The bwtech@UMBC research and technology park has formally received Regional Institution Strategic Enterprise (RISE) Zone designation from the Maryland Department of Commerce. This designation supports existing companies, new companies, and UMBC faculty interested in commercializing their work. The RISE Zone program provides tax credits for qualifying businesses in specific geographic areas with strong connections to institutions of higher education, non-profit organizations affiliated federal agencies, and regional higher education centers.
UMBC’s Greg Simmons, vice president of institutional advancement, told Technical.ly Baltimore that the program will enable the university to consider expanding the bwtech@UMBC research park, which could help grow the cyber and life sciences companies. “I think it’s really clear that the state is trying to provide resources to universities and entrepreneurs to really strengthen and grow the economy,” Simmons told reporter Stephen Babcock.
President Freeman Hrabowski explained, “a RISE Zone designation will allow us to continue to attract partners to assist with additional research park development.” He described the designation as “a critical asset in the university’s technology commercialization efforts.”
bwtech@UMBC will maintain the RISE Zone designation for five years, and at that time will be eligible to apply to renew the designation for an additional five years. Based on current legislation, each county and municipality in Maryland can have three RISE Zones at any given time.Read more coverage of the RISE Zone designation in Technical.ly Baltimore, the Baltimore Business Journal, The Baltimore Sun, and The Daily Record.