; (B) a systematic study directed specifically toward applying new knowledge to meet a recognized need; or (C) a systematic application of knowledge toward the production of useful materials, devices, and systems or methods, including design, development, and improvement of prototypes and new processes to meet specific requirements. (7) Secretary The term Secretary means the Secretary of Commerce. (8) State organization The term State organization means an entity that has been created by a State, Puerto Rico, or the District of Columbia. (9) Venture development organization The term venture development organization means a nonprofit organization or a State organization that contributes to regional or sector-based economic prosperity by providing a portfolio of services intended to accomplish at least 3 of the following purposes: (A) Accelerating the commercialization of research or research and development. (B) Assisting in the creation of high-growth private enterprises that are commercializing technology. (C) Strengthening the competitive position of existing small and medium-sized enterprises through the development, commercial adoption, or deployment of technology. (D) Providing expert assistance to— (i) private companies; (ii) faculty, staff, and students of institutions of higher education who are commercializing new products or services