Maryland Strengthens International Partnerships

Maryland economic development officials are working with South Korean venture capitalists and other investment sources to spark greater investment in Maryland biotech companies.

With venture capitalists hesitant to invest in biotechnology companies because of the risks and costs involved in bringing drugs to market, and government support limited, county and state economic development officials have turned to colleagues from across the globe for help in bringing more investments to Maryland.

"We hope this becomes a tradition of hands across the water," said John W. Holaday, chairman of the Maryland Bioscience Alliance and co-chairman of the U.S.-Korea Bio-Business & Partnering Forum, which was held earlier this week.

This is the sort of partnership I have been talking about for sometime. We need to do more of this. Congratulations Maryland economic developers.

I worked in Korea for almost two years in the early 1980s. My advice on this one is to be sure that you have a sound agreement on both the process and outcomes of this collaborative project. Don’t leave much to imagination. Nail down the details of what parties expect of each other, and who owns what at the end. Legal contracts are a pain in Korea—they always have been.

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