Maryland Technology Transfer and Commercialization Fund

The goal of the Maryland Technology Transfer and Commercialization Fund (MTTCF) is to provide funding for Maryland companies who wish to develop technology-based products and/or services in collaboration with the Universities and/or Federal Laboratories in Maryland. To be eligible for the program, a company must be collaborating with a Federal Laboratory or university in Maryland or be located or be an affiliate of an incubator company in the state. In addition the company applying must meet the following criteria: fewer than 16 employees OR the company is a university spin-off in business less than 5 years AND Pre-revenue OR venture investments under $500K. If the company is in an incubator or an affiliate, contact your incubator manager now. Additionally, companies must have more than 50% of their employees present in the state of Maryland.

The focus of the program is support of company technology development projects that transfer technology to the commercial sector from any university or federal laboratory in Maryland or technology companies in the incubator that have desire to move technology projects forward and are taking advantage of incubator business services.   A secondary focus is on development of technology-based products and/or services for future government procurements.

Program Benefits:

• Funds up to $75,000 are available to defray a company’s direct cost of developing early stage technology.
• Program may be used to perform early stage feasibility testing on technology-based products/services to assist in obtaining financing for further development.
• Investments through the MTTCF program are made in the form of a five-year, convertible note bearing 8% interest.
  • Click here for the MTTCF Note Purchase Agreement - *subject to change (PDF file)
  • Click here for the MTTCF Application Guidelines document (PDF file)
  • Stages of Commercialization (PDF file)

Proposal Review

The entire review process will be completed within 60 days, when a proposal is submitted by the first of the month. Proposals will be reviewed by a review committee with members from TEDCO, DBED and/or members of Johnson & Johnson COSAT team and selected venture capital providers:

• Proposal will be reviewed according to Application Guidelines.
• Review may include confidential independent assessments by professional business and technical consultants.
• The executive director will review and decide on all funding recommendations.
  Awards will be made on a continuing basis subject to the availability of funds.

Note Purchase Agreement

MTTCF awards are investments up to $75,000 per award. Success in raising downstream funding is a key metric of this program.

MTTCF is a convertible note. Beginning immediately after receiving MTTCF, interest will accrue on the note at a rate of 8% per annum. In the event that the company receives an aggregate outside investment of $500,000 or more prior to the maturity date of the note, or in the event of sale of substantial equity during a round of financing, TEDCO may, at its sole option, convert the principal and interest due to equity at the same terms and conditions of the outside investors.

For more information
Contact: Henry Ahn, 410-715-4165, hahn@marylandtedco.org