Maryland is one of the smallest in terms of area but one of the most densely populated states of the United States. It has the highest median household income, making it the wealthiest state in the country. The state's largest city is Baltimore, named after George Calvert, the first Lord Baltimore and the first English proprietor of the then-Maryland colonial grant in 1632.
In 2014, Maryland was ranked first in "Entrepreneurship and Innovation" by the U.S. Department of Commerce for the third year in a row. It is also number one in university R&D dollar spend and ranks first for concentration of businesses and jobs in science, technology, engineering, and mathematics.
Information technology, telecommunications, and aerospace and defense are leading forces behind Maryland's economic growth. In the biotechnology area, Maryland is a noted leader and is at the center in the mapping of the human genome and commercial applications that result from its research. It is also a significant research and development hub for healthcare and healthcare IT.
Within information technology, one of Maryland’s strongest sectors is cyber security. This is aided by the nearby presence of the NSA and the Department of Defense. Both organizations have an enormous amount of brain power and resources, and actively fund research and development. The Maryland cyber security ecosystem is further aided by a number of recent large scale exits.
A community of local venture and private equity companies are active in seed, early, and late stage financing. There are also a number of technology councils, incubators, and accelerators that help young entrepreneurs and start-up companies. If you look at who is funding innovation, it is increasingly venture capital firms as opposed to large corporations. Apart from these VC and PE sectors, this Roundtable also discusses opportunities in local real estate, liquid alternatives, structured note investing, and showcases how local multi-family offices achieve yields for the clients and avoid going into “returnless risk.”
This Opalesque Roundtable, sponsored by Arthur Bell CPAs, took place in June 2015 in Baltimore with:
- John Avirett – Greenspring Associates
- Arthur Bell – Arthur Bell CPAs
- Tom Biddison – Cornerstone Advisory
- Katy Kaminski – Campbell & Company
- Pace Kessenich – WMS Partners
- Corey McLaughlin – Arthur Bell CPAs
- Gene Parker – Continental Realty Corporation
- Jason Tagler – Camden Partners
The group also discussed:
- How to create income strategies with discounted cash flows and structured notes
- Update on the 40 Act space and liquid alternatives:
- Issues sponsors should be careful about
- How 40 Acts differ from traditional funds
- Why more institutional investors invest in 40 Acts
- Minimums for starting 40 Act funds
- How to get 12 - 15 IRR in real estate
- Are the FASB valuation rules still an issue today?
- What’s really required to “institutionalize” a hedge fund or CTA?
- What investors are looking for when choosing alternative investments
- Investor perspectives on the active-passive discussion
- What characteristics are seeders looking for in an entrepreneur?
- Alternatives coming of age: How founders can best transition out and ensure continuity of their business.
Enjoy!
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