Transcript of Dual Use Legislation Joint Briefing
Monday, February 26, 2007

Senator David Ige: If we had the ERS $100M fund 10 years ago, do you think the outcome for Spirent or Adtech would have been different, and Hoana has already done a round, but I guess you're getting ready for a larger round, so I'm trying to get a real sense of the impact that a larger fund or more availability of capital might be?

Dr. Patrick Sullivan: Capital is important, if it were here ten years ago I think we would be further along than we are today. The determination of which companies stay here, ultimately will become a personal decision. Not to hold a company hostage, but you find that venture industry typically invests within 20 minutes of proximity [of tech companies] because it’s convenient for them, because that’s the community they live in. Unless we create a fund that has fund managers that live in our community, then we won’t start building a [tech] community where we have a capital market.

I’ve thought a lot about this, I’d like to separate out, to think that there’s an academic answer, but it’s quite personal. I look at the kids that grew up with my kids, that were spending time at the house and playing with them and they’re in college now and it’s a shame if they don’t have an opportunity to come home, because they encapsulate our values.

So where companies stay, in the short term, there’s all kinds of issues that make it complicated. In the long term, I think it’s a personal thing and it’s a matter of will. You have to have a certain determination to build something against all odds and all obstacles, otherwise, it won’t happen. I think what you’ve got at the table today are the people that have really made a decision against all odds to build an industry here.

As an industry, we need all the help we can get. Everything matters, we’re talking about getting one inch here and one inch there that eventually makes a yard that eventually gets us into the end-zone. And it’s one piece at a time and we’re scrapping for it. Silicon Valley gets a lot of press, they used to be agriculture. Every one of those communities has a story. And there is a story for Hawaii, and I think it’s these people here today and that’s how we’re really going to build this.

There’s a need in the world for what we’re doing, there’s no question. Geography is not the issue. It used to be, it is not the issue today. It’s a matter of will, it’s a matter of belief. And if you believe, that your kids and our schools are any good, this is where you’ve got to place your bet. If you won’t bet on us, on our community, nobody else will. That’s what it really boils down to at the end of the day, that’s really what it is. It’s a journey.

There’s a guy I know, he had a lot of options, where to live in the country, a very powerful guy, he had a former very influential military career. He says I want to live here. You’ve got to pick a place in the world to make a difference, to make a stand, and if you love where you are, and this is the place - it’s worth fighting for. Because that’s what it’s going to take in order to build this industry is people pulling together to fight for it. And again, you’re part of it too. Without your support, this won’t happen.

The things that have happened with Act 221 are phenomenal. You’re changing behaviors of businesses [investors]. That's something that rarely ever happens in history, and that’s what’s happening in the state. Only when you look back are you going to see those changes in behavior, but it’s going on right in front of your eyes. You’re part of that, and you’re continued support is really appreciated, and you are making a difference with what you’re doing.

House Economic Development & Business Concerns

• Rep. Kyle T. Yamashita, Chair
• Rep. Glenn Wakai, Vice-Chair
• Rep. Barbara C. Marumoto

Senate Economic Development & Taxation

• Senator Carol Fukunaga, Chair
• Senator Will Espero, Vice-Chair
• Senator David Y. Ige

Panelists

• Jennifer Goto-Sabas, Chief of Staff, Senator Daniel K. Inouye
• Jeanne Unemori-Skog, President & CEO, Maui Economic Development Board
• Tom Cooper, Chair, Kauai Economic Development Board
• Jan Sullivan, COO, Oceanit
• Keith Matsumoto, Technical Director, HTDV
• Ed Young, Program Manager HTDV, Enterprise Honolulu
• Dr. Pat Sullivan, Founder & CEO, Hoana Medical
• Larry Lieberman, Communications Director, Referentia Systems
• Monte Littlefield, Founder & CEO, Pipeline Communications
• Dr. Rob Yonover, Founder & CEO, See Rescue Technologies
• Tareq Hoque, Founder & CEO, Concentris Systems
• Ian Kitajima, Dual Use Network
• Mike Schmicker - Navatek
  

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