STAND. COM. REP. NO. 1272

Honolulu, Hawaii

RE:    H.B. No. 858

       H.D. 1

       S.D. 1

Honorable Donna Mercado Kim

President of the Senate

Twenty-Seventh State Legislature

Regular Session of 2013

State of Hawaii

Madam:

     Your Committee on Ways and Means, to which was referred H.B. No. 858, H.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO THE HI GROWTH INITIATIVE,"

begs leave to report as follows:

     The purpose and intent of this measure is to appropriate funds to the Hawaii Strategic Development Corporation to develop and strengthen entrepreneurialism, commercialization, and business formation for the purposes of promoting the creation of competitive high-growth companies in Hawaii.

     This measure also requires the Hawaii Strategic Development Corporation to submit yearly reports to the Legislature on the annual outcomes achieved through the activities and expenditures of the HI Growth initiative.

     Your Committee received comments in support of this measure from the Office of the Governor; the Department of Business, Economic Development, and Tourism; the Hawaii Strategic Development Corporation; the High Technology Development Corporation; the Hawaii Venture Capital Association; AKAMAI Capital LLC; the Hawaii Food Industry Association; the Founder Institute Hawaii Chapter; the Pacific International Center for High Technology Research; the Chamber of Commerce of Hawaii; and five individuals.

     Your Committee finds that providing resources to promote an innovation infrastructure will encourage Hawaii's creative and entrepreneurial talent to remain in Hawaii and develop ideas into high growth business ventures that will contribute to diversifying the State's economy and creating jobs.

     Your Committee has amended this measure by:

(1)  Codifying the requirement that the Hawaii Strategic Development Corporation submit a yearly report to the Legislature on the annual outcomes achieved through the activities and expenditures of the HI Growth Initiative; and

(2)  Making technical nonsubstantive amendments for the purposes of clarity, consistency, and style.

     As affirmed by the record of votes of the members of your Committee on Ways and Means that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 858, H.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 858, H.D. 1, S.D. 1.

Respectfully submitted on behalf of the members of the Committee on Ways and Means,

____________________________

DAVID Y. IGE, Chair