Haw. Code R. § 15-127-2
As used in this chapter, unless a different meaning clearly appears in the context:
"Board" means the board of directors of the Hawaii strategic development corporation;
"Corporation" means the Hawaii strategic development corporation.
"Direct investment" means a cash investment by the corporation in qualified securities of an enterprise;
"Economic development project" means an industrial, commercial, or agricultural enterprise organized for profit. Economic development projects shall not include tourism-related service businesses, retailing in Hawaii or the construction of housing;
"Enterprise" means a person with a place of business in Hawaii which is, or proposes to be, engaged in business for profit in Hawaii, provided that the endeavor shall not be devoted to the sale of goods at retail in Hawaii, construction of housing, or tourism-related service businesses;
"Ex officio member" means the state director of business, economic development and tourism or the designated representative;
"Financial participation" means investments made by the corporation in conjunction with private investors i.e. coinvesting;
"Meeting" means the convening of the board for which a quorum is required in order to transact business or to make a decision by vote;
"Local investment" means an investment in an enterprise;
"Minority-owned businesses" means businesses at least fifty per cent owned and managed by socially or economically disadvantaged persons;
"Person" means a sole proprietorship, partnership, joint venture, corporation, or other business association of persons organized for profit;
"Professional investor" means any bank, bank holding company, savings institution', trust company, insurance company, investment company registered under the Federal Investment Company Act of 1940, financial services loan company, pension or profit-sharing trust or other financial institution or institutional buyer, licensee under the Federal Small Business investment Act of 1958, or any person, partnership, or other entity of whose resources a substantial amount is dedicated to investing in equity or debt instruments and whose tangible net worth exceeds $250,000;
"Qualified security" means any note, stock, treasury stock bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, preorganization certificate of subscription, transferable share, investment contract, certificate of deposit for a security, certificate of interest or participation in a patent, or in royalty or other payments under such a patent, or, in general, any interest or instrument commonly known as a "security" or any certificate for, receipt for, or option, warrant, or right to subscribe to or purchase any of the foregoing;
"Seed capital" means financing provided for the earliest stage of business development, including but not limited to developing a working prototype, preparing a business plan, performing an initial market analysis, or organizing a management team;
"Surety" refers to the acquisition of insurance, a guarantee, or letter of credit to guarantee all or part of loans, bonds, debentures, or leases for qualified economic development projects;
"Venture capital" means financing in exchange for qualified securities;
"Venture capital investment" means any of the following investments in a business:
(1) Equity interests without a repurchase agreement for at least five years;
(2) A right or option to purchase equity interests;
(3) Any debenture or loan, whether or not convertible or having stock purchase rights, which are subordinated, together with security interests against the assets of the borrower, on the same terms as other financial institutions, and that is for a term of not less than three years with principal payments deferred during the first three years; and
(4) Limited partnership interests.
Haw. Code R. § 15-127-2