The bill establishes the International Aerospace Innovation Fund, which will be administered by Space Florida. This fund aims to accelerate global aerospace innovation by 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 will also focus on developing partnerships between Florida-based aerospace companies and international entities, driving innovation in critical technology areas related to aerospace, and attracting global investment into 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, space agencies, or research institutes. Funding will be awarded competitively based on merit, with Space Florida establishing a panel of aerospace experts to evaluate projects. The bill also allows Space Florida to negotiate bilateral agreements for co-funding commitments and collaboration terms. The act is set to take effect on July 1, 2025.

Statutes affected:
H 793 Filed: 331.310
H 793 c1: 331.310