New Chief Investment Officer to Lead TEDCO’s Investment Activities
COLUMBIA, Md. (February 24, 2021)—TEDCO, Maryland’s economic engine for technology companies, announced today the appointment of Jack Miner as the chief investment officer. He begins his tenure with TEDCO on March 1, 2021.
“Jack brings many years of venture capital and leadership experience to fill this critical role at TEDCO,” said Troy LeMaile-Stovall, TEDCO’s CEO and executive director. “Leveraging his extensive knowledge of the entrepreneurial and venture capital community, we’re looking forward to the impact he will make in fostering TEDCO’s mission to better serve our entrepreneurs.”
An experienced entrepreneur, venture creation expert, and economic development specialist, Jack Miner is the new chief investment officer to lead TEDCO’s investment activity through the Builder, Seed, and Maryland Venture Funds.
“TEDCO and the State of Maryland have done a great job enabling innovation through the Seed, Builder, and Maryland Venture Funds,” stated Jack Miner, chief investment officer, TEDCO. “TEDCO’s work over nearly 23 years created momentum on which it can provide the necessary funding to ‘lead innovation to market’.”
Miner was the managing director for Cleveland Clinic Ventures, where he oversaw a team focused on its portfolio companies, and led efforts to spin-off new companies. Miner’s team played a pivotal role in developing funding strategies, technology roadmaps, and business models for its portfolio companies.
Prior to Cleveland Clinic Ventures, Miner was the director of the Venture Center at University of Michigan (UM) Tech Transfer. At UM, he launched more than 50 startup companies and worked with a portfolio of more than 300 emerging technologies spanning all industries. Companies from the Tech Transfer portfolio raised billions of dollars over the years, with $700 million in venture capital under his leadership. Prior to this, he had roles within seven different venture capital-backed software companies, where he witnessed the business creation and monetization process of the companies.
TEDCO has carried the “innovation to market” banner for more than 22 years and has added tremendous value to the state’s evolving entrepreneurial ecosystem. Recognized as one of the most active seed/early-stage investors in the nation, TEDCO has a diverse portfolio of more than 400 investments. TEDCO has leveraged more than $1 billion in follow-on venture capital investment in the portfolio of companies supported; and more than 7,800 jobs created at an average salary of $74,700.
“While funding is one small part of the innovation process, its absence is a big problem for early-stage companies,” stated Miner. “Having it here in Maryland, is a tool that helps attract and retain the best and brightest and I look forward to helping the team enable the use of this resource. The funding is a real asset that should not be underestimated in its potential impact, and our team will do everything we can to not only be good stewards of the money but ensure that it continues to grow.”
“We also want to acknowledge and offer our gratitude to the TEDCO investment team staff and Elizabeth Good Mazhari, our interim managing director, Maryland Venture Fund, whose leadership during this period has set a foundation for TEDCO to flourish in the years to come,” stated LeMaile-Stovall.
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