Governor O'Malley, Lt. Governor Brown Announce Eight Companies Selected for Advance Maryland Program

Press Release

Governor O'Malley, Lt. Governor Brown and Economic Alliance of Greater Baltimore (EAGB) President Tom Sadowski today announced that eight Maryland companies have been selected to participate in second annual Advance Maryland, the State's business program targeted at supporting second-stage companies. The program is designed to follow an "economic gardening" strategy, allowing existing companies to grow from within by using critical strategic information customized to their needs.

Selected companies include American Energy Corporation (Elkton); Coherent Technical Services (Lexington Park); Direct Dimensions (Owings Mills); Laurrapin (Havre de Grace); Mobern Lighting Company (Jessup); Potomac Photonics (Halethorpe); Unleashed Technologies (Columbia); and basys (Linthicum).

"Maryland does best when young, innovative companies like Unleashed Technologies of Columbia get the valuable insight they need to grow and create jobs," said Governor O'Malley. "Our first year of Advance Maryland was a tremendous success, and we are pleased to select these eight companies and provide them with expert advice and research to help them move to the next level of growth."

"Our Advance Maryland program is helping Maryland-based companies grow and stay in our state by providing the expertise and advice they need to take their businesses to the next level," said Lt. Governor Brown. "Through this partnership with the Economic Alliance of Greater Baltimore, we're creating jobs, supporting small and medium-sized businesses, and laying the foundation for continued economic growth in Maryland."

"Companies in the second-stage of growth represent a tremendous opportunity to create jobs and fuel expansion," said DBED Secretary Dominick E. Murray. "We are pleased to partner with the EAGB on this program -- the State's first economic gardening initiative -- and want to congratulate all the companies that have been selected. We look forward to seeing some impressive results over the next year."

By partnering with the National Center for Economic Gardening, Advance Maryland is able to provide eight to 12 hours of strategic research services to each of the selected applicants. This month, research teams will begin meeting with the companies to identify goals, opportunities, and strategies, while offering recommendations and next steps to help develop and grow the business. Projects during this collaboration may include prioritizing sales leads and refining business models, as well as using social media to connect with customers and create buzz about products and services. DBED and EAGB will monitor companies for one year to determine their progress.

"Advance Maryland is about taking strategic action to support CEOs and help them grow their business. Their success in turn helps grow our economy, add valuable jobs and provides fertile ground for the success of other business owners and entrepreneurs," noted Tom Sadowski, President and CEO of the EAGB.

"As a fast-growing company in an ever-evolving industry, we rarely have the luxury to step back and consider what other opportunities our core strengths and solid market position might afford us," says basys President & CEO Jenny Morgan. "We think the insights, perspective and guidance of the Advance Maryland experts will help us look further out on the horizon at ways to position ourselves for even more success in the future."

Second-stage companies play a critical role in job creation and are vital to the prosperity and sustainability of local economies. Typically, these companies represent those with 10-99 employees and revenue from $1M to $50M. According to the Edward Lowe Foundation, while second-stage companies represented only 12 percent of U.S. establishments between 1995 and 2012, they generated about one-third of jobs and sales.

Economic gardening originated in Littleton, Colo., in the 1980s, under the direction of Chris Gibbons, then-director of the city's business and industry affairs and now CEO of the National Center for Economic Gardening. During the 20-year period Gibbons practiced economic gardening, jobs grew from 15,000 to 30,000 and sales tax revenue more than tripled from $6M to $21M.

About EAGB:

The Economic Alliance was created to serve as a not-for-profit economic development organization led by a partnership of regional business executives, elected government officials and leaders from higher education focused on fostering business retention and development, job creation, workforce development and new investment throughout the Greater Baltimore region. For more information, visit www.GreaterBaltimore.org.

About DBED:

The Maryland Department of Business and Economic Development stimulates private investment and creates jobs by attracting new businesses, encouraging the expansion and retention of existing companies, and providing workforce training and financial assistance to Maryland companies. The Department promotes the State's many economic advantages and markets local products and services at home and abroad to spur economic development and international investment, trade and tourism. Because they are major economic generators, the Department also supports the Arts, film production, sports and other special events. For more information, visit www.choosemaryland.org.

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