Nine-Member Authority Convenes
Baltimore, MD (PRWEB) August 31, 2011
“The Maryland Venture Fund Authority will play a key role in carrying out our comprehensive, long-term strategy for job creation, investment and venture capital growth in Maryland,” said Governor O’Malley. “In these challenging economic times, InvestMaryland will help us continue to provide Maryland businesses with access to capital and support early stage investment companies. Together, we can create jobs and expand opportunity for economic development.”
The MVFA is comprised of a diverse group of private sector executives and entrepreneurs, investors, small business owners and educators with experience in IT, bioscience, cyber, manufacturing, financial, advanced technology, education, agricultural, transportation, and non-profit sectors. This seasoned group will guide the State’s efforts to attract and grow small and early stage investment entrepreneurs and companies throughout Maryland. Earlier this year, aspiring and seasoned entrepreneurs, companies, stakeholders, legislators and government officials helped craft policy, participated in InvestMaryland day which showcased support, entrepreneurs and venture capitalist successes and culminated in the passage of InvestMaryland legislation in May.
Authority members serve staggered three-year terms. Chairing the Authority will be Peter Greenleaf, President, MedImmune. Since joining MedImmune in 2006 as Senior Vice President, Commercial Operations, Greenleaf has overseen the development of the company’s global marketing and portfolio organizations, as well as managing the broader commercial corporate development and strategy functions.
“Maryland has an impressive legacy of creating an environment that cultivates and advances innovative thinking across many business sectors, among them the local biosciences community of which MedImmune is privileged to be a part,” said Peter Greenleaf, president of Gaithersburg-based MedImmune, the global biologics business of AstraZeneca. “I am honored and inspired to serve as chair of the Maryland Venture Fund Authority, which marries investment to visionary ideas that can become reality and, eventually, strong economic drivers for the State.”
During their inaugural meeting, the Authority deliberated and established guidelines for both the requirements and process for an entrepreneur or venture capital company to seek funds under the State’s $70 Million initiative to spur early seed investment for businesses in Maryland.
Governor’s Maryland Venture Fund Authority Members *(Bios noted below)
- Peter Greenleaf, Chairman, President, MedImmune
- Goodloe E. Byron, Jr., Founder & President, Potomac Investment Services
- Brian Darmody, Associate VE of Research & Economic Development, University of Maryland
- Gina Dubbe, Managing Partner & Co- Founder, Walker Ventures
- Michael J. Howard, Chairman & Managing Member, MJH Group, LLC
- Andrew Jones, Vice President of Corporate Strategy, High Street Partners
- Elizabeth Good Mazhari, Director of Ventures, Johns Hopkins University School of Medicine
- Michael G. Miller, Principal, the Arundel Group
- S. Tien Wong, Chairman & CEO, Lore Systems, Inc.
About DBED: The Maryland Department of Business and Economic Development’s mission is to attract new businesses, stimulate private investment and create jobs, encourage the expansion and retention of existing companies and provide businesses in Maryland with workforce training and financial assistance. The department promotes the State’s many economic advantages and markets local products and services at home and abroad to spur economic development, international trade and tourism. As a major economic generator, the department also supports the arts, film production, sports and other special events. For more information, visit http://www.choosemaryland.org.
Maryland Venture Fund Authority Bios
- Peter Greenleaf, Chairman, President, MedImmune
Since joining the company in 2006 as Senior Vice President, Commercial Operations, Greenleaf has overseen the development of the company’s global marketing and portfolio organizations, as well as managing the broader commercial, corporate development and strategy functions. MedImmune, a wholly owned subsidiary of Astra Zeneca, is comprised of 4,000+ employees in the U.S. and Europe with a current annual revenue base of approximately $1.2B. Greenleaf manages a portfolio of 140+ assets across all phases of development in five core therapeutic areas.
- Goodloe E. Byron, Jr., Founder & President, Potomac Investment Services
Byron has over 25 years of investment industry experience. In 1995, he formed the Potomac Investment Services Inc., an investment advisory firm. Prior to forming the firm, he was a Vice President at Alex Brown & Sons where he worked in the investment management area with institutional clients and Vice President at Shearson, Lehman Brothers where he worked with pension funds and institutional investors. He is a founding member of the Board of Trustees of the Maryland Higher Education Investment Fund and Chairman of the Maryland Venture Capital Trust.
- Brian Darmody, Associate VP of Research and Economic Development, University. of Maryland System
Before joining the University of Maryland System, Darmody served as a staff member for the U.S. House of Representatives, the Maryland General Assembly and the Office of the Attorney-Advisor, U.S. Health Care Financing Administration. Projects led by Darmody include organizing the University’s first technology transfer office; authoring reforms to the State’s ethics legislation for entrepreneurial start-ups; developing legislation creating the Maryland Technology Development Corporation (TEDCO); initiating Research Parks Maryland and serving as Director of the University of Maryland Center for Applied Policy Studies.
- Gina Dubbe’, Managing Partner & Co-Founder, Walker Ventures
Since 1998, Dubbe has served as a key player in fundraising initiatives at Walker Ventures that secured over $100 million in capital. Walker Ventures is a privately held venture capital firm focusing on high technology early stage investments in the Mid-Atlantic region. Dubbe also raised $8M in venture capital as CEO for a near bankrupt life science/information technology company and built commercial revenues from $3M to $30M+ in less than two years while holding the position of Executive Vice President of Trust Information Systems.
- Michael J. Howard, Founder, Chairman and Managing Member, MJH Group, LLC
Before starting MJH Group, a private equity investment and management consulting firm, Howard completed a three year stint with the US Securities and Exchange Commission (“SEC”) in the Division of Corporation Finance. He was also a Senior Associate at PricewaterhouseCoopers, advising high tech and start-up companies and served with Abrams, Foster, Nole & Williams as a consultant to the Lead Audit Team to audit the State of Maryland. He serves on the boards of three privately held companies and is a former Loan Committee Member for Community Development Ventures, Inc., a non-profit Maryland venture capital fund. Howard is an active Certified Public Accountant
- Andrew Jones, Vice President of Corporate Strategy, High Street Partners
Jones’ newly created role at High Street Partners focuses on the strategic initiatives forming a critical part of the company’s long-term growth strategy, which includes a potential initial public offering sometime in the next 3-5 years. Jones raised $6 million in a first venture capital round of financing led by Sigma Partners (joined by Baird Venture Partners and Silicon Valley Bank) and $3 million in venture debt. Before joining High Street, Jones spent 10 years as a General Partner at Boulder Ventures. He raised three early-stage venture capital funds ($282 million in total) and secured lead investor (Mellon Ventures) for 1st institutional fund. Jones is a State of Maryland Venture Fund and Greater Baltimore Technology Council Board Member.
- Elizabeth Good Mazhari, Director of Ventures, Johns Hopkins University, School of Medicine
Good’s past experience includes: Director, Strategic Investments at University of Maryland, Baltimore; Managing Director at Maryland Venture Fund/Department of Business and Economic Development (DBED) and Product Development Engineer at Accumetrics. While at DBED, she managed a portfolio of approximately 85 life science and IT companies, along with nine venture capital limited partnership investments, totaling over $40 million.
- Michael G. Miller, Principal, The Arundel Group
Miller is a real estate investor and business development advisor at The Arundel Group where he also handles venture capital investment consulting. Since 2002, he has worked as a financial analyst & manager at Washington Gas. Before joining the company, he was the Country Director for Africare, Inc. in South Africa. His role included assisting the new democratic government led by Nelson Mandela with coordinating parliamentary leadership exchange programs at the national and provincial levels.
- S. Tien Wong, Chair & CEO, Lore Systems, Inc.
In addition to Wong’s position at Lore Systems, a Maryland-based IT professional services company, he is also Chairman and Chief Executive Officer of Opus8, Inc., a Silver Spring, private investment firm specializing in middle market buyouts, private equity and venture capital investment. Over the years, Wong has raised three rounds of capital totaling $20M for CyberRap, a company he co-founded in 1992 and sold in 2003. He served on the Investment Advisory Board of the Commonwealth of Virginia’s Center for Innovative Technology’s GAP Investment Fund and was the recipient of the 2001 Ernst & Young Entrepreneur of the Year award for Greater Washington.
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