The Hawaii Venture Capital Association (HVCA) closed out 2017 by sparking discourse on the future of innovation during its monthly luncheon at the Plaza Club in downtown Honolulu. Led by HVCA President Meli James as moderator, panelists Senator Glenn Wakai, Representative Mark Nakashima, Hawaiian Telcom Vice President Sunshine Topping, Hawai‘i State Chief Innovation Officer Todd Nacapuy and Department of Business, Economic Development & Tourism Director Luis Salaveria discussed the initiatives being implemented as part of the state’s legislative agenda to drive innovation forward in our community in 2018.
No conversation about the future of innovation in Hawai‘i would be complete without mentioning the all-too-familiar “brain drain.” Hawai‘i struggles to provide equivalent salaries and growth opportunities that outside markets are able to provide, so it’s imperative that we create an ecosystem that fosters talent by offering access to financial and technological resources along with governmental and community support.
The panelists were in agreement that Hawai‘i needs to be proactive rather than reactive to the needs of our local community and that leveraging Hawai‘i’s geographical location, natural resources and powerful brand are essential to speeding up growth. According to Hawaiian Telcom’s Sunshine Topping, that includes making improvements to the state’s telecommunications infrastructure—specifically, upgrading to a 5G network and improving the fiber-optic cables that tether Hawai‘i to the mainland.
To retain top talent and increase access to capital, efforts are also being made to improve communication and cooperation between the public and private sector. That means reevaluating incentives for companies operating in Hawai‘i and perpetuating projects like the Entrepreneur’s Sandbox slated to launch in Kaka‘ako this year. The project is one of several underway at the 5.5-acre Innovation Block being developed in a public-private partnership between the state and the Hawaii Technology Development Corporation.
This, along with progress in areas like aquaculture and renewable energy, can keep Hawai‘i on the cutting edge in the global community and drive our state in the direction it needs to be a world player in tech, agriculture and environmental consciousness. In all, the consensus was positive about Hawai‘i’s collective efforts to further encourage economic growth and ensure our place at the forefront of innovation, which is the tenor we need moving into the new year.
