HONOLULU — The state received $27.1 million in taxes generated by 150 companies that responded to the 2016 High Technology Development Corporation Client Annual Economic Survey.
Hawaii’s economy also benefited from an estimated total economic impact of $619.6 million, based on a multiplier that includes direct revenue, spending by the company, and employees’ spending.
“As we continue to grow our innovation economy, this survey shows the importance of our local tech and manufacturing industry,” said DBEDT Director Luis P. Salaveria. “Our overall growth strategy includes building a robust infrastructure to support this area, while we work on building more public-private partnerships.”
Nearly 80 percent of the 193 client companies responded to the survey. The 150 companies that responded, which included incubator tenants and graduates, grant recipients, and Neighbor Island Innovation Initiative program clients, had an estimated $388.8 million in total revenue, generated $156.2 in income, and provided 2,687 local jobs.
The survey also demonstrated HTDC’s progress in its 80/80 Initiative, which aims to increase the number of high paying tech and innovation jobs in Hawaii.
HTDC also manages a Hawaii Small Business Innovation Research matching grant program, which enables Hawaii companies get their products to market faster.
By providing competitive grant and contract award opportunities, the federal SBIR program encourages domestic small businesses to engage in research & development with the potential for commercialization.
Thirty-seven companies receiving SBIR funds reported:
w Total economic impact: $89.5 million
w Estimated total revenue: $33.9 million
w State taxes generated: $5.9 million
w Local employees: 372
“HTDC workshops have been very helpful in expanding our network and knowledge in the innovation sector of Hawaii’s economy. Additionally, the HSBIR program has been and continues to be instrumental in helping us offset the high cost of R&D in bringing the first prototype to the users,” said Isar Mostafanezhad, founder and CEO of Nalu Scientific, LLC, which develops high-end sensors and systems.