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Maryland’s Bio 2020 Initiative
June 23, 2008
Governor Martin O’Malley, joined by scientists and researchers at the Johns Hopkins Institute for Cell Engineering, has unveiled a new vision for the bioscience industry in Maryland. Under the BIO 2020 Initiative, the Maryland will invest $1.1 billion in Maryland’s bioscience industry over the next 10 years – the largest per capita investment in the biosciences made by any state in the country – to attract and grow biotechnology companies in Maryland.
In terms of the construction industry, this investment includes:
Growing Maryland’s Technology Incubator Network: Under Governor O’Malley’s proposal, Maryland will invest $60 million over the next ten years to leverage $120 million in private and federal investment funds and grow Maryland’s incubator network by 50 percent. A recent study found there is a strong demand for additional space. Maryland’s incubators comprise more than 453,061 square feet, create more than 14,000 jobs, and provide $104 million in state and local taxes. Additional funds would help expand existing incubators, build new incubator sites, and provide related programs to help Maryland’s small technology companies take their ideas to market.
In addition to the component above, the Maryland Bio 2020 Initiative also includes:
Increasing development funds for life science facilities: DBED has entered into a public-private partnership which will combine $1 million in state funds with $2 million in local investment. Together, this investment will leverage $100 million for building and improving life science facilities throughout Maryland.
Increasing Maryland’s Technology Transfer Programs: Maryland’s technology transfer and commercialization programs provide funding to small and start-up companies. The Governor’s proposal includes funding to help universities and federal labs get their innovations to market, and would allow the state to significantly increase the number of start-up companies coming out of our universities and research institutions, leveraging $3.75 billion in private and federal investment.
For more information click here.
Posted by Christina Fisher on June 23, 2008 | Comments (0)
