Sarah Djamshidi, who guided young startups at Maryland's first technology incubator, has been tapped to direct the Chesapeake Innovation Center in Annapolis.
Executives said she is a talented director who will launch the homeland security incubator on Admiral Cochrane Drive to its next growth stage.
Ms. Djamshidi previously was a director for the University of Maryland's Technology Advancement Program, an incubator that has graduated 60 companies and raised $281 million in venture investments since its founding in 1984.
Now, Ms. Djamshidi has taken the reins of the county-run Chesapeake Innovation Center, which recently renewed its lease for another two years. The county has contributed $480,000 annually to operate the center, which opened in 2003.
As the new executive director, she will balance a portfolio of 14 companies, recruit new technologies and connect startups with potential customers in the homeland security market.
"I can't wait to continue the success of the CIC," Ms. Djamshidi said. "Our goal is to build and work with more companies in the region."
Ms. Djamshidi takes over the post from Robert Hannon, president and chief executive officer of the Anne Arundel Economic Development Corp. who has served as the incubator's director since early last year. In the fall, Mr. Hannon and his team began the search for a new executive director, reaching out to incubators and technology councils throughout the state and into Northern Virginia.
After receiving more than 30 resumes, Mr. Hannon's team narrowed the group down to 10 candidates and Ms. Djamshidi made it to the short list of five, he said.
Ms. Djamshidi's 11 years of business experience with technology firms, along with her training and involvement in entrepreneurial activities made her the best candidate for the job, Mr. Hannon said. He said she also has an "entrepreneurial character" and a high maturity and energy level.
"Everybody spoke to her level of accomplishments and level of self confidence, her level to deal with the higher levels of management and finance," he said.
Mr. Hannon also said he has great confidence the incubator will reach its next growth stage with Ms. Djamshidi at the helm.
Ms. Djamshidi said she was attracted to the job because the CIC is a niche incubator that identifies early stage companies and connects their technologies with corporate partner companies that include ARINC, Athlone Global Security and Northrop Grumman.
Ms. Djamshidi brings to the organization a startup mentality. She said she knows what it's like to run a company, having worked 80-hour weeks to run her own family business. She has nurtured companies such as Innovative Biosensors, helping it secure more than $6 million in financing and graduate from the state incubator into a home in Rockville.
"I definitely get a joy working with technology entrepreneurs and helping them figure out the decisions they have to make," she said. "This is why I am in this business."
New mission
Ms. Djamshidi arrives in Annapolis after a year of transition for the incubator, which has dealt with management turnover and budget woes. After former incubator director Laura Neuman suddenly resigned early last year, Mr. Hannon took over. The plan was to hire a new incubator director last year, but Mr. Hannon said he enjoyed the job of executive director so much he stuck with it.
"I like work too much," he said.
To help balance its budget last year, the Chesapeake Innovation Center cut its space from 27,000 square feet to about 5,300 square feet in a Class A office building at 175 Admiral Cochrane Drive while raising tenant rents. Reducing leased space helped the center work "well within its budget" this year, Mr. Hannon said.
Dinah Adkins, president and CEO of the National Business Incubation Association, said incubators typically seek around 30,000 square feet to house their companies and work to reduce government subsidies and rents for tenants.
She noted one incubator that grew from 10,000 square feet to 120,000 square feet and doesn't rely on any government subsidies. Mr. Hannon said he is exploring the incubator's real estate options for expansion in the same location. He said he hasn't yet figured out the incubator's rent structure.
The incubator also has focused on recruiting "affiliate" companies that pay the incubator for services, but not for rental space. Since January 2007, the incubator has recruited seven affiliate members. The incubator has a total of seven resident companies.
With Ms. Djamshidi as executive director, the incubator also will focus on enhancing its affiliate program. In conjunction with Tekes, a Finnish funding agency, the incubator has helped five Finnish companies learn to do business with U.S. government defense contractors.
"We accepted the challenge of this unique opportunity," Mr. Hannon said.
The right stuff
Observers said they believe Ms. Djamshidi is well equipped to handle the post.
Dean Chang is director of MTECH Ventures, whose initiatives include the Technology Advancement Program, the state's first technology incubator. Ms. Djamshidi played a key role on the state incubator team for five years, he said.
From company "kickoff meetings" to going over each company's business plan and financial status, Ms. Djamshidi was "willing to work hard on behalf of the companies and enjoys seeing their success," he said.
"She certainly has been an asset to the area already," Mr. Chang said. "We're certainly glad she remains in the area."
Joe Hernandez, president and CEO of former state incubator company Innovative Biosensors, said he was planning to base his firm in California, but Ms. Djamshidi and her team played a "very important role in us deciding to stay here."
Ms. Djamshidi developed a strategy for his company, he said. She put together the company's investor presentations and financial models while helping the firm network in the local venture capital world, he said. "Sarah is a very roll-up-your-sleeves and get-to-work kind of person. That's what she did for us," Mr. Hernandez said, adding that "she's a rock star."
"My advice to that (incubator) board is to give Sarah the resources she needs and get out of the way," he said. "She's a go-getter and she'll make it happen."