Technology Commercialization Fund (TCF)
Technology Commercialization Fund (TCF) provides up to $100,000 to support projects that advance a technology toward commercialization. TCF helps companies to reach a critical milestone in their product (or service) development that will move their technology further along the commercialization pathway, increase the company’s valuation, and lead to follow-on investment for further growth and sustainability.
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.
There are two main eligibility requirements for a TCF investment. For interested companies, it is critical to check with the Request for Applications (RFA) prior to initiating an application. The RFA provides details on application structure, review criteria, and other important information. The application deadline is the 1st of each month and the review process takes approximately sixty days.
To be eligible, a company must meet both of the following criteria:
- 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).
- 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 investments are made in the form of 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 outside investment or sale on the same terms and conditions received by the most recent investors.
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.