O'Malley: Well-Positioned for Job Growth

On Tuesday, the Chamber of Commerce came out with a list of States seen growing and creating jobs. Maryland was named as one of the top states in the nation. Here’s what they had to say about us in the Enterprising States 2012 report:

“Maryland continues to focus on developing technology jobs, building on its national leadership in innovation and entrepreneurship. The state’s new Invest Maryland initiative raised $84 million of venture capital in 2012 by the online auction of tax credits to insurance companies, exceeding its goal of $70 million-75 million. The new funds will be split between private investment firms and the state’s Maryland Venture Fund to make investments in promising tech-based startups. State profits on investments will be directed into the venture fund to support future investments or be placed into the state’s general fund.

In addition to seeking new sources of venture capital for growing tech firms, Maryland also continues to offer a variety of tax credits focused on supporting job creation in technology-based sectors. These include a biotechnology tax credit of up to 50% for qualified investments in Maryland-based companies and a research and development tax credit.

While it is strong in innovative research and development activity, Maryland has identified commercialization of innovations developed in the state as an area in need of more focus. The state’s new Innovate Maryland initiative, adopted by the 2012 General Assembly, is designed to build a technology transfer partnership between state agencies, federal labs, and several of the state’s universities. Led by the state’s successful Maryland Technology Development Corporation (TEDCO), the new initiative will provide grants to university-based researchers developing technologies with commercial potential, supporting the creation of new innovation-based companies and jobs in the state.

Governor Martin O’Malley has also emphasized government reform as part of his job-creation strategy. In 2011, he launched a “Job Creation Through Regulatory Reform” initiative, focused on conducting an intensive, two-month review of state rules and regulations. Each agency in government was directed to find ways to streamline regulation and better interact with the private sector. The process led to the identification of 131 regulations for repeal or revision. The state launched the Maryland Made Easy initiative to ease business interaction with government agencies. The project includes creation of a one-stop website to access licensing and permitting resources, expedited state review of development proposals, and reforms of permitting processes to increase efficiency and reduce barriers for business.

Maryland is among the nation’s leading states for STEM job concentration. The state is home to a strong concentration of technology-based industries, which have helped Maryland become a center for academic and private-sector research and development.”