It's not every year we get to see a big plan for small start-ups in Maryland. But that's what Gov. Martin O'Malley will be unveiling today, with his "InvestMaryland" proposal. It's a $100 million infusion over the next five years of state tax revenues into small Maryland-based, technology-based startups. It's not a total giveaway of revenue; rather, the state will be taking stakes in dozens of small companies over the next several years, and then hopefully, watching their investment grow as these companies grow and raise more money, merge, get acquired or go public with an IPO.
I took a close look at the plan in this article over the weekend. Below are the opening paragraphs:
Hoping to spur jobs, innovation and economic growth, Gov. Martin O'Malley wants to tap tax revenue to invest $100 million in fledgling technology, life sciences and other companies across the state.
O'Malley, a Democrat, plans to unveil details of the "Invest Maryland" program Monday as a centerpiece of his economic agenda in this year's General Assembly session. The state would invest in small businesses and start-up companies — partially through the dormant Maryland Venture Fund — and would reap both the risks and rewards.