Relating To The Hawaii Technology Development Corporation.
Impact
The bill is designed to have a significant impact on state laws regarding support for small businesses, emphasizing the importance of local economic development. By authorizing grants of up to $300,000, SB815 intends to directly facilitate job creation and retention, particularly for highly skilled professionals in technology and engineering sectors. Additionally, it encourages businesses to obtain funding locally, reducing dependence on out-of-state venture capital, which has been a barrier to maintaining local ownership and stability in the technology landscape in Hawaii.
Summary
SB815 aims to establish an accelerator program under the Hawaii Technology Development Corporation (HTDC) to support the growth of Hawaii-based start-up companies. This program intends to provide grants to assist with product development, technology transfer, and commercialization activities, fostering a conducive environment for new businesses to thrive within the state. Notably, it seeks to allocate funds that will not only aid start-ups to reach commercial success but also retain qualified technology workers in Hawaii by creating local job opportunities.
Contention
Potential points of contention surrounding SB815 could arise from the issues regarding state financial involvement in private businesses and how effectively the grants can be administered. Critics may question whether the funds allocated for the program will lead to meaningful outcomes, including actual economic growth and job creation, as well as what mechanisms are in place to assess the effectiveness of the grants provided. There may also be discussions about the appropriateness of the thresholds set for eligibility and whether this might favor certain businesses over others.