Bill > HB1442

This bill establishes the Office of Entrepreneurship, a new state-level agency designed to support and promote business development in Hawaii. The office will be temporarily housed within the Governor's office and permanently transferred to the Department of Business, Economic Development, and Tourism by July 1, 2027. The director will be nominated by the governor and must have professional experience in business, marketing, or economic development. The office's key responsibilities include strengthening entrepreneurship policies, providing technical support to new businesses, serving as a point of contact for businesses under five years old, and encouraging state agencies to award at least 5% of contracts to new local businesses. The bill also modifies the Hawaii Film and Creative Industries Development Special Fund to allow funding for a program that creates opportunities for new businesses in film, media, electronic sports, and creative industries. The legislation aims to address Hawaii's high business failure rate, with data showing that 50% of businesses close within six years and over 25% fail in their first year, which is the highest first-year failure rate in the nation. The office will be required to submit an annual report to the legislature detailing contract awards to new businesses, including breakdowns by demographic segments and geographical areas, and provide recommendations for improving entrepreneurship in the state.

Budget and Finance, Business and Industry

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=HB&billnumber=1442&year=2025