Johns Hopkins University, University of Maryland College Park and University of Maryland, Baltimore, are each committing at least $200,000 per year, while the University of Maryland, Baltimore County, and Morgan State University will contribute at least $100,000 per year.

The US state of Maryland has this month set up a $5.8m university venturing fund to work with 40 projects per year.

The Maryland Innovation Initiative Fund will be run by the Maryland Technology Development Corporation (Tedco). The state is providing $5m with the remainder coming from five local universities.

Johns Hopkins University, University of Maryland College Park and University of Maryland, Baltimore, are each committing at least $200,000 per year, while the University of Maryland, Baltimore County, and Morgan State University will contribute at least $100,000 per year.

Rob Rosenbaum, Tedco’s president and executive director, said: "We have so much research but commercialization is needed. We have to stimulate that activity."

Rosenbaum said the 40 projects will lead to 12 to 15 new companies.

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