The Latest on Innovation &
Entrepreneurship in Maryland
July 2018

TEDCO'S RBI 2 PRE-SEED INVESTMENTS
TEDCO ’s Rural Business Innovation Initiative (RBI 2 ) announced its latest pre-seed investment in two rural-based companies—Nanobiofab and GOEFER. Both based in Frederick, Md., Nanobiofab and GOEFER are part of the non-profit business incubator company, Frederick Innovative Technology Center, Inc. (FITCI).


HopFlyt is the third rural-based company to receive a $25,000 investment from TEDCO’s program—a company that has developed an aerodynamically advanced electric vehicle. As recipients of RBI 2 investments, all three companies will receive ongoing mentoring and funding to continue their product development into commercialization.

Pictured from left to right) Chuck Ernst, RBI2 Mentor; Jarred Nicholls, Co-founder & CTO of GOEFER; Michael Herod, Founder & CEO of GOEFER; and Neil Davis, Director of Entrepreneurial Development
Pictured from left to right) Chuck Ernst, RBI2 Mentor; Dr. Xiaonao Liu, Founder & CEO of Nanobiofab; Dr. Ruoting Yang, Co-founder of Nanobiofab; and Neil Davis, Director of Entrepreneurial Development
“Through this program, we’re able to guide companies to commercialization, while providing mentorship and assistance every step of the way,” said Chuck Ernst, RBI 2 mentor. “Companies that are awarded funding through RBI 2  are driven by some of the most innovative leaders in the state, and these two companies specifically are exemplary examples of the entrepreneurial opportunities we strive to provide.”
HopFlyt  , based in Lusby, Md., is building the Venturi—an aerodynamically advanced electric Vertical Takeoff and Landing (eVTOL) vehicle that transports urban commuters. Using a canard style design, the vehicle reduces travel times, improves travel safety and eliminates pollution.

Nanobiofab  creates wearable nano-material based technologies using state-of-the-art customized inkjet printing nano-techniques. The nano-materials and bio-products created are used to detect minute molecules emitted from the skin for real-time tracking of fat consumption and potential disease diagnosis.
GOEFER  is developing plug load technology, which look like traditional powerstrips or surge protectors, that wirelessly provide control, savings, and energy insight to any plugged-in electronic device. They are driven by their mission  to be the easiest way to save electricity . And by combining expertise in construction with big data processing and machine learning, GOEFER is the first company to create an energy data marketplace."
What's Happening at TEDCO
MORGAN EICHENSEHR
Reporter, Baltimore Business Journal

Maryland Technology Development Corp. is launching a
new fund that will offer early stage investments of $50,000 to
startups that may be overlooked by other funding organizations.

The new Pre-Seed Builder Fund will build on and replace
a funding effort TEDCO piloted last year that was specifically
aimed at helping African American-owned startups get access
to early capital.
The Minority Business Pre-Seed Fund awarded
10 black-owned firms in its pilot year with about $40,000 each.
Stephen Auvil, senior vice president of technology transfer
and commercialization, said the state-backed investment
organization now wants to expand the scope of the pre-seed
fund, to include not only minority-owned companies but any
company that could face some social or economic disadvantage.
Angela Singleton, program manager of the pre-seed fund,
said there are several groups that face clear capital access
problems. As few as 1 percent of venture funding goes to
African American-owned or Hispanic-owned companies, she
said, or Hispanic companies, and less than 2.5 percent goes to
female-run companies.  Read the full article here
TEDCO’s Maryland Innovation Initiative Supports Start-Ups with $5.6 million in Funding 

TEDCO , Maryland’s economic engine for technology companies, announced its recent investments through the   Maryland Innovation Initiative   (MII). With the latest round of funding, MII’s funding count for FY18 includes 38 technology assessment grants and seven start-up investments for a total of $5.56 million. True to its technology agnostic funding history, this year the startups ranged from medical devices to aeronautics and the sports industry.

Established in 2012, the MII program was created as a partnership between the State of Maryland and five Maryland academic research institutions: University of Maryland, College Park, University of Maryland, Baltimore County, University of Maryland, Baltimore, Johns Hopkins University and Morgan State University. The program’s mission is to accelerate promising technologies with significant commercial potential to market while leveraging each partner University’s strengths.

MARKET SEARCH DATABASES
The Market Search Advisory Services provided by TEDCO at three locations are a resource to help entrepreneurs address the challenges of conducting market assessments.  More Information
TEDCO CEO GEORGE DAVIS RECOMMENDS: Measure What Matters
In the fall of 1999, John Doerr met with the founders of a start-up whom he'd just given $12.5 million, the biggest investment of his career. Larry Page and Sergey Brin had amazing technology, entrepreneurial energy, and sky-high ambitions, but no real business plan. For Google to change the world (or even to survive), Page and Brin had to learn how to make tough choices on priorities while keeping their team on track. They'd have to know when to pull the plug on losing propositions, to fail fast. And they needed timely, relevant data to track their progress—to measure what mattered.
NEED SOME TECHNOLOGY AND THE FASTER THE BETTER?
So, you want to start or expand a business and even have a market segment in mind; but why develop your own technology if you can get what you need from the fruits of your taxpayer dollars. Yes, your taxes fund the federal government.

The Federal Labs do research and development and often come up with technology that has both a government and a commercial use. As an entrepreneur, why not look at what is available and see what can help your business grow and grow faster?  
PowerTen: Spend 10 Minutes with Baltimore’s Most Dynamic Innovation Leaders
July 19
Johns Hopkins Technology Ventures

Spend an inspiring 10 minute ‘ideastorming’ session with the Anchor Ventures PowerTen, the most influential innovation leaders in the greater Baltimore area – build on an idea for your company, bring your ideas for a program topic, a product, a system improvement or a better way to grow our ecosystem. 

Itinerary

 4:30 PM: Welcoming Remarks
4:40 PM: George Davis TEDCO 2.0
5:00 PM - 6:00 PM: Ideastorming with Influencers
5:00 PM - 7:00 PM: Networking
Mugs & Pitches
July 20
Hagerstown, MD

Join Entrepreneur Council of Washington County & Technical Innovation Center for the next Mugs & Pitches event on July 20th in Downtown Hagerstown.
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MEDA 2018 Summer Conference
July 25
Town of Elkton

This conference theme is "Building Strong Neighborhoods using Economic & Community Development Strategies"


2018 Expo & Symposium: Early Bird Expires July 2oth
October 30
The Hotel At The University of Maryland

Be apart of the primer entrepreneurship event in Maryland! Don't forget about our early bird rate: $99 until July 20th! Hurry before it expires.
How a TEDCO portfolio company, Adaptive Phage Therapeutics, is saving lives with bacteria-killing viruses
The Gaithersburg-based company is raising $5 million, ahead of a planned Series A round of at least $30 million in the first quarter of 2019, to bring a therapy for drug-resistant bacteria to market as soon as possible.

Md. manufacturing startup, Xometry, acquires competitor and raises $25 million, to include TEDCO’s Maryland Venture Fund
Gaithersburg manufacturing platform Xometry acquired a competitor and raised $25 million, the startup announced Tuesday.

TEDCO has new funding and programming for underserved founders
The  Pre-Seed Builder Fund  is offering $50,000 in funding for early-stage entrepreneurs in Maryland, as well as eight months of formal programming. The idea is to provide both financial and operational support for companies who are socially or economically disadvantaged, and it turn create more startups in the state that receive follow-on funding and ultimately achieve success.

TEDCO backs Kent County firm looking to make paving projects cheaper 
PaverGuide Inc. is the second growing company based in a rural part of the state to receive funding through TEDCO's recently expanded Rural Business Innovation Initiative. The first investment was awarded to a Queen Anne's County herbal medicine business, Plum Dragon, in May.

TEDCO Initiative touts successful 2018 with eye on the future
TEDCO’s Maryland Innovation Initiative funded seven startups and 38 technology assessment grants during fiscal year 2018, the fifth year of a program designed to increase startup activity at Maryland’s universities as the program saw its biggest success yet.

The $5.6 million in funding last year also came with the program’s biggest success story to date — the acquisition of Harpoon Medical by Edwards Lifesciences Corp. in a $100 million deal that could end up being worth up to $150 million.

Two Baltimore university-born startups move their tech closer to market with fed funds
Cykloburn Technologies, born out of Morgan State University, has been awarded a $225,000 Phase I grant.

TEDCO companies in the mix. Maryland companies raised $247M in venture funding during the second quarter of 2018.
Investors pumped $247 million in VC funding into 23 Maryland companies during the second quarter of 2018.

BECOME A SPONSOR OR EXHIBITOR!
TEDCO’s Tech Entrepreneur Expo & Stem Cell Symposium is open to all entrepreneurs across the region for a day of inspiration, networking and celebration. We invite you to attend and participate in the premier entrepreneurial event in Maryland. In 2017, we drew over 850 top tech entrepreneurs, life science experts, federal and state economic officials, angel and venture capital investors.

This year we plan to grow the expo into a bigger and better event, packing the day with industry experts, pitch sessions, company exhibitors, and engaging topics to keep you learning and inspired. Come join us for the day and be a part of Maryland’s entrepreneurial ecosystem!
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