Innovation and commercialization initiative program; implementation
HRS §304A-1962
in effect304A-1962. Innovation and commercialization initiative program; implementation
In implementing the innovation and commercialization initiative program, the University of Hawaii may promote, sponsor, and participate in the transformation of the products of its research and instructional activities into viable economic enterprises and may create, finance, and participate in organizations that contribute to the economic development and workforce diversification of the State using university research and personnel. The university, without limitation, may:
(1) Adopt policies and management procedures to carry
out the purposes of the program;
(2) Contribute equity, loan funds, or participate
directly or indirectly to finance concepts or proposals that are likely to lead
to viable businesses, economic development, or workforce opportunities based on
university research;
(3) Enter into contracts and other appropriate
arrangements with start-up ventures to provide loans, initial and expansion
capital, and other forms of financial assistance;
(4) Solicit, evaluate, and assist in the preparation,
drafting, and refinement of business plans and proposals;
(5) Provide advice, instruction, training, and
technical and marketing assistance to support and promote the enterprises in
which the university invests;
(6) Develop, coordinate, and deliver instruction,
training, and outreach programs to build and maintain the capacity to sustain
these economic enterprises;
(7) Implement specialized programs designed to
encourage the development of new products, businesses, and markets;
(8) Prepare, publish, and distribute technical
studies, reports, bulletins, and other materials consistent with customary
standards of university publication, subject to the maintenance and respect for
confidentiality of client proprietary information;
(9) Organize, sponsor, and participate in
conferences, workshops, seminars, and other educational activities relating to
the formation and financial viability of businesses that use university
research products or university personnel;
(10) Provide and pay for advisory or consulting
services and technical, managerial, and marketing assistance, support, and
promotion to carry out the purposes of this subpart;
(11) Acquire, hold, and sell qualified securities;
(12) Consent, subject to the provisions of any
contract with noteholders or bondholders, whenever the university deems it
necessary or desirable in the fulfillment of the purposes of this subpart, to
the modification, with respect to rate of interest, time of payment of any
installment of principal or interest, or any other terms, of any contract or
agreement of any kind to which the university is a party;
(13) With the assistance of an appropriate foundation
or development entity, accept donations, grants, bequests, and devises of
money, property, service, or other things of value that may be received from
the United States or any agency thereof, any governmental agency, or any public
or private institution, person, firm, or corporation, to be held, used, or
applied for any or all of the purposes in support of this program;
(14) Invest any funds held in reserves or sinking
funds, or any funds not required for immediate disbursement, in such
investments as may be lawful for fiduciaries in the State;
(15) Acquire real property, or an interest therein, by
purchase or foreclosure, where that acquisition is necessary or appropriate to
protect or secure any investment or loan in which the university has an
interest; sell, transfer, and convey the property to a buyer and, if the sale,
transfer, or conveyance cannot be effected with reasonable promptness or at a
reasonable price, to lease the property;
(16) Consistent with the purposes of the program,
acquire, own, hold, dispose of, and encumber personal property of any nature,
or any interest therein, either directly or through intermediate entities
formed or established specifically for the program's purposes;
(17) Enter into agreements or other transactions with
any federal, state, or county agency to implement the purposes of this subpart;
(18) Contract with other entities, public or private,
for the provision of all or a portion of the services necessary for the
management and operation of the program. The university may use all
appropriations, grants, contractual reimbursements, and all other funds made
available for the purposes of the program to pay for the proper general
expenses of the program;
(19) Appear on its own behalf before state, county, or
federal agencies on matters relating to the program;
(20) Establish a risk management program appropriate
to the activities of the program, which may include, among other components, the
purchase of insurance, participation in the State's risk management program, or
retention and management of risks;
(21) Appoint advisory committees as deemed necessary;
and
(22) Exercise any other powers of a corporation
organized under the laws of the State not inconsistent with the purpose and
intent of the program. [L Sp 2021, c 8, pt of §10, §16; am L 2024, c 116, §1]
Source: Hawaii State Legislature (capitol.hawaii.gov), via Internet Archive capturesURL: http://www.capitol.hawaii.gov/hrscurrent/Vol05_Ch0261-0319/HRS0304A/HRS_0304A-1962.htmFetched: 11/10/2026