BALTIMORE (AP) — Gov. Martin O’Malley swore in a 9-member board on Wednesday to oversee a new investment capital fund for start-up businesses.
O’Malley, who made the InvestMaryland program a priority in the last legislative session, swore in the president of MedImmune, Peter Greenleaf, as chairman of the Maryland Venture Fund Authority.
The governor said Maryland has a large number of people with advanced degrees who work as scientists and engineers, but the state has not capitalized on commercializing its highly educated work force.
“Our economy is an innovation economy,” O’Malley said. “Therefore, it makes more sense here than any place else for us to invest in a program like InvestMaryland.”
The venture fund authority will also choose who will receive funding as part of the program. The initiative calls for raising up to $75 million in investment capital through the auction of insurance premium tax credits to the state’s insurers. Companies that receive start-up money will be required to pay it back.
The panel overseeing the fund includes private sector executives and entrepreneurs, investors and small business owners. The panel will work with the Maryland Department of Business and Economic Development to administer the program.
Other members of the panel include:
— Goodloe Byron Jr., founder and president of Potomac Investment Services
— Brian Darmody, associate vice president of research and economic development for the University of Maryland System
— Gina Dubbe, managing partner and co-founder of Walker Ventures
— Michael Howard, founder and chairman of MJH Group, LLC
— Andrew Jones, vice president of corporate strategy, High Street Partners
— Elizabeth Mazhari, director of ventures, Johns Hopkins School of Medicine
— Michael Miller, principal, The Arundel Group
— Stephen Tien Wong, CEO of Lore Systems, Inc.
(Copyright 2011 by The Associated Press. All Rights Reserved.)