HI SB137

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.

Grants the University of Hawaii broad authority to finance, create, and participate in startup ventures based on university research, including providing loans, equity investments, business plan assistance, training, and technical support.

Creates the University Innovation and Commercialization Initiative Special Fund to hold appropriations, loan repayments, investment earnings, royalties, and other program revenues that may be spent without regard to state procurement and employment law chapters.

Protects trade secrets and confidential commercial information submitted to the program from public disclosure under Hawaii's open records law while making non-confidential security information public.

Requires the University of Hawaii to submit biennial reports to the legislature detailing fund deposits, fund uses, and coordination efforts with other state economic development agencies.