HI HB1156

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

Authorizes the university to create, finance, and participate in organizations that commercialize research-based inventions and discoveries, including providing equity, loans, business planning assistance, technical training, and advisory services.

Creates the University Innovation and Commercialization Initiative Special Fund to receive appropriations, loan repayments, investment earnings, royalties, and other program revenues, which may be expended without regard to certain procurement and civil service chapters.

Protects trade secrets and confidential business information from public disclosure under chapter 92F while requiring biennial legislative reports on fund usage and coordination with state economic development agencies.

Preserves the university's governmental immunity and clarifies that state laws including the ethics code shall be applied to balance the public benefits and state interests advanced by the program.