TEDCO's Maryland Innovation Initiative Advances Innovative Technologies From Lab to Market
COLUMBIA, Md., Nov. 22, 2021 /PRNewswire/ -- TEDCO, Maryland's economic engine for technology companies, announced its recent round of funding, including investments in 12 start-up companies and funding to 36 university projects through the Maryland Innovation Initiative (MII).
"This past year has seen a record breaking number of applications across various industry sectors." - Dr. Arti Santhanam
Established in 2012, the MII program was created as a partnership between the State of Maryland and five Maryland academic research institutions: Johns Hopkins University; Morgan State University; University of Maryland, Baltimore; University of Maryland, Baltimore County; and University of Maryland, College Park. The program's mission is to accelerate promising technologies with significant commercial potential to market while leveraging each partner University's strengths.
"This past year has seen a record breaking number of applications across various industry sectors for new innovative technologies," stated Dr. Arti Santhanam, MII executive director. "We are always seeking new opportunities and we're committed to continue growing our portfolio companies and advancing their technologies to the next level."
The fund invested $150,000 each in the following 12 companies through the Company Formation Phase of the program:
The program also funded a total of 36 grants for FY21 for its technology assessment projects. These projects reflect the technological excellence and diversity in our Maryland partner universities, including:
A full list of the grant awardees can be viewed on the MII website.
As start-up companies join TEDCO's MII portfolio, they also have access to a range of TEDCO resources—from mentors and CEO roundtables to loaned executives. These companies receive the assistance and support they need as they move through team building, balancing the funding elements, and negotiating deals.
"Over the last nine years, the program has shown the impact it can have on Maryland's entrepreneurial community," said Robert Hallenbeck, MII board chairman. "MII's latest round of funding is an excellent example of the innovation we have in the state and we're committed to helping these companies through the next stages of development."
In the nine years since its launch, MII has disbursed $43M, de-risked 276 unique technologies and created 119 start-ups. MII's portfolio of start-ups have gone on to raise over $571.5M in follow-on funding and resulted in seven exits thus far. In addition to being a vital part of the Maryland start-up ecosystem, these companies have created economic value by creating full-time employment for highly skilled tech employees with an average salary of $100,000.
"For nearly a decade, MII has supported the commercialization of innovative research from Maryland's world-class universities," stated Renee Winsky, Leadership Maryland CEO. "We, MII board members, are all grateful to play a part in the stewardship of this remarkable program."
To view MII's 2021 Annual Report please visit click here.
For more details on eligibility and application requirements please visit www.tedcomd.com/MII.
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