The following words shall have the meaning ascribed herein unless the context clearly requires otherwise:
“Act” means the Mississippi University Research Authority Act;
“Authority” means the entity created pursuant to this act;
“Board” means the Board of Trustees of State Institutions of Higher Learning;
“Technological innovations” means research, development, prototype assembly, manufacture, patenting, licensing, marketing and sale of inventions, ideas, practices, applications, processes, machines, technology and related property rights of all kinds; and
“University” means a Mississippi educational institution established pursuant to the provisions of Section 213A of the 1890 Constitution of the State of Mississippi.
“Intellectual property” means any formula, pattern, compilation, program, device, method, technique or process created primarily as a result of the research effort of an employee or employees of an institution of higher learning of the State of Mississippi.