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Committees reject proposal
for single-agency handling
of high-tech investmentsGovernor promoting Hawaii
By Richard Borreca
at Boston biotech meeting
Star-BulletinThree state senate committees have rejected Gov. Ben Cayetano's plans for a single state agency to deal with all high-technology investment.
The action yesterday sent Joe Blanco, Cayetano's special assistant for high technology back to lobbying the state house, in hopes of reviving the administration's plans.
Cayetano had wanted to put the Hawaii Technology Development Corp., the Hawaii Strategic Development Corp. and the Natural Energy Lab of Hawaii under a single umbrella.
Sen. Lorraine Inouye, chairwoman of the Economic Development committee, had said before the meeting that she was concerned that the administration had not discussed a planned merger with all the state groups.
In response, after the senate action, Blanco said he would attempt a compromise that would permit the boards of all three agencies to remain active, while allowing the Hawaii Technology Development Corp. to also arrange and secure venture capital to fund high-tech start-ups.
The state House appears more likely to approve such a measure, but it would still need Senate approval.
"The message we get from Sen. Inouye is that they want to keep the boards intact," Blanco said.
But he said he still wanted the power to "be flexible on venture capital."
The measure approved by the senate committee on economic development, consumer protection and high technology did approve other portions of the bill that would allow tax and investment incentives and exempt royalties and earnings from stock options from state taxes.
The bill would also provide tax credits for high-tech investment research and worker training.
Governor promoting Hawaii
Star-Bulletin staff
at Boston biotech meetingGov. Ben Cayetano will promote Hawaii's scientific and technical industry capabilities at the Biotechnology Industry Organization's international meeting opening tomorrow in Boston.
The governor was to leave today for the annual meeting that will be attended by 7,000 executives, scientists, investment experts and government officials from 40 countries. He will return Wednesday.
He will make a presentation about Hawaii's accomplishments to about 100 top-level officials at the State Biotechnology Policy Conference, according to an announcement. The state's assets he will describe include the University of Hawaii College of Tropical Agriculture and Human Resources and Hawaii Agriculture Research Center, the Marine Bioproducts Engineering Center and the Oceanic Institute, and the Natural Energy Laboratory of Hawaii Authority.
"We are working with organizations like BIO to be significant players in product and services creation," said Cayetano in a column appearing in the BioNews publication distributed at the event.
Last year, the Department of Business, Economic Development and Tourism joined with the Biotechnology Industry Organization to put together a strategy for Hawaii to compete in the global biotechnology marketplace, according to the announcement. It involves cooperation between the University of Hawaii and private industry to exhibit Hawaii's assets under the theme "Hawaii BioDiversity."
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The Legislative Reference Bureau's public access room, state Capitol, room 401. Open 8 a.m. to 6 p.m. Monday to Friday, and 8 a.m. to 2 p.m. Saturday. Phone: 587-0478; fax, 587-0793; TTY, 538-9670.
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Molokai and Lanai, 468-4644.
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