What funding programs does Maryland Department of Business & Economic Development (DBED) have to assist emerging technology and life sciences industries?
A. DBED has two programs through the Maryland Venture Fund. The Challenge Investment Program and the Enterprise Investment Program make direct investments in technology and life science companies and indirect investments in venture capital funds. The Challenge Investment Program is for start-up companies with patented or proprietary technology that are seeking funding to cover initial costs associated with bringing the product to market. The amount of investment is $50,000 to $150,000 with a minimum of 1:1 co-investment match. The Enterprise Investment Fund provides direct equity investment into emerging technology companies seeking their first round of institutional funding. The amount of the investment ranges from $150,000 to $500,000 with a required 3:1 co-investor match by a sophisticated investment firm. For more information and eligibility requirements on these various programs, please visit www.choosemaryland.
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