State doesn't go far to find venture fund's new director

BYLINE: Stephanie Wentworth

The state picked an insider to run a venture fund that manages $6 million in investments in young Maryland technology and biotech firms.

Ray Dizon became the new managing director of the Maryland Venture Fund on Sept. 29. He will control what the state has called one of its most successful programs.

The venture fund is often the first funding many startup companies receive. It has brought in more than $55 million to the state. Companies in the portfolio have attracted more than $1 billion in private investments and helped create more than 1,500 jobs, according to state statistics.

Dizon, 47, will replace Elizabeth Good, who ran the fund for two years. He has served as a principal in the venture fund program since May 2000, where he has been involved with deals in the technology, diagnostic and medical device fields. He currently manages 30 companies.

As managing director, he will continue to oversee some companies in the state's portfolio and assume leadership and administrative responsibilities for the five-person fund, which is part of the Maryland Department of Business and Economic Development.

Dizon's portfolio over the past six years included technology developer BDMetrics Inc., Tenable Network Security Inc., Web application company JackBe Corp. and Sourcefire Inc., a network security company.

The venture fund rotates between leaders who specialize in technology and biotech. Dizon's predecessor, Good, came from the biotech field. DBED Deputy Secretary Christopher Foster said Dizon is knowledgeable of the fund and has the right experience for the job, noting that Dizon worked for a startup tech firm.

"I think he's earned it," Foster said.

Dizon also will inherit administrative duties for the Maryland Biotechnology Investment Tax Credit Program. The venture fund has been overseeing the $6 million tax credit program since July 1.

The Maryland Venture Fund was established in 1994 to make direct equity investments in early-stage high-tech companies in the state. It received national recognition from Entrepreneur Magazine as the third best in the nation, ranked by deal flow. The $6 million fund oversees 85 to 100 companies.

Good left the venture fund Sept. 27 to become the director of strategic investments at the University of Maryland, Baltimore.