STAND. COM. REP. NO. 326

Honolulu, Hawaii

RE: S.B. No. 1366

Honorable Ronald D. Kouchi

President of the Senate

Thirtieth State Legislature

Regular Session of 2019

State of Hawaii

Sir:

Your Committees on Technology and Energy, Economic Development, and Tourism, to which was referred S.B. No. 1366 entitled:

"A BILL FOR AN ACT RELATING TO THE HAWAII TECHNOLOGY DEVELOPMENT CORPORATION,"

beg leave to report as follows:

The purpose and intent of this measure is to appropriate funds for the Hawaii Technology Development Corporation to support the continuation of business accelerator programs.

Your Committees received testimony in support of this measure from the Hawaii Technology Development Corporation, Hawai‘i Farm Bureau, Maui Chamber of Commerce, Sultan Ventures, GVS Accelerator, Hawaii Venture Capital Association, Mana Up, Elemental Excelerator, XLR8UH, and three individuals.

Your Committees find that business accelerators have been successful in increasing the number of innovative companies in Hawaii. The accelerator programs vet, mentor, and provide seed capital to some of Hawaii's most promising innovative startup businesses. Your Committees find that the continuation of accelerator programs is important to support business innovation in the State.

As affirmed by the records of votes of the members of your Committees on Technology and Energy, Economic Development, and Tourism that are attached to this report, your Committees are in accord with the intent and purpose of S.B. No. 1366 and recommend that it pass Second Reading and be referred to your Committee on Ways and Means.

Respectfully submitted on behalf of the members of the Committees on Technology and Energy, Economic Development, and Tourism,

________________________________ GLENN WAKAI, Chair

________________________________ JARRETT KEOHOKALOLE, Chair