As used in this act: 1. "Commercial stage" means the point at which the product has advanced beyond the theoretical and prototype stage and is capable of being manufactured or reduced to practice commercially; 2. "Intellectual property" means a patent, patent pending, trademark, copyright or trade secret; 3. "Licensor" means the person who owns the intellectual property rights of a product; 4. "Licensee" means the person to whom the intellectual properties related to a product have been licensed or assigned; 5. "Person" means any individual, sole proprietor, partnership or corporation; 6. "Product" means any device, technique or process; 7. "Royalties" means all things of value received by a licensor in connection with the licensing, rental or sale of a product patented, patent pending, copyrighted or trademarked pursuant to federal law; and
8. "Strategic alliances" means a business agreement such as licensing, joint venture partnership, etc., between two or more persons. Added by Laws 1992, c. 246, § 3, emerg. eff. May 21, 1992.