FL H1181

Renames the Institute for the Commercialization of Public Research as the Institute for Commercialization of Florida Technology and specifies it is not a direct-support organization of the Department of Economic Opportunity.

Restructures the institute's board of directors to consist of three members appointed by the Governor to 3-year staggered terms, with the private fund manager submitting nominee lists for director vacancies.

Requires the institute to employ a private fund manager to manage investment portfolios for the Florida Technology Seed Capital Fund and Seed Capital Accelerator Program, with the fund manager receiving operational, portfolio, and closing fees.

Establishes private fund manager requirements and responsibilities including investment evaluation, due diligence, mentor services to portfolio companies, and annual reporting to the board of directors.

Takes effect July 1, 2018.