SB 1297 Summary

• Establishes state economic goals focused on innovation and technology in three areas: digital economy participation, strengthened trade activities, and climate change mitigation through renewable energy.

• Appropriates funds to the Hawaii Technology Development Corporation for specific projects including accelerator grant programs, trade sector development, small business innovation research, defense sector opportunities, manufacturing assistance, and renewable energy technology demonstrations.

• Requires the Hawaii Technology Development Corporation to submit annual reports to the legislature by 2024, 2025, and 2026 summarizing project progress, outcomes, effectiveness in achieving state goals, and recommendations.

• Establishes a three-year Hawaii Office of Naval Research Grant Program providing up to 50% matching grants to Hawaii businesses with Department of Defense Office of Naval Research contracts in alternative energy research, with specific eligibility requirements including 60% resident ownership and operation in the State.

• Amends the Hawaii Technology Development Corporation Board of Directors to include the Chairperson of the Board of Regents of the University of Hawaii as an ex officio voting member (or their designated regent designee).