County Executive James T. Smith Jr.
400 Washington Avenue
Old Courthouse Mezzanine
Towson, Maryland 21204
410-887-2450
E-mail Address: jimsmith@baltimorecountymd.gov
Dear Friends of Baltimore County,
In today’s global economy, learning best practices from other nations is an important element of taking care of business at home. Therefore, in early October, I traveled to Germany on an economic development mission to the University of Oldenburg. I was joined by representatives of Baltimore County’s Department of Economic Development, the University of Maryland, Baltimore County’s (UMBC) Technology Incubator and Research Institute, Towson University’s Global Business Center, and the Maryland Department of Business.
The mission was at the invitation of the University of Oldenburg, which has a 20-year strategic partnership with Towson University. In Baltimore County, Towson University and UMBC are both homes to business incubators. Business incubators affiliated with universities create strong, successful companies thanks to the synergies they create among companies, campus researchers, students, and entrepreneurs. The exchange of ideas from campus to companies and companies to campus results in new ideas, inventions, and discoveries. The resources our business incubators provide enable these ideas to move into the commercial marketplace.
We have seen tremendous results from our business incubators. A recent study concluded that the UMBC technology incubator alone is responsible for $2 million in annual tax revenues to Baltimore County and other jurisdictions, and more than $6 million in tax revenues to the State. The study calculated that for every $1 invested, Baltimore County and other local governments received $7 and the State $11, an impressive rate of return by any measure
Technology is changing the world we live in at breakneck speed, shrinking the historical impact of geographic distance through easy access to real-time communication. There is much to learn from our partners in Germany and many opportunities are open to us as a result of these partnerships. While in Germany, the Baltimore County delegation visited five business incubators, ranging from a technology business incubator in Oldenburg to a Game Developer Business Center. These meetings not only allowed Baltimore County’s incubators to learn from a variety of international incubators and businesses, but laid the groundwork for a memoranda of understanding between a large, successful business incubator in Oldenburg and the incubators at UMBC and Towson University.
Baltimore County’s continued prosperity depends on our ability to foster new economic enterprises and to maintain a competitive workforce that anticipates the needs of the global economy. This trip provided Baltimore County with a way to learn valuable lessons about how to succeed and thrive in that global economy. Baltimore County is committed to giving our economy the support and resources it needs to thrive in this world wide marketplace, and we will continue to look for ways to help our marketplace grow and prosper. James T. Smith
County Executive
Revised November 7, 2007
Courthouse 