TEDCO Announces State Support for First Dedicated Cybersecurity Fund
COLUMBIA, Md. (Aug. 20, 2014) – The Maryland Technology Development Corporation (TEDCO) announced today that it has received State support for its Cybersecurity Investment Fund (CIF), the first dedicated cybersecurity fund in the State. CIF will support Maryland companies to develop and commercialize new cybersecurity products by providing investments of up to $100,000.
Funding from TEDCO’s CIF program will help companies achieve early technical milestones that are critical to advancing their cybersecurity technologies toward commercialization. Qualifying cybersecurity technologies include all of the processes and mechanisms by which any devices or software that are part of, or connected to, any digital network are protected from unintended or unauthorized access, vulnerabilities, attacks, use, change or destruction. Additionally, computer and critical infrastructure security includes protection from unplanned events and natural disasters. The advances a company achieves through CIF investments will lead to follow-on investment and job creation throughout the State.
“Maryland is the epicenter of cybersecurity, home to unmatched federal resources, industry-leading companies and a growing community of dynamic and innovative startup companies,” said Gov. Martin O’Malley. “TEDCO’s Cybersecurity Investment Fund will be an excellent addition to the outstanding array of resources we have dedicated to the information security industry. It’s also an important tool to help stimulate growth of promising young companies that are combating today’s cyber threats, creating new jobs and spurring growth in Maryland’s Innovation Economy.”
“According to the U.S. Chamber of Commerce, Maryland is ranked number one for entrepreneurial activity and innovation and continues to lead the nation in STEM employment concentration,” said Maryland House Speaker Michael E. Busch. “The Fund will provide critical seed and early-stage funding for local companies to meet the growing demand from the State’s elite cybersecurity industry.”
“TEDCO recognizes the need to invest in developing cybersecurity products as new threats appear every day,” said Rob Rosenbaum, president and executive director of TEDCO. “With the State’s support of CIF, TEDCO will be able to provide financial support, mentoring and technical assistance to a multitude of companies, making Maryland the hub of cybersecurity innovation.”
For additional information about CIF, including the RFA and complete eligibility requirements, please visit: http://tedco.md/cif.
The Maryland Technology Development Corporation (TEDCO) is the go-to source for entrepreneurial support and guidance for start-ups and early-stage companies engaged in bringing innovative ideas to the market. For more than a decade, the organization has provided funding, mentoring and networking opportunities to support Maryland’s innovation ecosystem. While founded by the Maryland General Assembly, TEDCO is an independent entity that makes seed/early-stage investments and manages private capital for angel and capital venture funds. It is frequently ranked as one of the most active seed/early-stage investors in the nation. The organization plays a key role in bringing research created in Maryland’s educational institutions and federal laboratories into the commercial marketplace. For more information on TEDCO and its program and resources, visit www.TEDCO.md.