As the state's primary economic development agency, DBED stimulates private investment and create jobs by attracting new businesses, encouraging the expansion and retention of existing companies, and providing workforce training and financial assistance to Maryland companies. The Department also promotes the state's many economic advantages and markets local products and services at home and abroad to spur economic development and international investment, trade and tourism.
Since 2010, DBED has assisted nearly 4,000 small businesses and organizations; helped create or retain 40,000 jobs, and leveraged nearly $3 billion in private investment. Companies such as Amazon, Discovery Communications, Johns Hopkins Medical, Legg Mason, Millennial Media, Under Armour and Volvo Powertrain have recently located or expanded in Maryland. SNNLive spoke with Dominick E. Murray from the Maryland Department of Business & Economic Development at the BioMaryland Booth at the BIO International Conference 2014 in San Diego, CA.
“The one thing I’d like people to know about Maryland with regard to the biocenter especially is that Maryland has set up an incredible infrastructure for investment in biotechnology. Five years ago in 2009, there were approximately 400 companies in Maryland doing bioscience, they had about 28,000 employees collectively. Five years later, because of the number of things that we put together in Maryland to support that infrastructure, we now have over 500 companies doing bioscience in Maryland with approximately 34,000 employees,” begins Mr. Murray.
He explains the geological benefits of being in Maryland, “We are concentrating on what we have, that’s what we want to do – provide the opportunities, as the bio community says to feed fuel and heal the world. What better place to start that when you are close to the FDA, when you are close to NIH, When you are close to the Beltsville Agricultural Research Center. We take advantage of the opportunities that we have and we try to do our best to expand those opportunities for anybody who wants to come into Maryland, anybody already in Maryland and for investors who want to invest in companies in Maryland.”
“When we implement a program like InvestMaryland, where we go into insurance companies and say, you know what your premium is going to be, you know what your tax burden is gonna be, if you prepay that tax we’ll give you a discount then we offer that discount to all the insurance companies, they pre-pay their taxes, we take that money collected and put it into an equity fund that we can then invest in companies” concludes Mr. Murray. For more information, check out their website at http://business.maryland.gov/
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