HI HB716

Establishes an innovative business interaction program under the Department of Business, Economic Development, and Tourism to facilitate networking between out-of-state and in-state innovative business investors and talent.

Authorizes DBEDT to contract with organizers of annual Hawaii events to add an interaction component designed to attract investors and innovative business professionals, which may be provided in social or entertainment settings.

Defines "innovative business" as enterprises using technology or scientific techniques to improve efficiency, cost-effectiveness, or sustainability, and operating wholly or partially in Hawaii.

Allocates a portion of transient accommodations tax revenues from the tourism special fund to support the program beginning July 1, 2015.

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