Program Updates Unveiled for TEDCO’s Maryland Innovation Initiative

Fiscal year 2025 marks the start of several changes to the collaborative program

COLUMBIA, Md., (June 11, 2024) — TEDCO, Maryland’s economic engine for technology companies, announced recent changes to the Maryland Innovation Initiative (MII) program that will enhance efforts to support bringing innovative research to market. A collaboration between the State of Maryland and the five academic research institutions, MII’s goal is to foster the transition of promising technology and research developed in qualifying university labs to the commercial sector.

“With nearly 12 years of progress, research and continued support, we have witnessed several university researcher’s and faculty’s journey to commercial success,” said Renée Winsky, chair of the MII Board of Directors. “With these changes to our processes, we are confident that we will not only continue the overwhelming success but build on it.”

The program offers funding opportunities through two phases of awards – the Technology Assessment, outlined as a nine month project containing two deliverables, and the Company Formation, a phase that supports the advancement of technology to achieve commercial milestones and significantly increase the company’s value to better position them for product launch, customer acquisition and follow-on investments.

In an effort to continue the support of researchers and the economic development of Maryland, a few changes have been made to the MII program. These changes will come into effect starting July 1, 2024, and include:

• Quarterly application cycles resulting in deadlines of July 15, October 15, January 15 and April 15;
• Resubmissions from applicants who are between their second and third submission are no longer required to skip a cycle;
• Technology Assessment award amounts will increase by $15,000, resulting in sole applicants/awards of $130,000 and $180,000 for joint applicants/awards;
• Technology Assessment awardees will see an increase in their allowance for patent expenses from the maximum allowance of $10,000 to a maximum allowance of $12,500; and
• Updated Requests for Applications for both the Technology Assessment and Company Formation awards for fiscal year 2025.

“The MII program has proven to be a boon to not only the faculty and researchers they support, but Maryland’s overall economic development,” said Troy LeMaile-Stovall, TEDCO CEO. “These changes will help expand the program’s reach, allowing for the state’s further growth towards becoming a booming hub for technology and research.”

For more information about the MII program, eligibility requirements and funding available, visit https://www.tedcomd.com/funding/maryland-innovation-initiative.