USM Maryland Momentum Fund Wins 2020 MEDA Economic Development Program Award
Baltimore, Md. (March 10, 2020) – The Maryland Economic Development Association (MEDA) has selected the University System of Maryland (USM) Maryland Momentum Fund as winner of the 2020 MEDA Economic Development Program Award.“We’re grateful for this recognition by MEDA and for the opportunity to showcase not just the Momentum Fund but the incredible innovations the fund supports,” said USM Chancellor Jay A. Perman. “The University System is home to thousands of people whose revolutionary ideas will make us healthier, happier, safer. It’s so rewarding to invest in these entrepreneurs through the Momentum Fund, help them take their ideas to market, and grow startups that can make a real difference.”
The Maryland Monument Fund aids start-up technology-based firms affiliated with any of the 12 USM institutions throughout the state. Businesses based on USM intellectual property, founded by a USM student, faculty member or graduate or businesses located in a USM research park, incubator or RISE zone are all eligible to apply. The fund is used to invest in these start-ups, which aids in securing private venture capital and facilitating collaborations between the start-ups and USM institutions, federal research labs, private sector corporations and other established organizations.
“The USM Maryland Momentum Fund demonstrates the growth and accomplishment that’s possible when we seriously invest in state start-ups,” says Heather Gramm, CEcD, MEDA president. “Several programs doing vital work for Maryland economic development were nominated. The Momentum Fund stood out for its understanding of the vital role technology-based ventures play in diversifying and broadening the range of economic development in Maryland.”
The MEDA Awards will be presented this May during the 2020 MEDA Annual Conference. To learn more and register for the awards dinner, visit https://www.medamd.com/event/2020-meda-annual-conference/.
About the USM Momentum Fund
The Maryland Momentum Fund is an initiative of the University System of Maryland (USM) to provide late seed investment funding for promising technology ventures that come out of any of the 12 constituent USM institutions, its research parks, and its students, faculty, or graduates. With a $10 million commitment from the USM already in place, the Fund co-invests with venture capitalists, foundations, and angel investors.
About MEDA
MEDA is a nonprofit organization of economic development professionals. Established in 1961, MEDA members promote the economic well-being of Maryland by working to improve the state’s business climate and the professionalism of those in the field of economic development.
MEDA’s membership includes economic development practitioners employed by government, businesses, and chamber of commerce and other professionals with interest in the economy of Maryland. Through its regular meetings, special programs and projects, MEDA members address such diverse issues as local planning, workforce, transportation, international trade, tourism and finance.
MEDA members work diligently transforming lives by creating opportunities, inspiring innovation and enriching communities in Maryland. To learn more about MEDA, visit www.medamd.com.
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Media Contact MEDA:
Sandy Sponaugle
sandy@medamd.com
301-360-3506
Contact: Mike Lurie
Phone: 301.445.2719
Email: mlurie@usmd.edu