Except as otherwise provided in this subtitle, the following terms have the meanings indicated. Terms Defined. “Act” means Economic Development Article, Title 10, Subtitle 4, Annotated Code of Maryland, and Title 10, Subtitle 4A, Annotated Code of Maryland. “Applicant” means a business that applies for an investment from TEDCO. “Board” means the Board of Directors of TEDCO. “Business” means an enterprise for profit, including a partnership, a limited partnership, a corporation, or a limited liability company. “Bylaws” means the bylaws of TEDCO. Capital Investment. “Capital investment” means an expenditure by a business for the purchase, improvement, or maintenance of a long-term asset providing value for more than a year to enhance the growth potential of the business. “Capital investment” includes land and buildings, construction, improvements, furniture and fixtures, machines, computing, vehicles, software development, software, branding, intellectual property, patents, product development, copyrights, franchise rights, and licenses. “Chief Executive Officer” means the individual who is named as the Chief Executive Officer of TEDCO by the TEDCO Board and employed by TEDCO. Debt. “Debt” means a debt security. “Debt” includes a convertible note. “Economic disadvantage” means the impairment of the ability to compete in the free enterprise system due to social disadvantage resulting in diminished capital and credit opportunities as compared to others in the same or similar line of business, as such term is interpreted under 13 CFR §124.104. “Early-stage business” means a business that: Except for businesses applying for investment under COMAR 14.04.03 and .04 or as otherwise provided in COMAR 14.04.05, commenced operations not more than 7 years before the date on which the business submits an application for an investment by TEDCO; Has received not more than $30,000,000 in investment by persons other than TEDCO as of the date that the business submits an application for an investment by TEDCO; and Has no more than 250 employees. “Employee” means a full-time or full-time equivalent W-2 reporting worker of a business. Equity Financing. “Equity financing” means the purchase of: Shares, units, or interests in a business; or Rights to ownership of shares, units, interests, or rights, such as options or warrants, in a business. “Equity financing includes debt financing that is convertible into equity. “Follow-on investment” means TEDCO’s investment in a business in which TEDCO, at the time of the investment, holds debt or equity. “Founder” means an individual who establishes a business by: Assuming a portion of the risk of the business; and Having the initial rights to a portion of the profits of the business. Intellectual Property. “Intellectual property” means the intangible value developed by human creativity that is protected by the legal mechanisms of patents, trademarks, copyrights, service marks, trade secrets, mask works, and plant variety protection certificates. “Intellectual property” includes inventions, discoveries, know-how, show-how, processes, unique materials, copyrightable works, original data, and other creative or artistic works that have commercial value. “Intellectual property” also includes the physical embodiments of intellectual effort such as models, machines, devices, designs, apparatus, instrumentation, circuits, computer programs and visualizations, biological materials, chemicals, other compositions or matter, plants, and records of research. “Investment” means equity financing by TEDCO in a qualified business. “Investment Committee” has the meaning stated in §10-401(e) of the Act. “Investment program” means any TEDCO investment program or fund authorized by or under the Act. “Office of the Attorney General” means Office of the Attorney General of Maryland. “Person” has the meaning stated in General Provisions Article, §1-114, Annotated Code of Maryland. “Product” means an item, process, or service for sale that is developed through or relies on technological innovation. “Qualified business” has the meaning stated in §§10-401(g) and 10-487(a)(4) of the Act, except as otherwise stated in this subtitle. “Rural area” has the meaning stated in State Finance and Procurement Article, §2-207, Annotated Code of Maryland. “Rural community” has the meaning stated in State Finance and Procurement Article, §2-207, Annotated Code of Maryland. “Social disadvantage” means subject to racial or ethnic prejudice or cultural bias within American society because of identity as a member of a group and without regard to individual qualities, as such term is interpreted under 13 CFR §124.103. Technology. “Technology” means the application of science for practical purposes. “Technology” includes products and processes that are, or will be, protectable as intellectual property. “Technology-based business” means a business that relies on technology to provide proprietary competitive advantage in the market. TEDCO. “TEDCO” means Maryland Technology Development Corporation established under the Act. For purposes of an investment program, TEDCO includes each entity owned by TEDCO through which investments are made under the investment program. “Workforce” means founders and employees of a business when determining: Whether a business is a qualified business; and The impact or potential impact of an investment on the State, a community in the State, or an area or region of the State. Economic Development Article, §§10-409 and 10-4A-27, Annotated Code of Maryland Effective date: Regulations .01—.11 under COMAR 14.04.01 Stem Cell Research Commission recodified to be COMAR 14.04.08 Stem Cell Research Commission effective December 30, 2019 (46:26 Md. R. 1167) Regulation .01 adopted under a new chapter, Definitions effective December 30, 2019 (46:26 Md. R. 1167) Regulation .01B amended effective February 22, 2021 (48:4 Md. R. 178); February 21, 2022 (49:4 Md. R. 302); September 18, 2023 (50:18 Md. R. 800)