HI SB1249

Establishes the Technology Innovation Corporation as a public body corporate attached to the High Technology Development Corporation to facilitate growth and development of Hawaii's commercial high technology industry.

Corporation board consists of eight voting members: the executive director of the High Technology Development Corporation (ex officio) plus seven governor-appointed members with expertise in finance, commerce, engineering, information technology, life sciences, and related fields serving four-year terms.

Corporation exempted from state laws on special fund reimbursements (HRS 36-27, 36-30), public employment (HRS 78-1), and civil service (HRS Chapter 76) to provide flexibility in hiring and fund management.

Corporation authorized to conduct programs, research, and projects; manage intellectual property; enter contracts; and receive gifts and grants to support technology-based economic development activities.

Appropriates $200,000 for fiscal years 2017-2018 and 2018-2019 from general revenues to the technology innovation corporation special fund and establishes a corresponding appropriation from that fund for corporation operations.