Powered by the Natural Energy Laboratory of Hawaii Authority

PACIFIC BUSINESS NEWS ARTICLE

Hawaii technology companies win state funding

Duane Shimogawa
Reporter- Pacific Business News

Innovate Hawaii, a program of the High Technology Development Corp., has given a total of $248,310 to four local companies as part of the Hawaii Small Business Innovation Research matching-grant program.

The companies include Kampachi Farms LLC, a marine fish aquaculture firm in Kona on the Big Island; Pacific Rim Defense, a defense contractor; Oceanit, a Honolulu-based research and development company; and TeraSys Technologies, a builder of advanced wireless technologies.

“The federal [Small Business Innovation Research] program has become a crucial source of funding for many of Hawaii’s small businesses, including some of our most successful technology companies,” said High Technology Development Corp. Executive Director and CEO Robbie Melton, in a statement. “So far, nearly 100 companies have received more than $98 million in federal [funding, and], we have attracted more than $75 million in commercialization dollars to Hawaii.”

The state’s program, which was created in 1989 by Hawaii legislators to encourage local companies to participate in the federal program, has become an important funding source for Hawaii technology companies to bring their innovations to market.

It is one of the few grant programs available that provides funding from concept to commercialization, the state said.

The three-phase program gives small businesses the opportunity to win federal research and development awards.

By law, the 11 federal agencies must provide a small percentage of their budgets for these types of grants and contracts, estimated at about $2 billion annually.

Hawaii companies that receive the federal awards are eligible to apply for the state agency’s matching-grant program, which provides up to 50 percent of the federal awards to assist in winning more lucrative phase-two awards and reaching commercialization.