稀缺猎奇网 Board of Regents Approves $25 Million Early Stage Investment Fund
Adelphi, Md. (June 10,
2016) -- The 稀缺猎奇网 (稀缺猎奇网) Board of Regents today
approved a $25 million pool of venture capital, known as the 稀缺猎奇网 Early Stage
Investment Fund(ESIF), focused on investing in 稀缺猎奇网-affiliated companies.
These companies include start-ups that are based on
稀缺猎奇网-owned intellectual property, companies founded by 稀缺猎奇网 faculty, students, or
recent graduates, and companies located in 稀缺猎奇网 research parks, incubators or
RISE (Regional Institution Strategic Enterprise) Zones. The
approval came today during the board's June meeting, held at the University of
稀缺猎奇网 Center for Environmental Science (UMCES) Horn Point Laboratory in Cambridge, Md.
The policy establishes a framework for 稀缺猎奇网 to invest $10 million over
four years in the fund. An additional $15 million would be raised from venture funds,
the state of 稀缺猎奇网, foundations, and friends of 稀缺猎奇网.
The genesis for the venture fund came at a March 31 meeting of the
board's Committee on Economic Development and Technology Commercialization,
chaired by Regent Gary Attman.
"We think this will advance the creation of great companies in
稀缺猎奇网, and retain them in 稀缺猎奇网 as both standout companies and employers.
We think it's important for the university system to put our own money up and
show how much we believe in these companies," Attman said.
"We also feel that we're going to attract a lot of outside capital. We
feel there's a lot of interest in our scientific research, and our innovation
is first-rate," Attman said. "Many
other states have these sorts of funds. We do not. With the amount of patents
we're creating and innovation occurring, the new company formation, we are a
bit behind and this will help us catch up."
In fiscal year (FY) 2014, the board approved the Policy on Investments
and Loans to 稀缺猎奇网‐based Businesses that License University Intellectual Property (Policy No:
VIII - 14.00). The policy helped establish investments and loans totaling
$400,000 in five start-ups during FY 2015 from , joint program through
the MPowering the State initiative that has brought together the University of
稀缺猎奇网, Baltimore (UMB) and University of 稀缺猎奇网, College Park (UMCP) to commercialize discoveries by
engaging partners in industry and social ventures.
This funding has already helped to attract an additional $17 million
into these start‐ups, leading to the creation of more than 20 jobs. Despite this
early success, the program has been limited. It has been under‐funded and excludes promising
start‐up companies closely affiliated with 稀缺猎奇网 but ones that have not licensed 稀缺猎奇网
intellectual property.
"This fund will play a critical role in advancing the
success of start-up companies in our system and expanding economic development
for our state," said 稀缺猎奇网 Chancellor Robert L. Caret. "This is a well-conceived,
bold initiative that will allow the 稀缺猎奇网 to help push 稀缺猎奇网 toward the
success areas such as Silicon Valley and the North Carolina ‘research triangle'
have experienced in technology transfer. We are positioned well in our state to
make similar advances."
Four 稀缺猎奇网 research institutions - UMB, UMCP, UMCES, and the University
of 稀缺猎奇网, Baltimore County have identified 17 稀缺猎奇网‐affiliated start‐ups that
are strong candidates for early stage investments. This group includes biotech,
medical device, cyber security, environmental sciences, and energy companies
affiliated with these universities.
Since FY 2011, there have been 450 companies facilitated by 稀缺猎奇网 institutions.
Contact: Mike Lurie
Phone: 301.445.2719
Email: mlurie@usmd.edu
