COLLEGE PARK, Md., Sept. 21, 2011 /PRNewswire-USNewswire/ -- The University of Maryland/Maryland Technology Enterprise Institute (Mtech) received an Excellence in Economic Development Award for its Maryland Industrial Partnerships (MIPS) program in the category of Partnerships with Educational Institutions for communities with populations over 500,000 from the International Economic Development Council (IEDC), university officials announce today.
The award was presented to MIPS Director Martha Connolly and Coordinator Jeanne Pekny at a ceremony held on Tuesday, September 20, at the IEDC Annual Conference, in Charlotte, NC.
The Partnerships with Educational Institutions award recognizes excellence in economic development through meaningful linkages with postsecondary education.
"We recognize the Maryland Industrial Partnerships program for providing successful strategies to promote new standards in economic development in this period of global recovery," says Dennis Coleman, IEDC chair. "Our awards honor organizations and individuals for their efforts in creating positive change in communities. They demonstrate that they are at the forefront of the economic development profession and are using innovative and effective practices that can be replicated in other communities."
MIPS provides matching funds for collaborative R&D between Maryland companies and University System of Maryland (USM) faculty to develop technology products that create jobs in Maryland. This innovative program, unique among U.S. states, leverages the world-class expertise and facilities of Maryland's universities, putting them to work for the state's economy.
Both MIPS and company funds go to university faculty and student researchers. Participating companies co-fund these projects with matching contributions depending on their size. MIPS has engaged nearly 500 Maryland companies in every part of the state in developing products from biotechnology to clean energy, homeland security, communications, information technology, aerospace, and many others. Commercial products aided by MIPS projects include: MedImmune's Synagis® drug for infant respiratory disease; Black and Decker's Bullet Speed Tip Masonry Drill Bit; Hughes Network Systems' industry-leading HughesNet Internet-via-satellite product; and Martek Biosciences' infant formula additive.
Applications for the Excellence in Economic Development Award were judged for: direct economic benefit to the community, such as creating jobs, increasing the tax base, or other results related to the partnership's goal; spin-off impact of the partnership; creativity or innovation in organizing and/or governing the partnership; and the extent to which the participants have formed a true partnership or joint venture in planning, development and financing the project.
The Excellence in Economic Awards Program annually recognizes the world's best economic development programs and partnerships, marketing materials, and the year's most influential leaders. The program honors organizations and individuals in 28 categories for their efforts in creating positive change in urban, suburban, and rural communities.
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 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 International Economic Development Council
The International Economic Development Council (IEDC) is the premier membership organization dedicated to helping economic development professionals create high-quality jobs, develop vibrant communities and improve the quality of life in their regions. Serving more than 4,500 members, IEDC represents the largest network of economic development professionals in the world. IEDC provides a diverse range of services, including conferences, certification, professional development, publications, research, advisory services and legislative tracking.
SOURCE Maryland Technology Enterprise Institute