“The
InvestMaryland Challenge brings together some of the most exciting young companies in Maryland to showcase the thriving entrepreneurial community in our State and provide these rising stars of cybersecurity, biotechnology, IT and other fields with the resources they need to thrive,” said DBED Secretary Dominick Murray. “Congratulations to all the
InvestMaryland Challenge semifinalists. To stand out from such a large pool of applicants is an achievement in itself and I wish them the best of luck as they move forward in the competition.”
The second Challenge drew 260 applicants in four industry categories, including 29 companies from 11 other states and Washington D.C. The semifinalists include 14 in Information Technology, 10 in Life Sciences, 11 in General Industry and six in Cybersecurity. The top company in each category will take home a $100,000 grant from the State, funded by the Maryland Venture Fund and the BioMaryland Center.
DBED partners and sponsors have contributed more than $300,000 in additional prizes, bringing the total value to more than $700,000. Topping the list are two Army Research Lab packages that will provide office space in Adelphi and Aberdeen incubators, opportunities to collaborate with Army scientists and engineers and exposure to potential government and military customers. Other special awards include TowsonGlobal incubator memberships for three companies, consulting services from BioHealth Innovation Inc., a software package from Microsoft BizSpark, opportunities for three companies to pitch the Baltimore Angels investing group, and a $10,000 grant for a rural Maryland entrepreneur provided by the Eastern Shore Entrepreneurship Council and the Rural Maryland Council. One of the first Challenge winners, i-Lighting, is also contributing a $2,500 cash prize.
The first
InvestMaryland Challenge awarded $425,000 in prizes. The category winners were RedOwl Analytics (Baltimore, IT), GrayBug (Baltimore, Life Sciences), and i-Lighting (North East, General Industry). In addition to fueling entrepreneurship, the Challenge will help build a pipeline of innovative companies for the State’s
InvestMaryland program, the largest venture capital investment initiative in Maryland’s history. Created by Governor Martin O’Malley and passed by Maryland’s General Assembly in 2011, the program raised $84 million to support small, high-tech startups. Two-thirds of the funding – $56 million – is being managed by carefully screened private venture firms that will invest the funds and, if successful, return 100% of the principal and 80% of the profits to the State’s general fund. The remaining third of the
InvestMaryland capital is largely allocated to direct investments by the state-run Maryland Venture Fund.
The Maryland Venture Fund is a regionally recognized leader in seed and early-stage investing and a national model for state-supported investment programs. With nearly two decades of experience and numerous successful investments, MVF invests in highly innovative technology companies across the full range of industry sectors including software, communications, cybersecurity and life sciences companies in the areas of healthcare IT, medical devices and diagnostics.
About DBED:
The Maryland Department of Business and Economic Development stimulates private investment and creates jobs by attracting new businesses, encouraging the expansion and retention of existing companies, and providing workforce training and financial assistance to Maryland companies. The Department promotes the State's many economic advantages and markets local products and services at home and abroad to spur economic development and international investment, trade and tourism. Because they are major economic generators, the Department also supports the Arts, film production, sports and other special events. For more information, visit
www.ChooseMaryland.org.
