HB 2709 Summary

• Establishes the Hawaii Innovation and Technology Research Corporation as a public instrumentality placed within the Department of Business, Economic Development, and Tourism to promote and develop Hawaii's innovation and technology industry.

• Consolidates the Hawaii Technology Development Corporation and Hawaii Strategic Development Corporation into the new Hawaii Innovation and Technology Research Corporation, transferring all their rights, powers, functions, duties, employees, and assets.

• Creates a board of directors consisting of at least one member from each county plus six members appointed by the governor from nominees submitted by the legislature, with members serving four-year terms and limited to a maximum of eight consecutive years.

• Authorizes the corporation to develop policy, support start-ups and existing companies, attract technology companies to relocate to Hawaii, coordinate with state agencies, and manage contracts and grants for technology development and commercialization.

• Repeals Chapter 206M (Hawaii Technology Development Corporation) and Chapter 211F (Hawaii Strategic Development Corporation) and amends multiple statutory references to reflect the new consolidated entity.