University of Maryland Research Program Teaming Faculty, Companies Gets $1 Million State Boost Up to 22 More Md. Companies, Faculty Could Benefit Annually

University of Maryland Research Program Teaming Faculty, Companies Gets $1 Million State Boost

The state of Maryland is backing a high-yield economic development initiative, the Maryland Industrial Partnerships (MIPS) program, with a $1 million funding increase.

The increase, proposed by Governor Robert L. Ehrlich Jr. in his Fiscal Year 2007 budget and approved by the Maryland General Assembly, extends the reach of a program with a $10 billion economic impact on the Maryland economy by almost twofold.

"MIPS has a successful track record of leveraging university expertise to help Maryland companies innovate and bring technologies to market," said Governor Ehrlich. "Increasing the funding for this program is one step towards positioning the state as an innovation leader in the 21st century."

MIPS supports about 32 research projects each year teaming university faculty with Maryland companies to develop commercial products. The approved increase nearly doubles the program’s $1.3 million annual budget, enabling the support of up to 22 additional projects yearly.

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