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 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 amends existing statutes to incorporate the new fund and its requirements. It redesignates subsections in section 331.3051 and updates a cross-reference in section 331.310 to reflect these changes. Space Florida is required to establish a panel of aerospace experts to evaluate funding applications and to create an application process for projects. The act is set to take effect on July 1, 2025.

Statutes affected:
S 1516 Filed: 331.310
S 1516 er: 331.310