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Form #: B-52 7/18/91 DEPARTMENT OF FINANCE REQUEST FOR COUNCIL ACTION DEPARTMENT: Research and Development DATE: February 26, 2014 STAFF CONTACT: Laverne Omori PHONE: 961-8366 A. REQUEST: Pursuant to Hawaii County Code Section 2-139(a)(3)(A), the Department of Research and Development requests Council approval to award $113,000 to the Hawaii County Economic Opportunity Council (HCEOC). These funds are part of the Department of Research and Development's funding for FY 2013-14 to promote sustainable economic development. County funds will be used to supplement the creation of a Transmedia Accelerator Program (TAP), encouraging economic diversification, creating employment opportunities and supporting innovation in the media production field. These funds will match the commitment of the State's Hawai'i Strategic Development Corporation (HSDC) and the in-kind commitment of Global Virtual Studio (GVS) to set up a dynamic working studio with cutting-edge production equipment and office space. HCEOC maintains 501(c)3 tax exempt status. B. BACKGROUND AND JUSTIFICATION (USE ADDITIONAL SHEETS AS NEEDED): The transmedia industry includes the sectors of film, television, software development, web-based media, digital publishing, music, and related areas. These are some of the fastest growing economic sectors in the world and some of the most competitive. The goal of the TAP is to jump start content creators in Hawai'i that will create commercially viable products for a global market. This will in turn help build a community of transmedia entrepreneurs and professionals in Hawai'i that will generate jobs, stimulate economic growth, and celebrate the people, stories, and cultures of these islands. The Accelerator's role is to support entrepreneurs as they create a strategy that can be funded, produced and marketed in the private sector to a global audience. GVS, which will manage the TAP, is an established transmedia studio with a track record in developing multi- platform companies. Led by Kona entrepreneur and filmmaker David Cunningham, GVS will assemble and serve as the coaching team to ensure success for companies selected for acceleration. The Department and the Mayor realizes the urgency to expand and fortify our island's film and media industry. This Transmedia Accelerator Program will be the only one in Hawai'i. This project will provide a global pathway for entrepreneurs, writers, industry professionals, etc. and will connect different disciplines and expertise to work alongside a creative community. There are many competitive destinations and locales around the world and the County is focused on strengthening our competitive advantage in the transmedia industry. Additionally, there is a synergy and residual benefit that will be created between tourism and transmedia through the increase in global media exposure. With the commitments of the State, the County and private and non-profit entities working together, this project will establish Hawaii Island as the hub of Hawai'i's vibrant, creative transmedia sector.