In Maryland’s entrepreneurial ecosystem, TEDCO (Maryland Technology Development Corporation) is a vital support engine for technology-based businesses—generating $2.7 billion in economic impact since its establishment in 1998.
As a trusted partner in the Charles County Economic Development Department’s (EDD) Circle of Services—our network of state, local, and federal partners supporting the local business community—TEDCO empowers Charles County entrepreneurs with funding and tools to turn innovative ideas into thriving ventures within the technology sector.
“TEDCO has been an incredible partner in Charles County,” emphasizes Michelle Frye, EDD’s Deputy Director. “On top of the EDD’s services, TEDCO offers entrepreneurs and business owners much-needed funding and opportunities that ultimately strengthen their enterprises and significantly contribute to the growth of our local economy.”
TEDCO Assistant Director of Development and Marketing Rachael Kalinyak said, “TEDCO is committed to the growth of Maryland’s economic development, including the many start-ups and small businesses in Charles County.” Kalinyak explains, “TEDCO has curated resources and programs to address their primary needs and fuel entrepreneurial businesses.”
Here are five primary ways TEDCO supports Charles County Entrepreneurs:
1. Equipment and Resources. TEDCO’s Federal Tech Transfer Programs offer Charles County’s small businesses cutting-edge resources that help level the playing field with larger enterprises. Through formal agreements with many of Maryland’s federal labs, TEDCO can provide entrepreneurs access to top-tier lab equipment and facilities with excess capacity, lab data sets, technology, and more. Other available database tools help entrepreneurs better understand their market, identify market opportunities, and explore possible collaborative efforts within Charles County’s strong defense, federal contracting, and healthcare industries.
2. Identifying Top Talent. Charles County’s proximity to Washington, D.C., and our high-quality education systems, including the College of Southern Maryland, make our county an ideal environment for start-ups seeking top talent. TEDCO’s initiatives, such as Prelude Pitch and Urban and Rural Business Innovation Initiatives, further complement these local advantages, helping Charles County businesses develop skilled professionals.
3. Funding. TEDCO offers technology and life science entrepreneurs various avenues to find the capital to make business growth possible. TEDCO offers three investment funds:
Social Impact Funds: Designed to “engage and invest in economically underserved founders and communities,” the Social Impact Fund leverages Maryland’s State Small Business Credit Initiative (SSBCI) to provide resources that support sustainable growth for these businesses.
Seed Funds: TEDCO’s Seed Funds invest in early-stage businesses, helping them grow to become venture-fundable entities and receive customer revenue, follow-on funding, or other forms of capital for continued growth.
Venture Funds: These funds aim to grow the next generation of “outstanding early-stage businesses in Maryland” by providing resources to realize entrepreneurial visions.
TEDCO also offers the Maryland Innovation Initiative, Maryland Stem Cell Research Fund, and recent additions like the Concept Capital program and Equitech Growth Fund.
4. Support for Rural Entrepreneurs. The Rural Business Innovation Initiative (RBII) program enhances technology commercialization in rural areas of Maryland. Tapping into the significant potential of Charles County’s rural community, the program gives start-ups and small businesses access to expert mentors who offer technical business assistance. Grants are also available to businesses in these areas to encourage continued growth toward success.
5. Underrepresented Business Owner Support. TEDCO’s Concept Capital program aligns with Charles County’s initiatives to promote inclusivity and equity in business through our MWBE program. The Concept Capital program funds local minority-owned and women-owned businesses to help them achieve sustainable growth, enriching our county’s diverse business community. The program’s first five recipients of program funding were announced at the Entrepreneur Expo. <
Additionally, TEDCO’s Business Resource Information, Development, and Guidance (BRIDGE) Program was unveiled in early September 2024 to provide more resources and support to Socially and Economically Disadvantaged Individuals (SEDI) and Very Small Businesses in the Mid-Atlantic region.
Through these supportive initiatives and many more, TEDCO remains a critical partner in the EDD’s mission to enhance business community resources. Click to learn more about TEDCO and Charles County’s other Circle of Services partners.
* Photo courtesy of TEDCO (Maryland Technology Development Corporation) on Facebook (2024 Legislative Technology Showcase album).
