; (ii) develop innovative products or services; and (iii) deliver high returns on investment; and (C) is headquartered in a qualifying area. (15) State (A) In general The term State means— (i) a State of the United States; and (ii) the District of Columbia. (B) Rule of construction The Commonwealth of Puerto Rico, the United States Virgin Islands, Guam, American Samoa, and the Commonwealth of the Northern Mariana Islands shall collectively be considered to be 1 State for the purposes of this Act. (16) State program The term State program means a program established by a State to provide equity investment in startups or venture capital funds that are headquartered in qualifying areas, without regard to whether those qualifying areas are located in the State. (17) Venture capital fund The term venture capital fund has the meaning given the term in section 275.203(l)–1 of title 17, Code of Federal Regulations, or any successor regulation. 3. ISEI Program (a) Establishment There is established in the Department of the Treasury the Innovation and Startups Equity Investment Program— (1) which shall be administered by the Secretary; and (2) under which— (A) the Secretary shall, in accordance with the provisions of this section, allocate to participating States— (i) the amount appropriated under section 8(a)(1); and (ii) any future amounts appropriated to carry out the Program under the authorization provided under section 8(b); (B) participating States to which funds are allocated under subparagraph (A) shall, through approved State programs, provide equity investment in startups; and (C) money (including securities) returned to States after exits with respect to the investments described in subparagraph (B) shall be reinvested through follow-on investments, as further provided in section 5. (b) Duties of the Secretary In administering the Program, the Secretary shall— (1) establish minimum standards for a State program to be considered an approved State program