NEW INNOVATION ALLIANCE AIMS TO DRIVE NEW MED TECH VENTURES IN REGION

Whats Happening:

Baltimore is launching a new Innovation Alliance to drive biomedical innovation and economic growth in the region. The initiative brings together entrepreneurs, investors, physician-scientists, and medical technologists to foster startups, attract venture capital, and bring new treatments and technologies to market.

Key Moves:

• Innovation Alliance formed to connect entrepreneurs, investors, and medical experts

• UM-BILD to provide up to $100,000 in funding for over 40 innovators

• Multiple initiatives launched to support entrepreneurship and innovation

By The Numbers:

• UM-BILD to provide up to $100,000 in funding for over 40 innovators

• UM Ventures invests $4.5 million annually in entrepreneurial support

• Innovation Challenge offers up to $125,000 for hospital-based teams

Key Quotes:

• "Our vision of the new Innovation Alliance is an open, collaborative network where members can invite potential partners to accelerate healthcare innovation," said Mark T. Gladwin, MD

• "We believe that innovation is the key to shaping the future of healthcare," said Bert W. O'Malley, MD

• "The University of Maryland is unique in the levels of targeted support we can offer our innovators and entrepreneurs," said Jason Rose, MD, MBA

Bottom Line:

The Innovation Alliance in Baltimore aims to transform the region into a major hub for biomedical innovation. By leveraging existing research strengths and providing substantial funding and support, the initiative seeks to accelerate the development of new treatments and technologies, ultimately improving patient care and driving economic growth.

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