Baltimore Launches Emerging Technology Program
BALTIMORE (AP) -- Baltimore is hoping to spur growth of businesses based on emerging technologies.
City officials say Baltimore's Emerging Technology Centers are using $110,000 in seed funding from the Abell Foundation to launch Accelerate Baltimore, which will provide support to help companies get products to market in three months. The program requires participating companies to stay in the city for at least five years, and ETC and the Abell Foundation will take an 8 percent stake in the company as well as 2.5 percent in royalties, up to $150,000.
Mayor Stephanie Rawlings-Blake says the city hopes the companies will also become a magnet for other technology companies while providing jobs and expanding the city's tax base.
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