The HI Growth concept is to create an environment in which businesses that are well conceived and show signs of global market potential can succeed. It is the new engine of job creation in the new web-based 21st century economy.
Today, improving economic conditions have encouraged investors to consider new opportunities. We now have a positive environment for venture capital investments.
In the HI Growth model, the core role of government is to support business development through public-private investment partnerships. These partnerships then attract entrepreneurs who are in various stages of building their business.
The HI Growth Initiative has achieved a successful launch. Investors are participating by making investments supported by the Initiative. We are also trying to establish new investment funds in Hawaii.
The HI Growth Initiative is being coordinated by the Hawaii Strategic Development Corporation, a DBEDT attached agency. However, all of the department’s core activities support the effort wherever synergies can be found.
BDSD has embraced the effort to focus on global relevance. Its programs generate export dollars and create high wage jobs. The range of business entities served by BDSD is diverse, but they are all focused on the commitment to local jobs, broader knowledge development and looking for new economic horizons.
Hawaii’s creative and knowledge-based industries are important facets of Hawaii’s innovation economy. Programs like “Creative Lab,” are advancing relationships between the creative and technology sectors. CID envisions collaboration centers throughout the state that boast broadband connectivity such as the proposed Hawaii Creative Collaboration Center (HIC3) – a project to be located in the new Incubation Innovation Center managed by the Hawaii Technology Development Corporation.
With 95% of a company’s potential customers outside the US, Foreign-Trade Zone No. 9 operates a program that reduces the barriers and costs associated with international trade, giving US based companies a competitive edge in the global market. The FTZ encourages value-added activities which create new investment and job opportunities in an effort to grow businesses. FTZ9 is currently developing a program for manufacturing incubation for entrepreneurs.
For details see: FTZ Homepage
In the Research and Economic Analysis Division (READ), economists and statisticians are helping identify growth sectors in Hawaii’s economy. They are working to define and track the innovation sector. READ will provide the quantitative indicators that will track our progress toward an innovation economy. It will also define the metrics to measure Hawaii’s innovation sector.
The clean energy sector is rapidly becoming an important pillar in Hawaii’s innovation economy. Hawaii’s strategy for energy transformation has already led to business opportunities in transportation, agriculture, and construction. Its future potential is vast. There are opportunities for new technology development, technological refinements and innovative applications of clean energy. The State Energy Office is focused on deploying clean energy and attracting test bed investments and innovation to create a diverse clean energy cluster.