Governor Martin O’Malley and Peter Greenleaf, chairman of the Maryland Venture Fund Authority, today announced that $84 million has been raised for Maryland’s Innovation Economy through InvestMaryland – an historic initiative created by the Governor and passed by the General Assembly last year to invest in the State’s promising start-up and early stage companies. The $84 million raised far exceeds a goal of $70 million and was generated through an online auction of premium tax credits to insurance companies with operations in Maryland. While other states have sold tax credits to fund similar venture capital initiatives, Maryland is the first state to use an online auction to raise the capital for such a program. The inaugural round of investments will be made in innovative companies this summer through several private venture capital firms and the State’s successful Maryland Venture Fund (MVF).
“Today, we are pleased to announce that Maryland has taken a significant step forward in generating capital for our businesses and creating jobs,” said Governor O’Malley. “For the first time in our nation’s history, a state has successfully held an online auction to raise funds for a venture capital program and as a result, Maryland will infuse $84 million in venture capital into our Innovation Economy to create jobs. Our State is well-positioned to be a leader in the new economy as a global hub of innovation – a leader in science, security, health, discovery and information technology. That’s why last year, together with business leaders from across the State and the General Assembly, we chose to invest in our diverse and highly-educated workforce and the skills and talents of our people for the jobs and opportunity of tomorrow.”
To read the full, original article click on this link: GOVERNOR MARTIN O’MALLEY ANNOUNCES $84 MILLION IN INVESTMENT FOR MARYLAND’S INNOVATION ECONOMY
