TEDCO is an independent entity, established by the Maryland General Assembly in 1998, to facilitate the creation of businesses and support their growth in all regions of the State. TEDCO’s role is to be Maryland’s leading source of funding for early-stage, technology-based business; to provide other business assistance to entrepreneurs throughout the State; and to foster technology transfer and commercialization from the State’s universities and Federal labs. TEDCO is leading innovation to market in Maryland and contributing to a robust entrepreneurial ecosystem in the State through its various programs and funds.
The Maryland Venture Fund (“MVF” or the “Fund”) is an evergreen venture capital fund dedicated to investing in and growing the next generation of outstanding, technology-based businesses in Maryland. MVF partners with exceptional entrepreneurs and top-tier investment partners to help build sustainable, high-growth companies in Maryland. Assets under management total more than $100 million including direct investments and a Fund of Funds portfolio. The objective of the Fund is twofold: (i) to provide financial returns on its investments, and (ii) to generate an economic return to the State in the form of job creation, capital investment, attraction of additional capital to the State, and other contributions to the State’s technology ecosystem.
The Managing Director, Investments is responsible for defining strategy and leading team members with the dual objectives of investor returns and economic impact for the State of Maryland. This individual will provide thought leadership, the development of investment themes, structuring and execution of investments, and proactive management of portfolio companies. This individual will be charged with the operational and financial management of all the investment programs within TEDCO. As part of the Executive Leadership Team (ELT), this role will assist in TEDCO’s ecosystem building efforts as well as ensuring the optimization of TEDCO resources to meet the ecosystem building effort. This position reports to the Executive Director/CEO of TEDCO.
Responsibilities will include:
1. Lead the Maryland Venture Fund (MVF), Builder Fund and Seed Fund teams and direct the investment strategy, creating a diversified portfolio of companies in Maryland – leveraging the “Qualified Businesses” as defined in the TEDCO statute.
2. Ensure the MVF portfolio meets the dual objectives of financial return and economic impact.
3. Ensure the Seed Fund and Builder Fund portfolio companies meet the objectives set forth in the TEDCO regulations and statute.
4. Manage TEDCO’s relationship with the Maryland State Retirement and Pension System and lead TEDCO’s management of the Maryland Innovation Opportunity Fund I, LLC (MIOF).
5. Ensure the Venture Capital Limited Partner (VCLP) program meets regulations and fiscal goals.
6. Ensure compliance with Maryland Statue, applicable regulations, and other applicable laws and regulations at the state and federal level.
7. Organize and oversee an effective & efficient end-to-end investment process from opportunities through investment decisions and post-investment activities across funds including overall portfolio management and appropriate internal reporting, resulting in the creation of overarching investment theses.
8. Working with the Maryland Office of the Attorney General, ensure compliance with state and federal laws and regulations governing: (1) TEDCO and its investing entities, (2) the investments made by TEDCO and its affiliated investing entities, (3) TEDCO’s activities in connection with securities transactions, and (4) the management of MIOF and MIOF’s investments.
9. Lead, mentor, and develop a team of impact investment professionals who functionally operate the various investment funds:
a. Build a venture network and maintain ongoing communication with investors and relevant service providers.
b. Ensure the MVF can lead investments that will catalyze syndicates among its venture network.
c. Serve as a board observer for selected portfolio companies.
d. Proactively find new prospective deals by building relationships with entrepreneurs, incubators, and other stakeholders of the Maryland innovation economy.
e. Perform due diligence such as customer and management references, market sizing and mapping, industry research, competitive analysis, and business/financial assessments.
f. Generate individual investment memoranda and other relevant presentation materials associated with the approval and memorialization of investment decisions
g. Work with portfolio companies as required to enhance operations and performance, report on portfolio companies’ performance and support them on ad hoc projects.
h. Produce statutorily mandated and ad hoc reports associated with the respective funds.
i. Must be willing to not just manage but share in the workload across the team, including personally performing duties associated with investing, procurement and government contracting.
j. Must be able to independently perform the necessary due diligence and research without outside influence or assistance.
10. Represent TEDCO Investment Funds in interactions with legislators, testify legislative hearings on matters related to the Funds, generate thought leadership in the ecosystem through public speaking/presentations & publications as required.
11. As a member of the TEDCO senior leadership team contribute to the generation and execution of overarching company mission, vision, values, strategy, and priority improvement & innovation opportunities with a focus on efforts.
12. Effectively work in an environment with frequently changing priorities, deadlines, and workloads that can be variable for long periods of time which necessitates the need to balance pace with team demands.
13. Meet established deadlines and handle multiple customer service demands from internal and external customers, within set expectations for service excellence. Must be able to perform portfolio management activities.
14. Effectively communicate and provide positive customer service to every internal and external customer, including customers who may be demanding or otherwise challenging.
· Bachelor’s Degree in STEM (science, technology, engineering and math) or quantitative field (e.g., Finance, Economics, Business, or Accounting); advanced degree in STEM, graduate degree in business or law preferred.
· Minimum of 5 years leading and managing venture investments or leading operations for a venture capital fund.
· Minimum of 3 years’ experience engaging and interacting with state legislators and local government.
· Deep knowledge and experience in the operations of government and social impact investing.
· Experience in venture-backed startup, corporate finance, social impact investing and/or strategy consulting a plus.
· Combination of private and public sector experience preferred.
Knowledge, Skills and Abilities
1. Excellent interpersonal skills and ability to drive projects cross-functionally.
2. Ability to effectively interact in matrixed, quasi-state agency environment.
3. Strong financial, quantitative and analytical skills.
4. Ability to review and draft legal documentation as they pertain to venture capital investments
5. Ability to manage multiple stakeholders in both public and private sectors
6. Excellent communication skills, both written and verbal, especially in presentation to committees.
7. Strong self-motivation as evidenced by past business goal achievement.
8. Well-organized with strong time-management skills providing the ability to manage multiple projects concurrently.
9. Proven understanding of the relationship between venture investing in startups and creating impact-oriented outcomes for economic development.
10. Strong PC skills, Microsoft Word, Microsoft Outlook, Excel, PowerPoint, relevant venture capital databases & related applications.
Compensation commensurate with experience.
Applications will be considered as they are received.
The position will remain open until filled.
Job Type: Full-time
Pay: $0.00 per year
- Dental insurance
- Disability insurance
- Employee assistance program
- Flexible schedule
- Health insurance
- Life insurance
- Paid time off
- Professional development assistance
- Retirement plan
- Vision insurance
- Monday to Friday
- Bonus pay
- Bachelor’s (Preferred)
- lead/manage vent. invest. or lead opers. vent. capital fund: 5 years (Preferred)
- engaging & interacting w/state legislators & local gov’t.: 3 years (Preferred)
- One location
This Company Describes Its Culture as:
- Detail-oriented — quality and precision-focused
- Innovative — innovative and risk-taking
- Outcome-oriented — results-focused with strong performance culture
- People-oriented — supportive and fairness-focused
- Team-oriented — cooperative and collaborative
- Waiting period may apply
- Only full-time employees eligible
- Temporarily due to COVID-19
If interested, please apply here.