HI SB2943

Establishes an Innovation and Commercialization Initiative program within the University of Hawaii under the vice president for research and innovation to transform university research into viable economic enterprises.

Authorizes the university to create, finance, and participate in organizations that contribute to economic development and workforce diversification using university research and affiliated personnel, including providing loans, equity, technical assistance, and business planning support.

Creates the University Innovation and Commercialization Initiative Special Fund to receive appropriations, loan repayments, investment earnings, venture agreement revenues, royalties, and fees, which may be expended for program operations without regard to certain procurement and budget chapters.

Protects trade secrets and confidential commercial information from public disclosure consistent with chapter 92F and limits state liability by preserving governmental immunity and preventing claims against the State for investment results.

Requires the University of Hawaii to submit an annual report to the legislature detailing fund deposits, fund uses, and coordination efforts with other state agencies including the High Technology Development Corporation and Hawaii Strategic Development Corporation.