Technology Commercialization Fund (TCF)
Technology Commercialization Fund (TCF) provides up to $100,000 to support projects that advance a technology toward commercialization. TCF enables companies to achieve early technical milestones that are critical to move technologies further along the commercialization pathway and lead to follow-on investments. There are three main eligibility requirements for TCF so for the interested companies, it is critical to check with the Request for Applications (RFA) prior to initiating an application. The application deadline is the 1st of each month and the review process is approximately two months.
TCF is a seed funding program for companies in Maryland. It exists (i) to help develop and commercialize new products based on technology created in Maryland’s universities, federal laboratories having a partnership agreement with TEDCO, and other non-profit research organizations in the State, (ii) to support the commercialization of technology by companies affiliated with Maryland’s qualified incubator programs, or (iii) to support companies receiving mentorship through TEDCO-supported, entrepreneurial development programs including ACTiVATE, INNoVATE, and the Rural Business Innovation Initiative (RBI2). TCF enables companies to reach a critical milestone in their product (or service) development efforts that will move technologies further along the commercialization pathway, increase the company’s valuation, and lead to follow-on investment for further growth.
To be eligible, a company must meet all of the following criteria:
1.The company must be a for-profit entity located in Maryland (i.e., a majority of its employees must work in Maryland and the company’s proposed project must have the potential to lead to future growth of the company within the State) with fewer than 16 employees (Full-Time Equivalents – FTEs); AND
2.The company must meet one of the following conditions:
a.The company has an active license or research agreement in place with a Maryland university, a federal laboratory that has a partnership agreement with TEDCO, or another non-profit research organization in the State, to advance a technology toward commercialization, OR
b.The company is affiliated with one of Maryland’s qualified incubator programs and has been receiving business advice or mentoring from the incubator’s manager or entrepreneur in residence (Business Advisor) for at least three months prior to the submission of an TCF application (a list of Maryland’s qualified incubator programs is available by clicking here, OR
c.The company has received mentorship from one of the TEDCO-supported, entrepreneurial development programs including ACTiVATE or INNoVATE (the applicant must be a graduate), or the Rural Business Innovation Initiative (RBI2); AND
3.The company is pre-revenue OR has received less than an aggregate of $500,000 in equity investments from sophisticated investors (i.e., ‘Angels’ or institutional investors other than company founders);
TCF provides up to $100,000 to support projects that advance a technology toward commercialization. TCF is a convertible note bearing 8% interest. In the event that the company receives an aggregate outside investment of $500,000 or more, or in the event that the company sells substantial assets or equity, TEDCO may, at its sole option, convert the principal and interest due on the note at the time of the investment or sale to an equity investment in the company on the same terms and conditions received by the most recent investors.
TCF – Seed Baltimore Option
Thinking of moving to Baltimore? TEDCO, in partnership with the Abell Foundation, has created a “Seed Baltimore Option” to TCF, which can provide an additional investment amount up to $50,000. Click below for details:
Seed Baltimore Option Seed Baltimore Note
Deadline for the application is the 1st of each month. The full review cycle begins on the first day of the month and takes approximately 60 days.
Applications must be uploaded and submitted through TEDCO’s on-line application management system, which can be accessed by clicking here. Prior to submitting an application through TEDCO’s web portal, companies must set-up an account in the system.
It is strongly advised that applicants follow the guideline provided in the Request for Application (RFA) very closely to ensure that all elements requested in the RFA are covered in the full proposal.
Program Manager, Technology Funding Programs