As used in this Code section, the term:(1) 'Innovation' means the use or incorporation of a new idea, a 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.Added by 2021 Ga. Laws 161,§ 3, eff. 7/1/2021.Repealed and reserved by 2018 Ga. Laws 289,§ 1, eff. 7/1/2018.Added by 2015 Ga. Laws 186,§ 2, eff. 7/1/2015.
Georgia Legal Code