The Maryland Technology Development Corporation (TEDCO), an independent entity, was established by the Maryland General Assembly in 1998 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. In 2008, for the fifth consecutive year, Entrepreneur magazine ranked TEDCO #1 as the most active investor in seed/early-stage companies in the nation.

TEDCO’s mission is to:

• Support transferring to the private sector and commercializing the results and products of scientific research and development conducted by colleges and universities and the federal laboratories in the State of Maryland.
• Assist in the commercialization of technology developed in the private sector.
  
• Foster the commercialization of research and development to create and sustain businesses throughout all regions of the State.
  
• Promote entrepreneurship and the creation of jobs in technology-related industry by establishing and supporting effective business incubators throughout the State that provide adequate physical space and programs to increase or accelerate business success in the field of technology.

TEDCO’s role is to be Maryland’s leading source of funding for seed capital and entrepreneurial business assistance for the development, transfer and commercialization of technology.

The results of TEDCO’s seed-stage funding strategy are substantial. Over 100 Maryland Technology Transfer Fund (MTTF) companies have completed their projects, With TEDCO’s support these companies have collectively raised downstream funding from venture and angel investors, government grants (e.g. NIH, SBIR), private placements, product sales, etc., for a leverage of the State’s investments through TEDCO of over $32 to $1.

The following programs illustrate the use of the funds managed by TEDCO:

• Applied Research Development Project (ARDP): The ARDP awards funding to Maryland’s Historically Black Colleges, Universities, and minority serving institutions (Bowie State University, Coppin State University, Morgan State University, Sojourner-Douglass College, and the University of Maryland Eastern Shore) to increase research capacity by meeting the biotechnological needs of the U.S. Army while providing collaborate opportunities for Maryland minority-owned businesses.
• Fort Detrick Technology Transfer Initiative (FDTTI): FDTTI provides a U.S. small business up to $50,000 for transfer of medical technology related to the U.S. Army Medical Research and Materiel Command. Both spin-in and spin-out projects are eligible. Funds are to be used to defray direct costs of further developing an early-stage technology.
• Incubator Development Fund: This fund is a loan program designed to support the capital needs of developing a new incubator facility or renovating an existing facility. The funding leverages other private and public investment.
• Incubator Feasibility Study Grant Program: The Incubator Feasibility Study Grant Program is designed to assist higher education institutions and local economic development organizations in creating and expanding technology business incubators. The grant funds are used to hire a consultant to complete a feasibility study for a technology incubator. TEDCO provides matching grant dollars up to $30,000 per study.
• Intensive Business Assistance Program: This program promotes the growth of technology companies in the State of Maryland through support of business incubators. Each of the 19 technology incubators receives an annual grant, based on a Scope of Work, to provide targeted business assistance services to their tenants and affiliates.
• Maryland Minority R&D Initiative (MMRDI): MMRDI is specifically intended to empower minority entrepreneurs to more effectively compete for the highly selective Small Business Innovative Research and Small Business Technology Transfer (SBIR/STTR) federal grant awards. MMRDI provides assistance in the form of proposal reviews, access to and an understanding of the SBIR/STTR process, and business counseling.
• Maryland Stem Cell Research Fund (MSCRF): MSCRF provides a variety of grant programs for human stem cell research in the State of Maryland, including: Investigator-Initiated Grants, Exploratory Grants, and Post-Doctoral Fellowships. Maryland-based organizations of all types are eligible for the grants. Such organizations include public and private, for-profit and nonprofit, universities, colleges, research institutes, companies, medical centers and others. Funding of $55,000 to $500,000 a year is available. For more information please go to www.mscrf.org.
• Maryland Technology Transfer Fund (MTTF): MTTF provides up to $75,000 as a reimbursable award for initiation of technology transfer projects that involve collaboration between a Maryland company and any federal laboratory or academic research institution in Maryland. Funds are to be used to defray direct costs of further developing early-stage technology.
• Rural Business Innovation Initiative (RBI): The RBI program supports technology-based companies in rural Maryland. The program provides intensive business and technical assistance to help companies advance to the next level. Companies may receive a maximum of $10,000 of assistance provided by industry experts.
• TechStart Program (TSP): TSP provides up to $15,000 to further evaluate the feasibility of a technology from a Maryland university or federal lab to be the basis of a startup company. The feasibility team must include the principal investigator, entrepreneur, and tech transfer manager. Funds are to be used for tasks critical to determining the viability of a new company formed around the spin-out technology.
• University Technology Development Fund (UTDF): The UTDF provides up to $50,000 for proof-of-concept studies or patent extension research on Maryland university-owned technologies to demonstrate their ability to meet identified market needs. The objective is to make the technologies more attractive to licensees preferably based in Maryland.
• Working Capital Loan Fund (WCLF): WCLF is designed to provide loans to incubation-stage, technology-related companies in Maryland. The maximum loan is $50,000, with low interest rates and flexible terms, and includes a quick turn-around from application to a decision. Funds can be used to assist a company with expansion, market entry, staffing or other working capital needs.

August 2008