New Funding Opportunities to Boost Hawaii’s Manufacturing and Innovation SectorsPosted on Mar 4, 2016 in News
High Technology Development Corporation
For Immediate Release: March 4, 2016
HONOLULU—The High Technology Development Corporation (HTDC) announces three new matching grant fund programs to grow the manufacturing and innovation sectors in Hawaii.
“Capital for established and early stage companies is a key factor to success,” said Luis Salaveria, director of the Department of Business, Economic Development and Tourism, which oversees HTDC. “These new grants will help our local business compete and succeed in a global economy.”
Each program provides funding to support the development and growth of technology research and development companies, manufacturers and energy development companies.
“The Chamber, as the exclusive affiliate in Hawaii for the National Association of Manufacturers, seeks to increase and diversify our state’s manufacturing initiatives.” said Chamber President and CEO Sherry Menor-McNamara. “We are grateful to our Manufacturing in Hawaii partner, High Technology Development Corporation, and our Legislators and Governor Ige, for their support of our Manufacturing Legislative program.”
The Manufacturing Assistance Program (MAP) provides matching funds up to 20 percent and $100,000 maximum for local manufacturers willing to invest into expanding their production through purchase of new equipment or training or improving the energy efficiency of their operations. Hawaii is currently home to more than 1,000 manufacturers across the state. The program strives to make Hawaii manufacturers more competitive, reducing imports and increasing exports from the state.
Technology companies who have received federal awards through the Small Business Innovation Research program (SBIR) are now eligible to receive matching funds to support their Phase II, proof of concept, and Phase III, commercialization, efforts. The Hawaii SBIR matching grant program will provide up to 50 percent match up to a $500,000 maximum. More than 90 Hawaii companies have received federal SBIR grants. The program aims to move the company’s product from the bench into the market creating a sustainable revenue stream for Hawaii innovation companies.
The Hawaii Office of Naval Research grant (HONR) is a special pilot project that provides matching funds to companies developing energy products funded by the U.S. Office of Naval Research. This two-year pilot project provides matching funds up to 50 percent up to a $500,000 maximum. The program aligns Hawaii’s innovation and clean energy goals.
“The new funding programs will help create high wage jobs that support HTDC’s 80/80 Initiative to create 80,000 tech and innovation jobs earning more than $80,000/year by 2030,” said Robbie Melton, executive director and CEO at HTDC.
The programs will begin on March 15. Applications are being accepted online.
Visit www.htdc.org for more Information and to apply.
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.
About DBEDT (Department of Business, Economic Development & 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.