Governor Proposes InvestMaryland to Spur Jobs

Governor O'Malley last week announced InvestMaryland, an expansive administrative and legislative proposal designed to support the growth of the state’s knowledge-based industries by stimulating investment in the Maryland Venture Fund. The Governor unveiled his proposal to business, academic and government leaders at the 2010 State of Tech in the I-270 Corridor conference. The initiative, if approved by the legislature, can spur the creation of thousands of jobs and directly invest $100 million in venture capital to unlock hundreds of millions in economic activity.

“This program will make insurance companies eligible for state issued tax credits and in turn they would invest dollars today in Maryland’s venture infrastructure," said Business and Economic Development Secretary Christian Johansson. "A minimum of half these investments will flow into the Maryland Venture Fund and the balance will flow into Maryland based venture capital firms for the purposes of getting critical capital to businesses so they can create jobs and advance innovation in fields like biosciences and nanotechnology.”

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