Archives For Maryland

Preakness returns as major Maryland money-maker

Emily Kimball —  May 16, 2013
Preakness Maryland

Preakness, a horse racing Maryland tradition, will return this weekend.

The 138th Preakness will return to Pimlico this weekend, and along with the crowds, concerts and large flowered hats, the annual races are expected to generate millions of dollars for Maryland.

Weather permitting (sunny skies are expected Friday, but showers are a possibility Saturday), participation in the 2013 Preakness could significantly outshine last year’s event. According to Preakness officials, up to 40,000 people, representing a 20 percent increase, are expected to attend Black-Eyed Susan Day on Friday. The 13-race program will be paired with Black-Eyed Susan Day’s first-ever infield concert, featuring the Goo Goo Dolls, Rodney Atkins and Rachel Farley. An attendance boost is also expected on Preakness Day on Saturday, with advance tickets already sold out, Preakness officials said.

Attendance at Pimlico has followed an upward trajectory in recent years. Since 2009, attendance during the month of May has risen from 77,850 to a 25-year high of 121,309 in 2012, according to data and tables compiled by the Maryland Department of Economic Development. Along with attendance, between 2011 and 2012, betting on the Preakness stakes nationwide rose 5.6 percent and betting at Pimlico rose 8.3 percent.

The department emphasized the larger economic impact of the races, including boosts to the horse industry, tourist attractions and positive exposure for the state.

Maryland economy adds 10,500 jobs in February

Nick Sohr —  March 29, 2013

Maryland’s economy continued its streak of strong job growth as employers added 10,500 workers in February, according to figures released today by the Department of Labor, Licensing and Regulation.

Find details on the jobs report from January 2013 here.

As has been the case through most of the rebound from the Great Recession, Maryland’s private sector led the way, adding 6,000 jobs last month, an increase of 0.3 percent. Overall job growth was 0.4 percent, twice the national average of 0.2 percent.

The unemployment rate fell to 6.6 percent, down from 6.7 percent in January. The national rate was a full point higher.

Continue Reading…

Maryland-made Mary Sue Easter Eggs gaining East Coast popularity

Emily Kimball —  March 27, 2013
Mary Sue Easter Egg

Baltimore-based candy maker Mary Sue produced a whole lot of chocolate eggs in 2013.

Mary Sue Easter Eggs have filled Easter baskets across Maryland since 1948, but recently their reach has extended farther than ever.

Baltimore-based production for the chocolate-covered creams will total between 3 and 5 million this spring (an exact count for 2013 has not yet been completed), according to Mike Weiss, chief financial officer of Mary Sue Candies.

“If it’s not the most we’ve ever made, it’s certainly getting close to it,” said Weiss, who has worked with the company for the past 11 years.

Continue Reading…

Marylander Ted Leonsis leading Groupon after CEO firing

Emily Kimball —  March 1, 2013
Marylander Ted Leonsis will help lead Groupon.

Marylander Ted Leonsis will help lead Groupon.

Ted Leonsis—an Internet pioneer and high-profile owner of Washington, D.C. sports teams—has taken the helm at Groupon, a Chicago-based daily-deals website. Leonsis was named co-chief executive after CEO Andrew Mason was fired on Thursday, following a disappointing fourth-quarter loss of $81.1 million, the Washington Post reports.

According to the article:

The shakeup caps more than a year of upheaval for Groupon and the daily-deals industry, which less than two years ago was considered as transformative to local commerce and entertainment as Amazon.com was to retail …

Groupon was once named the fastest-growing company in history by Forbes magazine. But several high-profile missteps, including a lengthy and contentious initial public offering, restatements of earnings and high-level staff defections, damaged the company’s image.

In a statement released by the company, Leonsis said, “Groupon will continue to invest in growth, and we are confident that with our deep management team and market-leading position, the company is well positioned for the future.”

Leonsis resides in a historic mansion in Potomac, Potomac Patch reported in July 2011.

259 businesses join first InvestMaryland Challenge

Nick Sohr —  December 14, 2012

By Nick Sohr, Managing Editor, MDBIZNews

The inaugural InvestMaryland Challenge business competition has drawn 259* applicants who will be competing for three $100,000 prizes and about $150,000 worth of in-kind business services.

The challengers hail from at least 10 states, including Maryland and Washington D.C. (The Department of Business and Economic Development is still sifting through the list. The deadline was midnight.)

More than 60 judges, most of them professional investors and entrepreneurs themselves, will gradually winnow the list down through early 2013 and the winners will be announced in April.

Top prizes will be awarded in life sciences, information technology and an open, general category.

Maryland companies can enter any of the categories. Out-of-state companies can enter the general category and would be expected to establish a place of business in the state and spend at least 51 percent of the grant money within the state.

The Challenge is funded by InvestMaryland, which raised $84 million in March to make venture capital investments in promising, young Maryland companies.

*We reported the contest drew 257 applications when this item was first posted. The final tally is actually 259.

Plasmonix, Bambeco land InvestMaryland funds

Nick Sohr —  December 13, 2012

By Nick Sohr, Managing Editor, MDBIZNews

Plasmonix and Bambeco have received the latest investments through InvestMaryland, the Department of Business and Economic Development announced Thursday.

The state made equity investments of $100,000 in Plasmonix and $200,000 in Bambeco, which also received $400,000 through InvestMaryland last month.

“Companies like Plasmonix and Bambeco continue to shape the future of Maryland’s economy by growing the jobs of tomorrow,” Gov. Martin O’Malley said. “These are the first of what will be dozens of investments over the coming months thanks to InvestMaryland’s significant impact on our State’s innovative companies.”

InvestMaryland is the largest venture capital investment initiative in Maryland’s history. In March, the State raised $84 million for the program through an online auction of tax credits to Maryland insurance companies.

Two-thirds of the InvestMaryland funds will be managed by carefully screened private venture firms, who will invest the funds with a commitment to return, if successful, 100% of the principal and 80% of the profits to the State’s general fund. Grotech Ventures was tapped last week as the first InvestMaryland partner and received $12 million to invest on behalf of the state. The remaining third will be invested by the state-run Maryland Venture Fund.

So far, the state has made eight investments through InvestMaryland. DBED has also launched the InvestMaryland Challenge, a business competition that will award three $100,000 top prizes and about $150,000 worth of in-kind business services to other entries.

Applications for the competition are due today (Thursday 12/13) by 11:59 p.m. EST.

“The speed with which the InvestMaryland funds are being disbursed and the strength of the companies in which we are investing show how critical this program is to the State’s entrepreneurs and start-up community,” DBED Secretary Christian Johansson said. “Investments from programs like InvestMaryland and its partners in the private sector can propel entrepreneurs from innovation to commercialization to company formation to job creation.”

Plasmonix, is a biotechnology company specializing in metal-enhanced fluorescence, which is used in cell detection for medical research and clinical diagnostics. The technology has potential applications across the life science, as well as in cosmetics, apparel, paints and lighting.

“Plasmonix is grateful for the continued support from the Maryland Venture Fund and the Department of Business and Economic Development,” said William Gust, president and CEO of Plasmonix. “These funds are critically important to the ongoing development and commercialization of Plasmonix’s technology and we would not be where we are today without this support. We hope to repay the confidence demonstrated in Plasmonix by adding jobs and growing the company here in Maryland.”

An online retailer of sustainable products, Bambeco’s catalog includes solar-powered tea lanterns, recycled scrap steel trash bins, bicycle chain bottle openers and briefcases made from recycled truck tires with seatbelt shoulder straps. The company has 24 employees and expects to double its staff in the next two years.

“We are honored to be a recipient of venture capital funding through InvestMaryland,” said Susan Aplin, Bambeco president and CEO. “Forty percent of annual retail sales in the United States occur during fourth quarter. These funds allow Bambeco to secure the necessary inventory for our planned holiday sales. We are thankful for the additional investment from InvestMaryland and thank Maryland Venture Fund, the Department of Business and Economic Development, and Governor O’Malley for their continued support as we work to create jobs and help grow Maryland’s economy.”

HBO’s ‘Veep’ returns to Maryland for season 2

Nick Sohr —  December 12, 2012

By Nick Sohr, Managing Editor, MDBIZNews

HBO is back in Maryland and filming the second season of the award-winning series “Veep.”

The series, set in Washington D.C. stars Julia Louis-Dreyfus as Selina Meyer, a former senator turned hapless vice president. Louis-Dreyfus took home an Emmy earlier this year for her work on the first season of the show. The series was also nominated for an Emmy for Outstanding Comedy Series, as well as Outstanding Casting for a Comedy Series.

“We are very pleased that HBO and the Veep cast and crew have returned to Maryland for what we are confident will be another very successful production experience,” said Gov. Martin O’Malley. “The State and HBO have had a successful partnership over the years, and we look forward to more seasons of filming Veep in Maryland.”

HBO also filmed the acclaimed drama series “The Wire” in and around Baltimore and, more recently, shot part of “Game Change” in the city.

Maryland’s Film Production Employment Act of 2011, which offers tax credits to offset the cost of production, helped to secure the Veep production.

The Maryland Film Office estimates the second season of Veep could have an economic impact in excess of $40 million. The first season of Veep resulted in the hiring of 978 Maryland crew, actors and extras, and the production company purchased or rented goods or services from 1,141 Maryland vendors.

The tax credit has also helped the state land “House of Cards,” the Netflix series headlined by Kevin Spacey; “Ping Pong Summer” starring Susan Sarandon; and “Better Living Through Chemistry” starring Olivia Wilde.

InvestMaryland Challenge deadline nears

Nick Sohr —  December 10, 2012

By Nick Sohr, Managing Editor, MDBIZNews

The first phase of the inaugural InvestMaryland Challenge business competition is nearly over. Applications are due Thursday for businesses across the country looking to claim one of the three $100,000 top prizes or any of the in-kind business services worth a total of $125,000.

As of Monday morning, the Department of Business and Economic Development had received 180 applications from 10 states, including Maryland and Washington D.C. Applications have come from as far away as Florida and California.

The Challenge will award three $100,000 prizes to the top companies in life sciences, information technology and an open, general category. Winners will be announced in March. (View the full timeline here.)

Maryland companies can enter any of the categories. Out-of-state companies can enter the general category and would be expected to establish a place of business in the state and spend at least 51 percent of the grant money within the state.

The Challenge is funded by InvestMaryland, which raised $84 million in March to make venture capital investments in promising, young Maryland companies.

Here are a few of the more than 60 judges — professional investors, technologists, academics, and others with expertise to lend to entrepreneurs — discussing the competition:

Grotech Ventures to deploy $12 million for InvestMaryland

Nick Sohr —  December 5, 2012

By Nick Sohr, Managing Editor, MDBIZNews

Grotech Ventures, a local venture capital firm, will invest $12 million on behalf of the state through the InvestMaryland program, the state announced Thursday.

Grotech is the first venture partner for InvestMaryland.

The Maryland Venture Fund Authority, which oversees InvestMaryland, tapped Grotech “because of its long history investing in early stage technology companies in Maryland and overall solid record of investment,” said authority Chairman Peter Greenleaf, who is also president of Gaithersburg-based MedImmune.

InvestMaryland, created in 2011 raised $84 million in March to invest in promising young Maryland companies in life sciences, cyber security, information technology, green energy and other targeted industries.

Private venture firms will invest two-thirds of that money, returning all of the principal and 80 percent of the profits on successful investments. The state will invest the rest.

Grotech’s $12 million is a little more than 20 percent of the $56 million that will eventually be disbursed to private venture firms.

“Through partners like Grotech and other venture firms that will invest these funds in the jobs of tomorrow, we continue to prove that Maryland remains on the cutting edge of innovation, and that our greatest assets are the talents, skills, creativity, ingenuity, and education of our people,” Gov. Martin O’Malley said.

Grotech was founded in 1984 and has operations in Maryland and Virginia. Its investment portfolio includes technology companies such as Advertising.com, Living Social, MicroProse, Zenoss and CDNow.

“Our goal with InvestMaryland is to plant the seeds for the next generation of innovative companies – the next Google, the next Microsoft – right here in Maryland,” said Christian Johansson, secretary of the Department of Business and Economic Development.

InvestMaryland builds on the success of the Maryland Venture Fund, which will receive most of the state’s share of the $84 million. The fund was seeded with $25 million 17 years ago and has made more than 100 investments, generating returns of more than $67 million, creating 2,000 jobs and spurring more than $1 billion follow-on private investment.

So far, four companies have received investments through InvestMaryland. Brainscope, of Bethesda, received $250,000 and Rockville-based Maxtena, $560,000. Two Baltimore companies, Bambeco and PathSensors, received $400,000 and $200,000, respectively.

InvestMaryland funds will also be awarded through the InvestMaryland Challege, a $425,000 business competition open to Maryland companies and others willing to move to the state. Through Tuesday, the Challenge had 156 applicants.

The state will give away three $100,000 prizes, one each in life sciences, IT and a general, open category. Entrants can also win $125,000 in in-kind business services.

Grotech Ventures was unable to comment due to legal restrictions on public statements during their fundraising period.

Public health firm recommits to Silver Spring

Nick Sohr —  November 29, 2012

By Nick Sohr, Managing Editor, MDBIZNews

Social & Scientific Systems, Inc.’s headquarters and the company’s 300 employees will remain in Silver Spring for at least a decade, according to a deal announced Wednesday by the state Department of Business and Economic Development.

“By working with the leadership of Social & Scientific Systems and Montgomery County to retain the company’s operations here, we are preserving 300 highly-skilled jobs and ensuring that this cutting-edge company continues to call Maryland home,” said DBED Secretary Christian Johansson.

County Executive Isiah “Ike” Leggett said the company is a “vital component to ensuring the continued growth and success of our local business community.”

DBED provided the company with a $650,000 conditional loan and Montgomery County, a $350,000 grant, both conditioned on the company staying put through 2023 and maintaining a staff of at least 300 in Silver Spring. The financial assistance will help the company renew its lease on its office space

Social & Scientific Systems is an employee-owned public health company that provides technical, research, and program management services to government and other clients to mitigate the effects of HIV/AIDS and other deadly diseases.

Founded in 1978, the company has supported clinical trials around the world, providing program monitoring and evaluation services, collecting epidemiological data, coordinating conferences, and analyzing Medicare data. Today, the company has more than 500 employees in offices in Silver Spring; Rockville; Durham, North Carolina; Jakarta, Indonesia; Kigali, Rwanda; and Kampala, Uganda.

“We would like to thank the State and Montgomery County for the assistance they’re providing our company,” said President and CEO James J. Lynch, PhD. “We have been located in Silver Spring for the past 11 years, and are pleased to be staying, as our employees feel that they are a part of this community. We’re looking forward to a successful future here.”

Protenergy grows; solar plans in HoCo; thoroughbred deal close

Nick Sohr —  November 27, 2012

By Nick Sohr, Managing Editor, MDBIZNews

Protenergy Natural Foods, of Ontario, will expand its U.S. headquarters on Maryland’s Eastern Shore. The move will add 100 full-time jobs by April and another 27 over the next five years.

Protenergy now employs 53 at its Cambridge facility, where it makes its soups, broths and sauces. The company is purchasing the 67-acre site and 200,000-square-foot building that it now leases as part of the $20.3 million expansion project.

“We are extremely pleased to be acquiring the facility in Cambridge,” said John Black, Protenergy’s CFO. “During the past year, we have invested significantly in the plant and recently completed the commissioning of two additional production lines. These new lines significantly increase our capabilities and capacity to meet growing customer demand for our products.”

The Maryland Department of Business and Economic Development provided a $3.6 million loan guarantee and a $250,000 conditional loan to assist with the project.

“It is exciting to see a forward-thinking company like Protenergy creating high-quality jobs on the Eastern Shore,” said Gov. Martin O’Malley. “Protenergy’s decision to further invest in our State reflects our strong support for growing our manufacturing industry and our commitment to working with our county partners to grow and retain jobs.”

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Bith Energy, of Baltimore, has proposed a 50- to 60-acre solar farm on Nixon’s Farm in West Friendship, Howard County, according to The Sun.

The project needs a change to county zoning regulations to get off the ground. The amended rule is set for a council vote Dec. 3.

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Montgomery County is considering making investments in companies in the county, according to The Washington Examiner.

A bill before the county council would allow the county to take up to 25 percent ownership. The legislation would add equity investments to the economic development arsenal stocked now with forgivable loans tied to job creation requirements.

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Maryland’s horse and race track owners are nearing a deal that would bring much-needed stability to the state’s thoroughbred industry, according to the Sun.

The agreement between the Maryland Jockey Club — owner of Laurel Park and Pimlico — and the Maryland Thoroughbred Horsemen’s Association would guarantee racing days for the next decade. In recent years, as Novembers passed and Decembers crept by, the two sides struggled to reach deals on the racing days, threatening the Preakness, the middle jewel of the Triple Crown, as well as the sport’s very existence in the state.

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Home prices rose in most major cities in September, according to an AP story in The Daily Record.

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Thrasher’s, that staple of the Ocean City boardwalk, is getting some national love, according to The Daily Times.

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The new owner of the Westin in Annapolis has big plans for the hotel, including more meeting space and other renovations, The Capital reports.

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And, just because I think it’s a cool story, the Pentagon is using a virtual “town” to prepare its hackers for cyber warfare, according to The Washington Post.

CyberCity has a hospital, a power plant, a rail road and, yes, even a rocket launcher. (Check the graphic.) The 15,000 “residents” of CyberCity will use the coffee shop wi-fi and have bank account passwords, email accounts and pages on the town’s faux-social network, FaceSpace.

Maryland added 14,000 jobs in October

Nick Sohr —  November 20, 2012

By Nick Sohr, Managing Editor, MDBIZNews

Maryland added 14,000 jobs in October — the second-largest employment increase since March 2000 — and the unemployment rate dropped to 6.7 percent, according to seasonally adjusted figures released Tuesday morning by the Department of Labor, Licensing and Regulation.

The growth came exclusively from the state’s private employers, which added 16,700 workers last month, a 0.8 percent growth rate as government employment at the federal, state and local levels declined. Labor officials also revised September’s jobs figures, estimating an increase of 9,500, down from the 9,800 originally reported. The unemployment rate in September was 6.9 percent.

October marked the third straight month of job gains. Over the last 12 months, Maryland has added 33,300 jobs, an increase of 1.3 percent. Private employment was up 35,500 jobs in that period, a 1.5 percent increase.

“Maryland’s dynamic private sector continues to prove that we are on the cutting edge of innovation and that our greatest assets are the talents, skills, creativity, ingenuity, and education of our people,” Gov. Martin O’Malley said in a written statement. “A new study released this week by the nonpartisan group The States Project ranks Maryland #2 in the nation for economic opportunity – a sign that the progress we make together does not happen by chance, but by the choices we make as a State to move forward by growing jobs and opportunity.”

Most broad sectors showed growth last month. Professional and business services — these businesses have fueled much of Maryland’s recent growth — added 3,900 jobs. Leisure and hospitality added 3,700 and trade and logistics added another 3,700, with much of that increase (3,300) coming from retailers. Health care and private education, another strong sector for Maryland, added 2,700 jobs in October and construction added 2,300. The financial sector added 1,700.

Maryland has added 122,500 jobs since February 2010, when employment in the Old Line State hit its recessionary bottom. The state remains only 18,500 jobs below the number in December 2007, when the recession started.

The state’s unemployment rate dropped in October because 20,977* more Marylanders held jobs than the month before, and the number of unemployed in the state dropped by 5,104.

*This figure differs from the 14,000 figure reported above because the jobs number is distilled from a survey of business establishments and the unemployment number comes from a survey of households. The difference could be accounted for by a wide range of factors, including Marylanders working in the district or another state, or for young, startup companies that have not yet caught the attention of the establishment survey.