HI HB1958

Amends Section 206M-15 of Hawaii Revised Statutes to authorize the Hawaii Technology Development Corporation to issue matching grants to businesses receiving federal Small Business Innovation Research (SBIR) phase III or Small Business Technology Transfer (STTR) program phase III awards, up to 50 percent of the award amount funded by private sector or government sources outside the program.

Removes phase III from the existing authority for SBIR phases I, II, or III matching grants, limiting that authority to phases I and II only, with phase III grants now addressed as a separate category.

Appropriates $1,500,000 from general revenues of the State of Hawaii for fiscal year 2018-2019 to the Hawaii Technology Development Corporation for the small business innovation research program.

The Hawaii small business innovation research program is described as the longest-running federal SBIR matching grant program in the United States, having awarded approximately $1,900,000 in matching grants in 2017 and helped create 131 anticipated new jobs.

Effective date is July 1, 2018.