(1) "Center" means the Center for Prototype Development and Emerging Technologies to be developed and operated by the University of Arkansas at Little Rock;

(2) "Commercial state" means the point at which a product has been developed beyond the theoretical and prototype stage and is capable of being manufactured or practiced commercially;

(3) "Gross sales revenues" means all revenues or anything of value received by any person from the sale of a proprietary product;

(4) "Intellectual property" means patents, copyrights, or trademarks acquired pursuant to federal or state law or applications for patent or for copyright or trademark registration;

(5) "Inventor" means any person who conceives a new concept which may result in a proprietary product;

(6) "Person" means any individual, sole proprietor, partnership, or corporation;

(7) "Product" means any device, technique, process, item of manufacture, composition of matter, or work of authorship;

(8) "Product development plan" means a plan prepared by the center for developing a product to the commercial state;

(9) "Proposal" means a plan provided by the inventor which includes technical and descriptive information on a product;

(10) "Proprietary product" means a product patented, copyrighted, or trademarked pursuant to federal or state law or for which an application for patent or for copyright or trademark registration is pending; and

(11) "Royalties" means all things of value received by an inventor in connection with the licensing of a proprietary product or the assignment, sale, or licensing of intellectual property.