; or (B) the Program. (8) Market rate management fee and profit interest The term market rate management fee and profit interest means the usual and customary compensation structure paid to fund managers for fund investment management services under agreements with private sector limited partners. (9) Participating State The term participating State means a State that participates in the Program after having satisfied the approval criteria under section 3(c). (10) Program The term Program means the Innovation and Startups Equity Investment Program established under section 3(a). (11) Qualifying area The term qualifying area means an area of the United States outside of the major venture capital centers, as determined in the rule making conducted by the Secretary under section 3(e). (12) Rule; rule making The terms rule and rule making have the meanings given those terms in section 551 of title 5, United States Code. (13) Secretary The term Secretary means the Secretary of the Treasury. (14) Startup The term startup means a business entity that— (A) has been in existence for less than 10 years; (B) has the intention or potential to— (i) significantly scale with respect to revenue and job creation; (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