The bill establishes the International Aerospace Innovation Fund, which will be administered by Space Florida. The purpose of the fund is to accelerate global aerospace innovation through funding collaborative research and development projects, workforce development initiatives, and commercialization efforts. Space Florida is tasked with securing funding from various sources, including state appropriations, private sector investments, and international contributions. The fund aims to foster partnerships between Florida-based aerospace companies and international entities, drive innovation in critical technology areas, and attract global investment in Florida's aerospace ecosystem.

Additionally, the bill outlines the eligibility criteria for projects seeking funding from the International Aerospace Innovation Fund, which must involve at least one Florida-based aerospace company and include partnerships with international aerospace companies, universities, or space agencies. Funding will be awarded competitively based on merit, with a panel of international aerospace experts evaluating and recommending projects. Space Florida is also authorized to negotiate bilateral agreements to facilitate co-funding and collaboration. The bill includes amendments to existing statutes to incorporate these provisions and is set to take effect on July 1, 2025.

Statutes affected:
H 793 Filed: 331.310