An Elkton company was one of five selected to be participate in Advance Maryland.
The Maryland Department of Business and Economic Development and the Economic Alliance of Greater Baltimore (EAGB) announced that Aquafin was selected from 21 applicants.
Advance Maryland is designed to support second-stage companies that are growth-oriented and have moved beyond the start up phase.
Aquafin offers products to repair, protect, waterproof and vapor proof concrete, masonry, brick, and stone..
Other companies selected were Amethyst Technologies (Baltimore County); MRE Technology Solutions (Annapolis); Unleashed Technologies (Columbia); and Parking Panda (Baltimore).
“Companies in the second-stage of growth represent a tremendous opportunity to create jobs and fuel expansion,” said Economic Development Secretary Dominick E. Murray. “We are pleased to partner with the EAGB on this program – the state’s first economic gardening initiative – and want to congratulate all the companies that participated. We look forward to seeing some impressive results over the next year.”
In partnership with the National Center for Economic Gardening, EAGB and the state have established a regional network of research specialists that will be matched with the selected companies.
The research teams will begin interviews to identify each company’s business goals and will then provide each with an action plan focused on core business strategies and management, market research and competitive intelligence, internet presence and search engine optimization and data analysis using Geographic Information Systems.
The selected companies will then be monitored for one year to determine their progress.
“We are pleased with the response to the pilot program and we are excited about filling a much-needed gap in support for second stage companies,” said EAGB COO Jen Meyer.
Second-stage companies play a critical role in job creation and are an integral component in the prosperity and sustainability of local economies, according to a release.
Between the period of 1995 and 2009, second-stage companies represented nearly 11 percent of U.S. resident establishments, yet generated more than 36 percent of jobs and 38 percent of sales.
The Economic Alliance was created to serve as a not-for-profit economic development organization led by a partnership of regional business executives, elected government officials and leaders from higher education focused on fostering business retention and development, job creation, workforce development and new investment throughout the Greater Baltimore region. For more information, visit www.GreaterBaltimore.org.
