HI SB721

Establishes an innovative business interaction program under the Department of Business, Economic Development, and Tourism to facilitate networking between innovative business investors and entrepreneurs.

Authorizes the department to contract with organizers of annual cultural, art, entertainment, culinary, or athletic events in Hawaii to add an interaction component designed to attract investors and innovative business talent.

Defines key terms including "innovative business" (using technology or scientific techniques to improve efficiency, cost-effectiveness, or sustainability), "innovative business investor," and "innovative business talent."

Allocates $500,000 annually from transient accommodations tax revenues into the tourism special fund beginning July 1, 2015 to fund the program.

Requires the department to submit a report to the governor and legislature by 2021 evaluating the program's impact, benefits, costs, and recommending whether to continue, modify, or repeal the program.