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Sep. 6, 2013 8:30 am

InvestMaryland Challenge: $400K available in 2nd year of biz competition [VIDEO]

Early-stage companies will compete for $100,000 in funding in four categories, including a new cybersecurity category.

Governor Martin O'Malley at a Pitch Across Maryland event in September 2012.

Early-stage startups will have another chance to win $100,000 in funding from the state’s Department of Business and Economic Development (DBED).

Year two of the InvestMaryland Challenge was formally announced by Governor Martin O’Malley on Thursday. The challenge is a national business competition sponsored by DBED in partnership with Inc. magazine, among others.

Watch a video of Governor O’Malley introducing the 2014 InvestMaryland Challenge:

The inaugural challenge produced three winners in three different categories, as Technically Baltimore reported. This year, a fourth category in cybersecurity was introduced.

  • The cybersecurity, IT hardware and software, and life sciences categories are open to Maryland companies only.
  • The general industry category is open to companies nationwide.

For a full description of each category and information on applying, visit the InvestMaryland Challenge website.

To be eligible for one of this year’s four, $100,000 grand prizes, companies must employ fewer than 25 people and have annual revenue less than $1 million.

The funding itself is dispersed via the Maryland Venture Fund, a state-funded, early-stage equity fund established within DBED in 1995, as well as the BioMaryland Center, an office also within DBED.

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Andrew Zaleski

Andrew Zaleski is a freelance journalist in Philadelphia and the former lead reporter for Technical.ly Baltimore. Before moving to Philadelphia in June 2014, he was a contributing writer to Baltimore City Paper and a Tech Check commentator for WYPR 88.1 FM, Baltimore city’s National Public Radio affiliate. He has written for The Atlantic, Outside, Richmond magazine, Washington City Paper, Baltimore magazine, Baltimore Style magazine, Next City, Grist.org, The Atlantic Cities, and elsewhere.

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