This past session, we created the Maryland Innovation Initiative – a partnership between Johns Hopkins, Morgan State University, the University of Maryland’s campuses and your state government, designed to transfer 40 technologies out of the lab and into the economy to create jobs within a year.

On Friday, the Board of Regents took a big step forward and granted final approval for a new policy that will give faculty credit for patents and commercialization when they are being considered for tenure or promotion.

Why is this policy shift important?

In Maryland, we rank number one in entrepreneurship and innovation. We have the most Ph.D.’s per capita, the best school system in the country and we’re number one in research and development per capita.

Together, we’re making college more affordable, accessible and cost-effective. From 2008 to 2012, we’ve led the nation in holding down college costs with the lowest percentage increase in the nation. Our institutions are more affordable than ever, our students are enjoying greater academic success and our student achievement gaps continue to narrow.

But when it comes to transferring new technologies and ideas into the marketplace we rank twentieth. We can and must do better.

When we are able to transfer technology into the marketplace, we create jobs. We create companies like Google and Under Armour. And we create products that feed, fuel and heal our planet.

Thanks to everyone at the University System for developing this new policy. We look forward to continuing to work with you on this important project.

Martin O'Malley is the Governor of Maryland. He writes a regular blog for his official website.