HB1961 Summary

• Appropriates state general revenues for fiscal year 2018-2019 to support continuation of business accelerator programs in Hawaii (specific dollar amount left blank in bill text).

• Directs the Hawaii Technology Development Corporation to expend the appropriated funds for business accelerator program support.

• Recognizes that business accelerators in Hawaii provide seed-stage funding and guidance to early-stage technology companies and have received national recognition and federal funding from agencies including the Small Business Administration and Department of Defense.

• Notes that while accelerators have successfully increased innovation in Hawaii, they remain financially dependent on government and nonprofit support as their equity stakes in startup companies have not yet matured.

• Takes effect on July 1, 2112 (appears to be a drafting error, as this is nearly 100 years in the future).