The University of Maryland Strategic Partnership Act of 2016 created the Center for Maryland Advanced Ventures (CMAV) to be located at UMB to promote the commercialization of high-potential, university-based discoveries. The CMAV initiatives are being integrated into 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. In addition, CMAV staff are managing the Baltimore Fund, which is a $1 million fund defined by the legislation to create jobs in Baltimore City by encouraging university-created or sponsored companies to locate in the city, and the Maryland Momentum Fund, a $10 million University System of Maryland (USM) fund investing in early-stage companies affiliated with USM.
In December 2017, UM Ventures launched several CMAV initiatives, including:
- UMB opened the GRID in the UM BioPark. The GRID – the Graduate Research Innovation District – brings together the UMB Graduate School’s educational programs on entrepreneurship with the UM Ventures’ tech transfer and business assistance services.
- 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.
- The Fischell Institute for Biomedical Devices opened a satellite location at UMB to accelerate the development of innovative medical devices. The institute is based at UMCP.
- 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.