Governor Rick Scott Ceremonially Signs HB 705

Legislation creates funding to help innovation start-up companies create opportunities for Florida Families

Today, Governor Rick Scott visited Bing Energy to ceremonially sign HB 705 relating to seed funding. In 2007, the Florida Institute for the Commercialization of Public Research (the Institute) was created to enhance economic development in Florida through the commercialization of new discoveries made through publically funded research. HB 705 expands the Institute and officially became law on July 1st.

Governor Scott said, “Everything that we are doing to create jobs and opportunities for Florida families is working. In a little over two years we have created 330,000 private sector jobs and our unemployment rate has dropped to 7.1%, well below the national average. The bill we are celebrating today will encourage greater investments into Florida’s start-up companies, ultimately leading to more jobs and opportunities for Florida families. I was pleased to visit Bing Energy in 2011 and am proud to see how far they have come and the impact they have had on Florida families.”

HB 705 creates the Florida Capital Technology Seed Fund as a corporate subsidiary of the Institute. The purpose of this fund is to foster greater private-sector investment funding, encourage seed-state investments in start-up companies and advise companies on how to restructure their organizations in order to attract greater business opportunities.

Through the use of funding provided by the Institute, Bing Energy has been able to expand their business model, creating new opportunities for Florida families.

Senator Jeremy Ring said, “I would like to thank Governor Scott for signing House Bill 705, a bill that provides seed funding to start-up technology companies.”

Representative Ritch Workman said, “I commend Governor Scott for signing this legislation that will help build Florida’s economy even further by supporting innovation start-up companies. This is a step in the right direction for start-up companies in Florida.”

Gray Swoope, Florida’s Secretary of Commerce and CEO and President of Enterprise Florida said, “I applaud Governor Scott for signing House Bill 705, and Senator Ring and Representative Workman for their leadership in spearheading this through the legislature. This bill will enable Florida to remain competitive and continue building our base of start-ups and entrepreneurs. The innovative research and development being done at our world-class colleges and universities will also be greatly enhanced by this important legislation.”

Jesse Panuccio, Executive Director of the Florida Department of Economic Opportunity said, “The Department of Economic Opportunity is pleased to support Governor Scott’s signing of House Bill 705 as another tool for Florida’s economic development. The enhanced services that will be provided by the Institute for Commercialization of Public Research through HB 705 will attract valuable business opportunities for Florida and continue to enhance the state’s position as the best place in the nation to start or grow a business.”

Jamie Grooms, CEO of the Florida Institute for the Commercialization of Public Research said, “The Florida Institute matching funding creates confidence for Florida start-up companies in the investment community and allows them to achieve value creating milestones that will support their growth. This bill will help to keep companies in Florida and add to our growing economy.”

Dean Minardi, CFO of Bing Energy said, “Two years ago Governor Scott visited our brand new facility. Since then we have developed manufacturing technology utilizing loan funds from the Florida Institute for the Commercialization of Public Research, to produce tooling that is allowing us to launch our 1st commercial project. I want to thank Governor Scott and the Legislature to their commitment to growing Florida companies and for passing legislation that will expand the Institute and help companies like Bing Energy continue to grow and thrive in Florida.”


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