Startups

TEDCO gets $500K grant for medical device commercialization program

The grant was awarded by the U.S. Department of Commerce.

TEDCO CEO Rob Rosenbaum, left, presenting ICE awards in May 2013.

(Photo courtesy of TEDCO)

Another startup-focused program from TEDCO is on the way.
The U.S. Economic Development Administration awarded the Maryland Technology Development Corporation (TEDCO) an innovation grant this week. TEDCO will use the $500,000 i6 Challenge award to launch a program for commercialization of medical devices.
The program, called Maryland Structure Efficient Professional Product Development (mdSTEPP), is aiming to create 5-7 new medical device companies a year.
It’s another example of the state working to turn the research that emerges from Maryland’s hospitals, labs and other centers into profitable businesses. The announcement also comes as University of Maryland officials are looking to expand the institution’s BioPark in Baltimore, and Johns Hopkins University is finally making the investment in commercialization that many have long wanted.
The TEDCO program will be similar to an incubator, with companies submitting to an application process, and getting access to a host of benefits if they are selected.
Much of mdSTEPP will be conducted online. TEDCO plans to set up a “virtual commercialization center” to connect mentors and executives with people who have devices that could be commercialized. The program will also feature quarterly events designed to showcase new technologies.
TEDCO officials said to expect a call for applications in about 4-6 weeks. They estimate businesses will cycle through in about 18-24 months.
TEDCO was one of 26 organizations awarded the federal government’s i6 Challenge Grants, which look to expand innovation offerings on the regional level.

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