(a) The department of business, economic development, and tourism shall establish a venture capital information center to promote the development and exploitation of inventions and new products that have direct economic benefits for Hawaii and to facilitate the bringing together of investors desiring to invest money in new products and inventions with inventors and developers of new products seeking financing.
Terms Used In Hawaii Revised Statutes 211E-3
Financing: means furnishing risk capital to persons for use in the development or exploitation of specific inventions or products. See Hawaii Revised Statutes 211E-1
Venture: means , without limitation, any contractual arrangement with any person whereby the investor with risk capital obtain rights from or in an invention or product or proceeds therefrom in exchange for financing such persons. See Hawaii Revised Statutes 211E-1
(b) Among other services, the center shall:
(1) Develop a promotional program to generate and attract venture capital to Hawaii;(2) Provide interested investors with information on prospective inventors, new products, innovations, and inventions;(3) Maintain a listing of prospective investors, inventors, and developers of new products; and(4) Provide a referral service to bring together investors with venture capital and inventors or developers seeking financing.
