The state officially launched the Maryland International Incubator (MI2), the first biz incubator dedicated exclusively to attracting and nurturing foreign-owned companies last week. A joint venture of the Maryland Department of Business and Economic Development (MD DBED) and the University of Maryland, College Park, the incubator will provide research and development, business development support services and competitively priced leasing space to foreign-owned companies looking to establish a U.S. presence.
"This joint partnership will leverage the university's world-class research strengths and DBED's business development resources in attracting foreign-owned companies to Maryland," says Gov. O'Malley. "There are a tremendous number of global opportunities out there and, in a recession, we need to aggressively go after them to attract new jobs and position Maryland as the ideal U.S. location for foreign companies."
"We look forward to the opening of the Maryland International Incubator to provide a soft landing for international companies coming to Maryland. It is our objective to transition these companies into the Maryland economy thus providing new employment opportunities and adding to our tax base," says Dr. Herbert Rabin, Director of the Maryland Technology Enterprise Institute. "The University of Maryland's role in assisting this transition parallels the successful TAP incubator program in which many successful companies have been launched previously, drawing on the extensive capabilities resident with faculty and students at the University."
The Maryland International Incubator is just the latest in a series of international initiatives. Earlier this year, Gov. O'Malley announced Maryland's International Growth Strategy, which called for the creation of the state's first International Advisory Council, a seasoned group of business leaders charged with guiding the State's efforts to attract and grow international companies and help craft policy and legislation that supports Maryland' strong and diverse network of international businesses.
Also launched this year is the Maryland International Business Center, a one-stop shop for foreign companies looking to expand their operations into Maryland. The Center, which is managed by DBED, brings together for the first time key state, federal and private sector partners to give companies significantly improved access to essential resources needed to grow.
Maryland is well positioned for growth in the global market, with more than 550 foreign-owned companies from 30 countries currently located in Maryland. Some 105,000 Marylanders, or 3.5 percent of the workforce, are employed by foreign-owned firms, with companies headquartered in the Netherlands, United Kingdom and Germany as the top three foreign employers in Maryland.
Source: Gov. Martin O'Malley
Writer: Walaika Haskins