Small- and medium-sized businesses in Florida will have a new development partner in the recently formed Igniting Innovation Capital Acceleration Program. Dubbed I2, the joint project between Space Florida and the Technological Research and Development Authority (TRDA) will provide aid to businesses in the aerospace, biotech, alternative energy, defense, and IT sectors that seek increased investment.
"The I2 program is an exciting expansion of both Space Florida's and TRDA's activities in technology-led economic development," said Frank DiBello, Space Florida president and CEO. "We look forward to working with TRDA to prepare Florida companies for investment and to boost deal flow in the state."
TRDA will set up a Qualification Review Board to assess applicants for possible state and private investments. It can then recommend up to 12 businesses for mentoring and commercialization services. Venture capitalists, strategic investors, and senior industry professionals will comprise the board.
In addition, TRDA will establish a network of industry experts, investors, executives, and service providers to serve as mentors. The program will result in an investment showcase for investors and industry partners to review these promising businesses.
The U.S. Department of Commerce is funding the program under a financial assistance award to Space Florida.