[§304A-1962]  Innovation and commercialization initiative program; implementation.  [See Note at subpart heading.]  In implementing the innovation and commercialization initiative program, the University of Hawaii may promote, sponsor, and participate in the transformation of the products of its research and instructional activities into viable economic enterprises and may create, finance, and participate in organizations that contribute to the economic development and workforce diversification of the State using university research and personnel.  The university, without limitation, may:

     (1)  Adopt policies and management procedures to carry out the purposes of the program;

     (2)  Contribute equity, loan funds, or participate directly or indirectly to finance concepts or proposals that are likely to lead to viable businesses, economic development, or workforce opportunities based on university research;

     (3)  Enter into contracts and other appropriate arrangements with start-up ventures to provide loans, initial and expansion capital, and other forms of financial assistance;

     (4)  Solicit, evaluate, and assist in the preparation, drafting, and refinement of business plans and proposals;

     (5)  Provide advice, instruction, training, and technical and marketing assistance to support and promote the enterprises in which the university invests;

     (6)  Develop, coordinate, and deliver instruction, training, and outreach programs to build and maintain the capacity to sustain these economic enterprises;

     (7)  Implement specialized programs designed to encourage the development of new products, businesses, and markets;

     (8)  Prepare, publish, and distribute technical studies, reports, bulletins, and other materials consistent with customary standards of university publication, subject to the maintenance and respect for confidentiality of client proprietary information;

     (9)  Organize, sponsor, and participate in conferences, workshops, seminars, and other educational activities relating to the formation and financial viability of businesses that use university research products or university personnel;

    (10)  Provide and pay for advisory or consulting services and technical, managerial, and marketing assistance, support, and promotion to carry out the purposes of this subpart;

    (11)  Acquire, hold, and sell qualified securities;

    (12)  Consent, subject to the provisions of any contract with noteholders or bondholders, whenever the university deems it necessary or desirable in the fulfillment of the purposes of this subpart, to the modification, with respect to rate of interest, time of payment of any installment of principal or interest, or any other terms, of any contract or agreement of any kind to which the university is a party;

    (13)  With the assistance of an appropriate foundation or development entity, accept donations, grants, bequests, and devises of money, property, service, or other things of value that may be received from the United States or any agency thereof, any governmental agency, or any public or private institution, person, firm, or corporation, to be held, used, or applied for any or all of the purposes in support of this program;

    (14)  Invest any funds held in reserves or sinking funds, or any funds not required for immediate disbursement, in such investments as may be lawful for fiduciaries in the State;

    (15)  Acquire real property, or an interest therein, by purchase or foreclosure, where that acquisition is necessary or appropriate to protect or secure any investment or loan in which the university has an interest; sell, transfer, and convey the property to a buyer and, if the sale, transfer, or conveyance cannot be effected with reasonable promptness or at a reasonable price, to lease the property;

    (16)  Consistent with the purposes of the program, acquire, own, hold, dispose of, and encumber personal property of any nature, or any interest therein, either directly or through intermediate entities formed or established specifically for the program's purposes;

    (17)  Enter into agreements or other transactions with any federal, state, or county agency to implement the purposes of this subpart;

    (18)  Contract with other entities, public or private, for the provision of all or a portion of the services necessary for the management and operation of the program.  The university may use all appropriations, grants, contractual reimbursements, and all other funds made available for the purposes of the program to pay for the proper general expenses of the program;

    (19)  Appear on its own behalf before state, county, or federal agencies on matters relating to the program;

    (20)  Establish a risk management program appropriate to the activities of the program, which may include, among other components, the purchase of insurance, participation in the State's risk management program, or retention and management of risks;

    (21)  Appoint advisory committees as deemed necessary; and

    (22)  Exercise any other powers of a corporation organized under the laws of the State not inconsistent with the purpose and intent of the program. [L Sp 2021, c 8, pt of §10]