Section 870-RICR-20-00-4.5 - DefinitionsA. The following words and terms, when used in these Rules, shall have the following meanings, unless the context clearly indicates otherwise. 1. "Act" means R.I. Gen. Laws Chapter 42-64.28, known as the Innovation Initiative.2. "Applicant" means a Business that applies for a Voucher under the Act and these Rules.3. "Application" means the application, promulgated by the Corporation, which must be completed and submitted by an Applicant pursuant to the requirements of the Act and these Rules.4. "Business" means a corporation, partnership, an S corporation, a non-profit corporation, a sole proprietorship, a limited liability corporation or such other entity as approved by the Corporation in its discretion.5. "Corporation" means the Rhode Island Commerce Corporation established pursuant to R.I. Gen. Laws Chapter 42-64.6. "Employee" means a natural person who is employed in the State by a business for consideration for at least thirty-five (35) hours a week, or who is employed in the State by a professional employer organization pursuant to an employee leasing agreement between the Business and the professional employer organization for at least thirty-five (35) hours a week, and whose wages are subject to withholding.7. "Innovation Project" means the project for which the Applicant seeks a Voucher under the Act.8. "Knowledge Provider" means a Rhode Island institution of higher education or other entity located in Rhode Island that will provide services to a Voucher recipient pursuant to a Voucher Agreement; provided that Corporation may, in rare circumstances, authorize an entity located outside of Rhode Island to qualify as a Knowledge Provider or collaborate with a Rhode Island-based Knowledge Provider if an Applicant can show that no Knowledge Provider located in Rhode Island is available and able to perform all the services required for the Innovation Project.9. "Small Business" means a Business that is resident in the State, has a business facility within the state, and has five hundred (500) or fewer Employees.10. "State" means the State of Rhode Island.11. "Voucher" means a certificate with a value of $5,000 to $75,000 that a successful Applicant can redeem to purchase research and development support or other forms of technical assistance and services from a Knowledge Provider and to fund research and development by and for Small Business Manufacturers.12. "Manufacturer" means any entity that: a. Uses any premises within the state primarily for the purpose of transforming raw materials into a finished product for trade through any or all of the following operations: adapting, altering, finishing, making, processing, refining, metalworking, and ornamenting, but shall not include fabricating processes incidental to warehousing or distribution of raw materials, such as alteration of stock for the convenience of a customer; orb. Is described in codes 31-33 of the North American Industry Classification system, as revised from time to time.13. "Small Business Manufacturer" means an entity that meets both the definition of Small Business and Manufacturer as defined in these Rules.870 R.I. Code R. 870-RICR-20-00-4.5
Amended effective 9/27/2023