HI HB1170

Establishes a state venture capital program within the Hawaii Technology Development Corporation to provide venture capital investments in early stage small businesses headquartered in Hawaii.

Hawaii Technology Development Corporation shall determine business qualifications, develop application processes, establish investment conditions including financial return goals and ROI expectations, and adopt necessary rules.

Program limits venture capital investments to no more than a specified amount per early stage small business in one calendar year (amount not filled in the bill text).

Creates the state venture capital program special fund receiving legislative appropriations, accrued interest, and other available moneys to be expended for venture capital investments and related program purposes.

Direct financial returns to the State from the program shall be deposited into the general fund; effective date is July 1, 2050.