States – Maryland

Maryland Resources

Chesapeake Bay Seed Capital Fund

Jolene Gurevich
Manager, Mtech Ventures & Chesapeake Bay Seed Capital Fund
301.405.3906

Purpose of Initiative

“We invest $100,000-$500,000 in seed and Series A rounds of funding for direct commercialization efforts. We also co-invest with other funds in situations where our funding can leverage additional resources for the startup. We are looking for companies that:

  • Have a product prototype
  • Can demonstrate product-market fit
  • Have a thoughtful commercialization plan
  • And can demonstrate a quantifiable reduction in nitrogen, phosphorous and/or sediment in the Chesapeake Bay as a result of their solution”

Application Process

Applications are accepted on a rolling basis and may be completed online.

Award Details

We invest $100,000-$500,000 in seed and Series A rounds of funding for direct commercialization efforts.

Builder Fund

Angela Singleton
Co-Manager, Pre-Seed Builder Fund
asingleton@tedco.md

Mckeever (Mac) Conwell II
Co-Manager, Pre-Seed Builder Fund
mconwell@tedco.md

Purpose of Initiative

“The Pre-seed Builder Fund (or Builder Fund) was created to financially and operationally support the development of startup companies run by entrepreneurs who demonstrate a socially or economically disadvantaged background that hinders access to traditional forms of capital and executive networks at the pre-seed stage. Companies selected for a Builder Fund investment will also receive executive support to better position the company to receive follow-on, professional investment in 12–18 months. The Builder Fund differentiates itself by identifying exceptional investment opportunities in markets that are often overlooked by traditional funding organizations, by advancing the development of those opportunities, and by making valuable introductions that can lead to the next stage of investment.  This program supports TEDCO’s overall mission of discovering, investing in, and helping to build great, Maryland-based companies that grow and last.”

“The Builder Fund is seeking scalable, startup companies (typically less than 2 years old) commercializing a product or technology.  The company must have founders who can demonstrate a lack of access to conventional funding due to a socially or economically disadvantaged status and must have a principal place of business in Maryland.  Companies should welcome active involvement from TEDCO’s network of outsourced executives. Companies receiving an investment are required to have at least one founding manager working in the company on a full-time basis.”

Application Process

“The Builder Fund makes investment decisions twice a year. Application deadlines are July 15th for a cohort that will run in the fall (Sept. – Dec.) and January 15th for a similar cohort that will run in the spring (Mar. – Jun.).

Entrepreneurs can apply for the program by completing an application and submitting a short (2-page) executive summary. To be competitive for the program, applicants are encouraged to utilize resources such as PitchCreator to ensure that their executive summary includes the needed information and is presented in a way that is generally required by investors. This program is highly competitive. Applicants are strongly encouraged to spend time developing a solid business model and executive summary before applying. TEDCO has a variety of resources available to help applicants prepare for an application submission.”

Award Details

$50K cash as well as $50K in-kind per deal.

Rural Business Innovation Initiative

Rural Business Innovation Initiative Mentors
South Central Region
(Charles, Calvert, St. Mary’s)
Tiffany Davis
240-412-2435
tdavis@tedco.md 

Western Region
(Frederick, Washington, Allegany, Garrett)
Chuck Ernst
301-491-7034
cernst@tedco.md

Upper Shore Region
(Cecil, Harford, Kent and Queen Anne’s Counties,Carroll, North Baltimore)
Jack Schammel
443-617-7614
jschammel@tedco.md 

Lower Shore Region
(Talbot, Caroline, Dorchester, Wicomico, Somerset and Worcester Counties)
Bill Bernard
443-786-4471
bbernard@tedco.md

Purpose of Initiative

“RBI2 assists start up and small technology-based businesses in the rural areas of Maryland to advance the company to a higher level of success. The program offers professional ongoing mentoring and targeted projects to help companies succeed at no cost to the company.

The Rural Business Innovation Initiative (RBI2) is designed to provide technical and business assistance to small companies and early-stage technology-based companies in rural Maryland as defined by the Rural Maryland Council. The goal of the program is to help companies overcome business and technical hurdles and advance to the next growth level. There is no cost to the company to receive assistance.

Assistance to companies is provided by a regional RBI2 mentor. Each region has a local RBI2 business mentor, whose job is to evaluate potential clients, provide resources, consulting services, and technical management assistance. Mentors work closely with company clients at their business.

RBI2 mentors will meet with all companies for an initial assessment. Companies qualified to receive mentoring and project assistance must meet the following criteria:

–  Must be involved in developing new technologies/products or utilizing technology to create new or expand their business
–  Must have fewer than 16 employees
–  Annual revenues $1 million or less
–  Age of company not a factor
–  Good standing with MD Dept. of Taxation & Assessments”

Application Process

There is no application process. Companies should contact the mentor in their region.

Award Details

Examples of company assistance are:

– Business model or strategy
– Market strategy/analysis and competitive analysis
Funding opportunities and introductions
– Financial analysis
– Business plan or grant review
– Intellectual property
– Prototype development
– Manufacturing problem solving

Technology Development Corporation 

George M. Davis
Chief Executive Officer
Phone: (410) 740.9442
Email: gdavis@tedco.md

Purpose of Initiative

The Technology Development Corporation (TEDCO) is an independent organization created by the Maryland State Legislature to facilitate the transfer and commercialization of technology from Maryland’s research universities and federal labs into the marketplace, and to assist in the creation and growth of technology-based businesses in all regions of the State. TEDCO provides entrepreneurial business assistance and seed funding for the development of startup companies in Maryland’s innovation economy.

TEDCO provides a number of relevant programs for different stages of commercialization, including idea, start-up, and expansion. Relevant programs include:

Eligibility

Eligibility varies among the programs above; please see individual links to determine eligibility status for each.

Application Process

The application process is specific to each of the programs above. Please see individual program links for guidelines.

Award Details

Award amounts vary for each of the above programs. The program links provided include funding amounts specific to each program, as available.

Updated March 2018 by Kristin Stiner

HEADQUARTERS

3161 Union Street
N. Chili, NY 14514

MAILING ADDRESS

Dawnbreaker, Inc.
2117 Buffalo Rd., Suite 193
Rochester, NY 14624

PHONE

(585) 594-0025
Fax: (585) 594-8623