Bill Text: HI SB1366 | 2020 | Regular Session | Introduced


Bill Title: Relating To The Hawaii Technology Development Corporation.

Spectrum: Slight Partisan Bill (Democrat 3-1)

Status: (Introduced) 2019-12-01 - Carried over to 2020 Regular Session. [SB1366 Detail]

Download: Hawaii-2020-SB1366-Introduced.html

THE SENATE

S.B. NO.

1366

THIRTIETH LEGISLATURE, 2019

 

STATE OF HAWAII

 

 

 

 

 

 

A BILL FOR AN ACT

 

 

RELATING TO THE HAWAII TECHNOLOGY DEVELOPMENT CORPORATION.

 

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

 


     SECTION 1.  The legislature finds that innovation is critical to the success of Hawaii's economy.  Business accelerators support the growth of early-stage technology companies in the State.  Over the past five years, several accelerators have been established in Hawaii.  A few were formed as public-private partnerships with the support of the Hawaii strategic development corporation's launch Akamai venture accelerator program.  Hawaii's accelerators have received national recognition for being outstanding programs and some have received federal funding from the Small Business Administration, Economic Development Administration, and the Department of Defense.  Additional accelerators are emerging in the State.

     Business accelerators are helping to build the critical mass that is required for innovative businesses to flourish in Hawaii.  They provide business guidance and seed stage funding to startup companies that have a rapid development cycle, such as internetbased companies.  The accelerators also complement the tech incubator programs that provide support for companies that require a longer time period to reach viability, such as research-based and biotech companies.  Further, the accelerators are increasing the entrepreneurial activity of the State through their showcases and hosted events centered on technology and innovation, and are also strengthening the entrepreneurial network between Hawaii, Asia, Silicon Valley, Hollywood, and Washington, D.C.

     While business accelerators have been successful in increasing the number of innovative companies in Hawaii, they remain in their formative stages and have yet to achieve profitability.  This is in part because the equity stake that the accelerators are holding in dozens of startup companies have not yet matured to the point of self-sufficiency.  The accelerators have depended on financial assistance from the State, county, and federal governments in addition to nonprofit sources to help pay for their operations.  The legislature strongly believes that the continuation of accelerator programs is important to support business innovation in this State.

     SECTION 2.  There is appropriated out of the general revenues of the State of Hawaii the sum of $           or so much thereof as may be necessary for fiscal year 2019-2020 and the same sum or so much thereof as may be necessary for fiscal year 2020-2021 to support the continuation of business accelerator programs.

     The sums appropriated shall be expended by the Hawaii technology development corporation for the purposes of this Act.

     SECTION 3.  This Act shall take effect on July 1, 2019.

 

INTRODUCED BY:

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Report Title:

Hawaii Technology Development Corporation; Business Accelerators; Appropriation

 

Description:

Provides an appropriation for the Hawaii Technology Development Corporation to support the continuation of business accelerator programs.

 

 

 

The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.

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