Illinois Administrative Code › Title 74 - PUBLIC FINANCE › Part 719 - TECHNOLOGY DEVELOPMENT ACCOUNT (TDA) PROGRAM › Subpart B - DEFINITIONS › Section 719.200 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
The following definitions shall apply to this Part:
"Act" means the Technology Development Act [ 30 ILCS 265
				  ].
"Fund Manager" means an entity that provides equity financing
				  for starting up or expanding a company, or related purposes such as financing
				  for seed capital, research and development, introduction of a product or
				  process into the marketplace, or similar needs requiring risk capital.
"Green Technology" means technology that:
promotes clean energy, renewable energy, or energy
				  efficiency;
reduces greenhouse gases or carbon emissions; or
involves the invention, design, and application of chemical
				  products and processes to eliminate the use and generation of hazardous
				  substances.
"Illinois Companies" means
companies that are
				  headquartered or that otherwise have a significant presence in the State at the
				  time of initial or follow-on investment.
[
				  30 ILCS
				  265/11(d) ]
"Illinois Venture Capital Firm" means
an entity
				  that:
has a majority of its employees in Illinois or that
				  has at least one general managing partner or principal domiciled in Illinois;
				  and
either:
provides equity financing for starting up or
				  expanding a company, or related purposes such as financing for seed capital,
				  research and development, introduction of a product or process into the
				  marketplace, or similar needs requiring risk capital;
or
has a track record of identifying, evaluating, and
				  investing in Illinois companies and that provides equity financing for starting
				  up or expanding a company, or related purposes such as financing for seed
				  capital, research and development, introduction of a product or process into
				  the marketplace, or similar needs requiring risk capital
. [
				  30 ILCS
				  265/11(c) ]
"Investment Advisor" means one or more entities lawfully
				  doing business in the State of Illinois selected by the Treasurer to oversee
				  the investment, administration, and reporting for the Technology Development
				  Account.
"Portfolio Company" means an entity in which a Fund Manager
				  invests.
"Significant Presence" means at least one physical office and
				  one full-time employee within the geographic borders of Illinois. A "physical
				  office" may mean a professional workplace, a co-working location, or a home
				  office.
"TDA II-Recipient Fund" means any fund in which the State
				  Treasurer places money under Section 11 of the Act.
"TDA IIa Account Balance" means 5% of the State's investment
				  portfolio, which shall be calculated as:
the balance at the inception of the State's fiscal year;
				  or
the average balance in the immediately preceding 5 fiscal
				  years, whichever number is greater.
"Technology Business" means
a company that has as its
				  principal function the providing of services including computer, information
				  transfer, communication, distribution, processing, administrative, laboratory,
				  experimental, developmental, technical, or testing services; manufacture of
				  goods or materials; the processing of goods or materials by physical or
				  chemical change; computer related activities; robotics, biological or
				  pharmaceutical industrial activities; or technology-oriented or emerging
				  industrial activity
. [
				  30 ILCS
				  265/11(c) ]
"Technology Development Accounts" means the Technology
				  Development Accounts established pursuant to Sections 10 and 11 of the Act
				  ("TDA IIa").
"Track Record" means
having made, on
				  average:
at least one investment in an Illinois company in
				  each of its funds if the Illinois venture capital firm has multiple funds;
				  or
at least two investments in Illinois companies if the
				  Illinois venture capital firm has only one fund.
[
				  30 ILCS
				  265/11(c) ]
"Treasurer" means the duly elected Treasurer of the State of
				  Illinois or his or her designees.
"Venture Capital" means
equity financing that is
				  provided for starting up, expanding, or relocating a company, or related
				  purposes such as financing for seed capital, research and development,
				  introduction of a product or process into the marketplace, or similar needs
				  requiring risk capital
. [
				  30 ILCS
				  265/11(c) ] This includes, but is not
				  limited to, financing classified as venture capital, mezzanine, buyout, or
				  growth.