SSTI Digest

Following a lively debate over education funding, state worker pay and pensions, Maryland legislators approved a $40 billion budget. Under the approved legislation, $68 million would be available to support the state's most expensive school districts. Gov. Larry Hogan, however, had favored using those funds, and an additional $132 million, to shore up the state's pension fund, according to the Washington Post. Gov. Hogan will not be able to spend these funds for any other purpose than that approved by the legislature, but has expressed an interest in letting the funds go unspent.

The approved budget provides $3.8 million for the Office of Business Development, $3 million for Maryland's Office of Strategic Industries and Innovation, and $1.8 million for the Small Business Development Financing Authority.

Last week, Johns Hopkins University released an action plan to cultivate and support a culture of innovation and entrepreneurship throughout the university and the Baltimore region. The implementation plan, which represents $40 million in new university investments in innovation initiatives over five years, is a response to the 22 specific recommendations for university innovation included in a May 2014 innovation report. The initiatives included in the implementation plan will be carried out by Johns Hopkins Technology Ventures, a new organization that encompasses technology licensing, corporate and industry relations, and FastForward, the university’s business accelerators.

Read the press release here…

Over the past decade stem cell research has been touted as a game-changer in the life sciences and a potential fount of new biomedical innovations. As a result, several states have launched targeted programs to support stem cell research, despite the controversy that tends to surround the field. New research suggests that these programs have been effective at increasing the output of researchers in their respective states. State investments in California and Connecticut have helped researchers outperform their colleagues around the country, according to a recent paper published in Cell Stem Cell. Programs in New York and Maryland did not have quite the same impact, but helped research output in those states keep pace with other states.

Governors in Maryland, Minnesota, and Florida proposed substantial funds to higher education in their budgets this week, with an emphasis on affordable education and expanded research capacity.

Maryland Gov. Larry Hogan’s structurally balanced $40.5 billion FY 2016 budget marks the first time in 10 years that the state’s general fund spending would be aligned with available general fund revenues, according to the governor’s office.  Included in Gov. Hogan’s proposed budget allowance is:

The Maryland Technology Development Corporation (TEDCO) announced that it received state-backing for its Cybersecurity Investment Fund (CIF) – a fund that helps companies across the state develop and commercialize new cybersecurity products. TEDCO will make investments of up to $100,000 to help companies achieve early technical milestones that are critical to the commercialization process. Technologies eligible for CIF funding include devices and software that protects networks and components of networks from unintended or unauthorized access, vulnerabilities, attacks, use, change, or destruction. Additionally, computer and critical infrastructure security includes protection from unplanned events and natural disasters. Read the announcement…

This article is part of SSTI's series on trends in state technology-based economic development legislation in 2014. Read our other entries covering legislative action on patent reform, capital & tax credits, technology commercialization & infrastructure, workforce & STEM and manufacturing & clusters.

This article is part of SSTI's series on trends in state technology-based economic development legislation in 2014. Read our other entries covering legislative action on patent reform, research capacity, technology commercialization & infrastructure, tax credits & STEM and manufacturing & clusters.

This article is part of SSTI's series on trends in state technology-based economic development legislation in 2014. Read our other entries covering legislative action on patent reform, research capacity, capital & tax credits, workforce & STEM and manufacturing & clusters.

This article is part of SSTI's series on trends in state technology-based economic development legislation in 2014. Read our other entries covering legislative action on patent reform, research capacity, capital & tax credits, technology commercialization & infrastructure and  workforce & STEM.

The FY15 budget bill passed by Maryland lawmakers increases funding for three of the state’s high-tech tax credits and provides level funding for continued innovation-focused investments. Lawmakers also passed bills to fund endowed chairs, create zones to incentivize businesses, and establish a statewide internship program connecting students to small, technology businesses.

Under the approved budget, $12 million is available for investors claiming the Biotech Tax Credit, a $2 million increase over last year. The program provides refundable income tax credits equal to 50 percent of an eligible investment in seed and early stage biotechnology companies. Lawmakers increased by $1 million each funding for the Cyber Tax Credit ($4 million total) and R&D Tax Credit ($9 million total).

Gov. Martin O’Malley’s FY15 budget includes increased funding for the state’s biotech tax credit, cyber tax credit and R&D tax credit, and provides level funds to continue longstanding tech-based and workforce initiatives.

The budget recommendations submitted last week to the legislature would provide the following increases for tax incentives:

Ted McAleer has resigned as executive director of USTAR. Also Gary Herbert has announced the appointment of former Lt. Gov. Greg Bell as chair of the USTAR Governing Authority. Bell, now president and CEO of the Utah Hospital Association, takes the place of outgoing chair Dinesh Patel.

Martha Connolly has been named director of bioentrepreneurship, a new program supported by the Maryland Technology Enterprise Institute (Mtech) and the A. James Clark School of Engineering.

Matthew Nemerson, president of the Connecticut Technology Council for the past decade announced he has taken a new position as Mayor Toni Harps’ economic development director in New Haven.