The James Clark School of Engineering at the University of Maryland has been awarded $3.8m for tech transfer by the Maryland Industrial Partnerships Programme (MIPS).
The funding will be used to boost 17 projects inside the university with the aim of bringing technologies being developed by the teams closer to market.
MIPS, a technology acceleration programme from the Maryland Technology Enterprise Institute (Mtech), is supplying $1.5m with the remaining $2.3m coming from partner companies.
Over the next five years, the 17 companies estimate that they could provide over 1,000 jobs in the area.
University System of Maryland Chancellor William Kirwam said: “MIPS brings talented faculty and students from Maryland’s public universities together with Maryland companies to develop new tech products, and in doing so advances the state’s economy. It also shows how a well-run, modestly funded program can help us innovate our way to success. MIPS products and the jobs they support contribute $87 million each year in Maryland state taxes and another $70 million in county taxes. Products developed under MIPS have brought in more than $25 billion in revenue.”