April 20th, 2006

Floor Written Remarks on the Hawaii Innovations Partnership

Representative Jon Riki Karamatsu
House Floor Written Comments
Senate Bill 2546, House Draft 2
Tuesday, April 11, 2006

I rise in support.

This is a very historical bill that will enable Hawaii to have a diversified economy by supporting Hawaii-based businesses in the fields of technology, life sciences, and renewable energy. Currently, Hawaii is in the beginning stages of establishing a strong knowledge-based industry. Unlike other areas of the United States and world, Hawaii-based businesses in these fields lack the amount of capital investments needed to move them from product development to commercial success.

This measure will play a huge role in solidifying a new economy in Hawaii based on technology, life sciences, and renewable energy by establishing $100,000,000 Hawaii innovations partnership special fund for the fiscal year 2006-2007 to invest in these entrepreneurial ventures through grants and capital investments. Thereafter, from 2007 to 2011, there will be an annual appropriation of one-half of one percent of the general revenues of the State into this fund.

Thank you.