Appropriates funds to create an international business and technology incubator program in Hawaii.

A BILL FOR AN ACT

SECTION 1. The high technology development corporation (HTDC) provides assistance and resources to technology industry entrepreneurs, start-up companies, employers, and job seekers in Hawaii. Start-up companies have an opportunity to enroll in the HTDC's Tech Center Program, and benefit from the facilities and support services offered at several incubation centers located statewide. Start-up companies may operate their businesses from one of the incubation centers and share access to advanced connectivity, conference rooms, and office equipment. Companies may also participate in workshops, seminars, networking opportunities, and the Professional Service Providers Program.

The high technology development program wants to expand its business and technology-based incubation services to foreign technology companies seeking to gain a presence in Hawaii by first targeting existing technology companies in China, Japan, Korea, and Singapore. During the summer of 2005, the agency entered into cooperative agreements with incubator programs in Beijing and Shanghai to share resources and offices in China and Hawaii. Hawaii is an attractive alternative to other technology incubator programs on the mainland because of its closer proximity to Asia and the State's culturally diverse population. International expansion of the incubator program will create more business and technology-based jobs, economic diversity, and new external sources of tax revenues for the State.

The purpose of this Act is to provide the necessary start-up funding to operate international business and technology incubator programs and to enable state residents to acquire the bilingual language skills, technology, and marketing necessary to implement incubator programs in China, Japan, and Hawaii.

SECTION 2. There is appropriated out of the general revenues of the State of Hawaii the sum of $          , or so much thereof as may be necessary for fiscal year 2006-2007, for the high technology development corporation to establish an international business and technology incubator in Hawaii.

SECTION 3. The sum appropriated shall be expended by the

department of business economic, development, and tourism for the purposes of this Act.

SECTION 4. This Act shall take effect on July 1, 2006.