Sunday, February 3, 2013

Funding to Help Entrepreneurs

The Maryland Innovation Initiative (MII) administered by the Maryland Technology Development Corporation (TEDCO) works to accelerate commercialization and technology transfer from university labs to start-up companies. With a $5.8 million budget for FY 2013, the MII program facilitates technology transfer from university labs to start-up companies. MII announced that their first three awards of $299,678 went to BOSS Medical LLC, a university start-up company, and two Johns Hopkins University (JHU) faculty members.

BOSS received an award for $99,860 to continue the company’s work on a device to use for minimally invasive bone graft surgery. The second award for $99,818 will be used to help Dr. Edith Gurewitsch Allen, Associate Professor of Gynecology and Obstetrics at JHU to do research on an umbilical cord blood collection device. The third award for $100,000 was given to Dr. Kieren A. Marr, Professor of Medicine at JHU to research a new point-of-care diagnostic device for lung infections.  

The MII program is designed to promote commercialization of research conducted in the partnership universities and then leverage each institution’s strengths. Applications are currently being accepted and are reviewed on a monthly basis.

“TEDCO has supported Maryland entrepreneurs and innovations for more than 14 years and this year with the addition of several multimillion dollar funds, will play an even greater role with the state’s innovation economy,” said Rob Rosenbaum, President and Executive Director of TEDCO.

Recently, TEDCO realigned two of its core funding and investment programs to include the addition of a Patent Assistance Program and TEDCO’s management of four new highly focused investment funds. At the same time, TEDCO has unveiled their new website now making it easier for entrepreneurs to connect with TEDCO.

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