FL S1472

Creates the Florida Research Commercialization Matching Grant Program to increase federal research funding to Florida by leveraging federal, state, and private-sector resources for small and startup companies.

Establishes eligibility requirements including: business registration in Florida with primary office and majority of employees in-state, Phase I federal Small Business Innovation Research or Technology Transfer Program award with Phase II invitation, and private-sector investments offsetting total project costs with state grant capped at 25 percent of total funding.

Designates the Florida Institute for the Commercialization of Public Research as program administrator with up to 5 percent of appropriations for administrative costs and responsibility for grant review, approval, contracting, and reporting functions.

Authorizes one-time matching grants of up to $250,000 per project with applications reviewed and approved or denied within 45 days of receipt.

Requires annual progress reports to the Governor and Legislature beginning December 1, 2011, and expires July 1, 2013 unless reenacted by the Legislature.