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. Throughout all regions of the State, the Corporation seeks to create and sustain business, and create jobs in technology-related industry.
In June 2019, the Corporation adopted regulations for establishing an investment committee, and also was authorized to appoint an advisory committee (Chapters 487 & 488, Acts of 2019).
Originally located at 7021 Columbia Gateway Drive, Suite 500, Columbia, Maryland, the Corporation moved to 10025 Governor Warfield Parkway, also in Columbia, by January 2024. The Corporation thereafter moved to 10960 Grantchester Way, Suite 120, Columbia, in May 2024.
The Chief Executive Officer oversees Office and Board Operations, the Office of the Attorney General, Government Relations and Policy, Investments, and Tech Transfer.
On behalf of the Maryland Technology Development Corporation, Government Relations and Policy serves as the primary contact with federal, State and local governments. In May 2024, this division also began to oversee the Cyber Maryland Program, and the Cyber Maryland Board. In July 2025, the Cyber Maryland Program and the Cyber Maryland Board transferred to the Maryland Department of Labor (Chapter 218, Acts of 2025).
Under Investments are three main units: Seed Investment Funds, Social Impact Funds, and the Maryland Venture Fund.
SEED INVESTMENT FUNDS
The program was launched to provide "seed money" to early-stage technology companies that are economically viable but have not yet attracted venture capital investment. The Corporation helps these companies raise additional funding from federal government grants, private investors, and product sales.
Seed Investment Funds is responsible for four funds: the Cybersecurity Investment Fund, the Gap Investment Fund, the Life Sciences Investment Fund, and the Technology Commercialization Investment Fund.
SOCIAL IMPACT FUNDS
The Builder Fund originated in 2018 to provide financial and operational support in the development of start-up companies run by entrepreneurs with a socially or economically disadvantaged background that hinders access to traditional forms of capital and executive networks.
Direct investment in Maryland companies is provided by the Maryland Venture Fund through Challenge Investment; Enterprise Investment; and Enterprise Venture-Capital Limited Partnership (Code Economic Development Article, secs. 6-501 through 6-529).
Challenge Investment Program. The Program initially may invest $50,000 as "seed money" in a technology-driven Maryland company. Matched with $50,000 from a co-investor, the Program provides a new business with $100,000 in capital. As the new business progresses and attains certain milestones, Venture Capital may authorize up to two increments of $25,000. The investment is to be repaid over a ten-year period. A Challenge recipient must keep its principal place of business in Maryland for three years. After two years, the business should have at least the potential to be considered for a direct equity investment from the Enterprise Investment Fund. Since FY1993, the Program has made 80 investments, totaling $4.35 million. Although the Program's investments are all start-up financing with higher risks, 75 percent of recipients are still in business, and ten recipients have qualified for direct equity investment from the Enterprise Investment Fund.
Enterprise Investment Fund. Created in late 1993, the Fund enables the Maryland Technology Development Corporation to make direct equity investments (i.e., buy stock) in "early-stage" technology-driven businesses in Maryland. Investments range from $150,000 to $500,000. The decision to invest is based on the potential return, the range of economic development, and the number of jobs that will be created. Requiring a three-to-one co-investor match, the Fund has invested $11 million in 32 firms since FY1993.
Enterprise Venture Capital Limited Partnership Fund. Since FY1995, the Enterprise Investment Fund has invested in six private sector Venture Capital Limited Partnerships to encourage private investment in early stage, high technology Maryland-based firms.
The Authority oversees both the certification and selection of venture firms to receive capital raised from insurance companies, and the use of capital by the selected venture firms. The Authority also advises and consults with the Maryland Technology Development Corporation concerning the InvestMaryland Program whereby insurance companies receive tax credits for contributing to certain agency funds. The Program provides funding to spur growth and innovation through venture capital investment.
At least quarterly, the Authority meets to review the Corporation’s investment policies, investment decisions, and adherence to the Corporation's statutory and regulatory requirements.
Nine members constitute the Authority. Seven are appointed by the Governor, one by the Senate President, and one by the House Speaker. The Governor chooses the Chair (Code Economic Development Article, secs. 10-473 through 10-478).
MARYLAND INNOVATION INITIATIVE
The Initiative promotes the commercialization of research conducted in universities in the State. It encourages qualifying universities to partner with each other and with federal laboratories located in Maryland on commercialization and other activities. The Initiative also works to facilitate the transfer of technology from universities to commercial industries (Code Economic Development Article, sec. 10-454 through 461).
The Initiative consists of eight members (Code Economic Development Article, sec. 10-455).
BALTIMORE INNOVATION INITIATIVE PROGRAM
MARYLAND ADVANCED MANUFACTURING GRANT PROGRAM
As a nonlapsing special fund, the Maryland Advanced Manufacturing Grant Program is administered by the Maryland Technology Development Corporation. Under the Program, the Maryland Stem Cell Research Commission holds a consultation role limited to regenerative-medicine items.
MARYLAND STEM CELL RESEARCH FUND
Through grants and loans to public and private entities in Maryland, the Maryland Stem Cell Research 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).
The Maryland Stem Cell Research Commission develops regulations to ensure that stem cell research, financed by the Maryland Stem Cell Research Fund, complies with State law. Moreover, the Commission establishes guidelines, criteria, and procedures for the review, evaluation, and award of grants and loans from the Fund (Code Economic Development Article, secs. 10-431 through 10-442).
Development procures external funding and grants.
The Initiative works to create a culture of acceptance within the Corporation and with businesses that the Corporation supports. This ensures that marketing messages reach diverse communities and that the Corporation seeks service providers who reflect the State's population. In order to achieve an equitable and inclusive work environment, the Corporation fosters both internal and external talent through training, as well as through internal hiring and promotion processes. Through the businesses that it supports and mentors, the Corporation assists various entrepreneurs and develops a network of compatible co-investors.
This division is responsible for finance and data analysis.
Marketing and Communications provides integrated marketing, strategic communications, outreach, events, and media relations.
Venture Development pairs capital with mentorship, advisory services, and technical assistance for early-stage companies. It oversees the Rural Business Innovation Initiative and the Urban Business Innovation Initiative.
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Seed Investment Funds originated as the Technology Commercialization Fund and reformed in November 2016 under its present name.
LIFE SCIENCE INVESTMENT FUND
The Life Science Investment Fund (LSIF) helps Maryland companies develop products for human health that require approval from the U.S. Food and Drug Administration for commercialization. The Fund makes investments to help companies reach critical
milestones early in their product development; increases their valuation; and better positions companies for follow-up investment, product commercialization, and job creation.
In 2021, Social Impact Funds was created to encompass the Builder Fund and Inclusion Fund, which engage and invest in economically disadvantaged founders and communities.
MARYLAND VENTURE FUND
The Maryland Venture Fund originally formed within the Department of Business and Economic Development as the Investment Financing Group in 1995. Formerly under the Department's Division of Financing Programs, the Maryland Venture Fund transferred to Technology Strategy and Business Development in December 2003, and reformed as Venture Capital under the Deputy Secretary of Business and Economic Development in 2005. It further restructured in July 2009 under the Office of Finance Programs, and in July 2012 moved to the Office of Secretary of Business and Economic Development. In October 2015, the Fund was made part of the Maryland Technology Development Corporation (Chapter 141, Acts of 2015).
MARYLAND VENTURE FUND AUTHORITY
The Maryland Venture Fund Authority was created by the General Assembly within the Department of Business and Economic Development in July 2011 (Chapter 409, Acts of 2011). In October 2015, the Authority transferred to the Maryland Technology Development Corporation (Chapter 141, Acts of 2015).
OFFICE & BOARD OPERATIONS
Office and Board Operations was formed as Administrative Services under Finance and Operations, but received its current name in July 2026 and moved under the Chief Executive Officer.
TECH TRANSFER
Tech Transfer moves innovations from research labs to commercial sectors in order to create business ventures, and make new products available to the public.
Within the Maryland Technology Development Corporation, the Maryland Innovation Initiative was created by the General Assembly in July 2012 (Chapter 66, Acts of 2012; Chapter 450, Acts of 2012; Chapter 25, Acts of 2016; Chapter 580, Acts of 2020; Chapter 697, Acts of 2021).
PAVA LaPERE INNOVATION ACCELERATION GRANT PROGRAM
Effective July 1, 2024, the Pava LaPere Innovation Acceleration Grant Program was authorized by the General Assembly within the Maryland Technology Development Corporation (Chapters 710 & 711, Acts of 2024; Code Economic Development Article, sec. 10-462).
Within the Maryland Innovation Initiative, the Baltimore Innovation Initiative Program was authorized by the General Assembly effective July 1, 2024 (Chapters 710 & 711, Acts of 2024; Code Economic Development Article, sec. 10-462-1). Authorization for the Program ends June 30, 2027.
The Maryland Advanced Manufacturing Grant Program was established by the General Assembly effective July 1, 2026 (Chapter 379, Acts of 2026; Code Economic Development Article, sec. 10-417).
The Maryland Stem Cell Research Fund was formed by the General Assembly in 2006 (Chapter 19, Acts of 2006).
MARYLAND STEM CELL RESEARCH COMMISSION
As an independent entity within the Maryland Technology Development Corporation, the Maryland Stem Cell Research Commission was established by the General Assembly in 2006 (Chapter 19, Acts of 2006).
PRESIDENT
The President of the Maryland Technology Development Corporation oversees seven divisions: Administrative and Operations; Development; Equal Access Initiative; Federal Engagements; Finance and Technology; Marketing and Communications; and Venture Development.
DEVELOPMENT
Originally called Development and Marketing, the division split into two separate units by July 2026: Development; and Marketing and Communications.
EQUAL ACCESS INITIATIVE
Originally called Diversity, Equity, and Inclusion, the Equal Access Initiative received its current name in May 2025.
FEDERAL ENGAGEMENTS
Federal Engagement began as Technology Transfer and Commercialization. In 2019, it reformed as Operations and Programs. In March 2020, it became Programs, and in 2023 was renamed Federal Engagement. By July 2026, it adopted its present name.
FINANCE & TECHNOLOGY
Finance and Technology originated as Administration, Operations, and Finance. Later, it reformed first as Operations and Finance. and then as Finance and Operations. By July 2026, it received its current name.
MARKETING & COMMUNICATIONS
Originally called Development and Marketing, the division split into two separate units by July 2026: Development, and Marketing and Communications.
VENTURE DEVELOPMENT
Under Finance and Operations, Venture Development started as Entrepreneur and Ecosystem Development, and received its current name in 2024.
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