Hawaii's Growth Strategy Focuses on Technology, New Economy

Earlier this month, Governor Ben Cayetano released The New Millenium Growth Strategy for Hawaii's Economy, an economic development plan to improve the state's performance in a knowledge-based economy. The 90-page report, penned by the Department of Business, Economic Development and Tourism, includes several new initiatives for developing and growing technology businesses as well as strengthening existing economic development efforts.

The plan hopes to have "high-tech activities permeate all sectors of Hawaii's economy." As a result, separate sections are dedicated to discussing technology-based approaches to building a stronger economy through high technology, information technology, biotechnology, defense and dual-use technology, health care, resource development, environment, and tourism. The plan also identifies and addresses proposals for workforce training and infrastructure capacity needs for a technology-based economy.

New initiatives in the plan include:

• In venture capital for high-tech, establishment of a $50 million Hawaii Technology Fund drawn from proceeds of the state's investment in Digital Island, a global corporation incubated at the Manoa Innovation Center, with a proposed Employees' Retirement System investment.
• In engineering and telecommunications, a $1 million grant to the University of Hawaii College of Engineering for an Hawaii Wireless Communication Center.
• In human resource and workforce development, a $1 million grant to the community colleges' Pacific Center for Advanced Technology Training, and a $1 million investment in the Hawaii Networked Learning Communities Program.
• In the Asia-Pacific business arena, a $1 million grant to the UH College of Business Administration's proposal for an Asia-Pacific Center for E-Commerce and Entrepreneurship.
• In biotechnology and biomedical research, a $1 million grant to the University of Hawaii Medical School for an Asia-Pacific Center of Medical Biosciences.

Most of the plan's proposals have been included in legislation introduced during the current session of the Hawaii legislature. More information, including link to the plan can be found at: http://www.hawaii.gov/dbedt/news/0008.html