The data now exist and the facts are clear. Act 221 is having the impact that was intended, providing capital to Hawai'i's entrepreneurs capitalizing on businesses where Hawai'i has a globally competitive strategic advantage. This bold initiative has shown us that with the right incentive, we will invest in ourselves.

With the right attitude, we can create high-paying jobs in sectors that will diversify the economy and keep our best and brightest home here in Hawai'i.

With confidence in locally grown entrepreneurs we can create hope for a future that does not depend strictly on tourism.

With our own sources of finance, we can change the tide and start achieving independence from the price of oil, the cost of shipping and the whims of tourists.

With a burgeoning tech sector we can free ourselves from imported foreign oil and increase our state tax revenues and exports to a technology-driven world.

Let's be clear that it is still too early to fully evaluate the success of Act 221. We have seeded many companies that have yet to bear fruit. Though the data are encouraging, it is still too soon to make a final judgment about how well Act 221 is working.

Consistently, though, the state Department of Taxation is reporting that for every dollar in tax credits claimed by Hawai'i investors, $4 to $5 is being directly invested in these companies. Those dollars flow back to the state through taxes, and into the state's economy through the purchases of goods and services. The "indirect" multiplier on our modest investment is several times the "cost" of Act 221.

Great companies, like productive fruit trees, are not grown overnight. It takes many years to build strong and vibrant companies. Some of the earliest companies to take advantage of Act 221 are just reaching their stride. Those who would decide to curtail Act 221 at this early point are being impatient and unrealistic about how long it takes to build a strong company.

From the mid-1980s to 1990s, Govs. George Ariyoshi, John Waihee and Ben Cayetano created the kind of infrastructure in Hawai'i that would nurture a tech economy. They built the Manoa Innovation Center, established PICHTR and a variety of other initiatives.

But there was still no venture capital other than a few million dollars for the Hawaii Strategic Development Corporation to use as matching funds to attract professional venture capital.

Mainland venture capitalists will not invest in Hawai'i companies unless they move to the Mainland or unless there are local venture capital partners. Let's get realistic about what it will take to grow the companies we have seeded during the early years of Act 221 and keep the investment capital flowing.

The less than $296 million in Act 221 investment credits claimed over the last seven years is a small fraction of the state's approximately $70 billion budget over the same period.

It has already resulted in a much bigger payoff of more than $1.2 billion invested in these companies, which have already spent more than $1.4 billion in Hawai'i and paid more than $667 million in salaries worldwide. These Act 221 companies have already earned more than $228 million in worldwide revenues.

Do not let short-term thinking compromise long-term objectives. We cannot afford to stop Act 221 when it is just starting to pay off. Hawai'i's future depends on economic diversification that is rooted in the seeds planted with the help of Act 221. The cost is so small compared to the ultimate benefit.

Let our entrepreneurs bear fruit — everyone will benefit.

Bill Spencer is president of Hawaii Venture Capital Association. Robert Robinson is president of Hawai'i Angels. Lisa H. Gibson is president of the Hawaii Science & Technology Council. They wrote this commentary for The Advertiser.