Duncan Honors Maryland Technology Development Center Class of 2000

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For Immediate Release: October 12, 2000

Contact: Kristina Ellis, Department of Economic Development, 240-777-2024
Duc Duong, Maryland Technology Development Center, 240-453-6200

DUNCAN HONORS MARYLAND
TECHNOLOGY DEVELOPMENT
CENTER CLASS OF 2000

County Executive Douglas M. Duncan and Technology Council of Maryland President Dyan Brasington today honored five technology companies graduating from the Maryland Technology Development Center (MTDC) in Rockville. The companies honored today were Avalon Pharmaceuticals, Inc.; IMACOM; Neurologic, Inc.; Spectrum International, Inc.; and Tetracore LLC. The MTDC is the County's "incubator" facility opened in January 1999 to help small and start-up technology companies succeed.

"The growth and success of these five companies and the Maryland Technology Development Center is an example of how important and effective an incubator facility can be in helping early-stage and start-up technology companies grow," said Duncan. "I am proud of them and pleased to know that all five have chosen to remain right here in the County, one in Gaithersburg and two in Rockville."

The MTDC is a joint venture between Montgomery County and the Maryland Economic Development Corporation (MEDCO). The state-of-the-art, 52,000 square foot incubator was built with MEDCO-issued bonds, a $4 million grant from the State of Maryland, and a $1 million donation by Montgomery County of the 5-acre site. The County also assists with the ongoing, day-to-day operation of the Center through an annual grant.

"The Technology Council of Maryland, in its role as manager of the MTDC, is very proud to have helped in the success of the companies graduating today, and we look forward to helping many more early-stage IT and biotech companies achieve similar success in the near future," said Brasington.

The first County "incubator facility" opened in September 1993 in leased office space about three miles from the current MTDC and remained there for more than five years, until it moved to its current location. Twenty-eight companies have participated in the incubator program since its inception. The first four companies that graduated from the original incubator - NextLinx, KBM Group, Visual Networks, and Zero & One Engineering - have created more than 350 high-paying jobs and have combined revenues for fiscal year 2000 of over $160 million.

Four companies have already filled the space vacated by today's graduating companies. The four new tenants of the MTDC are TelData Networks, ecGlobal Technologies, Aptus Genomics and Emerging Technology Partners.

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