HTDC Awards $2M in Grants to 42 Local Tech & Manufacturing Companies
From: Department of Business, Economic Development & Tourism
The Hawaiʻi Technology Development Corporation (HTDC) announced that it has awarded nearly $2 million in grants to 42 local technology and manufacturing companies for fiscal year 2020 under two state programs designed to foster innovation and enable Hawaiʻi firms to be more competitive in the global marketplace.
The total includes $1.42 million awarded through HTDC’s Small Business Innovation Research (SBIR) program and $485,692 awarded through HTDC’s Manufacturing Assistance Program (MAP). Although the annual grant programs are not in direct response to the COVID-19 outbreak they will provide much-needed support during this difficult time, while helping Hawaiʻi’s economy become more resilient.
“State investment into our manufacturing and innovation sectors not only provides critical support in the immediate term, it helps diversify Hawaiʻi’s economy and lays the foundation for long-term, sustainable growth,” said Mike McCartney, director of the Department of Business, Economic Development and Tourism, which oversees HTDC. “By supporting new drivers for Hawaiʻi’s economy we will be better positioned to deal with potential economic adversity in the future.”
The Hawaiʻi SBIR program and MAP are managed by INNOVATE Hawaiʻi, a program of HTDC.
“Support for small businesses is needed now more than ever, said Wayne Inouye, center director for INNOVATE Hawaiʻi. “Innovation and entrepreneurship are core to HTDC’s mission and vital for long-term economic prosperity in Hawaiʻi.”
Hawaiʻi SBIR matching grants are awarded in various phases and are designed to help companies further the development of new products and to solve critical issues. Phase I matching grant awardees receive up to 50 percent of the Federal Phase I award. Phase II & III matching grant awardees receive up to $500,000. In this year’s program 10 companies received Phase I funding totaling $520,000. There were 14 companies that received Phase II and Phase III funding totaling $900,000.
Hawaiʻi’s SBIR program brings in about $20 federal dollars for every $1 invested by the state, helping to create high-paying jobs in science, technology, engineering and math (STEM) and to establish a profitable, self-sustaining technology industry in Hawaiʻi. The Hawaiʻi SBIR program, launched in 1988, is the longest-running state funded SBIR matching grant program in the nation.
The $485,692 in MAP grants will allow 18 Hawaiʻi-based manufacturers to expand their production capacity, resulting in more jobs in Hawaiʻi. The grants offer manufacturers up to a 20 percent reimbursement (up to $100,000) on qualified expenses to help them become globally competitive. Qualifying expenses include: equipment purchases, training, energy efficiency projects, and manufacturing feasibility studies.
See additional information about the grant programs and INNOVATE Hawaiʻi.
Source: https://dbedt.hawaii.gov/blog/20-07/
MEDIA CONTACTS:
Len Higashi
Hawaiʻi Technology Development Corporation
(808) 539-3814
Alan Yonan Jr.
Hawaiʻi State Energy Office
(808) 291-3543
alan.m.yonan@hawaii.gov
energy.hawaii.gov