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Saturday, July 30, 2016
High Tech Corporate Welfare: State Gives Away Another $3.2M of Your Tax Dollars
By News Release @ 3:23 AM :: 3817 Views :: Tax Credits

HTDC AWARDS MORE THAN $3 MILLION IN GRANTS TO HAWAII COMPANIES

News Release from HTDC, Jul 26, 2016

HONOLULU – The High Technology Development Corporation (HTDC) recently awarded $3,273,533 in funding from two grant programs to 13 Hawaii companies to help support development of new products to solve critical issues. In addition to state funding, the federal government awarded nearly $20 million in research and development grants to the same companies.

The projects receiving funding include: developing next generation 5G technology; enhancing the immune response of inactivated dengue fever vaccines; developing methods for marine fish that can eat invasive algae; and increasing the efficiencies in the design of aerospace vehicles.

Hawaii Small Business Innovation Research Program (HSBIR)

The Hawaii Small Business Innovation Research program (HSBIR) provides funding to companies developing new technology products. There are four phases to the program, with each progressive phase allowing for more extensive funding. Six companies were awarded Phase 1 grants, which funds projects through the earliest stages of product development; and seven companies were granted Phase 2 funding to accelerate getting their products into market. The companies include:

HSBIR Phase 1 Grants:
·        Diagenetix, Inc. ($49,000)
·        Hawaii Biotech ($30,000)
·        Kampachi Farms, LLC ($30,000)
·        Nalu Scientific, LLC ($74,548)
·        Oceanit Laboratories ($40,000)
·        Spectrum Photonics ($49,985)

HSBIR Phase 2 Grants:
·        Hawaii Evolutionary Development, LLC ($346,750)
·        Hawaii Fish Company ($146,250)
·        HNu Photonics ($350,000)
·        Makai Ocean Engineering ($325,000)
·        Spectrum Photonics ($350,000)
·        Studio Kinection ($320,000)
·        Terasys Technologies ($162,000)

Hawaii Office of Naval Research (HONR) Program

In addition to the HSBIR grants, HTDC awarded $1 million in matching funds to three companies through the Hawaii Office of Naval Research (HONR) program, a two-year pilot effort to develop energy projects funded by the U.S. Office of Naval Research.

HONR Grants:
·        Makai Ocean Engineering ($400,000)
·        Navatek, Ltd. ($300,000)
·        Oceanit Laboratories ($300,000)

“In today’s competitive global landscape, these grants help to support our local businesses as they create new and unique products,” said Luis P. Salaveria, director of the Department of Business, Economic Development and Tourism, which oversees HTDC and promotes Hawaii’s innovation economy. “We are committed to supporting entrepreneurs and small business owners who help drive Hawaii’s economy.”

“We’re thrilled to be able to support these local companies in their research and development efforts through HTDC’s grant programs,” said Robbie Melton, executive director and CEO of HTDC. “Coupled with federal grants, these companies will have resources to continue to develop their technology from concept into a product. Only 20 percent of companies applying for Federal Small Business Innovation Research grants receive funding. The fact that these companies were awarded Federal SBIR grants is a testament to the important research they are doing.”

About HTDC (High Technology Development Corporation)

HTDC is a state agency, attached to the state Department of Business, Economic Development and Tourism (DBEDT). The agency was established by the Hawaii State Legislature in 1983 to facilitate the development and growth of Hawaii’s commercial high technology industry. The state views high technology as an important driver in the diversification of Hawaii’s economy and one that provides quality, high-paying jobs for Hawaii residents.  HTDC launched the 80/80 Initiative to create 80,000 new tech and innovation jobs earning more than $80,000/yr. by 2030.

ABOUT DBEDT (Department of Business, Economic Development and Tourism)

DBEDT is Hawaii’s resource center for economic and statistical data, business development opportunities, energy and conservation information, and foreign trade advantages. DBEDT’s mission is to achieve a Hawaii economy that embraces innovation and is globally competitive, dynamic and productive, providing opportunities for all Hawaii’s citizens. Through its attached agencies, the department fosters planned community development, creates affordable workforce housing units in high-quality living environments, and promotes innovation sector job growth.

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