• Join your peers at SSTI's 2024 Annual Conference!

    Join us December 10-12 in Arizona to connect with and learn from your peers working around the country to strengthen their regional innovation economies. Visit ssticonference.org for more information and to register today.

  • Become an SSTI Member

    As the most comprehensive resource available for those involved in technology-based economic development, SSTI offers the services that are needed to help build tech-based economies.  Learn more about membership...

  • Subscribe to the SSTI Weekly Digest

    Each week, the SSTI Weekly Digest delivers the latest breaking news and expert analysis of critical issues affecting the tech-based economic development community. Subscribe today!

Maryland Fund Aims for 40 New Discoveries a Year

April 18, 2012

A new fund established to capitalize on Maryland's leadership in R&D seeks to move 40 new discoveries and innovations out of the lab and into the marketplace each year through a partnership between the state and five universities. The Innovate Maryland initiative is seeded with $5 million in the FY13 budget with additional funds from the participating universities to provide grants to researchers. The Maryland Technology Development Corporation (TEDCO) will administer the fund. The goal of the fund is to promote commercialization of university research, encourage universities to partner with federal labs, and facilitate tech transfer from universities to commercial industries. Participating universities are Johns Hopkins University, Morgan State University, University of Maryland Baltimore, University of Maryland Baltimore County, and University of Maryland College Park. Each university will contribute between $100,000 and $200,000 on an annual basis. The initiative was unveiled in January as part of Gov. Martin O'Malley's 2012 legislative agenda (see the Jan. 25, 2012 issue of the Digest). The bill is available at: http://mlis.state.md.us/2012rs/bills/hb/hb0442t.pdf.