Bill > SB3271

This bill mandates the Hawaii Technology Development Corporation (HTDC) to establish a Small Business Innovation Research (SBIR) Matching Program, providing state matching grants of fifty percent to Hawaii-based companies that have already received federal SBIR or Small Business Technology Transfer (STTR) awards, which are federal programs designed to help small businesses develop innovative technologies and are recognized for their strong return on investment by fostering innovation and attracting further funding. As part of this program, companies receiving matching funds will be required to conduct at least two presentations to public school students annually to promote STEM (Science, Technology, Engineering, and Mathematics) education and career awareness, in collaboration with the Department of Education. Furthermore, the HTDC is tasked with developing a comprehensive economic diversification strategic plan for the State, outlining clear goals, measurable outcomes, and recommended actions to strengthen emerging industries and high-wage job sectors, which must be submitted to the legislature by early 2027. The bill also appropriates funds for these initiatives, including economic diversification and defense ecosystem development, supporting the SBIR matching program, a manufacturing assistance program, and commercialization and technology transition efforts aimed at helping Hawaii businesses become globally competitive and contribute to national security.