50-7-90. Definitions.

As used in this Code section, the term:

“Innovation” means the use or incorporation of a new idea, a new or emerging technology, or a new use of existing technology to address a problem, provide a benefit, or otherwise offer a product or service.#

“Innovative product or service” means a product or service that includes an innovation.#

“Startup” means an entity that:#

1. (A)

   Once it is operational, intends to:#

2. (i)

   Offer an innovative product or service as its principal function;#

3. (ii)

   Be registered as a business entity in Georgia; and#

4. (iii)

   Have its principal place of business in Georgia; and#

5. (B)

   Was created or developed by one or more individuals who have never owned, directly or indirectly, more than 25 percent of any business that has had more than $100,000.00 in gross receipts in a single year.#