Rob Rosenbaum, president of the Maryland Technology Development Corporation, has said the chief aim of TEDCO’s legacy is to be a “leading source for early-stage, very high-risk capital in the entrepreneurial community.”
For a time, TEDCO has accomplished that by doling out $75,000 investments to startups through its Maryland Technology Transfer and Commercialization Fund. As of this week, TEDCO will now increase those investments to $100,000 as part of its renamed Technology Commercialization Fund.
In addition, new to TEDCO’s portfolio in 2013 is the Patent Assistance Program, through which startups “can apply for matching funding to pay ongoing patent expenses due to a Maryland university while the company raises capital,” according to a press release.
Also new in 2013 is TEDCO’s initiative to manage an “affinity” of four funds with the money going to startups in the region:
- Propel Baltimore: Launched in March 2012, TEDCO will manage this angel investment fund of $4.3 million geared toward investments in Baltimore city companies.
- Veterans Opportunity Fund: a $10 million fund for entrepreneurs who served in the U.S. military.
- Chesapeake Regional Innovation Fund: As Technically Baltimore has reported, this $20 million fund “will provide seed capital for startups and emerging technology companies [spun out through tech transfer efforts at local universities] focused on innovations in energy, life sciences and security.”
- Orange Knocks: This $20 million fund will invest money in cybersecurity companies and technologies, an industry with a strong foothold in the Baltimore region.