The Maryland Department of Business and Economic Development
said Thursday that it had selected a Pittsburgh-based software company to build a website for auctioning state tax credits to insurance companies as part of a $70 million economic development initiative to support technology startups.
DBED chose Grant Street Group to build the tax-credit auction site for the InvestMaryland program, which is a cornerstone of Gov. Martin O'Malley
's economic development efforts. The goal of the auction, which will take place in March, is to raise a minimum of $70 million or up to $100 million.
The Maryland Venture Fund Authority, a new state entity created through legislation last year, will place two-thirds of the proceeds from the tax-credit sales in the hands of prequalified venture capital firms, which will invest for the authority in new, Maryland-based technology businesses.
The rest of the proceeds will be used by a separate DBED-operated entity, the Maryland Venture Fund, to invest in new businesses.
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