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The Division of Business and Enterprise Development works with companies across the state, throughout the U.S., and around the globe to help them succeed in doing business in Maryland - with the end goal of creating, attracting, retaining, and expanding job opportunities for Marylanders. The Department's Maryland Venture Fund is a state-funded seed and early-stage equity fund; an evergreen fund that receives annual allocations from the Maryland State Legislature. The Fund makes direct investments in technology and life science companies and indirect investments in venture capital funds. Approximately 60 percent of the Fund is invested in technology companies in the areas of software, communications, and IT security, and 40 percent of the Fund is invested in life sciences companies in the areas of therapeutics, medical devices, and diagnostics. The Challenge Investment Program provides financing for seed-stage companies to cover a portion of the initial costs associated with bringing new products to market. Initial investments of $50,000 to $100,000 are made up, with incremental investments to a maximum of $150,000. The Enterprise Investment Fund Program makes direct equity investments in emerging technology companies, usually at the first round of institutional financing and works with emerging companies to move them into their next stage of development as a viable business. The amount of investment ranges from $150,000 to $500,000. Enterprise investments are generally in the form of equity, but follow the terms of the lead investor.
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