended by Chapter 8, 2025 Special Session 1