STAND. COM. REP. NO.  1585-12

Honolulu, Hawaii

                , 2012

RE:   S.B. No. 2239

      S.D. 1

      H.D. 1

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Sixth State Legislature

Regular Session of 2012

State of Hawaii

Sir:

     Your Committee on Finance, to which was referred S.B. No. 2239, S.D. 1, H.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO ECONOMIC DEVELOPMENT,"

begs leave to report as follows:

The purpose of this measure is to establish and fund a Venture Accelerator Funding Program within the Hawaii Strategic Development Corporation to support organizations that closely integrate entrepreneurial support and capital investment to develop the technology-based, entrepreneurial, and commercial markets in Hawaii.

The Department of Business, Economic Development, and Tourism; High Technology Development Corporation; Hawaii Strategic Development Corporation; Hawaii Venture Capital Association; College of Engineering of the University of Hawaii at Manoa; Hyperspective Studios, Inc.; Forest City Hawaii; Hawaii Angels; The Chamber of Commerce of Hawaii; and numerous individuals testified in support of this measure.  

     As affirmed by the record of votes of the members of your Committee on Finance that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 2239, S.D. 1, H.D. 1, and recommends that it pass Third Reading.

Respectfully submitted on behalf of the members of the Committee on Finance,

____________________________

MARCUS R. OSHIRO, Chair