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 develop partnerships between Florida-based aerospace companies and international entities, drive innovation in critical aerospace technology areas, and attract global investment into Florida's aerospace ecosystem.

Additionally, the bill outlines specific eligibility criteria for projects seeking funding from the International Aerospace Innovation Fund. These criteria include the requirement that projects involve at least one Florida-based aerospace company and a partnership with an international aerospace company, university, space agency, or research institute. 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 and collaboration purposes. The act is set to take effect on July 1, 2025.

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