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Maryland TEDCO Enhances MII Commercialization Funding

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The Story

TEDCO, Maryland’s economic engine for technology companies, has announced significant updates to the Maryland Innovation Initiative (MII) program. These changes are designed to amplify the program’s impact on bringing innovative research to market, thus driving economic development across the state. MII, a collaborative effort between the State of Maryland and five academic research institutions, aims to transition promising technologies and research from university labs to the commercial sector.

“With nearly 12 years of progress and continued support, we have witnessed numerous university researchers and faculty achieve commercial success,” said Renée Winsky, chair of the MII Board of Directors. “These updates will not only sustain our success but build upon it.”

The MII program provides funding through two phases: (1)Technology Assessment and (2)Company Formation.

The Technology Assessment Grant is a nine-month project designed to facilitate the transition of high-potential technologies from five qualifying universities in Maryland to the commercial market. This phase of the MII program supports full-time faculty members from Johns Hopkins University, Morgan State University, University of Maryland, Baltimore, University of Maryland, Baltimore County, and University of Maryland, College Park. The grant aims to validate the technical and commercial viability of technologies through a nine-month project, culminating in a Technology Validation report and a detailed Commercialization Plan. This funding supports the commercialization of innovative research, fostering collaborations and driving economic growth in Maryland.

The Company Formation Grant phase supports the creation and growth of start-up companies in Maryland based on technologies licensed from qualifying universities. This phase of the MII program aims to foster the commercialization of innovative research by providing up to $300,000 in funding to start-ups that meet specific eligibility criteria, including being based in Maryland and having licensed technology from Johns Hopkins University, University of Maryland (Baltimore, College Park, and Baltimore County), or Morgan State University. The funding, provided either as a convertible debt note or a revenue-based reimbursable grant, helps start-ups achieve critical technical and commercial milestones, positioning them for product launch, customer acquisition, and follow-on investment. The Company Formation Grant is essential for driving economic growth and establishing Maryland as a leading hub for technology and innovation.

 

Full story: TEDCO Enhances MII Commercialization Funding

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