MD Technology Development Corp. Names New CEO

The Maryland Technology Development Corporation (TEDCO) has a new chief executive officer, starting June 26.

George Davis’ wealth of business experience includes serving as partner of GM3/Gamma 3 LLC, a Baltimore-based investment initiative that provides early-stage funding to advanced technology companies; CEO of Gemstone Biotherapeutics LLC, a Baltimore-based research and development company founded in conjunction with Johns Hopkins University; director of Perthera Inc, a new venture that is at the forefront of the evolving bio-informatics industry; board of directors/CEO of Avatech Solutions/Rand Worldwide Inc, a publicly traded CAD software and engineering support company; president and vice chairman of Aether Systems, a pioneering wireless data company; and contracts, operations and program manager at Westinghouse Electric Corporation.

From TEDCO’s statement:

“After a thorough search, the Board of Directors is excited to have George Davis take the helm of TEDCO as our new CEO. George brings to TEDCO a wealth of demonstrated leadership skills, diverse C-Level experience acumen and a history of successful investment and operational engagements within the Maryland Innovation Ecosystem,” said TEDCO Chairman Newt Fowler. “He’s an entrepreneur’s entrepreneur. And he will execute on Governor Hogan’s strong priority of supporting small businesses, including tech startups, as the foundation for improving Maryland’s economy.”

TEDCO has been carrying the “innovation to market” banner for almost two decades and has added tremendous value to the evolving entrepreneurial ecosystem. Recognized as one of the most active seed/early-stage investors in the nation, TEDCO has a portfolio of more than 400 seed investments. TEDCO’s $22 million awarded to startups led to more than $1 billion in follow-on funding; 4,358 jobs created at an average salary of $74,700; and more than $36 million in annual government revenues attributed to TEDCO activities.

TEDCO is an independent organization created by the Maryland General Assembly in 1998 to facilitate the transfer and commercialization of technology from Maryland’s research universities and federal labs into the marketplace and to assist in the creation and growth of technology-based businesses in all regions of the State. TEDCO indicates on its website that it “strives to be Maryland’s lead source for entrepreneurial business assistance and seed funding for the development of startup companies in Maryland’s innovation economy.”