TEDCO Selects Andy Jones As Managing Director of the Maryland Venture Fund
COLUMBIA, Md. (November 24, 2015) – The Maryland Technology Development Corporation (TEDCO) welcomes entrepreneur and investment expert Andy Jones, who will serve as Managing Director of the Maryland Venture Fund (MVF). In his new role, Andy will be responsible for defining MVF’s strategy and leading team members with the dual objectives of investor returns and economic development for the State of Maryland.
“The Maryland Venture Fund, in combination with TEDCO’s tech transfer and seed-stage funds, gives TEDCO the capability to be the premier early-stage provider of capital in Maryland,” said Newt Fowler, TEDCO board chairman and partner of Womble Carlyle Sandridge and Rice LLP. “TEDCO has a strong management team in place and we believe Andy will play an integral role in the success of MVF.”
“Andy stood out among a pool of exceptionally talented candidates,” said Rob Rosenbaum, president and executive director of TEDCO. “He brings the skills and experience to give valuable strategic direction to our efforts building upon the success and impact of the Maryland Venture Fund. We are excited to have him join our team.”
MVF, previously managed by the former Department of Business and Economic Development, was transferred to TEDCO on October 1, 2015, following the enactment of legislation passed during the 2015 General Assembly. This legislation was initiated by the Augustine Commission in an attempt to consolidate the State’s efforts to provide seed/early-stage business investment. MVF is a regionally-recognized leader in seed and early-stage investing and a national model for State-supported investment programs. With nearly two decades of experience and numerous successful transactions, MVF invests in highly innovative technology companies across a full range of industry sectors including software, communications, cybersecurity, and life sciences companies in the areas of healthcare IT, medical devices and diagnostics. MVF has $100 million under its management and has invested in over 150 technology companies in Maryland.
“I am tremendously excited to lead the Maryland Venture Fund, which is dedicated to supporting innovation and startups in Maryland,” said Andy Jones. “I’m an entrepreneur at heart, and have been on the both sides of the fence as an operating executive and an investor/board member. This was a compelling opportunity for me to pursue my passion for growing privately held businesses.”
Andy Jones has a nearly 30-year business career with a proven track record of building and growing businesses and creating shareholder value. Andy has key experience to bring to his role as Managing Director of the Maryland Venture Fund – 15 years of successful venture capital investing with Grotech and Boulder Ventures, grew a raw startup into a successful exit, and public company M&A experience.
He started his career in technology in the 1980s in the research labs of Motorola. There he put to use his computer science studies and electrical engineering degrees from Cornell developing patents and new technologies for cell phones. Andy received his Masters of Business Administration with a specialization in Finance from the University of Chicago Booth School of Business in 1990. He received his Master of Engineering degree from Cornell University in 1986 and Bachelor of Science from Cornell in 1985, where he studied computer science and majored in electrical engineering.
The Maryland Technology Development Corporation (TEDCO) is the go-to source for entrepreneurial support and guidance for start-ups and early-stage companies engaged in bringing innovative ideas to market. For more than a decade, the organization has provided funding, mentoring and networking opportunities to support Maryland’s innovation ecosystem. While founded by the Maryland General Assembly, TEDCO is an independent entity that makes seed/early-stage investments and manages private capital for angel and venture capital funds. It is frequently ranked as one of the most active seed/early-stage investors in the nation. The organization plays a key role in bringing research created in Maryland’s educational institutions and federal laboratories into the commercial marketplace. For more information on TEDCO and its programs and resources, visit www.TEDCO.md.