Bill > H0793

This bill establishes the International Aerospace Innovation Fund (IAIF) to be administered by Space Florida, a state agency focused on aerospace development. The fund aims to accelerate global aerospace innovation by supporting collaborative research and development projects, workforce development, and commercialization efforts. Space Florida will be responsible for securing funding from various sources, including state appropriations, private sector investments, and international contributions. The fund will focus on developing partnerships between Florida-based and international aerospace companies, driving innovation in critical technology areas like space exploration and advanced manufacturing, and attracting global investment to Florida's aerospace ecosystem. To qualify for funding, projects must involve at least one Florida-based aerospace company, include a partnership with an international company, university, space agency, or research institute, and demonstrate potential for commercialization. Space Florida will establish a panel of aerospace experts to evaluate and recommend projects competitively, create an application process, and may negotiate bilateral agreements with countries that have strong aerospace sectors. The bill is set to take effect on July 1, 2025, and makes technical amendments to existing statutes to support the new fund's implementation.