Maryland Technology Development Corp.’s new board chair, Newt Fowler, is stepping in as the investment agency’s responsibility grows five-fold.
TEDCO this year will take over disparate investment programs from Maryland’s Department of Business and Economic Development, most notably the state’s Maryland Venture Fund. All told, the shift will put an additional $100 million under TEDCO’s management beginning Oct. 1.
“We’re at a dramatic crossroads,” said Fowler, a business transactions partner with Baltimore’s Womble Carlyle LLP, who was on Tuesday announced as the new chair of TEDCO’s 15-member board.
SIGN UP FOR NEWSLETTERS & ALERTS
Receive Baltimore Business Journal’s Morning Edition and Afternoon Edition newsletters and breaking news alerts.
Under Fowler’s leadership, the board’s main charge over the next few months will be to help TEDCO Executive Director Rob Rosenbaum and his staff hire a top shelf fund manager to oversee the new funds.
The board will also play an important role in transitioning Maryland Venture Fund to TEDCO, a move intended to “streamline the support that state was giving to entrepreneurs and innovation community,” Fowler said.
The move comes on recommendation from DBED’s Augustine Commission, which earlier this year detailed ways the state could improve its competitive edge.
TEDCO’s own investment and grant programs give about $18 million a year to entrepreneurs. The organization’s investments support young companies and play a large role in backing university research that is being commercialized.
By taking on oversight of the Maryland Venture Fund, TEDCO will also be responsible for managing $80 million already invested in companies and investing an additional $20 million in new companies.
The state’s BioMaryland program in January will transition to TEDCO oversight.