(1) The Legislature finds and declares that there is a need to increase the availability of seed capital and early stage investment capital for emerging companies in the state, including, without limitation, businesses in life sciences, information technology, advanced manufacturing processes, aviation and aerospace, and homeland security and defense, as well as other industries of strategic importance to this state.

(2) It is the intent of the Legislature that ss. 288.9621-288.96255 serve to mobilize private investment in a broad variety of partnerships in diversified industries and geographies; retain private sector investment criteria focused on rate of return; allow the Institute for Commercialization of Florida Technology to use highly qualified private fund managers experienced in the seed and early stage development industry in this state; outline the use, qualifications, and activities of the private management, without any financial support or specific appropriations from the state, by a private fund manager of the assets of the Seed Capital Accelerator Program and the Florida Technology Seed Capital Fund investment portfolio of the Institute for Commercialization of Florida Technology; facilitate the organization of the Florida Opportunity Fund as an investor in seed and early stage businesses, infrastructure projects, venture capital funds, and angel funds; and precipitate capital investment and extensions of credit to and in the Florida Opportunity Fund.

(3) It is the intent of the Legislature to mobilize investment capital in such a manner as to result in a significant potential to create new businesses and jobs in this state which are based on high growth potential technologies, products, or services and which will further diversify the economy of this state.

(4) It is the intent of the Legislature to reduce the ongoing operational cost and burden of managing the Florida Technology Seed Capital Fund and the Seed Capital Accelerator Program to this state and eliminate any financial support or specific appropriations from the state by engaging a private asset management entity in this state which is familiar with the seed and early stage investment industry in this state. This entity would be responsible for the management of the assets of the Seed Capital Accelerator Program and the Florida Technology Seed Capital Fund investment portfolio without requiring ongoing budget expenditures by this state or receiving any financial support or specific appropriations from the state.

History.—s. 1, ch. 2007-189; s. 25, ch. 2009-51; s. 3, ch. 2018-139.