*348.251.  Definitions — Missouri technology corporation may be established — corporation, defined — public hearing, notice. — 1.  As used in sections 348.251 to 348.266, the following terms mean:

  (1)  "Technology application", the introduction and adaptation of refined management practices in fields such as scheduling, inventory management, marketing, product development, and training in order to improve the quality, productivity and profitability of an existing firm.  Technology application shall be considered a component of business modernization;

  (2)  "Technology commercialization", the process of moving investment-grade technology from a business, university or laboratory into the marketplace for application;

  (3)  "Technology development", strategically focused research directed at developing investment-grade technologies which are important for market competitiveness.

  2.  The governor may, on behalf of the state and in accordance with chapter 355, establish a private not-for-profit corporation named the "Missouri Technology Corporation", to carry out the provisions of sections 348.251 to 348.266.  As used in sections 348.251 to 348.266 the word "corporation" means the Missouri technology corporation authorized by this section.  Before certification by the governor, the corporation shall conduct public hearing for the purpose of giving all interested parties an opportunity to review and comment upon the articles of incorporation, bylaws and method of operation of the corporation.  Notice of the hearing shall be given at least fourteen days prior to the hearing.