COLUMBIA, Md. (Feb. 16, 2008) – The Maryland Technology Development Corporation (TEDCO) this week announced that it will provide $375,000 in funding to support Base Realignment and Closure (BRAC) related technology transfer and commercialization initiatives.
The funding will provide five projects with up to $75,000 each. Maryland companies providing technology that supports U.S. Department of Defense units transferring to the state as a result of BRAC may apply for these funds.
According to Renée Winsky, president and executive director, TEDCO decided to set aside the $375,000 in order to support the state's economic growth as it experiences a BRAC-related influx of technology opportunities and knowledge.
"BRAC activities will undoubtedly bring many people to the area who have unique skills and understanding relevant to our technology economy," said Winsky. "This funding will enable TEDCO to help the state further capitalize on BRAC, and grow its technology community by offering funding to companies with technologies applicable to the military's needs."
Applicants must submit a proposal, a commercialization plan for the technology to be developed, a scope of work and a budget. Applications can be made and more information can be found at www.MarylandTEDCO.org.
The Maryland Technology Development Corporation (TEDCO), an independent entity, was established by the Maryland General Assembly in 1998 to facilitate the creation of businesses and foster their growth in all regions of the State. TEDCO's role is to be Maryland's leading source of funding for seed capital and entrepreneurial business assistance for the development, transfer and commercialization of technology.
For the fourth consecutive year, TEDCO was recognized as the most active early/seed stage investor in the nation in the July 2007 issue of Entrepreneur Magazine.