Annapolis, MD (PRWEB) 15 March 2012

Governor Martin Omalley and Peter Greenleaf, president of the Maryland Venture Fund Authority today announced that $ 84 million in Maryland’s Innovation Economy is presented in Maryland historic initiative of the Governor created Invest and passed the Assembly last year in countries promising to invest start-up and early-stage companies. $ 84 million to bring a much higher target of 70 million dollars and was born through the online auction premium tax credits for insurance companies in Maryland. While other countries have been selling tax credits to fund the equivalent of venture capital initiatives, is the first State of Maryland, use the online auction to raise capital for such a program. The basic round of investments in such companies this summer through a series of private equity investors, and successful countries in Maryland Venture Fund (MVF).

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are pleased to announce that Maryland has made a significant step forward and provide capital for businesses to create jobs, said Governor Omalley. For the first time in the history of our peoples, the state has successfully managed an internet auction to raise funds for the venture capital program, and as a result, Maryland to $ 84 million in venture capital as part of the innovation economy can contemplate the creation of jobs. Our state is well positioned to be a leader in the new economy, one of the world’s leading center for innovation in science, safety, health, discovery and information technology. That’s why last year, and business leaders throughout the state and the General Assembly decided, we, in a diverse and highly skilled workforce and invest the skills and talents of our employees tomorrow’s jobs and opportunity.

Invest in Maryland is the largest venture capital investments in the history of the state. The program runs Venture Fund Authority, Maryland Department of Business and Economic Development (DBED).

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auction for the success is not only to raise $ 84 million for investment in Maryland in this difficult economic environment, but also far above the goal of 70 million $ . Id like to wear to thank a number of partners in this endeavor, Grant Street Group, DBED staff, my fellow Maryland Venture Fund Authority, and the participating insurance companies to the success of the auction, said Greenleaf, who is also president of the Gaithersburg-based MedImmune. I look forward to now, for this work by building on the initial investment in this summer and help new businesses and jobs in Maryland.

Together with our stakeholders and the insurance companies, we were able to $ 84 million, well above the target raise fuel innovation and entrepreneurship in Maryland said Maryland Department of Business and Economic Development (DBED) Secretary Christian S. Johansson. This program will bring great benefits to the taxpayer, to help create jobs and businesses in the future and build the economy in a situation where the most promising ideas and innovations of the opportunity to have to mature.

days online auction attracted more than two dozen insurance companies in Maryland that offer a tax credit and the floor of $ 0.70 to the dollar. 11 companies have received loans of the Agency Insurance, Chubb, GEICO, Hartford Insurance, IWIF, Med Mutual, Met Life, NY York Life, a selective and travelers. Insurance, a tax relief in 2015.

GEICO is a pleasure to work with the State of Maryland investment program and to participate in today’s successful auction of the tax credit, said Mike Campbell, chief financial officer of the Maryland-based Geico. Our company has the full support of the positive effects in Maryland Maryland Invest is a company to move around to create jobs, stimulate private investment and innovation in the economy. “

main principles Invest in Maryland, the governor’s signature OMalleys economic development proposal from last year, has implemented over the last nine months. In August, the governor called the Venture Fund Authority panel of nine members to the management and operation of the monitoring program. Earlier this year, dialed the Authority Grant Street Group to prepare and conduct an auction of the tax credit and also the newly elected Altius Associates, a London-based company, to monitor the selection of three to four private venture investing to invest Maryland assets.

private venture companies are required, two-thirds of the funds that switch back to 100 percent stocks and 80 percent of the profits of the States General Fund. The remaining 33 percent will be placed in the 17-year-old Maryland Venture Fund (MVF). During his life, MVF has invested $ 25 million start-up and hundreds of early-stage technology and life science companies, making $ 61 million in return for 2,000 jobs and over $ 1 billion in private investment. Maryland Small Business Development Financing Authority (MSBDFA) are also part of the investment. Recoveries are funds that are invested by the MVF to reinvest in the program.

One of the benefits of investment in Maryland, the potential of thousands of jobs in the innovation economy has areas of life sciences and biotechnology, cyber security / IT and clean / green technology, attracting billions of dollars in capital to follow to create. It reflects the many aspects of the federal program, the rapid growth of entrepreneurship nationwide Startup America Partnership to accelerate the launch President Barack Obama in the year.

The program includes a series of initiatives Governor Omalley innovation and entrepreneurship in Maryland has brought. Earlier this year the governor announced a legislative proposal to create a Maryland foster innovation initiative historic partnership between the state and its research universities on excellence in research and commercial markets.

Maryland has an excellent infrastructure to support the innovation economy. Milken Institute ranks Maryland No. 2 of the nation’s scientific and technological assets. According to research, Maryland received high rankings in human resources, research and development revenue, technology and science workforce, and technology concentration and dynamism, it lags behind other countries, venture capital and entrepreneurial infrastructure, demonstrates the need to invest in Maryland and other programs. This index is a measure of the technical and scientific property of the States, they are ranked on their ability to promote and maintain the technology industry, the research shows is a crucial factor for the region’s future economic success.

Media Contact:

Takirra Winfield

Office: 410-974-2316?

Cell: 443-336-1475?

Wanda Wickham, DBED

Office: 410-767-2337

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