UMB, Collaborators Win Funds to Nurture Startups
The (UMB) plays a role in three of the six teams that successfully competed for three-quarters of a million dollars from the Maryland Technology Development Corporation (TEDCO) to support incubator ideas.
TEDCO announced at the annual Entrepreneur Expo on Oct. 25 that it would award $125,000 to each of the six teams, which had emerged from a field of 51 applicants.
Collaborative teams from around the state had accepted the incubation challenge, which the quasi-public entity opened in June with a promise to give $300,000 to at least two teams. The challenge: Come up with innovative ways that incubators can encourage startups in Maryland.
After naming six finalists on Oct. 23, TEDCO delighted the competitors and the tech-transfer crowd at the Expo on Oct. 25 by funding all six teams. John Wasilisin, president of TEDCO, said its board members moved to fatten the prize to a total of $750,000 because the proposals were so strong.
The three teams with UMB input are: TrajectoryNext, Anchor Ventures, and a group led by Maryland Technology Enterprise Institute (MTECH).
A faculty member of UMB’s , Jenny Owens, ScD, MS, presented at the Expo on behalf of TrajectoryNext along with two other collaborators: Jen Meyer, chief executive officer of BetaMore; and Meghan Wahler, FastForward program manager at Johns Hopkins Technology Ventures.
This new post-accelerator program will offer support and assistance to startups as they work to build up their teams and acquire new customers. UMB, Betamore, and FastForward, are among the partners.
The , Johns Hopkins Technology Ventures, and are partners in another winning team, Anchor Ventures, which proposes a monthly forum to assist entrepreneurs. UM Ventures is a joint initiative of , bringing UMB and (UMCP) together to commercialize discoveries.
The third winner with UMB ties is the MTECH-led group, which expects to create a program to help startups connect with corporations for partnerships. The ’s , which has offices in Baltimore and at UMCP, is a partner along with Bowie Business Innovation Center, Prince George’s Community College, Inncuvate Consulting, LLC, of Largo, Md., and Northrop Grumman.
The other finalists are the Eastern Shore Entrepreneurship Center’s F³ Tech Program; LaunchPort Accelerator, a program based in Baltimore’s Port Covington that focuses on medical device startups and is being launched by MVR Co. and the Quinn Group; and FounderTrac, a pre-pipeline incubator that piloted in Annapolis this year. The latter is a collaboration between Launch! Annapolis, MCVC Partners, Annapolis Ventures, and Maryland Tech Council.