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MARYLAND TECHNOLOGY DEVELOPMENT CORPORATION

ORIGIN & FUNCTIONS

The Maryland Technology Development Corporation began in 1998 as the Maryland Science, Engineering, and Technology Development Corporation, a public instrumentality of the State (Chapter 661, Acts of 1998). Effective July 1, 2000, the Corporation was renamed the Maryland Technology Development Corporation (Chapter 13, Acts of 2000). The Corporation helps businesses get started and grow through the commercialization of technology developed in Maryland by university researchers, the private sector, and federal laboratories.

The Corporation operates through four main divisions: Administration; Business Incubation and Entrepreneurial Development; Maryland Stem Cell Research Fund; and Technology Transfer and Commercialization.

BOARD OF DIRECTORS

Governing the Corporation is the Board of Directors which consists of fifteen members. Fourteen members are appointed to four-year terms by the Governor with Senate advice and consent. One member serves ex officio (Code Economic Development Article, sec. 10-403).

BUSINESS INCUBATION & ENTREPRENEURIAL DEVELOPMENT
Through the Maryland Technology Incubator Program, the Corporation encourages and promotes entrepreneurship and the creation of jobs in technology-related industries. To nonprofit corporations, public entities, or existing incubator programs, the Program provides matching funds for the acquisition and construction of new or expanded space, or the renovation of existing space for incubator facilities (Code Economic Development Article, secs. 10-419 through 10-426).

MARYLAND STEM CELL RESEARCH FUND
The Maryland Stem Cell Research Fund was created in 2006 (Chapter 19, Acts of 2006). Through grants and loans to public and private entities in Maryland, the Fund promotes stem cell research leading to prevention of and medical treatments for human diseases. The Fund receives appropriations through the State budget and may accept money from any other source for the benefit of the Fund (Code Economic Development Article, sec. 10-434).

TECHNOLOGY TRANSFER & COMMERCIALIZATION
Through the Maryland Technology and Commercialization Fund, the Corporation invests in early-stage technology companies that are economically viable but have not attracted venture capital investment. The Corporation assists the companies to raise additional funding from federal government grants, private investors, and product sales.

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