The Hawaii Growth Initiative, which would encourage entrepreneurs who might help diversify the state’s economy, received a $6 million vote of confidence Thursday.
State House and Senate negotiators agreed to provide financing next fiscal year for the Hawaii Strategic Development Corp. to start the initiative. The Abercrombie administration had originally asked for $10 million in fiscal year 2014 and $10 million in fiscal year 2015.
The state money would be used to help mentor entrepreneurs so they can take business ideas to scale while also attracting private-sector investment capital.
"We obviously had a different plan based on a different amount of money, and we’ll have to take a look,"said Karl Fooks, president of the Hawaii Strategic Development Corp. "But we’re very grateful for the support shown for technology and economic development here in the state, and we’ll work hard to justify the confidence."
Sen. Donovan Dela Cruz (D, Wheeler-Wahiawa-Schofield), the lead Senate negotiator on the bill, said he hopes that the state directs some of the entrepreneurial activity into Kapolei, Oahu’s planned second city.
"I think it’s a step in the right direction in helping us to diversify the economy and reverse the brain drain, but we really do need to put more of an effort in creating jobs out there in Kapolei," he said.
While lawmakers agreed on House Bill 858 on Thursday, House negotiators mistakenly took a vote without a quorum, so another vote is expected today. Final votes are next week.
"Sometimes you think about $6 million versus $10 million versus $1 million, but you have to come to some kind of happy equation," said Rep. Clift Tsuji (D, Hilo-Waiakea-Keaukaha).
