The definitions in this section apply throughout this chapter unless the context clearly requires otherwise.
(1) "Business incubator" means a facility that offers:
(a) Space for start-up and expanding firms;
(b) The shared use of equipment and work areas;
(c) Daily management support services essential to high quality commercial operations; and
(d) Technical assistance.
(2) "Qualified small business incubator" means an incubator that is:
(a)(i) Designated as a nonprofit organization under section 501(c)(3) of the internal revenue code, or (ii) consists of a partnership between a designated nonprofit organization under section 501(c)(3) of the internal revenue code and a government or quasi-government agency;
(b) Focused on developing small businesses in an economically distressed or disadvantaged area; and
(c) Structured around a sound business plan.
[ 2004 c 237 § 2.]