Maryland
State Resources
Known as the Old Line State, Maryland is the birthplace of the Star-Spangled Banner. Given its location on the iconic Chesapeake Bay with proximity to Washington, D.C., the state is home to numerous military installations, including several major bases that support all branches of the U.S. military and government agencies. U.S. Air Force Joint Base Andrews, the U.S. Army’s Aberdeen Proving Ground, Fort Detrick, and Fort George G. Meade all call Maryland home, along with key marine facilities like the Naval Air Station Patuxent River, the U.S. Naval Academy, and the U.S. Coast Guard Yard. NASA’s premier space flight complex, Goddard Space Flight Center, is also located in Maryland. The state’s primary economic development agency is the Maryland Department of Commerce. Its mission is to “stimulate private investment and create jobs by attracting new businesses, encouraging the expansion and retention of existing companies, and providing workforce training and financial assistance to Maryland companies.”
Maryland Industrial Partnerships (MIPS) Program
The Maryland Industrial Partnerships (MIPS) program provides funding, matched by participating companies, for university-based research projects that help companies develop new products. This means that for every dollar the MIPS program provides the University, the company must provide an equivalent amount. The program is administered at the University of Maryland, College Park, and connects the resources of Maryland public universities to Maryland businesses through matching funds initiatives. The maximum award available is $100,000 per year for large and small companies. For start-ups the maximum award is $90,000. Companies can use these resources to leverage the facilities, resources and expertise within Maryland’s public universities to create new products and opportunities.
TEDCO SBIR/STTR Matching Funds
The Maryland Technology Development Corporation (TEDCO) operates as an independent instrumentality of the State of Maryland, and grants matching funds for SBIR/STTR awards. Subject to the availability of funds, TEDCO will grant up to $25,000 for companies winning a Phase I award and up to $75,000 for Phase II SBIR/STTR awards.
TEDCO Concept Capital
Concept Capital was created to provide flexible funding and specialized support to early-stage, underrepresented entrepreneurs in Maryland, with a focus on socially and economically disadvantaged and rural-based founders. Concept Capital offers convertible notes ranging from $25,000 to $50,000 for Maryland-based businesses founded within the previous 7 years that is either located in a rural or disadvantaged community, or to a socially and economically disadvantaged individual (SEDI) – which includes minority, disabled, and/or female founders. A convertible note is a type of short-term debt that can be converted into equity later.
Maryland Stem Cell Research Fund (MSCRF)
Maryland Stem Cell Research Fund (MSCRF) was established to promote state-funded human stem cell research and medical treatments through grants to public and private entities in the state. The fund offers seven programs to accelerate discovery and commercialization of human stem cell-based technologies in Maryland, including a Commercialization Program. This program supports translational activities necessary to advance technologies with significant commercial potential to a clinical-stage or to market, including those that are therapeutic, diagnostic, enabling/supportive of human stem cells, or involve human stem cell derivatives. The MSCRF is currently budgeted to commit up to $15.5 million, in aggregate, in FY 2026, and the number of grants awarded depends on the quality, size and mix of applications received. Commercialization awards are capped at $400,000 unless the applicant proposes a collaboration with a research institution in Maryland, under which terms an additional $100,000 of ‘Second-tier Funding’ may be requested for a total award of $500,000. Commercialization projects must be completed within 12 months of the date of the award.
MSCRF also offers a Manufacturing Assistance Program, which provides 1:1 matching funding for organizations that wish to advance Good Manufacturing Practice (GMP) production of their stem cell therapy products in the State of Maryland. Funds of up to $1 million may be made under this program directly to the company/organization.
