Montgomery County DED Collaborates With TEDCO To Assist Life Sciences Startups
March 31, 2016
Montgomery County Department of Economic Development (DED) and Maryland Technology Development Corporation (TEDCO) are collaborating to assist Montgomery County life sciences companies to make progress toward commercialization.
With this collaboration, Montgomery County companies selected for TEDCO’s Life Sciences Investment Fund (LSIF) will become automatically eligible to receive a financial supplement of $25,000 from DED’s Life Sciences IMPACT Grant Program (LSIG).
In 2015, DED launched the LSIG to provide financial assistance to life sciences employers who retain jobs and to stimulate the life science ecosystem in Montgomery County. The program enables companies to increase their valuation by achieving product development or other commercialization milestones.
TEDCO’s LSIF exists to meet the needs of Maryland companies developing products addressing human health that require approval from the U.S. Food and Drug Administration (FDA) for commercialization. The LSIF program helps to move products along this pathway by making investments that will enable companies to reach critical milestones early in their product development efforts, to increase the company’s valuation, and to better position the company for follow-on investment, product commercialization, and job creation. TEDCO invests up to $200,000 for a period of 1 year through the LSIF program to support milestone-based projects. The LSIF program requires a minimum 50% match, in the form of cash, for each TEDCO dollar invested.
The selected companies will be eligible to use the $25,000 grant from DED towards the required 50% cash match on the first installment of the TEDCO investment. Montgomery Companies that are not selected for an LSIF investment but whose application is reviewed as highly qualified, could also receive a $25,000 grant from DED toward improving their valuation or product development for a further submission to the LSIF program.
Applications for LSIF investment can be submitted to TEDCO two times each year. Application deadlines for 2016 are 5:00 pm on Friday, April 15th and Friday, October 14th.