The governor has allotted $16 million in initial funding to support the program that will be managed by the Maryland Technology Development Corporation, a state-backed venture funded organization created to support public-private partnership projects throughout the state. Maryland has been inspired by similar programs in other tech hubs across the nation and intends to grow its tech workforce and IT sector that generates $42 billion in economic activity and the life science sector that generates $17.7 billion in economic activity.