COLLEGE PARK, Md., June 10, 2011 /PRNewswire-USNewswire/ -- The Maryland Industrial Partnerships (MIPS) program, an initiative of the Maryland Technology Enterprise Institute (Mtech) at the University of Maryland, was selected for a Maryland Economic Development Association (MEDA) 50th Anniversary Economic Impact Program Award, university officials announce today.
The award was given during MEDA's annual conference on June 6 in Cambridge, Md.
MIPS is a technology and biotechnology grant program that supports Maryland companies teaming with faculty members in any institution in the University System of Maryland to develop products or services. Both companies and MIPS contribute money, all of which supports the work of faculty and graduate students.
"MIPS has certainly proven its value as an enlightened partnership of academic expertise and business creativity," says University of Maryland President Wallace D. Loh. "Pairing our top experts in a field with private industry at a critical moment in the innovation life cycle just makes good sense, as MIPS' record demonstrates. We're very honored to receive this recognition from Maryland's development professionals."
More than 450 companies in Maryland have benefitted from the program since its inception in 1987. Commercial products benefiting from MIPS projects have generated more than $21.6 billion in revenue, added thousands of jobs to the region, and contributed to successful products such as Martek Biosciences' nutritional oils, Hughes Communications' HughesNet™, MedImmune's Synagis®, and Black & Decker's Bullet® Speed Tip Masonry Drill Bit.
The Economic Impact Awards celebrated two projects and a program that are bringing lasting investment and momentous impact to a region and to the state at large. Eligible submissions create and nurture economic growth, prosperity, and renewal on a sweeping scale, improving Marylanders' lives far beyond regional borders.
Evaluation criteria for the awards included: contribution to economic development best practices; innovation and creativity; significance of impact on employment; impact/expansion of the tax base; diversification of the area's economy; community revitalization; enhancement of community life; environmental stewardship; a strategic approach, including purpose, intended outcomes, and targeted audiences; innovation, originality, and cost effectiveness; and the achievement of stated objectives and method of measuring results.
"We are extremely pleased to recognize these initiatives and individuals as the winners of the 2011 MEDA Awards," says Laurie M. Boyer, president of MEDA. "They support and enhance Maryland's economic environment, and MEDA is proud to honor them."
"MIPS works," says the program's director, Martha Connolly. "Consider these companies, all of which leveraged MIPS funding to develop products: in addition to the above-mentioned MedImmune, Martek, Digene, Black & Decker and HughesNet, you also have Quantum Sail, WellDoc, CSA Medical, Northrop Grumman, PAICE and Lockheed Martin. Many of these companies were small at the time. MIPS funding helped them grow. This is a long-standing, best-practice program with big impact. Maryland is fortunate to have had it here for so long."
About the Maryland Industrial Partnerships (MIPS) Program (www.mips.umd.edu)
MIPS, an initiative of the Maryland Technology Enterprise Institute (Mtech), brings university innovation to the commercial sector by supporting university-based research projects to help Maryland companies develop technology-based products. Commercial products benefiting from MIPS projects have generated more than $21.6 billion in revenue, added thousands of jobs to the region, and contributed to successful products such as Martek Biosciences' nutritional oils, Hughes Communications' HughesNet™, MedImmune's Synagis®, and Black & Decker's Bullet® Speed Tip Masonry Drill Bit.
About the Maryland Economic Development Association (MEDA) www.MEDAmd.com
MEDA enhances the knowledge and skills of its 500 members and encourages partnerships and networking among those committed to bringing jobs and investment to Maryland. Since 1961, MEDA has operated as a nonprofit organization of economic development professionals, whose members promote the economic well being of Maryland and work to improve the state's business climate.
SOURCE Maryland Technology Enterprise Institute