The University of Maryland's Maryland Industrial Partnerships (MIPS) program today announces it has approved 19 new technology development projects worth $4 million. The projects, which team companies with universities across the state, focus on advancing commercially promising technologies into the marketplace.
"From Hooper's Island to Baltimore, from Leonardtown to Bethesda, companies and faculty are creating the next generation of technologies that will improve our lives, enhance our environment and add jobs in Maryland," said Martha Connolly, director of MIPS. "Some of the biggest and most promising companies in Maryland, from Lockheed Martin to Northrop Grumman, from Martek Biosciences to MedImmune, from CSA Medical to WellDoc, have taken advantage of MIPS projects to advance technologies. Small companies and startups in this round are hustling to create a thriving future economy in Maryland."
This is the 50th round of MIPS grants. Projects are co-funded by MIPS and participating companies. All funding goes to support the work of faculty and graduate students for each project. Companies contributed $2.5 million and MIPS $1.5 million for this round of projects. The Maryland Department of Natural Resources and the Environmental Protection Agency provided additional funding.
Part of the Maryland Technology Enterprise Institute (Mtech), an initiative of the A. James Clark School of Engineering at the University of Maryland, MIPS provides grants for technology product development projects that team Maryland companies with researchers in Maryland public universities.
Blockbuster and emerging products developed by Maryland companies have benefitted from MIPS, including Martek Biosciences’ nutritional oils, Hughes Communications’ HughesNet™, MedImmune’s Synagis®, Black & Decker’s Bullet® Speed Tip Masonry Drill Bit, WellDoc's mobile diabetes management platform, and CSA Medical's diseased-tissue ablation device. Products with MIPS projects have generated more than $23.6 billion in revenue and added thousands of jobs to the region.
MIPS has supported research projects with more than 500 different Maryland companies since 1987.
"These projects mark the last round of the 25th year MIPS has supported technology companies innovating in Maryland," said Connolly. "MIPS companies have created nearly 3,000 high-quality, high-paying jobs in the state and we expect that pace to increase as current startups blaze the trail to a bright, innovation-driven economic future for Maryland."
For more information about MIPS and the upcoming MIPS 25th Anniversary Gala and Impact Awards, visit: http://www.mips.umd.edu.
August 16, 2012