Economic Development - Entrepreneurial Innovation Programs - Establishment (Pava LaPere Legacy of Innovation Act of 2024)

This bill establishes two new programs within the Maryland Technology Development Corporation to support technology-based start-up companies in the Baltimore area. The first program provides grants of up to $50,000 to startups founded by students or faculty at local universities, requiring that at least 20% of the funds be used to hire third-party consultants for planning and technical assistance. The second program, a pilot initiative, offers incentives to eligible universities to foster entrepreneurship, industry partnerships, and commercialization projects, particularly those involving artificial intelligence or machine learning in healthcare and biotechnology. Additionally, the legislation repeals a previous mandated appropriation for a telework assistance grant program and requires annual budget allocations for these new innovation initiatives.