Bill > SB992

This bill requires the Hawaii Technology Development Corporation (HTDC) to establish and implement strategic goals for economic diversification through innovation and technology. The bill outlines three primary state goals: (1) enhancing participation in the digital economy by strengthening businesses' digital capabilities, accessing new markets, and improving digital infrastructure; (2) promoting economic diversification through expanded trade activities, including increasing exports of manufactured goods and knowledge-based professional services; and (3) supporting economic development in climate change mitigation by making renewable energy more affordable and creating new business opportunities in green sectors. The HTDC will be required to submit annual reports to the Legislature detailing the status, outcomes, and effectiveness of implemented projects. The bill also appropriates funds for three specific programs: the Small Business Innovation Research Program (to provide matching grants for product development), the Manufacturing Assistance Program (to help local manufacturers become globally competitive), and the Accelerator and Small Business Training Programs (to support innovative companies solving community problems). The appropriated funds will not lapse at the end of the fiscal biennium and can be used until June 30, 2027. The bill is set to take effect on July 1, 2050, and aims to position Hawaii for economic prosperity in a knowledge-based, zero-emission, and digital global economy.

Budget and Finance, Business and Industry

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=SB&billnumber=992&year=2025