Before handing out the annual ICE Awards on Thursday morning, TEDCO President Rob Rosenbaum detailed some new startup funding that will be available through the state-backed tech organization.
According to Rosenbaum, TEDCO’s Technology Commercialization Fund will be equipped to make awards of $225,000, with the money available over a 24-month period. That’s a $125,000 increase over the current awards offered to tech companies.
Gov. Larry Hogan is expected to formally announce the new funding next week, Rosenbaum said.
TCF is designed as a seed funding program for Maryland companies. To qualify for the TCF Fund, companies must be affiliated with a state research university, an incubator program or receive mentorship from a TEDCO program. Applications are due on the 1st of each month, and the review process typically takes 60 days.
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