TEDCO Funding Programs December 2014 TEDCO Mission & Vision Facilitate the creation and growth of businesses throughout all regions of the State Support entrepreneurship and innovative technologies Champion recognition of Maryland as a premier location – internationally - for innovation, company formation, and entrepreneurship FUNDING - TEDCO Programs (Plus) Research Laboratory Corporate Activity Tech Validation $50K MD Innovation Initiative $215K MD Bio Ctr-Translational $200K Patent Support $10K VLT Fund $500K Tech Commercialization Fund $100K MD Bio Ctr-Commercialization $200K Commercial Launch TEDCO Capital Partners $500K Stem Cell Research Fund $110K - $750K Product Design Proof of Concept Basic Research Grants, Corp. R&D MD Venture Fund $1M MD Industrial Partnership $100K Rural Business Innovation $7.5K F, F, F & F SBIR, TBED & Seed Angels & Venture Maryland Innovation Initiative Accelerating the growth of universitybased start up companies: 101 Awards Over $9 Million Invested (through August, 2014) Maryland Innovation Initiative (MII) $5.8 million in funding (annually) Participating Universities: MII - Investment Phases Phase I – Proof of Concept, Technology Validation $100,000 Phase II - Commercialization Planning $15,000 Phase III - Early-Stage (Company) Development $100,000 Director, Maryland Innovation Initiative – Jennifer Hammaker Tech Validation Program (TVP) – Goal - Increase non-MII campus start-ups – Team - Inventor, tech transfer, and entrepreneur – Funding -Up to $50K • $40K Pre-commercial technology research • $10K for commercialization analysis (also federal labs) • Order of activity to be project specific Linda Saffer – Program Manager, University Programs Patent Assistance Program –Start-up company support for ongoing IP expenses paid to MD university/college –Within 18 months of License agreement –Up to $10K Grant on a one to one match Linda Saffer – Program Manager, University Programs Maryland Entrepreneur Resource List (MERL) – Online Resource for: • Companies to find experienced Entrepreneurs and Mentors • Entrepreneurs to find their next business opportunity • Entrepreneurs to collaborate and help each other Linda Saffer – Program Manager, University Programs Maryland Stem Cell Research Act Promote human stem cell research and medical treatments through grants to state public and private entities MSCRF Programs Investigator-Initiated Grants • Established researchers • Preliminary data • Up to $200K/year in direct costs (3yrs) Exploratory Research Grants • New hypotheses, approaches, mechanisms, or models • Little or no preliminary data required • Opportunity to initiate/advance careers • Up to $100K/year for up to 2 years Dan Gincel – VP University Partnerships; Executive Director MDSCRF MSCRF Programs - continued Post-doctoral Fellowship Grants • To recruit and train the best and brightest • Grow Maryland's stem cell research community • Up to $55K/year for research and salary (Max 2 yrs) Pre-Clinical & Clinical Research Grants • For Biotech companies • Research in Maryland • Pre-Clinical human stem cell research - $500K • Clinical human stem cell research - $750K Dan Gincel – VP University Partnerships; Executive Director MDSCRF Cybersecurity Investment Fund (CIF) Cybersecurity specific program –Cybersecurity technology based companies only –No collaboration requirement –Submissions due by the 15th of each month –Company presentation typically ~ seven weeks after submission 1st Wednesday of month from 9AM to Noon Ron Kaese, Director Federal Programs; CIF Program Manager Technology Commercialization Fund (TCF) –Facilitate the commercialization of technology –Up to 12 months –Up to $100K award –50% company match (can be In-Kind) Success Criteria –Achieving technical/budget/schedule milestones –Finding continuation funding (as of June 6, 2014) • 247 projects funded; $17.6M • 217 projects completed; $14.2M • $660.3M in continuation funding • 46.6 : 1 leverage • Follow-on funds were raised from Angel, VC, SBIR, State, Debt Capital, Fed Contracts, Strategic Partners, … Technology Commercialization Fund (TCF) Application Process: – 1st of each month – Review in two months – Compliance Review, Preliminary Review, Final Review Final Review: – Company Presentation • 10 minute presentation, 20 minutes Q&A • Company representatives leave – Review committee meeting • Typically 3rd Wednesday of month (9AM to Noon) Follow-up reference checks as needed TEDCO Agreement Terms –Convertible Note Purchase Agreement –8% interest –May convert to equity or another form of investment after the company raises $500K or more (TEDCO decision) –Payback period until the obligation is fulfilled Henry Ahn, Program Manager, Technology Commercialization Fund Rural Business Innovation Initiative (RBI²) –Assist small technology oriented companies move to next stage of growth –No cost to company –Strengthening existing & emerging rural companies –Build a technology entrepreneurial community in rural areas RBI² Assistance –Business assistance (examples) • business model • market strategy and competitive analysis • financial analysis / funding opportunities • grant submission review, etc. –Technology assistance (examples) • intellectual property • prototype development • manufacturing issues • green assessments, etc. RBI² Criteria –Developing or utilizing new technologies –Less than 16 employees (FTEs) –Annual revenues < $1M/year Investment Programs –Technology Commercialization Fund –Cybersecurity Investment Fund –TEDCO Capital Partners • Propel Baltimore Fund 2 • Orange Knocks Cyber Fund • Veterans Opportunity Fund2 1 • Chesapeake Regional Innovation Fund 1-Currently in formation stage 2-Currently raising capital Propel Baltimore –Partnership of TEDCO, Abell, and France-Merrick Foundations –Capital commitments of $4.3M –Up to $250K in Angel investment –Early stage technology company in Baltimore City –Lead investments with at least 50% matching investment –Viable exit in 4 to 7 years –Typically post TCF stage Stuart Sutley, Partner, TEDCO Capital Partners Veterans’ Opportunity Fund – Belief that service in the military is a leading indicator of future success – Invest in veteran-owned and operated companies – Investment size: up to $3 MM – Geography: East coast-focused – Industries: Technology, healthcare, business services, and specialty manufacturing – Stage: Early revenue or have a product or service that can be evaluated Moss Amer, Analyst, TEDCO Capital Partners Benefits Beyond Investment….
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