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 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.
Since 2017, CMAV funds have been committed to 18 university-affiliated or -sponsored technology entities, creating or retaining more than 400 jobs in Baltimore. CMAV initiatives also mentor UMB and UMCP students on the unique challenges of commercialization in the life sciences industry, and it provides creative, collaborative support and funding to entrepreneurs.
CMAV also staffs the Maryland Momentum Fund (MMF), a University System of Maryland (USM) $10 million early stage investment fund that invests in Maryland-based, USM affiliated startup companies. CMAV funds a full-time director of MMF, based at UMB, and a 50 percent investment manager, based at UMCP. In Fiscal Year 2020, MMF reviewed 21 companies seeking investments, and it invested in nine companies. The MMF investment helps companies bridge from early success to the next stage of growth, which is often a large investment, commercial launch, or commercial expansion.UM Ventures