The University of Maryland Strategic Partnership Act of 2016 created a Center for Maryland Advanced Ventures (CMAV) to be located at UMB to promote the commercialization of university discoveries. The initiatives born of CMAV will be implemented by UM Ventures, which combines the entrepreneurial resources and offices at UMB and UMCP to commercialize university inventions and launch successful university startups. The CMAV initiatives are meant to capitalize on the research and development success of MPowering the State, fortify its innovation infrastructure, and create the next generation of Maryland entrepreneurs.
Some “CMAV initiatives” include:
- UM Ventures Innovation Center. This center will integrate and expand entrepreneurial services and resources at UMB in a single location in the University of Maryland BioPark at UMB.
- Life Sciences IP Fund: This initiative emphasizes the acceleration of technology transfer of the top three or four life sciences technologies at UMB and UMCP that have not been out-licensed for commercial development.
- Translational Research Centers: Located at UMB, these centers will focus on joint UMB/UMCP initiatives to commercialize technologies and collaborate with industry.
- Baltimore City Fund: This initiative emphasizes the creation of jobs in Baltimore City by providing grants and/or investments to University-created or sponsored companies that are locating in Baltimore City. Funding will be focused on creating clusters of companies in priority sectors, such as computer sciences and medical devices.