Pictured: a scientist working for a healthcare-related company in the University's venture incubator, the Technology Advancement Program. The building's exterior is depicted above, right.
With a $13 billion economic impact since 1984, 5,300 job creation impact, and 212 Maryland companies engaged in 2006 alone, the A. James Clark School of Engineering's Maryland Technology Enterprise Institute supports the State's technology economy by accelerating new ventures, educating entrepreneurial technologists, and bringing University innovation to Maryland companies.
MTECH Initiative: Technology Advancement Program (TAP)
The Technology Advancement Program is a leading venture incubator that partners with regional entrepreneurs to build early-stage companies. TAP expedites the maturation of young firms by providing extensive hands-on business support from experienced and entrepreneurial staff, access to funding sources, technical expertise and turn-key infrastructure.
TAP companies have:
Acquired $750.5 million in venture investments, federal awards, public stock offerings, MIPS funds, state awards, and private sales
- Created 1,900 jobs since 1987
Two TAP graduates, Martek Biosciences (NASDAQ: MATK), and Digene Corporation (NASDAQ: DIGE), have a combined market capitalization of $1.5 billion.
MTECH Initiative: Maryland Industrial Partnerships Program (MIPS)
The Maryland Industrial Partnerships program accelerates the commercialization of technology in Maryland by jointly funding collaborative R&D projects between companies and University System of Maryland faculty.
MIPS supports about 50 research projects between Maryland companies and university faculty to develop commercial products each year.
MIPS-enhanced commercial products have contributed to $12.1 billion in sales and revenue for the top four-performing companies engaging in MIPS projects.
Commercial products enhanced by MIPS projects include:
Any company developing a technology-based product with operations in Maryland is eligible to apply for MIPS funding.