Maryland Industrial Partnerships (MIPS): Impact MIPS Program > Maryland Technology Enterprise Institute Home • News • Events • About • Contact • Directions • Give Learn Launch Fly Learn the entrepreneurial mindset and the skillsets required to successfully launch a new venture. Master of Tech Entrepreneurship Online master's program, combines award-winning academics with a web-based startup incubator Entrepreneurship & Innovation Program Honors living-learning entrepreneurship program for freshmen and sophomores from diverse majors Minor in Tech Entrepreneurship 15-credit technology entrepreneurship minor available to all students on campus Hinman CEOs Program Nation’s first living-learning entrepreneurship program, serving approximately 90 upperclassmen from diverse majors Coursera Innovative Ideas Course Free Coursera class that helps students explore how to identify and develop great ideas into great companies Courses in Entrepreneurship and Innovation Entrepreneurship and innovation courses for undergraduate, graduate, professional, middle and high school students ASPIRE ASPIRE is a grant program for undergraduate researchers working with Clark School faculty on projects with commercial potential TERP Young Scholars Discovering New Ventures — Startup Companies summer course for high school students Impact Seed Fund $25,000 seed fund for students in the Hinman CEOs, EIP, and Hillman Entrepreneurs programs edX: Identifying Entrepreneurial Opportunities Learn today’s newest skills and tools for identifying and acting on entrepreneurial opportunities for startup companies and corporate innovations Launch your new venture with the expert guidance, facilities and resources offered by Mtech Ventures. Startup Shell Student-run, co-working space and incubator at the University of Maryland that fosters entrepreneurship through collaboration Mtech Ventures University of Maryland incubator for technology-based innovations commercialized at the university Free, Open Entrepreneur Office Hours Office hours for regional entrepreneurs with bio- or tech-based startups or ideas UMD I-Corps Real-world, hands-on training on how to successfully incorporate innovations into successful products and licensing opportunities Chesapeake Bay Seed Capital Fund DNR-backed venture fund for MD startups with innovative technology addressing Chesapeake Bay pollution Rapid Prototyping Center Home to three higher-end machines, electronics prototyping equipment, several high-powered desktop workstations for CAD, and high-accuracy measurement equipment MakerBot Innovation Center Centralized, scalable 3D printing space that empowers everyone to invent, innovate, iterate, and replicate Leverage funding, specialized biotechnology facilities and training that will help your company thrive. Maryland Industrial Partnerships (MIPS) Funding for tech product development projects teaming Maryland-based companies with University System of Maryland faculty LEARN. LAUNCH. FLY. Mtech's Mission The mission of the Maryland Technology Enterprise Institute (Mtech), a unit of the A. James Clark School of Engineering at the University of Maryland, is to: Educate the next generation of technology entrepreneurs; Create successful technology ventures; and Connect Maryland companies with university resources to help them succeed. Mtech has built a comprehensive entrepreneurship and innovation ecosystem at the University of Maryland. Its programs arm top students from around the world with the knowledge of how to successfully launch companies and guide aspiring and existing entrepreneurs through the entire lifecycle of launching and maintaining technology-based ventures. Read more about Mtech > < MTECH MARYLAND INDUSTRIAL PARTNERSHIPS > Impact Home • Overview • Applying • Schedule • FAQ • Forms • Projects • Impact • Contact • Directions ASPIRE is a grant program for undergraduate researchers working with Clark School faculty on projects with commercial potential “Over time, we’ve probably generated within the state of Maryland, a large share of our revenue—$1.5 billion a year, with a total of close to $15 billion... We employ 1,500 people here in the state. Most of them are working on businesses related to this technology. MIPS helped develop not just a new product, but a new industry.” —John Kenyon, Senior Vice President for Engineering, Hughes Network Systems “MIPS funding was pivotal. It enabled us to validate the invention’s commercialization potential and get onto the path to our first customers. Without MIPS, we would not have been able to get our first product out the door and land those first few key customers.” —Jason Volk, CEO, Alertus Technologies "Over 55 million babies worldwide have now had infant formula that included Martek’s nutritional ingredients. Over 99 percent of the infant formula in the Unites States has it, as well as products in more than 75 countries around the world. Almost every U.S. child under the age of six has had this Martek DHA in their brain. It all started here..." —Henry “Pete” Linsert, former Chairman and CEO, Martek Biosciences “I would say MIPS validated us. Here we are, two people knocking on the doors of Fortune 100, Fortune 300 companies, public payers, private payers, partners, and until we had that endorsement from a MIPS grant, it was hard. It really did help us open doors by saying we are MIPS-endorsed. It made a big difference in our ability to get traction.” —Suzanne Sysko Clough, Founder and Chief Medical Officer, WellDoc Entrepreneurship & Innovation Program : Home MIPS Impact HughesNet, North America's largest consumer satellite Internet network. $18.7 billion in impact. Synagis, which prevents a severe respiratory disease in infants. $18 billion in impact. Martek Biosciences' Life's DHA fatty acids, found in more than 90 percent of infant formulas in the U.S. $2.9 billion in impact. Read more about MIPS projects MIPS Cumulative ROI $40.3 billion in company revenues from products benefiting from MIPS projects 5% of that returned to State treasury from corporate and employee income taxes, and 3X jobs multiplier effect $52.4 million in total state funding for MIPS projects Total Maryland Tax Revenues: $40.3 billion x 0.05 = $2.02 billion MIPS ROI: $2.02 billion / $52.4 million = 38 to 1 MIPS: An Innovative Job Creation Engine for Maryland 7,150 jobs created in companies with products benefiting from MIPS projects (impacts created an additional 15,000 jobs for a total of 22,915 jobs) $40.3 billion in company revenues from products benefiting from MIPS projects Annual Tax Revenues State: $166 million, Counties: $125 million MIPS: 64 Competitive Rounds 2,356 applications received 1,272 different contracts and amendments 877 individual projects 615 companies 451 faculty MIPS Impact In 2017, MIPS commissioned an economic impact study of the MIPS program: “An Analysis of the Impacts of MIPS Program Spending and the Commercialization of MIPS-Funded Projects on the State of Maryland,” prepared by Dr. Richard Clinch, Director of Economic Research at the Jacob France Institute of the University of Baltimore. Dr. Clinch and his team analyzed the effects of the MIPS program on Maryland’s economy and the return on the investment in MIPS to the state treasury. Highlights of the 17-page report include: Research conducted by the MIPS program has found that MIPS-supported technologies have generated more than $34.9 billion in cumulative sales over the past 30 years. Technologies developed and commercialized in collaboration with the MIPS program over its 30-year history generated over $4.7 billion in product sales and supported 7,150 ongoing jobs in Maryland in calendar 2017 alone. When the multiplier-based economic impacts associated with this activity are included, the economic impacts associated with the production and sale of these commercialized technologies totals almost $7.5 billion in annual economic activity in Maryland, supporting 22,915 jobs earning $2.2 billion in labor income. The economic impacts associated with MIPS supported technology generated an estimated $166.1 million in state tax revenues in the year 2017 alone. These estimated one-year 2017 state tax revenues significantly exceed the $60.2 million lifetime cost [1] of the MIPS program. An estimated $125 million in local government revenues was also generated by MIPS-supported technologies in 2017. MIPS lifetime spending of $46.2 million assisted in catalyzing the development and commercialization of technologies that have attracted $1.3 billion in additional grant, debt, equity, and venture capital funding into Maryland. Several MIPS-supported companies have been acquired and the acquisition cost of these companies has totaled over $18.7 billion dollars. Overall, the Jacob France Institute’s report shows that the MIPS program continues to make a significant contribution to the Maryland economy. [1] Lifetime costs of $60.2 million differ from the $46.2 million in program spending – because they are expressed in current 2017 dollars. Browse a special collection of MIPS projects in the 30th anniversary collection DOWNLOAD THE MIPS ECONOMIC STUDY ©2020. Maryland Technology Enterprise Institute, A. James Clark School of Engineering, University of Maryland. Privacy Policy | Accessibility
