Bill > S1314

This bill makes several key changes to the Florida Capital Formation Act: 1. It redesignates the Institute for the Commercialization of Public Research as the Institute for Commercialization of Florida Technology and removes the requirement for the Department of Economic Opportunity to manage certain commercialization activities. 2. It allows the Institute to engage a private fund manager to manage the investment portfolio and assets of the Florida Technology Seed Capital Fund and Seed Capital Accelerator Program, reducing the operational and management costs for the state. 3. It outlines the qualifications and activities of the private fund manager, including the ability to mentor and assist portfolio companies, communicate with investors, and distribute net profits from the investment portfolio back to the Fund and private investors. 4. It modifies the composition of the Institute's board of directors to be appointed through a nomination process involving the private fund manager, rather than solely by the Governor. 5. It maintains certain public records and meetings exemptions for the Institute to protect proprietary business information of the companies it works with. Overall, the bill aims to streamline the management and operations of the state's technology commercialization efforts by leveraging private sector expertise and reducing the state's ongoing operational costs.

Budget and Finance, Business and Industry

Appropriations (Senate), Commerce and Tourism (Senate)

http://www.flsenate.gov/Session/Bill/2018/1314