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Committee approves Maryland Growth Initiative at TEDCO with $5 million annual appropriation
Summary
Senate Bill 763, which creates the Maryland Growth Initiative within TEDCO to help startups scale and proposes a $5 million annual appropriation, passed the committee by recorded vote (reported majority 16).
Chair introduced Senate Bill 763, which establishes the Maryland Growth Initiative within TEDCO to support early-stage companies moving toward scale and to help bridge the so-called "Valley of Death." The bill requires the governor to appropriate $5 million annually for the program and aims to provide technical and financial assistance to companies in the scaling phase.
Committee members noted the bill moved unanimously through the Senate and committee consideration was brief. "I'll move favorable," the sponsor said, and the committee proceeded to a vote.
The roll call produced multiple recorded 'yes' responses and the Chair announced, "Senate Bill 763 passed majority 16." The committee reported the bill favorably and it will proceed in the legislative process.
Next step: SB 763 advances from committee with a recommendation to the floor; the bill anticipates an annual $5 million appropriation for TEDCO to run the Maryland Growth Initiative.
