HI HB166

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

Authorizes the University of Hawaii to invest in, finance, and participate in startup ventures based on university research; provide business planning assistance, training, and technical support; and acquire securities and real property related to these investments.

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 for program operations without regard to standard procurement and personnel chapters.

Protects trade secrets and confidential commercial information from public disclosure under the state records law while requiring biennial reports to the legislature on fund use and coordination with other state economic development agencies.

Preserves the university's governmental immunity and clarifies that program activities do not pledge the state's full faith and credit or create liability beyond specific contractual obligations.