Economic Development - Maryland Innovation Initiative Institution Partnership Extension Program - Establishment

HB 799 establishes the Maryland Innovation Initiative University Partnership Extension Program, which directly affects Bowie State University and Frostburg State University. The program requires these two universities to pay a $50,000 annual contribution to participate, while the state will appropriate $500,000 for fiscal years 2027 and 2028 to fund projects supporting new technology-based businesses, advancing technology toward market readiness, and fostering industry partnerships in Maryland. Projects must focus on entrepreneurship, regional economic impact, or collaboration with industry partners providing matching funds. The program expires automatically on June 30, 2028.