Gov. Larry Hogan formally announced new funding for a pair of TEDCO awards that support startups. The governor’s announcement follows TEDCO President Rob Rosenbaum letting the news about the new money slip at last week’s ICE awards.
The new funding will provide a $125,000 increase in awards for TEDCO’s Technology Commercialization Fund (TCF) and Cybersecurity Investment Fund (CIF). The additional money will be awarded in the form of a second investment to companies following the initial $100,000 award.
TEDCO is also eliminating some eligibility requirements tied to the funding. Previously, startups had to be part of an incubator, federal lab or entrepreneurial program.
“TEDCO’s funding programs fill the critical gap between the development phase and launch phase in the life of a startup company,” Hogan said in a statement. “The more financial support we can provide to our startups, the faster they will get to the commercial launch stage, and create jobs in communities all across Maryland.”
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