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.