Chamber Applauds State for Passing ‘InvestMaryland’ Legislation

April 12, 2011

The Montgomery County Chamber of Commerce applauds the state of Maryland for last night passing InvestMaryland legislation to foster economic development and technological innovation in the region.  

The initiative, introduced by Governor Martin O’Malley and worked by Maryland General Assembly committees under the leadership of Del. Bill Frick and state Sen. Rich Madaleno, Jr, creates a $75M pool of capital to be invested in early stage technology companies.  A third of the funding would support government-run programs that help entrepreneurs starting new technology ventures.  The other two thirds, $50M, would be managed by venture capitalists to fund companies with potential to provide the strongest return on Maryland’s investment.

The Montgomery County Chamber of Commerce was an early supporter of the initiative. “New and thriving businesses are such are important part of our local economy,” said Gigi Godwin, president and CEO, Montgomery County Chamber of Commerce.  “We applaud Gov. O’Malley, Del. Bill Frick, state Sen. Rich Madaleno, Jr, the House Ways and Means Committee, the Senate Budget and Tax Committee, and Maryland’s entire legislative body for their vision and commitment to seeing this important legislation pass.”

“We are excited about the opportunity to attract more venture capital dollars toward Maryland companies,” said Del. Bill Frick, the Montgomery County Democrat whose subcommittee worked the bill. “I would like to thank the Montgomery County Chamber of Commerce for supporting this legislation and providing business experts to contribute to the language of the final bill.  The Chamber was instrumental in the passing of this InvestMaryland legislation.”

Lisa Fadden, vice president of public affairs for the Chamber, worked closely with the Del. Frick and his subcommittee on shaping the bill’s language.  “This legislation will provide a huge boost to the economic development in our region,” said Fadden. “Not only does it demonstrate the state’s commitment to small and growing companies, it will help put Maryland on the map for venture capitalists looking for our nation’s next big success stories.”

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