For Immediate Release: April 3, 2009
DBEDT Release News 09-09

Honolulu--Karl Fooks has been named the new president of the Hawai‘i Strategic Development Corporation (HSDC) whose mission is to develop the venture capital industry in Hawai‘i which will stimulate the growth of viable new businesses.

As president, effective April 1, Fooks will lead HSDC's efforts to build the state's innovation economy by assisting emerging start-up companies, particularly in the technology sector, to raise capital and access new markets.

Fooks brings to HSCD an extensive background in private equity and investment banking. He was formerly a Managing Director and Head of Private Equity in Asia for J.P. Morgan & Co., and prior to that position, was also Head of Mergers and Acquisitions in Asia.

Fooks holds an undergraduate degree from the University of California, Berkeley and a Master's degree from the Woodrow Wilson School of Public and International Affairs at Princeton University.

"Since its inception in the early 1990s, HSDC has been a catalyst in creating a venture capital market where nearly 30 investment funds are currently active in supporting new business formation here in Hawai‘i," Fooks said. "I look forward to continuing this effort, particularly given the importance of economic development and job creation in these challenging economic times."

"We welcome Karl to DBEDT," said DBEDT Director Ted Liu, "We look forward to Karl's leadership of HSDC and his contribution to helping to achieving the State's economic development objectives."

The HSDC Board conducted the search that resulted in Fook's selection from a pool of qualified applicants.

Rick Hess served as interim president of HSDC and will stay on to assist Fooks in the transition.

For more information, contact:
Dave Young, DBEDT Communications
Phone: (808) 587-1212
Email: dyoung@dbedt.hawaii.gov