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2005
LEGISLATIVE AGENDA The
Coalition supports: · Funding for DBED, TEDCO and Early Stage Funding. DBED's efforts catapult Maryland competitively, increasing opportunities to attract and develop new business. TEDCO's success as Maryland's Incubator Agency and in technology transfer has attracted attention and accolades from technology groups around the country. TEDCO launches and implements programs vital to the success of entrepreneurs and developing technologies. A key ingredient to successful start-up ventures is the ability obtain the early seed capital. Currently, the state offers this support through UMCP's MIPS Program, TEDCO's development funds and DBED's Venture Fund, all of which receive limited funding. As true early stage capital is the most difficult to obtain, Maryland should augment the capital base of these programs which sends a strong signal that Maryland is a leader in support of new business through venture investment. We cannot lose ground in the critical battle to attract, grow and retain businesses. The state's economy and future success depend on it. By assuring that DBED's budgetary needs are met we can maintain and increase Maryland's competitive edge. TEDCO's budget also must be protected and enhanced to continue to support commercialization of technology from Maryland's mountains to the Eastern Shore. · Biotechnology Investment Incentive Act. The Coalition strongly encourages the Governor and the General Assembly to enact the Biotechnology Investment Incentive Act, which was first introduced in 2004. In the latest Ernst & Young survey of biotech companies that have received at least one round of venture funding, Maryland fell to fourth behind North Carolina. Maryland cannot fall further behind. · Increase State Pension Fund Investment. The state's Pension Fund investment in local developing companies is considerably smaller than similar investments by many other states. Maryland can send a strong signal of support to the business and technology/biotech industries by investing in their future without jeopardizing the security of the retirement system. A marginal increase in investment that would not affect the overall fund can positively impact growing companies. · Higher Education. Higher education is the training ground for a strong, educated workforce, an essential commodity for modern day business growth. Maryland's research campuses foster entrepreneurial development. Our comprehensive universities & colleges offer teaching, research and public service opportunities. Public higher education serves Maryland's' diverse population through economic development, social progress, and community and business outreach. The costs associated with these endeavors must contain an adequate public funding component. · Incubator Programs and Research Parks. Maryland's statewide incubator programs and Research Parks nurture new businesses and technology development supportive of business. Undercapitalization can jeopardize the vital services provided by incubators to new businesses. Incubator funding should be maintained and enhanced. Support for Research Park development should be sustained. · Business Taxes and Fees. State laws should not discourage businesses from locating or staying in Maryland. High tax rates and excessive corporate user fees do not foster a business friendly environment. Maryland's economic recovery and the fiscal health of our state and its people depend upon our success in attracting and nurturing business. Businesses supply local opportunity: employment, spending, training, taxes, resources and influx of new funds. · Nano-Biotech Initiative. Future economic development will arise from a new generation of products and services derived from the integration of nanotechnology and biotechnology. This revolutionary technology enables the creation of ultra-small machines on the scale of human cells, constructed of new materials from the atom up, all with exceptional sensory capabilities. Nanotechnology will change the way we create and use materials, chemicals, machines, computers, diagnostic and therapeutic products, environmental systems, and even the systems that drive our national security and homeland defense through micro-surveillance and bio-detection systems. To benefit from this industrial revolution, we must invest in it. The University System of Maryland has proposed that the state support a new Maryland Integrated Nano-Biotechnology Initiative which will leverage state investment at the research universities with support from the federal and corporate sectors. The Coalition supports this initiative.
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