Innovation is a must for small businesses, and today's technological advances are very cost-effective and worth investing in. To stay competitive, businesses in Hawaii should consider the technological innovations from the Hawaii Chamber of Commerce. The primary goal is to renew and rebuild the university's infrastructure and stimulate the creation of small businesses based on technological advances from the University of Hawaii. The second is to “create a capacity for innovation and technology transfer for the 21st century with the support of a multi-billion dollar research industry for Hawaii”.
CubeSatS8 and other innovative techniques are at the forefront of space engineering, and the program is also training a new workforce for Hawaii capable of starting careers in space-related fields and helping to diversify the state's economy. The Hawaii Innovation Council Conference brought together the state's political, academic, and business leaders, along with federal officials and national experts to highlight the main challenges and opportunities facing Hawaii. Lew also highlighted the role that federal partnership programs can play, such as the Small Business Innovative Research Program (SBIR). Having these resources available allows them to find innovative solutions and innovations that will bring maximum value to their company and customers. Regional innovation clusters are “geographical concentrations of companies and industries that do business with each other and have common needs for talent, technology, and infrastructure”. There are more than 100 companies and organizations that have been recognized under the Hawaii Green Business Program. Small business owners can use digital marketing, cloud servers, machine learning, automation, and other technologies to increase their efficiency.
Automating various business processes can also help increase efficiency. Additionally, venture capital investors can help small businesses in Hawaii access early-stage capital through programs like SBIR. Hawaii has a big advantage in its abundant natural assets such as sunlight and wind, clean ocean water, geothermal energy sources, mountain peaks which are home to some of the world's top astronomical sites, and the Hawaii Open Supercomputing Center managed by the University of Hawaii. By considering these tips and investing in technology, businesses in Hawaii can boost their efficiency and productivity while staying competitive. With access to resources like SBIR, they can find innovative solutions that will bring maximum value to their company and customers.