RELATING TO THE HAWAII TECHNOLOGY DEVELOPMENT CORPORATION.

2025 Regular Session Introduced by Lynn DeCoite

SB 992 boosts Hawaii's economy by funding small business training and tech initiatives, enhancing the Hawaii Technology Development Corporation's role in innovation.

Reported from EDT (Stand. Com. Rep. No. 125) with recommendation of passage on Second Reading, as amended (SD 1) and referral to WAM.

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Purpose and Intent

SB 992 aims to enhance the capabilities and effectiveness of the Hawaii Technology Development Corporation (HTDC) by supporting accelerator and small business training programs. The bill seeks to promote economic diversification in Hawaii, particularly through the development of technology and innovation sectors.

Key Provisions

Appropriations: The bill includes provisions for funding to support various programs under the HTDC, specifically targeting accelerator initiatives and training for small businesses.

Economic Diversification: It emphasizes the importance of diversifying Hawaii's economy, particularly in technology and innovation, to reduce reliance on traditional industries.

Support for SBIR: The bill also addresses the Small Business Innovation Research (SBIR) program, which provides federal funding to small businesses for research and development.

Reporting Requirements: HTDC will be required to submit reports on the progress and effectiveness of the funded programs, ensuring accountability and transparency.

Affected Parties

Hawaii Technology Development Corporation (HTDC): As the primary agency involved, HTDC will receive additional resources and responsibilities.

Small Businesses: Local small businesses will benefit from training programs and resources aimed at enhancing their capabilities and competitiveness.

Economic Stakeholders: The broader economic landscape in Hawaii, including potential investors and entrepreneurs, will be impacted by the initiatives aimed at fostering innovation and technology.

Legislative Timeline

Introduced: January 17, 2025

First Reading: January 21, 2025

Public Hearing: Scheduled for January 30, 2025, at 1:00 PM in Conference Room 229 & via videoconference.

Committee Recommendations: The EDT committee recommended passage with amendments on January 30, 2025.

Second Reading: The bill passed its Second Reading on February 10, 2025, with amendments (SD 1) and was referred to the Ways and Means Committee (WAM).

Conclusion

SB 992 represents a strategic effort to bolster Hawaii's economy through technological advancement and support for small businesses. By providing necessary funding and resources, the bill aims to create a more diverse and resilient economic environment in the state. The ongoing legislative process will determine the final shape and impact of this important initiative.

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