HI SB137

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 commercial enterprises.

Authorizes the University of Hawaii to contribute equity, provide loans, finance startups, develop business plans, deliver instruction and training, acquire securities, and enter into various agreements to support commercialization of university-based inventions and discoveries.

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

Protects trade secrets and confidential commercial information from public disclosure, allows board meetings in executive session to discuss sensitive information, and preserves the university's governmental immunity while limiting state liability for investment results.

Requires the University of Hawaii to submit a biennial report to the legislature detailing fund deposits, fund usage, and coordination efforts with other state agencies including the Hawaii Strategic Development Corporation and High Technology Development Corporation.