Meet the Maryland Venture Fund Authority’s new appointees

In 2015, TEDCO absorbed an evergreen venture capital fund from the former Maryland Department of Business and Economic Development (DBED), which became the Maryland Department of Commerce that year.

What is now the Maryland Venture Fund (MVF) is a 29-year-old sector-agnostic capital fund that this week welcomed three new members to its supervisory Maryland Venture Fund Authority as it gears up for the next fiscal year.

“TEDCO is excited to welcome these new members to the Maryland Venture Fund Authority,” said Jack Miner, TEDCO’s chief investment officer, in a press release. “Through their efforts, we know FY24 will be productive, allowing for the continued growth, development and diversification of Maryland’s economic development.”

The authority consists of nine members in total who advise and consult with TEDCO on the administration of its InvestMaryland program. That initiative started as a challenge before the Maryland Department of Commerce took on its new name and TEDCO absorbed the fund’s operations.

Back when the venture fund operated as a state-run economic development tool, The Washington Post noted concerns about potential political interference and favoritism due to its close-knit funding processes. TEDCO has since grown the fund and established the aforementioned authority to oversee it.

Among the new appointees joining TEDCO to manage the $110 million in assets under the venture fund are individuals with diverse backgrounds, including expertise in finance and business development. According to a recent annual report, in FY21, MVF invested a total of $20,602,500 in businesses that met its criteria for qualification in Maryland.

Here are the backgrounds and roles of the three new appointees, with language taken from TEDCO’s announcement:

• “Bei Ma is the founder and CEO of Pinea Group, LLC since 2019. The company provides global business development, market access, regulatory, clinical and fundraising services for life sciences, biotech, pharma, digital health, MedTech and other medical organizations. This support allows these organizations to deliver patient-centric innovative solutions globally. Previously, Ma served as vice president of Global Healthcare Business Development at the British Standards Institution (BSI) Group and oversaw International Business Development at the United States Pharmacopeial Convention (USP) beforehand.”
• “Vishal Amin is a seasoned executive and entrepreneur with global aerospace and defense experience. Currently, Amin is an Advisory Board member with a private equity firm. He is also an aerospace regulatory and policy expert with the Science, Space and Tech Committee. Amin just finished serving two terms on the Maryland Aviation Commission as a commissioner for the Maryland Department of Transportation. In this position, Amin provided leadership and advice to the governor and secretary of transportation, allowing regional aviation to continue being an economic driver for the region. Prior to this role, Amin served as the head of Government and Industry Relations for Xwing where he was responsible for leading key government and regulatory body relationships, international compliance, capital raising, business development and more. Amin is a commercial pilot and a certified air traffic controller and served in the U.S. Air Force.”
• “Ricardo Alvarado is the co-founder and head of product for a venture capital-backed fintech startup currently in stealth. Before this position, Alvarado held several senior leadership positions in entrepreneurial ventures, including a fintech unicorn, a venture capital-backed startup and as a founder for a mobile app which he built himself. Prior to his entrepreneurial ventures, he spent almost eight years at Goldman Sachs and four years in consulting. Alvarado is a senior leader and change agent, an expert in business strategy, product, digital marketing and fintech.”

TEDCO’s announcement also included the following information about the authority’s board:

• “Grace Garry [chair] is a serial entrepreneur and finance professional. Garry is a general partner with 210 Venture Studios, a venture studio that was spun out of Olive, an automation company working to create the internet of healthcare. Garry’s deep experience includes direct investments, CFO leadership, equity and debt raises, and mergers and acquisitions across a range of industries. She was a founding venture partner with Next Gen Angels (Baltimore) and is a founding partner at Paloma Consulting Group.”
• “Michael Thielke [secretary] is the executive director of the Eastern Shore Entrepreneurship Center (“Center”), a private-sector nonprofit organization created in response to the detrimental economic impact caused by the closing of a Black & Decker manufacturing facility. The Center focuses on commercializing innovations and technologies within the agriculture and aquaculture industries as well as scaling farmers and value-add producers in the region.
• “Renée Winsky [vice chair] is the immediate past president and CEO of Leadership Maryland. Prior to joining Leadership Maryland, she served as executive director of the Chesapeake Innovation Center, CEO of the Tech Council of Maryland, and as president and executive director of the Maryland Technology Development Corporation (TEDCO). Winsky continues to sit on the board of directors of the Maryland Economic Development Association (MEDA), Service Coordination, Inc., the Maryland School for the Blind, the Maryland Innovation Initiative, Maryland E-Nnovation Initiative Fund and Maryland Venture Fund Authorities. Additionally, she serves as a senior leadership development consultant with McDonell Consulting Group/Sandler Training and runs her own private consulting firm, Bay One Group, LLC.”

Learn more about the rest of the board via TEDCO’s announcement.