A new program is trying to help inventions borne out of university laboratories become the foundation for start up companies.
The Maryland Technology Development Corp. announced its TechStart Program this week, which gives grant money and guidance to university-based entrepreneurs.
Six teams have received a total of $90,000 in the program’s first round of grants, as well as guidance from successful businessmen and technical experts, according to TEDCO President Renee Winsky.
“Essentially what it does is takes one last look at the technology to see if it’s really ready for prime time,” Winsky said.
All universities in Maryland are eligible for the funding.
Some of the first projects to receive the grant include a group at Johns Hopkins University investigating a diagnostic test for melanoma, as well as technology developed at University of Maryland, College Park that improves fluorescent signals for microscopes.
TEDCO also recently launched another new program which gives aid to minority- and women-owned businesses that are trying to receive grants from the federal government. TEDCO teamed with Prince George’s County Economic Development Corp. and Maryland Small Business Development Center for the project, Winsky said. The U.S. Small Business Administration also provided $600,000 for the program.
“While Maryland companies traditionally do very well getting [small-business grants], minority firms do not do comparatively as well,” Winsky said. “Since (Prince George’s) County has such a large minority business community, it was a good place to pilot the program.”
