Definitions

As used in this Code section, the term: (1) “Innovation” means the use or incorporation of a new idea, a 678 50-7-90 DEPT. OF ECONOMIC DEVELOPMENT 50-7-111 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. (2) “Innovative product or service” means a product or service that includes an innovation. (3) “Startup” means an entity that: (A) Once it is operational, intends to: (i) Offer an innovative product or service as its principal function; (ii) Be registered as a business entity in Georgia; and (iii) Have its principal place of business in Georgia; and (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. History. Code 1981, § 50-7-90, enacted by Ga. L. 2021, p. 271, § 3/HB 611. Effective date. This Code section became effective July 1, 2021. ARTICLE 9 GEORGIA FILM AND TELEVISION TRAIL