Featured Highlight

The Maryland Tech Council Hours Connect You With Amazing People for 20 Minutes of Free 1:1 Meetings

There is no member who won’t need specific guidance at some point in their journey. The Maryland Tech Council Office Hours gives its’ members the opportunity to sit down with our professional service members to discuss any questions you may have. Sessions are available by appointment only. Click here to schedule your time.

Benefits of Maryland Tech Council Office Hours

  • Exclusivity– the members of the Maryland Tech Council are volunteering their time exclusively for fellow members
  • Expertise– the members are compiled of investors, accountants, video surveillance, human resources and cloud computing (just to name a few) with years of experience and have consulted for hundreds of organizations
  • FREE– The Maryland Tech Council members volunteer their time to speak with you for free
  • Stay tuned for details – How to get involved and information about the first event! Have questions, contact Pam Lubel at pamela@mdtechcouncil.com or (240) 243-4049.

Capital

State of Maryland Creates Gap Investment Fund

Managing the financing of a company in its growth stages can be challenging, especially in that gap period between when it receives seed funding and when it’s large enough to attract venture capital. Fortunately, the state of Maryland announced $1 million in new economic development funds that will provide technology companies with investment capital specifically for that gap between seed funding and venture capital investments. The fund aims to spur economic development and it encourages companies to remain in the state. The Gap Investment Fund program is part of Governor Hogan’s Fiscal Year 2018 budget and is being developed and administered by TEDCO. The fund will be available on July 1 of this year.

According to TEDCO’s press release, the state’s current Seed Investment programs support approximately 50 companies per year – creating a funnel of companies that serve as a source of deal flow for the new Gap Investment Fund initiative. A Seed Investment of $100,000 can support a project that advances a technology toward commercialization. TEDCO’s later-stage fund, the Maryland Venture Fund, and other venture capital funds support companies further along in their development – often with significant revenues and complete management teams – that are raising investment rounds of more than $2 million. This established structure leaves a significant funding gap between the state’s seed investments and the investments made by institutional investors, such as venture capitalists.

In outlining the goals for the Fund, Newt Fowler, TEDCO Board Chair and business transactions partner of Womble Carlyle, LLP said in the TEDCO press release, “To help ensure that companies started in Maryland stay in Maryland, resources were needed to address the financing needs of growing companies, especially those that had already received investment through one of the State’s seed investment programs but are still vulnerable to leaving the State to receive their next round of funding. The Governor has provided a critical tool for building one of the nation’s leading technology clusters and TEDCO, which sees many of these companies at the seed investment stage, is well-equipped to administer the funding.”

TEDCO is seeking innovative, technology-based, and highly-scalable companies that are likely to be ready for a venture investment 12-18 months following a Gap Investment. Competition for the limited Gap Investment Funds is anticipated to be strong, so the selection process will be very competitive. TEDCO anticipates making two investments in its first 12 months, but hopes to have the ability to make up to 10 investments in subsequent years.

Source
http://tedco.md/press/tedco-announces-new-gap-funding-for-startup-companies/

Mentoring Services

Grow your future with the Maryland Tech Council Venture Mentoring Services Program (MTC VMS)

The MTC VMS is looking for startup companies in the technology and life sciences field, led by an individual or individuals who work full-time on the business that are preparing to raise their first venture capital or institutional round of financing.

  • Potential Startup Companies whose applications are accepted will have the opportunity to present to potential mentors at a monthly meeting, after which the MTC VMS will facilitate matches with interested mentors.
  • About the ProgramThe Maryland Tech Council Venture Mentoring Service Program (MTC VMS) is a team mentoring program based on a model developed by MIT. The program has been adopted in over 70 communities around the globe; the MTC VMS program is the 50th program. The ultimate goal of the program is to bring employment opportunities and capital to the area in the technology and life sciences fields by helping companies grow faster. The MTC VMS has 58 Mentors and is working with 14 Maryland based companies.

 

Workforce Development

Four Maryland-based Organizations Create
Internship Platform

The State of Maryland has identified a problem—a skills gap problem. Most recent college graduates lack the validated skills needed to hit the ground running as an intern or entry-level employee and it’s often too challenging to hire good interns. The Maryland Department of Commerce, along with three Maryland-based organizations—the Maryland Tech Council, Fearless, a Baltimore-based software company, and Breezio, an online community platform solutions provider based in Rockville, have created the Internship Network of Maryland (inMD).

inMD is a digital marketplace where students, mentors, and companies converge in an online learning and information exchange. By posting your organization’s internships, sharing information on your company, and engaging your employees in the community, you’ll join an ecosystem where students are actively exploring their career options and earning badges for completing training on your company or industry, doing informational interviews, and engaging with industry experts. inMD uses this information to score them and sends you recommendations during the year as to who matches your company. In all, the platform connects 165,754 businesses, 360,000 students, and 57 universities.

In developing inMD, all four partners just needed to look at the numbers to know that a platform of this type was needed. Eighty percent of jobs are filled through networking and internal referrals, more than 4 out of 5 recent college graduates do not have a job when they graduate, and just 40% of college seniors feel they are prepared for a career. The inMD platform will offer a number of features to address those statistics including an interactive job board, video conferencing, virtual career fairs, skills training and digital micro-badging, searchable student profiles, virtual interview scheduling, and more.

inMD plans to open for Beta testing in June with a soft launch in October. As early adopters, companies that participate in Beta testing will have increased visibility among students and will receive special recognition when it launches this fall. Companies interested in Beta testing can complete a form on the inMD website.

Companies interested in partnering on any aspect of inMD can contact Bret Schreiber (bret.schreiber@maryland.gov) or Tami Howie, CEO of the Maryland Tech Council at (tami.howie@mtc.org).

Cost Savings Program

How will you communicate your news to investors? Through Business Wire, that’s how!

Business Wire provides all the tools you need to quickly, broadly communicate your news to investors, analysts, the media and other audiences.

At Business Wire, security and transparency are of the utmost importance and they strive to excel at both on a daily basis. In that light, they disclosed their Business Wire Security Commitment document as well as their distribution fact sheet. These documents describe the services provided as well as information on how your press releases are distributed and who they are delivered to. 

Filing an IPO and taking your company public is a long process that requires a comprehensive communications plan.

The Maryland Tech Council has aligned with Business Wire to help you effectively distribute your news releases at preferred pricing!

 Features for MTC Members Include: 

EDGAR Formatting and Filing
Business Wires’ expert in-house EDGAR team can format and file all of your required SEC documents.


InvestorHQ
Business Wire’s InvestorHQ, a complete IR site, offers automatic posting of your Business Wire press releases, along with stock quotes, financing statements, annual and quarterly reports, site analytics and much more.


Webcasting Services
A comprehensive, reliable communication solution is crucial to a successful webcast. Business Wire’s webcasting service is operated by an in-house team of communications experts who will oversee your event, from start to finish.

Member companies can save a minimum of 10% on all news release distribution circuits and more when you bundle in any of the additional services.

To learn how you can save money on your news distribution and all cost savings programs, visit our website at http://www.mdtechcouncil.com/membership/savings-mtc.php

Government Relations

Maryland Governor Announces New Initiative Aimed at Innovation Employers

Maryland Governor Larry Hogan recently announced a new, comprehensive statewide, economic development strategy called EXCEL MARYLAND. The initiative focuses on developing new collaborations to accelerate growth in the life sciences and cybersecurity industries. In focusing on sectors where Maryland already leads, EXCEL MARYLAND will pool the talents of state agencies, universities, and private sector industry experts.

The new effort will be guided by a steering committee in which Maryland Tech Council  (“MTC”) plays a prominent role. Membership on the Steering Committee includes MTC members MedImmune (Executive V.P. Dr. Bahija Jallal), Lockheed Martin (General Manager Stephanie Hill), Emergent BioSolutions (Daniel Abdun-Nabi), Tenable Network Security (Co-Founder Ron Gula), New Enterprise Associates (Managing Partner Peter Barris) and Convergence Technology Consulting (CEO Larry Letow).

Significantly, and in mark contrast with other Maryland initiatives, Governor Hogan has enlisted the assistance of a former leader of one of Maryland’s competitor states. The steering committee will be headed by Dr. Susan Windham- Bannister, the founder and first CEO of the Massachusetts Life Sciences Center (“the Center”). The Center is a quasi-public organization charged with managing the 10-year $1 billion Life Sciences Initiative enacted by the Massachusetts Legislature in 2008.  A hallmark of her tenure in Massachusetts was spreading the benefits of the initiative statewide and to a diverse population.

The steering committee is on a fast track and is due to deliver a report to the Governor by September 1, 2017. The report will serve as a road map on how Maryland will keep its position as the national leader in cybersecurity and advance in the biohealth and life sciences sectors.

Member Spotlight

smithers-logo

GROWING NEED FOR BIOANALYTICAL SERVICES BY CLIENTS RESULTS IN SECOND LABORATORY EXPANSION IN TWO YEARS FOR SMITHERS AVANZA

Smithers Avanza is a contract research organization (CRO) supporting the pharmaceutical industry, whose Scientists have expertise in large molecule bioanalysis, assay development, validation and sample analysis at their GLP- and GCP-compliant and CLIA certified laboratory. Smithers Avanza Bioanalytical Services Division  supports the development of biologics and vaccines from discovery through phase IV, with expertise that includes bioassays and high sensitivity assays. Smithers Avanza also offers preclinical toxicology and vaccine testing at their AAALAC accredited facilities.

New Space & Increased Capacity Will Support Client Requests for Testing of Large Molecule Biotherapeutics –

Smithers Avanza, announced that its Bioanalytical Services Division has completed the second expansion of its bioanalytical laboratory in the last two years. The expansion doubles the size of the Gaithersburg, Maryland lab, which now offers 15,000 square feet of space, and continues the trend of growth in support of client demand for services.

Smithers Avanza celebrated the completed expansion and the renewal of their commitment to doing business in Maryland with clients, employees, state and local officials and community friends with an Open House on Wednesday, May 17, 2017.

smithers-ribbon-2Ira S DuBey, Executive Vice President, Bioanalytical Services
Phyllis Conliffe, Executive Director, Bioanalytical Services

“We are very fortunate to count some of the world’s leading biopharmaceutical companies as our clients and friends,” said Ira DuBey, Executive Vice President, Bioanalytical Services Division, Smithers Avanza. “Through these relationships, we are given an opportunity to grow in order to be the best possible partner, which often involves a need for additional space, staff and new equipment to meet an increasing volume of projects.”

Following the expansion, the company has already added several new staff members, including senior scientific and support personnel. These new staffers will allow Smithers Avanza to continue to support client development of large molecule biologics including immuno-oncology drugs and combination therapies. Further, the company acquired new liquid handling robotics instrumentation and another Singulex instrument. This equipment will help meet the growing need for testing of high sensitivity biomarker and pharmacokinetic assays.

As part of the expansion, the company is augmenting its lab’s capabilities through new instruments such as the recently added Gyros GyroLab xPS workstation as well as the Simoa HD-1 Analyzer from Quanterix.

Smithers Avanza has been an active member of the Maryland Tech Council for over 10 years.

For more information about the Smithers Avanza portfolio of services, visit www.smithersavanza.com or contact Hope Aubin, 508-295-2550 haubin@smithers.com

 

Government Relations

Legislative Update

The 2017 Maryland General Assembly session has ended!  This “lightning” summary will tell you the outcome of the legislation that MTC and its Legislative Committee identified as priorities for Maryland innovation employers. 

A.  Price Gouging Bills:
HB 631/SB 415- Public Health – Essential Generic Drugs – Price Gouging – Prohibition –ENACTED

Maryland became the first state in the nation to authorize its Attorney General to pursue legal action against drug manufacturers and wholesalers who raise drug prices to “unconscionable” levels. MTC worked to have this bill restricted to those who act in an “unconscionable” manner and not have it involve responsible companies.


B.  Drug Transparency Bills:
SB 437/HB 666 – Public Health – Expensive Drugs – Manufacturer-Reporting and Drug Price Transparency Advisory Committee- DEFEATED

These bills originally would have required drug manufacturers to provide exhaustively detailed reports to Maryland’s Attorney General about internal costs that led to final drug prices. MTC opposed these bills as simplistic in their approach to drug pricing and misleading to the public.


C.  Research and Development Tax Credit Increase:
SB 200/HB 240-Income Tax Credit – Qualified R&D ExpensesENACTED

These bills increase the total statewide limit on the tax credit for in-state R&D activities from $9 million to $12 million. MTC supported these bills.


D.  Biotechnology Tax Credit Changes:
SB 226 /HB 373 – Biotechnology Investment Tax Credit “BIITC”-ENACTED

These bills extend the eligibility period for this tax credit from the first 10 years of a bio-tech companies life to the first 12 years. Additionally, the eligibility for young companies awaiting regulatory approval is extended to 15 years.

The bills also allow entities to apply for the credit within 2 months of forming a company.


E.  Cyber-security Tax Credit Changes:
HB 378/SB 318 – Cybersecurity Investment Incentive Tax Credit-DEFEATED

These bills allow investors in cyber companies to take advantage of this tax credit. In addition, it allows new cyber entities to be eligible for the credit within 2 months of forming a company.


F.  Laboratory Registration:
HB 1172/SB 400-Department of Health and Mental Hygiene (DHMH) – Biosafety Level 3 Laboratories –DEFEATED

These bills would have required laboratories handling Biosafety level 3 material to register with the Maryland’s DHMH. MTC opposed this legislation as duplicative of federal registration and not useful to first responders.


In regards to the efforts in the drug pricing bill, over the course of the 2017 session, the Tech Council:

  • Developed petitions attracting 4,366 signatures by Marylanders calling for lawmakers to support innovation-friendly legislation in our state.
  • Launched a campaign that allowed 337 Marylanders to send 904 letters to their representatives in Annapolis.
  • Engaged legislators on social media to encourage them to oppose the bills.
  • Launched a statewide radio ad talking about the impact of this legislation.
  • Ran digital advertisements through a homepage takeover the Annapolis Capital Gazette twice, around key moments in the legislative process – linking to a blog post where lawmakers, lobbyists and staff could find more information.
  • Served Facebook advertisements to people within one square mile of the Annapolis statehouse, linking to the same blog post giving influencers more information.
  • Targeted LinkedIn advertising to Marylanders with legislative job titles, including “state senator,” “delegate,” “legislative aide,” “legislative director,” and more directing to a post I wrote with more information.
  • Throughout the course of the campaign, the Tech Council served 216,114 total ad impressions (how many times an ad was seen) to its target audiences – including 36,971 from the Capital Gazette homepage takeovers, 177,679 from Facebook advertising campaigns, and 1,464 from the LinkedIn advertising campaigns.

Member Spotlight

Alexander & Cleaver

Alexander & Cleaver is a legal and lobbying firm based in Annapolis, and the Maryland Tech Council recently met with Camille Guevara Fesche, an attorney and government relations consultant, to talk about the firm.

Tell us about Alexander & Cleaver and the types of clients with whom you work.

The firm was founded in 1985, and the primary focus in our Annapolis office is government relations which encompasses legislation and public policy, crisis management, procurement, ethics and campaign finance, and regulatory issues. We work with a variety of professional associations and private sector companies.

What does the day-to-day work in the firm look like?

A large part of what we do is lobbying which is essentially educating. We are engaged in year-round monitoring of legislative sessions which involves a lot of prep work. We develop a game plan and then follow what is going on in government, specifically with the commissions and work groups. We also track what the budget looks like and determine what the priorities of the government are. Building relationships with and educating legislators is a large part of our work; we give them the tools and information they need to understand our clients’ side of the issue. Activities like these help us develop a strategy for our clients. We also work with government contractors and help by looking for opportunities to see where the client’s products or services can fit with the needs of the agency. We ensure that our clients are well positioned to compete for contracts on the local, county, municipal, and state levels.

What types of trends are you seeing?

There are a lot of new subject areas in law that have come about due to technology like autonomous cars for example. There are also new classes of pharmaceuticals, like biologics, and different types of medicines. With these new areas of law we are seeing an opportunity to build that law to make life better for all Marylanders and ensure the companies choosing that product, their needs and stressors have been expressed and have been understood by legislators. Criminal systems is another area of law that is changing. People are rethinking the implications of it and how they can get released prisoners to become productive members of society. There are some very exciting opportunities out there.

Does your firm work with small businesses? It seems that the process can be a bit intimidating.

We do work with small businesses. For smaller companies that are working on their own, we often recommend that they work with a limited scope and focus on perhaps just a few counties, state agencies or bills that they are trying to push. Many times, a group of small businesses, such a group of tech startups with similar interests like employment or tax credits will get together and hire our firm. Regardless of how companies choose to work, our firm is well-suited for the needs of small businesses.

What can a company expect when they work with you?

We would start with an initial meeting to discuss what the client wants to accomplish. Say, for example, the client doesn’t understand lobbying but wants to sell their product to the seven major counties or they have a product that can work in state agencies. We would help the client create a plan and help open doors so they can close deals.

What challenges does Alexander & Cleaver face?

The biggest issue that I see is that there is always so much more to learn from our clients and about certain subjects. We work on a team model, and we have several lobbyists who work within a large number of specialties which serves as a great resource for information.

What’s is like to work at Alexander & Cleaver?

It’s fast paced, and it’s different every day. The people who work here are very bright and they bring a variety of interests, education, and insight to the job. Everyone is always willing to pitch in and toss around ideas. It’s such a great environment and it really sets us up for success.

What would you like MTC members to know about Alexander & Cleaver? 

Joining an organization like MTC is important because being a member of a group with over 600 voices is more powerful than trying to do it on your own. Legislators believe in public service, but they need to be educated especially in new areas of technology. It’s a constant education. You need to sit at the table and have a voice and when you do, lawmakers will then include you. The lobbying process is difficult for a small company to do, and with their MTC dues, members are getting full value of a lobbyist.

To learn more, contact Camille G. Fesche, Esq. 

Government Relations Consultant | Attorney
Alexander & Cleaver, P.A.
cfesche@alexander-cleaver.com
Phone: (800) 292-Laws

 

Mentoring Services

Grow your future with the Maryland Tech Council Venture Mentoring Services Program (MTC VMS.)

The MTC VMS program is looking for startup companies in the technology and life sciences field, led by an individual or individuals who work full-time on the business that are preparing to raise their first venture capital or institutional round of financing.

  • Potential Startup Companies whose applications are accepted will have the opportunity to present to potential mentors at a monthly meeting, after which the MTC VMS will facilitate matches with interested mentors.

Prospective mentees should have:

  1. A “tie” to Maryland;
  2. A tech or biotech product or service with proof of concept established in someway;
  3. At least one full time employee (presumably, the CEO);
  4. A direction towards obtaining “series A investments”

About the Program: The Maryland Tech Council Venture Mentoring Service Program (MTC VMS) is a team mentoring program based on a model developed by MIT. The program has been adopted in over 70 communities around the globe; the MTC VMS program is the 50th program. The ultimate goal of the program is to bring employment opportunities and capital to the area in the technology and life sciences fields by helping companies grow faster.

mtcvms-logo

For more information about the program, visit our website at http://mdtechcouncil.com/careers/mentor-opportunities-new.php