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UMBC Incubator Welcomes Nine New Tenants

The incubator at University of Maryland Baltimore County is seeing an uptick of new tenants. In the three-month period from March to June, bwtech@UMBC Research & Technology Park welcomed nine new companies, an increase from previous similar periods but a typical number for the past year to 18 months.

It has also reached a major milestone by welcoming a total of 100 companies to the incubator, of which 85 have leased space.

Of the nine new companies, five are in cybersecurity and the rest are in IT, says Ellen Hemmerly, executive director of [email protected] attributes the interest in cybersecurity to the proximity of the U.S. Army and Department of Defense agencies at Fort Meade and the academic talent at the university. She has also seen a surge in life science startups.

Last year, bwtech@UMBC welcomed a total of 25 new tenants and IT consulting firm RWD Technologies was acquired. Hemmerly says the incubator is currently recruiting early stage to larger companies to fill that now-vacant space as well as space in a newly opened incubator facility.

Here's a rundown of the nine new tenants:

• Assured Information Security Inc., a cyberspace government contractor. The company has 40-plus  employees at its headquarters in Rome, N.Y. Since becoming a tenant, it has hired a dozen people and is looking to hire more, Hemmerly says. It chose UMBC because of its R&D interaction with the intelligence community at Fort Meade.

• Clovis Group, an accounting and finance IT and workforce management company that staffs government services.

• Communication Scientific International, a Glen Burnie-based, minority-owned communications systems and technical provider of defense and commercial communications.

• TechEdge Group, an Italian IT company that is based in Italy that also has an office in Chicago.

• Alpha Omega Technologies, a company that specializes  in secure delivery of data and information.

• NETWAR Defenses, computer systems consultants and designers who specialize in national security and intelligence.

• LightGrid, a telecommunications and delivery solutions federal contractor.

• Companion Data Services, offering data-hosting services and health IT services. 

Source: Ellen Hemmerly, bwtech@UMBC Research & Technology Park
Writer: Barbara Pash; [email protected] 

Tech Campus Betamore To Open For Entrepreneurs, Incubators

By the end of the summer, entrepreneurs in the Baltimore metro area will have another place to call home. Betamore, “technology campus,” in the words of co-founder Mike Brenner, should be open by then. 

Brenner co-founded the privately-financed facility with Greg Cangialosi. They are in the midst of renovating an 8,000-square-foot shell at 1111 Light St., a new building in Federal Hill, into part incubator, part classroom and part co-working space. The facility will serve its members and the community at large. Membership applications will be available online next month.

Brenner says Betamore is the first incubator in the region, as far as he knows, that will also act as a classroom. In addition, the two founders bring a sizeable mentoring network that they have acquired by working in the city.

Both are well known in the Baltimore tech scene. Cangialosi's Blue Sky Factory, an email marketing and service provider, was bought in 2011, and he now serves as managing director of Baltimore Angel's and CEO of Nucleus Ventures, an investment vehicle. 

Brenner closed out his other ventures to focus on Betamore. These included Sunrise Design, a web consulting and design studio, and Startup Baltimore, a blog that was acquired in March of 2012 by a company in Philadelphia that plans to transform it into Technically Baltimore, an online publication covering technology. The company also puts out Technically Philly.

Brenner declined to discuss financing for the facility except to say that while it was private, the founders are actively looking for public support as well. He says they are not ready to announce the fees that will be charged for memberships at the incubator and community space. 

The facility will have two classrooms. It will offer classes on entrepreneurship and technology for people in the community at large who are interested in the topic. It will also offer six- to eight-week-long courses for people who are career-oriented and want more in-depth study. Brenner says fees for both classes and courses will be charged, the amounts still to be decided.  
 
In the dedicated incubator space, desks can be rented by the month. Brenner says that renters will have access to Betamore's mentor network, events and weekly happy hours. From early indications, he expects renters to be two- to eight-person teams, and to have 50 teams and “really early stage” companies in that space at any given time. He also expects many renters to be programmers.
 
Betamore will not take an equity stake in its renter-companies. Moreover, it will put a time limit, as yet undetermined, on how long they can rent, "to get a fire under their feet," he says.
 
The third space is a community space that, like a typical co-working space, is a social environment. It will be available for people who want to drop by the facility on an occasional basis, whether once a week or once a month. There will be a fee for the community space. 

"So far, we've gotten a lot of interest. Everyone wants to know when the doors open," says Brenner. "I'm hesitant to reveal too many details. We want to do a proper rollout when we're ready to open."

Source: Michael Brenner, Betamore
Writer: Barbara Pash

Web Ad.vantage Adds New Clients, New Staff

Web Ad.vantage is growing, adding new clients and new staff. The digital marketing and online advertising agency also saw the return of a former client.
 
New clients are Oriel Stat A Matrix, a New Jersey-based global leader in consulting and training for performance improvement and regulatory compliance; HR Acuity, a New Jersey-based human resources, employee relations and workplace investigation solutions firm; and Marianna Goldenberg, a certified divorce and financial analyst in Pennsylvania who specializes in divorce settlements. The returning client was Connecticut Plastics, a precision plastics fabricator.
 
Hollis Thomases, president and CEO, says Web Ad.vantage also recently filled positions at the 13-person firm. Founded in 1998, the privately-held, women-owned, Minority Business Enterprise-certified firm is located in Havre de Grace.
 
Thomases says the market for strategic digital services is growing because the business space for web and social media is so complex, companies don’t know how or where to begin.
 
Web Ad.vantage starts with a strategic approach, and then uses anything connected -- search, email, social media, mobile and video – to provide practical services, personalized for each client.
 
“We really help [clients] life-cycle through this process of analysis and planning, so companies can make better decisions how to use their money,” says Thomases, who was recently named to the board of directors of tech industry group GBTC.
 
Source: Hollis Thomases, Web Ad.vantage
Writer: Barbara Pash

Mindgrub Adding Second Catonsville Office

Mindgrub Technologies  is adding new clients, hiring more staff and adding a second office to handle the growth.

The company is in the midst of renovating a second office across the street from its new office in the historic First National Bank building in Catonsville. The 45-person firm will relocate the management team there, Mindgrub CEO Todd Marks says. The firm expects to move into the renovated 1,400-square-foot office next month.

Mindgrub is hiring 10 -- programmers, game designers, web and gaming developers, iPhone and android developers, information architects and technical production managers. It is particularly seeking people with expertise in Drupal, an open source web development platform. 

One of the new clients is the B&O Railroad Museum, a popular Baltimore City destination for tourists and student groups, for which Mindgrub is developing an "augmented reality"  tour. Mindgrub CEO Todd Marks describes augmented reality as taking digital content and superimposing it over the real physical world.

The tour will spotlight the historic railroad engines in the museum’s roundhouse. If you hold up an iPhone in front of an engine, Marks says, an animated cartoon character will pop up and talk about its history.
 
Marks says that besides the B&O Railroad Museum, other new clients it has added this year are Yamaha Motors, for which Mindgrub is developing a downloadable app with service information, and the University of Las Vegas, with an app for its alumni with deals and discounts in Las Vegas hotels and restaurants.
 
Marks founded the company in 2002 and was its sole employee until 2007. Mindgrub provides mobile and web application development and creative services. It has founded a spinoff product company called viaPlace.  
 
 
Source: Todd Marks, Mindgrub
Writer: Barbara Pash
 
 
 
 

Audacious Inquiry Doing More IT Work For the Feds

Audacious Inquiry has landed a new client, conducting market research on behalf of the federal government.

The Baltimore technology services company will perform research on special topics, then report to the U.S. Department of Health and Human Services, Office of National Coordinator for Health Information Technology with the results. The company cannot go into details about the topics, which are considered sensitive, according to Barbara Koch, analyst at Audacious Inquiry.   

Based on a federal act, the Office of National Coordinator seeks to improve America's health care delivery system and patient care through information technology. It runs several different programs that assist and support providers, coordinate within and among states, connect to public health resource, and train and equip workers.

Christopher Brandt, managing director of Audacious Inquiry, says the office identified the company for its market tracking and advisory services and sought it out for the $247,000 contract.

Audacious Inquiry deals primarily in health care and government, providing systems integration support, software development and technical project management. The company worked behind-the-scenes on the CRISP initiative that resulted in Maryland being the first state in the country to connect all of its 46 acute care hospitals and two specialty hospitals to the Maryland Health Information Exchange.

Maryland Lt. Gov. Anthony Brown made the official announcement last February. CRISP (Chesapeake Regional Information System For Our Patients is a partnership of Erickson Retirement Communities, Johns Hopkins Medical Institutions, University of Maryland Medical System and MedStar Health.

Brandt called the project "a major milestone for us." Audacious Inquiry is a contractor to CRISP, and the project allows approved doctors' offices, hospitals and other health organizations to instantly and securely share clinical health data. The state has invested $10 million along with $10.9 million in federal funds in the Health Information Exchange. 
 
Audacious Inquiry was founded in 2004. In 2010, the 30-employee company relocated from the Howard County NeoTech Incubator to the BW Tech @UMBC, the research park at University of Maryland Baltimore County. In 2012, it won the Howard County Technology Council award for life sciences company of the year.
 
Source: Christopher Brandt and Barbara Koch, Audacious Inquiry
Writer: Barbara Pash
 
 
 

GBTC Appoints New Board Members

GBTC, Baltimore's main networking group for the tech community has unveiled its new board, to be officially installed later in the month. It's the latest of changes at the group in recent months, starting with Jason Hardebeck's appointment as executive director late last year. 

Of the 30-member board, half are new while the other half are holdovers from the previous board.

Known as a community for innovators, entrepreneurs and startups, GBTC is in the midst of other changes as well. Among them are the introduction of a weekly video show talking about events for that week and a regular newsletter, to be published every other week.

The show airs on GBTC's blog every Monday at 3 p.m. It can be viewed and download from the blog and/or linked to Twitter. "We're hoping it will become the central place people go to find out what is going on," says Sharon Paley, a GBTC staffer.

Hardebeck says the new board reflects gb.tc's expanded vision for the innovation community to represent a broader mix of members. While the new board is a mix of new and continuing members, the real difference is that the GBTC board will be more active, Hardebeck says.  

The moves comes just months after the appointment of Hardebeck last December as executive director of the nonprofit amid criticism about declining membership and declining revenue from dues.

"This is not a place where you come to a meeting every couple of months to catch up on what has been going on," Hardebeck says. "Our board will be engaged and active with all facets of gb.tc's mission, including cultivation of shareholders and participation in events and programming. There is way too much to do and too many opportunities for gb.tc to make a difference for just the GBTC team. Our board will be an extension of our efforts." 

Gb.tc eliminated its physical office and changed its membership model. Instead of charging membership fees, anyone who wants to be involved in GBTC can.

Paley says the membership group focuses on metro Baltimore, and anyone involved in the “innovation industry,” including software, hardware, the internet, gamers, developers and designers, as well as those affiliated with the industry like accountants, attorneys and marketers.
 
Since doing away with its physical office, Paley says the four-person staff will be doing more outreach, visiting places where tech companies work and getting an idea of the kinds of programs they want to attend and that sponsors are willing to support.
  
Sources: Jason Hardebeck and Sharon Paley, GBTC
Writer: Barbara Pash
 
 


App Developer Woofound Gets $1.2M in Angel Funding

Baltimore tech startup Woofound has launched a new mobile app for the iPhone and received $1.2 million in angel funding.

The startup is also anticipating another round of financing, adding a new outlet and hiring more staff.
 
Woofound’s app is a visual personality game called “Me or Not Me.” It is sold in the app store but by the end of summer, Daniel Sines, co-founder and co-CEO with Josh Spears, expects to place the app on the Android Marketplace, recently renamed Google Play.
 
Soon, the startup will seek another round of financing, perhaps $3 million to $5 million. “We are going more institutional,” he says. It will seek venture capital financing, rather than angel investors, Sines says.
 
The amount will be based on the results of its launch next month of a commission-based fee from businesses for the app. The app is currently free but businesses will be charged on sales, of which Woofound gets a cut.
 
The app connects businesses to likely new customers by identifying users’ personality types and then recommends targeted places, activities and restaurants to their types. A Baltimore psychoanalyst and psychotherapist developed the personality test.
 
“We are offering an extremely personalized solution. We are highly targeted. We have more than 10,000 businesses and experiences on the platform,” says Sines. “The focus on the personal element differentiates us and makes us stand out.”
 
Sines and Spears founded Woofound in 2011. It is based on their previous company, Social Media Solutions Business, which helped companies manage Twitter, Facebook and other social media in their search for customers. They closed out projects for that company and focused their efforts into Woofound.
 
Woofound is located in an office in Baltimore County's Middle River area with a staff of 15 and five interns. Sines says it is looking to hire at least two programmers now and more staff over the summer.
 
Source: Daniel Sines, Woofound
Writer: Barbara Pash
 
 
 
 
 
 














 

Second Annual Hackathon To Offer More Cash Prizes

Geeks get their day once again at Baltimore's 2nd annual Hackathon. The event promises to be bigger, better and, most importantly, more lucrative than the first hackathon, held in 2010.

Described as a "high-tech science fair," the original hackathon attracted hobbyists, students and professional programmers who, in a couple of days, were supposed to take their tech idea from concept to creation. Ideas ranged from software handling organizational systems to transcription service. 

The same format applies to the 2nd Hackathon, which runs from June 8 at 6 p.m. through June 10 at 6 p.m. at the headquarters of Advertising.com, located at 1020 Hull St. in the Locust Point neighborhood. 

"We're trying to make it an annual event. The idea is for people to come together and [during those three days] work on projects that are technical in nature, either software or hardware,” says organizer Jason Denney, a member of Baltimore Node, a member-run space for hacker space.

There are hackathons all over the country. Since the first Baltimore hackathon, says Denney, two more sponsors have been added to the original five. This has enabled the organizers to add more prize money. This year's sponsors are Northrop Grumman, Looking Glass, Advertising.com, Paypal, Code for America, smart logic and Thunderbolt Labs. 

At the first event, a prize was given for best overall hardware or software project, team or individual. This year, there will still be a best overall hardware or software prize. But, in addition, there will be prizes for smart design, most difficult technology, aesthetics and public service project. Winners in each category will receive a $600 cash prize.

Organizers are hoping to increase attendance from the original event's 70 people to 100. Denney says anyone can register and compete for the prizes. Registration and tickets are online. A nominal fee covers entrance, food and a T-shirt. 

Source: Jason Denney, 2nd annual Hackathon
Writer: Barbara Pash
 

Maryland AG Office, MedChi Launch Insurance Watch

The Maryland Attorney General’s Office and MedChi, the state medical society, are partnering in a program that protects consumers from insurance company abuses. Launched last month, Insurance Watch enables physicians in the state to file complaints online on behalf of their patients.

The Attorney General’s Health Education and Advocacy Unit  has long accepted written claims filed by physicians when an insurance company refuses to cover a patient’s medical care and other insurance payment issues.

MedChi asked to be involved when a survey found that physicians were not filing the paper forms. “We wanted to make it easy for physicians,” MedChi CEO Gene Ransom says.

Physicians can opt to have the complaint sent to the Attorney General’s Office only or to MedChi as well. If they choose the latter, MedChi will monitor the complaint, which often goes to mediation.

According to David Paulson, spokesman for the Attorney General’s Office, more than 2,000 complaints were filed in 2011, resulting in over $1 million in claims and recovery on behalf of patients.

With the new, online system, Paulson expects the number of filed complaints to increase. “The doctors are pleased” with Insurance Watch, he says. “It’s a smart way to communicate with them, and for them to communicate with their patients.”

Che Parker, spokesman for Kaiser Permanente Mid-Atlantic, says the health insurer has no objections to the program.

“Doctors and patients are free to use established processes and procedures to surface concerns to insurance regulators and other venues established for that purpose,” he says. “We trust those concerns will be appropriately resolved in those venues.”

Sources: Gene Ransom, MedChi; David Paulson, Maryland Attorney General’s Office; Che Parker, Kaiser Permanente Mid-Atlantic
Writer: Barbara Pash
 
 

U.S. Army Hiring 400 for Cyber Defense

The U.S. Army  is looking for a few good men and women. 

The 780th Military Intelligence Brigade, the Army’s cyber systems intelligence and security unit at Fort George G. Meade, in Anne Arundel County, has embarked on a civilian recruitment effort.

"The Army established this emerging mission," Gregory Platt, the 780th Military Intelligence Brigade's senior civilian advisor, says of cyber threats, "and we are fleshing out the staff."

Over the next three years, the Brigade is hiring a total of 400 employees, starting with about 100 new employees this fiscal year and another 70 to 75 new employees per year until fiscal year 2015. The civilian employees will join 800 active duty military personnel who will work for the Brigade. 

Most of the civilian employees will work at Fort Meade but some will be assigned to Fort Gordon, Georgia, Platt says.

Prospective workers must be fully cleared for the positions. Platt says the jobs require technical and/or computer skills, especially those that apply to cyberspace operations like analytical skills and strategic planning.

“We specialize in operating systems and network topology,” he says. “We are looking for folks with experience and a desire to grow,” he says.

The salaries are competitive with private industry, and can be viewed on the U.S. Army web site, he says.

In 2010, the U.S. Army approved the creation of the 780th Military Intelligence Brigade, the first of its kind, with help from the National  ecurity Agency, Department of Defense and U.S. Cyber Command, Army and Congressional staff, the U.S. Army Intelligence and Security Command. In 2011, the Brigade was activated to support U.S. and Army Cyber Commands with their missions to provide a proactive cyber defense. The Brigade was officially activated in the fall.

Source: Gregory Platt, U.S. Army 780th Military Intelligence Brigade
Writer: Barbara Pash

Howard County Event Connects Entrepreneurs With Investors

The Maryland Center for Entrepreneurship, an initiative of the Howard County Economic Development Authority, wants to ignite entrepreneurship in the county. To that end, the development authority is sponsoring its first-ever Race for Innovation, and hoping that it is the spark the sets the fire.
 
The event is scheduled for Tues. June 19 from 1 to 5 p.m. at Johns Hopkins University Applied Physics Lab, 11100 Johns Hopkins Road, Laurel.  
 
The idea is for teams to work with coaches to develop ideas into business concepts, which are then pitched to investors.

"We want to drive more innovation and ideas” in Howard County, says Julie Lenzer Kirk, director of the Maryland Center for Entrepreneurship, located in the development group's Columbia office. “At the same time, we want to bring intellectual property” into the county.
 
Gloria Jacobovitz, program director, calls the event “high energy.” Says Jacobovitz, “We came up with the idea to help business development. An event like this usually takes a weekend but we will do it in a few hours.”
 
Jacobovitz notes that the event gives entrepreneurs and start-up companies an opportunity to interact with investors. “They are going to work together. It will create synergy between them,” says Jacobovitz, who expects 100 participants at the event.
 
The Maryland Center for Entrepreneurship was launched in December 2011. The event is an attempt to branch out to the broader entrepreneurship community, says Kirk, and thus it is open to all, not only Howard County residents.
 
“We are hoping to start a bunch of new jobs in Howard County,” Kirk says. “That’s why we are doing this event.”
 
Sources: Julie Lenzer Kirk, Gloria Jacobovitz, Howard County Economic Development Authority, Maryland Center for Entrepreneurship
Writer: Barbara Pash, [email protected]

Columbia E-Commerce Firm Hiring

Unleashed Technologies  is hiring 10 new full-time employees in sales and development. The additional staffing is the result of the Columbia, Md.-headquartered web firm’s arrangement to sell a web-based system that allows retailers to build and manage their online stores.
 
Unleashed Technologies designs and develops e-commerce web sites. The arrangement with SalesWarp, a storefront management system, “enables our customers to get all their e-commerce operations from one platform,” says Jen Silate, marketing manager of Unleashed Technologies.
 
Michael Spinosa is CEO of Unleashed Technologies, a leader in web and hosting solutions in the state and one of the state’s fastest growing web firms, according to Silate. Unleashed Technologies recently won three 2012 Blue Drop Awards, including web site of the year for its client, Eyemaginations. The awards are an international competition for companies that use the Drupal platform for development and design.
 
David Potts is CEO and founder of SalesWarp, developed by Baltimore's 6th Street Commerce. SalesWarp manages pricing, order processing, shipping, inventory, SEO and customer data across multiple online stores from one system.
 
Silate says the arrangement allows Unleashed Technologies and SalesWarp to expand. "We will be reselling SalesWarp’s platform.”
 
Source: Jen Silate, Unleashed Technologies
Writer:  Barbara Pash   






IT Firm Buys $1.6M Data Storage Center

A Beltsville IT storage firm has snatched up a 300,000-square-foot building in Glen Burnie so it can compete with companies in Northern Virginia, where 95 percent of the regional industry is located.

The AiNET CyberNAP facility will be the largest stand-alone data center in Maryland, Northern Virginia and Washington, D.C., according to Darrell Tanno, AiNET's vice president of business development.

AiNET's paid $1.6 million for the Anne Arundel County building. The 19-year-old company has two other facilities in Maryland. 

Founded by CEO Deepak Jain, a Howard County native, AiNET operates a secure, cloud storage service based on proprietary technology.  Jain stated that CyberNAP already has commitments from several customers. The facility is located near Fort Meade and is geared to offer specialized security features.  

Tanno expects that in the next five to seven years, when the Glen Burnie facility is operating at full capacity, it will have an “economic impact of upwards of $1 billion annually, much of it staying in Maryland.” 
 
The Glen Burnie facility will house more than 10,000 equipment cabinets and support up to 1 million servers. The facility itself will employ about 20 people but Tanno says that the real job impact will be AiNET’s clients who, because of AiNET's increased capacity, can handle more contracts. New jobs would be primarily for skilled IT workers but support personnel would be needed as well, he says.
 
AiNET opened its first facility in 2003, a 50,000-square foot data center in Beltsville. The 20,000-square foot Laurel data center followed in 2008.
 
AiNET provides IT services to clients in the public and commercial/private sectors. Tanno says the current split is 60 percent public sector, 40 percent commercial/private sector. Public sector clients include universities and government. Virtually all of the government clients are through system integrators, he says.
 
Source: Darrell Tanno, AiNET
Writer: Barbara Pash
 

Loyola Teams With California VC Firm to Fund Startups

Loyola University Maryland is partnering with a California venture capital firm to fund new startups and help grow existing businesses in the Govans area of York Road. Loyola and Wasabi Ventures formed a business accelerator with an office in Govans, a neighborhood in Baltimore City.

Karyl Leggio, dean of Loyola’s Sellinger School of Business and Management, says the accelerator will help revitalize the nearby York Road business corridor.

Leggio says the university bought and renovated a two-story building in Govans that is serving as the local office of Wasabi Ventures and out of which the accelerator is operating. Loyola University faculty are offering advice on business plans and marketing. About 20 Loyola students per semester serve as interns at the accelerator.

Wasabi Ventures was co-founded by T.K. Kuegler, general partner and a Loyola graduate. Wasabi is providing professional staff to manage the accelerator. Through Wasabi Ventures and its partnering organizations, funding is available for startups companies, although funding amounts have not yet been established.

Leggio said funding would be based on the level of need. She said, for example, that Loyola has funded student ideas up to $25,000 in cash and services. However, startups and businesses that use the business accelerator may need more funding than that.

Leggio said that the accelerator is interested in technology concepts and startup companies that want advice and assistance to reach the development stage, as well as existing companies in the area that want to grow.

The accelerator is starting with seven staffers, and Leggio says it may hire additional staff as the need arises.

“We are looking to help any kind of business that is willing to locate in the Govans/York Road area, not necessarily technology,” she says.
 
Source: Karyl Leggio, Dean of Sellinger School of Business and Management, Loyola University Maryland
Writer: Barbara Pash
 

State Establishes New Tech Transfer Fund

The state and five universities are spending upwards of $5.8 million to help startups move from a concept to a company.  

Senate Bill 239/House Bill 442 establishes the Maryland Innovation Initiative Fund under the aegis of the Maryland Technology Development Corporation, or TEDCO. The bill passed the Maryland House and Senate and awaits the signature of Gov. Martin O'Malley, who is expected to sign it. 

“Maryland has premiere research universities but it ranks low on technology transfer,” Brian Levine, vice president, government relations, Tech Council of Maryland, says of the fund, which is intended to remedy that situation.
 
To participate in the fund, five universities are contributing to it. Johns Hopkins University, University of Maryland College Park and University of Maryland, Baltimore will each contribute at least $200,000 per year. The University of Maryland, Baltimore County and Morgan State University will contribute at least $100,000 per year. The state has allocated $5 million to the fund, which will begin operating July 1.
 
Calling the fund “a great benefit for the state,” Rob Rosenbaum, TEDCO’s president and executive director, says. “We have so much research but commercialization is needed. We have to stimulate that activity.”

TEDCO is establishing an office to administer the fund. The fund helps technology concepts reach the startup phase by providing marketing and supporting the the technology transfer offices that already exist at the participating universities.
 
Rosenbaum says the fund intends to work with 40 projects per year that will result in 12 to 15 new companies. Startup companies initially generate 2.5 jobs on average, with salaries the first year of more than $75,000 per job.
 
Rosenbaum says that “all policies of the fund have not yet been defined” but the hope is that the startups it helps stay in Maryland.
 
Ronald Wineholt, vice president of government affairs of the Maryland Chamber of Commerce, says the legislation provides better coordination of the universities’ transfer efforts. “Now that it’s under TEDCO, it’s a state-wide effort rather than an individual university,” he says.
 
Sources: Brian Levine, Tech Council of Maryland; Rob Rosenbaum, Maryland Technology Development Corporation (TEDCO); Ronald Wineholt, Maryland Chamber of Commerce
Writer: Barbara Pash
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