HI HB166

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

Grants the university broad authority to promote commercialization activities including providing equity and loans to startups, offering business planning assistance, delivering instruction and training, acquiring securities, and entering into contracts with ventures based on university research.

Creates the University Innovation and Commercialization Initiative Special Fund to receive appropriations, loan repayments, investment earnings, venture agreement proceeds, royalties, and other program revenues for operational expenses without regard to certain procurement and employment chapters.

Protects trade secrets and confidential commercial information from public disclosure under chapter 92F and preserves the state's governmental immunity and full faith and credit from liability for investment results or business outcomes.

Takes effect July 1, 2038, with biennial reporting to the legislature on fund usage and coordination with other state agencies including the High Technology Development Corporation and Hawaii Strategic Development Corporation.