CS/HB 705 passed the House on April 17, 2013 and subsequently passed the Senate on April 26, 2013. The bill amends s. 288.9625 F.S., to include innovation businesses among the entities eligible to receive assistance from the Florida Institute for the Commercialization of Public Research (Institute). The bill also grants the
Institute the ability to create corporate subsidiaries, and as long as it does not interfere with its core mission, the Institute may charge for services provided to private companies and affiliated organizations whose products are developed by the research and development activities of a publicly supported college, university,or research institute.
The bill also creates s. 288.96255, F.S. which would establish the Florida Technology Seed Capital Fund(Fund) as a corporate subsidiary of the Institute. The Fund will be administered by the Institute for the purpose of fostering greater private-sector investment funding, encouraging seed-stage investments in start-up companies, and advising companies how to restructure existing management, operations, or production in order to attract advantageous business opportunities.
This bill has no fiscal impact on state or local funds.The bill was approved by the Governor on June 5, 2013, ch. 2013-120, L.O.F., and will become effective on
July 1, 2013.