is established to commercialize a technology, product, or service developed through a technology commercialization program at a public or private institution of higher education in the state; and
(b)
maintains the business's principal business operations in the state. See Utah Code 63N-21-101
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
manage and conduct the business and affairs of the innovation lab and determine all questions of innovation lab policy;
(b)
consistent with this chapter, establish policies, procedures, and strategies for the administration of the Utah innovation fund, including eligibility criteria, application requirements, performance metrics, and reporting requirements for a qualified business to receive a qualified investment from the Utah innovation fund; and
(c)
approve any decision of the Utah innovation fund to make a qualified investment.
(2)
The board may establish independent committees for the purpose of assisting the board in an advisory role.
