HB847 Summary

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

• Authorizes the University of Hawaii to provide equity financing, loans, business planning assistance, training, instruction, and technical support to startup ventures based on university research and intellectual property.

• Creates the university innovation and commercialization initiative special fund to receive and hold appropriations, loan repayments, investment earnings, venture agreement revenues, royalties, and fees, which may be expended without regard to standard state procurement and civil service chapters.

• Protects trade secrets and confidential commercial information from public disclosure under the law, allows the board of regents to hold executive sessions for sensitive matters, and limits state and university liability for investment results.

• Requires biennial reporting to the legislature on fund usage and coordination efforts with other state agencies; sunsets the program on June 30, 2021.