PerspectivesAre you interested in submitting a Perspective Article? Be sure to read The Science Advisory Board's Editorial Guides for Perspective Articles. Click here. BIOENTREPRENEUR SERIES Incubator Focus: Maryland, USA by Tamara Zemlo, Ph.D., MPH Interview with Duc Duong, Program Director, Maryland Technology Development Center, Montgomery County, Maryland The Mission The Maryland Technology Development Center (MTDC) is a technology business incubator initiated and owned by the Montgomery County Department of Economic Development. It was created, financed and constructed as a joint partnership between Montgomery County and the State of Maryland. MTDC’s mission is to help young technology companies develop during their early, often challenging years. Successful businesses are expected to “graduate” from the incubator within three to five years. Maryland’s Advantages MTDC is a build-to-suit facility offering low-cost rental space and a network of technical and business support services to help foster fledgling biotech and advanced technology companies. This space is designed specifically for research and development needs and includes modular wet laboratories equipped with lab benches, sinks and fume hoods. A central lab equipped with an autoclave is available for the shared use by all tenants. Non-biotechnology companies have a choice of ready to use office space already wired for fast Internet connection. Four conference and meeting rooms and office equipment are also available for the share use of all tenant companies. The incubator is conveniently located within the popular I-270 Technology Corridor in Montgomery County’s biotechnology park. In addition to being home to the prestigious National Institutes of Health, the region also boasts many fine academic institutions with strong biomedical and biotechnology ties to industry. MTDC is in fact within walking distance of the University of Maryland and Johns Hopkins University. Because state and county funding provide fifty percent of the funding, the rental costs for the tenants are quite reasonable. Additionally, tenants do not have to sign long-term leases and have the ability to easily acquire more space as their companies expand. In conjunction with generous facilities arrangements, other infrastructure support is available such as reception, conference, private meeting and support service areas (i.e., business equipment including fax, photocopiers, color printer, LCD panels and Internet connection), which all help reduce your business start-up costs. MTDC provides biotech companies with access to a network of professional support services including legal, accounting, marketing, business plan development and entrepreneurial training programs. A busy calendar of events including networking opportunities with venture capital firms, angel investors and state funding agencies help young businesses grow beyond the incubator stage. Strategic partnership opportunities are also provided. Other attractions for companies interested in locating to the Maryland area include access to convenient transportation including three major airports and an extensive rail system. Although the cost of living is higher the closer one lives to Washington DC, there are many affordable housing options in the outlying suburbs. Quality of life is high due to many cultural activities, regional attractions and events offered in and around the Nation’s capital. Future Outlook Mr. Duong hopes to continue to help companies in the MTDC incubator develop and flourish and attract new companies during the coming years. Currently, MTDC is functionally at capacity with 35 companies. Since its inception in 1999, it has graduated 25 companies. One of its stunning success stories is Avalon Pharmaceuticals, which entered the incubator in 1999 with 3 people and left in 2000 with 16 people. Today the company has grown to around 70 people and has recently received $75M in its second round of funding. Mr. Duong and his team are proud to help facilitate such promising growth opportunities for young biotech companies. Mr. Duong finds it quite satisfying to work closely with the innovators and entrepreneurs who are behind these companies. http://www.TheIdeallocation.com http://www.mdhitech.org/Entrepreneur/ http://www.mdbio.org/newsite/links/index.html ### << Previous Next >> [ View All Perspectives ] |
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