Gov. Rick Scott signs bill to boost Florida tech startups

Orlando Business Journal

 

Gov. Rick Scott signs bill to boost Florida tech startups 

Gov. Rick Scott today signed into law HB705, a bill that will help attract more seed funding for technology startups in Florida, the Jacksonville Business Journal reports.

David Day, director of the University of Florida’s Office of Technology Licensing, said the measure will help the state’s 22 research institutions to create technology startups and grow them here.

“Our graduates and the technology we develop at our universities have been leaving Florida for places like Boston or Silicon Valley,” he said. “Now we’re reversing that trend, so we can retain our graduates and technology and build Florida’s tech economy.”

The measure adds a $4.5 million cash infusion to the Florida Institute for the Commercialization of Public Research.

The Institute provides matching loans to Florida startups that commercialize technology developed at state universities, colleges and research organizations. In order to use the fund, startups must secure a one-to-one match by attracting private-sector third-party investors. HB 705 will also give startups the options of issuing stock to the Institute in exchange for funding. 

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