The bill establishes the International Aerospace Innovation Fund, which will be administered by Space Florida. It amends existing statutes to require Space Florida to secure funding from various sources, including state appropriations, private sector investments, and international contributions. The fund aims to accelerate global aerospace innovation by supporting collaborative research and development projects, workforce development initiatives, and commercialization efforts. Space Florida is tasked with developing eligibility criteria for projects seeking funding, which must involve partnerships with at least one aerospace company based in Florida and one international aerospace entity, university, space agency, or research institute.

Additionally, the bill includes provisions for Space Florida to establish a panel of aerospace experts to evaluate funding applications and to create an application process for potential projects. It also allows Space Florida to negotiate bilateral agreements with countries that have strong aerospace sectors to facilitate co-funding and collaboration. The bill amends existing legal references to align with the new fund's establishment and is set to take effect on July 1, 2025.

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