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

This bill creates two new funding programs within the Maryland Technology Development Corporation to support technology-based startups and university-led innovation projects. The first program offers $50,000 grants to startups located in the Baltimore-Columbia-Towson area, while the second pilot program provides incentives for technology businesses founded by students or faculty at local universities. To qualify for the university program, participating schools must contribute up to $50,000 annually, and projects must focus on creating new businesses, commercializing products, or fostering inclusive entrepreneurial development. The legislation also removes a previous requirement for funding a telework assistance grant program and sets aside $1.5 million for the university pilot program for fiscal years 2025 and 2026.