Maryland should see a boost in direct public funding toward manufacturing and lab space later this year as Gov. Wes Moore said he plans to sign a bill that will help build out the state’s science and technology industries through a new fund.
Prior to his keynote speech at the TechStars Equitech Demo Day this week, Moore said he planned to sign Senate Bill 549, or House Bill 552, “as soon as it’s on my desk,” which would authorize the creation of the “Build Our Future” grant program to fund infrastructure projects in a variety of technological fields.
The legislation passed the state Senate and House of Delegates with overwhelming majorities and now awaits Moore’s signature. When the governor signs the bill, it’ll authorize the creation of the fund to take effect on July 1 and will remain active for at least another four years.
The grant program can fund infrastructure in a variety of fields, from manufacturing, artificial intelligence, cybersecurity, defense, life sciences and more. Examples of eligible projects include wet laboratories, research facilities that handle chemicals or other potentially “wet” hazards.
The legislation is one of 10 bills the Moore administration has proposed to boost the economy by advancing Maryland’s technology sector, adding more green energy companies, increasing wages and other changes. During his Tuesday speech, Moore spoke about the importance of using the state government to make it easier for small businesses to get funding, especially since minority entrepreneurs often don’t have the same access to private capital as white founders.
“If you can get the seed capital, and have the opportunity to turn an idea into something that actually has a sustainable business model, then more capital will follow,” Moore said.
Click here to read more via Reporter Matt Hooke @ BizJournals.com