As used in this division unless the context otherwise requires:
1. "Board" means the board of directors of the Iowa seed capital corporation.
2. "Corporation" means the Iowa seed capital corporation.
3. "Financial aid" means the infusion of risk capital to persons for use in the development and exploitation of specific inventions and products.
4. "Invention" means a new process or new technique without regard to whether a patent has or could be granted.
5. "President" means the president of the Iowa seed capital corporation*.
6. "Product" means a product, device, technique, or process which is exploitable commercially. The term does not mean a product in a pure research stage of development but applies to a product, device, technique, or process which has advanced beyond the theoretic stage and is readily capable of being reduced to practice.
7. "Venture" means a contractual arrangement between a person and the corporation from which the corporation obtains rights, from or in an invention, product, or the proceeds from the product or invention in exchange for granting financial aid to the person.
83 Acts, ch 207, § 20, 93
CS83, § 28.82
C93, § 15E.82
94 Acts, ch 1201, §16
Referred to in § 15.108
*Section 15E.86, providing for the president of the corporation, was repealed by 98 Acts, ch 1225, §39; corrective legislation is pending
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