Section 1602-P. Definitions.
The following words and phrases when used in this article shall have the meanings given to them in this section unless the context clearly indicates otherwise:
"Account." The Angel Investment Venture Capital Account established under section 1604-P.
"Angel investor." A person or entity whose purpose is to make investments in companies.
"Eligible applicant." An angel investor or a qualified business venture.
"Office." The Executive Offices of the Governor.
"Program." The Angel Investment Venture Capital Program established under section 1603-P.
"Qualified business venture." A business that:
(1) Is primarily focused on commercialization of research and development, technology transfers or the application of new technology, or if not engaged in those industries, the office makes a determination that the qualified investment will be highly beneficial to the economic growth of this Commonwealth.
(2) Has at least 51% of its employees employed in this Commonwealth at the time the qualified business venture applies for a qualified investment.
(3) Has fewer than 100 employees at the time the qualified business venture applies for a qualified investment.
(4) Has been in operation in this Commonwealth for not more than five consecutive years at the time the qualified business venture applies for a qualified investment.
(5) Has not received more than $2,000,000, in the aggregate, in private equity investments of which not more than $1,000,000 was invested by a single investor.
(6) Is not engaged in a business involving the following:
(i) Real estate.
(ii) Real estate development.
(iii) Insurance.
(iv) Professional services provided by an accountant, a lawyer or a physician.
(v) Retail sales, except when the primary purpose of the business is the development or support of electronic commerce using the Internet.
"Qualified investment." A payment of money or its equivalent for a private equity interest in a qualified business venture.
(1602-P added June 30, 2021, P.L.62, No.24)