HI HB1156

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 economic enterprises.

Authorizes the university to finance startup ventures, provide loans and capital, offer business training and technical assistance, acquire securities, and enter into contracts to support commercialization of research-based products and businesses.

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

Protects trade secrets and confidential commercial information from public disclosure under chapter 92F and preserves the university's governmental immunity and sovereign immunity from liability claims exceeding specific indebtedness.

Requires the University of Hawaii to submit a biennial report to the legislature by day 20 of each odd-year regular session detailing special fund deposits, fund use, and coordination efforts with state agencies including the Hawaii Strategic Development Corporation.