InvestMaryland Challenge nears 200 entries as Dec. application deadline looms - Technical.ly Baltimore

Dec. 11, 2012 9:30 am

InvestMaryland Challenge nears 200 entries as Dec. application deadline looms

Applications close Thursday for startups interested in vying for one of three, $100,000 grants made available through the InvestMaryland Challenge, a seed and early-stage business competition for companies both in-state and nationwide. As of Monday, the challenge has received 180 applications from 10 states since kicking off in September, according to MDBizNews. Winners will be […]

Applications close Thursday for startups interested in vying for one of three, $100,000 grants made available through the InvestMaryland Challenge, a seed and early-stage business competition for companies both in-state and nationwide.

As of Monday, the challenge has received 180 applications from 10 states since kicking off in September, according to MDBizNews. Winners will be announced in March 2013.

Apply to the InvestMaryland Challenge. Applications are due Dec. 13.

Money for the challenge comes from the state’s larger, $84 million InvestMaryland fund, a pool of venture capital funding raised in the spring through the sale of tax credits to insurance companies that will be paid out in $28 million installments over three years (2012 being the first year).

Funding through InvestMaryland goes expressly toward early- to late-stage companies, mainly within the state. Venture capital firms and the Maryland Venture Fundset up 17 years ago and seeded with $25 million — will be dishing out the lion’s share of InvestMaryland funding. So far, four companies have received InvestMaryland money. Grotech Ventures was chosen last week as the first venture partner with InvestMaryland, as Technically Baltimore reported.

Advertisement

The purpose of the InvestMaryland program is to provide companies with financial capital in the hopes that they’ll expand their operations in-state, hire more workers and, in turn, spur economic development.

Crucial to the efforts, though, will be the return state residents see. According to MDBizNews, the Maryland Venture Fund “has seen returns of about $64 million and helped create 2,000 jobs” since being established in 1995.

-30-
JOIN THE COMMUNITY, BECOME A MEMBER
Already a member? Sign in here

Advertisement

These 3 JHU Social Innovation Lab projects are empowering communities

The angel investor tax credit bill is back for another try in Annapolis

This tax credit proposal could lead to more incubators in Baltimore

SPONSORED

Baltimore

Building a data acquisition system? Don’t make this mistake

Baltimore

Galley

Marketing Brand Ambassador

Apply Now
Baltimore

BurnAlong

Sales Representative

Apply Now
Baltimore, MD 21201

14 West

Customer Success Associate

Apply Now

At Annapolis hearing, angel investor tax credit bill gets Baltimore backing

US Chamber ranking: Maryland No. 1 for technology and entrepreneurship

BioPark’s PathSensors to close 7-figure round of financing to support food pathogen-detecting products

SPONSORED

Baltimore

How SmartLogic accelerated these startups’ product growth trajectories

Baltimore, MD

SmartLogic

Developer

Apply Now
Annapolis Junction, MD

Asymmetrik

FULL-STACK DEVELOPER

Apply Now
Annapolis Junction, MD

Asymmetrik

SOFTWARE ENGINEER

Apply Now

Sign-up for daily news updates from Technical.ly Baltimore

Do NOT follow this link or you will be banned from the site!