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Whiteford, Taylor & Preston Announced as Sustaining Sponsor of the Chesapeake Innovation CenterANNAPOLIS, MD (October 7, 2003) - Whiteford, Taylor & Preston has become a Sustaining Sponsor of the Chesapeake Innovation Center LLC (CIC), the nation's first incubator focusing on homeland security technologies. Sustaining Sponsors donate a minimum initial contribution of $25,000 and an annual contribution of $5,000 to help fund new business formation in Anne Arundel County, Maryland. "I applaud Whiteford, Taylor & Preston for their generous contribution to the CIC," said Anne Arundel County Executive Janet S. Owens. "Their expertise in technology law will be a valuable resource for the CIC client companies." The CIC is a program of the Anne Arundel Economic Development Corporation (AAEDC) and is funded, in part, by private sponsors like Whiteford Taylor & Preston. The sponsorship program was developed to encourage support from the business community and to foster business development in the homeland security/defense, communications and information technology market sectors. Whiteford, Taylor & Preston is one of Maryland's largest law firms with over 150 lawyers. Whiteford's technology lawyers work closely with software, Internet, IT, high tech and other growth-oriented businesses to help them get started, protect their ideas and innovations, find financing and structure and grow their businesses. S. Keith Moulsdale, a partner with Whiteford, Taylor & Preston's Technology & Intellectual Property Group and member of CIC's Advisory Committee, said, "The CIC is a significant economic development opportunity for Anne Arundel County and the region's startup homeland security technology companies, and we are pleased to have the opportunity to contribute to their success. By donating both hard dollars to the CIC and committing extensive legal services to the CIC's resident companies, WT&P hopes to enable incubator companies to focus on developing products and building markets." Funding support from sponsors helps the CIC provide value-added services that attract and accelerate the entrance of early stage companies to the commercial marketplace. Value-added services are based on a proven model of incubation and include investor prep and access to an investor network, business and technical resources, entrepreneur education and access to CIC partners like the NSA, Innovent Nokia and regional academic institutions. During the first 5 months of operation, the CIC has accepted 7 client companies who were competitively selected from over 100 applicants. The AAEDC and the CIC anticipate full capacity by the summer of 2004. For application and sponsorship information, visit www.cic-tech.org or call the CIC at 410-224-2030.
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