The bill establishes the International Aerospace Innovation Fund, which will be administered by Space Florida. It amends existing statutes to include the fund's purpose of accelerating 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 bill also outlines the development of eligibility criteria for projects seeking funding, which must involve partnerships with at least one aerospace company based in Florida and demonstrate potential for commercialization.

Additionally, the bill requires Space Florida to establish a panel of aerospace experts to evaluate and recommend projects for funding, as well as to create an application process for interested projects. It emphasizes the importance of forming partnerships with countries that have strong aerospace sectors and allows Space Florida to negotiate bilateral agreements related to co-funding and collaboration. The effective date for the implementation of this act is set for July 1, 2025.

Statutes affected:
S 1516 Filed: 331.310