Don’t Spend Money on Tables and Chairs – Experts Discuss Partnerships for Counties and Start-ups

A panel of economic development experts provide insight on the funding and infrastructure support available to business start-ups in Maryland. 

In Anchor Your Local Economy with Biotech, a representative of Montgomery County’s Finance Department, joined the COO of TEDCO, and the CEO of Timbre Technologies to share insight on the benefits that life sciences start-up businesses can present for county governments, and the ways that counties may help spur local growth in this sector.

John shared the amount of expertise in the life sciences field positioned in Maryland because of the many federal agencies focused on life sciences work based in Maryland or near Maryland, including NIH and the National Cancer Institute, and research universities such as University of Maryland and Johns Hopkins.

The question is — how do you turn Maryland’s life sciences resources into start-up opportunities? TEDCO has been working in this area for 20 years. –John Wasilisin, President/COO, TEDCO

Mike shared the range of employees that start-up businesses like his seek – including employees from legal and engineering fields, and with a range of educational backgrounds.

“Scientists may not always the best at describing their business ideas to potential investors – or protecting them. Start-ups need to hire a range of employees to help them through the business process.” –Mike Geppi, CEO Timbre Technologies, Inc.

Laurie described the ways that counties can help spur economic development – both with financial incentives, and help streamlining permitting processes, and by providing ‘in-kind’ contributions like office space.

“Chairs and tables are not something that start-ups need to spend money on — there are so many free resources.” –Laurie Boyer, Economic Development Manager, Montgomery County Government Finance Department, Division of Fiscal Management

A reason for levity: the economic development potential of life sciences businesses brings a smile to the face of panelists at MACo’s Conference.