Legislation Providing Funding for Venture Accelerators

Posted on behalf of Karl Fooks

Members of the Tech Community:

HB 2319, legislation appropriating $5mm for a Venture Accelerator Funding Program has been schedule for a hearing on Jan 31, 2012.  The hearing is before the House Committee on Economic Revitalization & Business, at 8:30 am in Room 312 at the Capitol.  A copy of the bill is attached.

The bill would provide grant funds that would be competitively allocated to entities providing hands-on mentoring to startups to accelerate the startups' ability to attract venture capital financing.  Some of funds could potentially be used to provide capital for the startups' proof of concept efforts.  Examples of venture accelerators are Jumpstart, Inc., i2E, Inc., regionally focused accelerators; TechStars, a software focused accelerator; the Deshpande Center, a university focused accelerator; and the Sundance Institute, a film/digital media focused accelerator.

The Venture Accelerator Funding Program would complement the HiERS' Hawaii Targeted Investment Program and HSDC's seed capital investment program and would be the next step for entrepreneurs successfully competing in the various business plan competitions and Startup Weekend events.  Venture accelerators also provide an effective pathway to commercialization for innovations developed with grant funding.  Successful venture accelerators have become the hubs around which entrepreneurial activity in their respective regions can aggregate and create critical mass.

Your testimony in support of this bill would enhance its chances of success.  Please access the link provided below for more information on the legislation and the link to submit testimony electronically.

http://www.capitol.hawaii.gov/measure_indiv.aspx?billtype=HB&billnumber=2319

Please feel free to contact me with any questions.  

Thank you, 
Karl