Venture capital is one of the keys to Silicon Valley’s dominance of the tech field; many entrepreneurs relocate there for no reason other than to network with investors. To keep their best entrepreneurs at home, many other aspiring technology hubs are trying to fill the gap with public money.
Maryland’s legislature founded the Maryland Technology Development Corp. in 1998 to fund local start-ups with state-appropriated money designated for technology innovation. Tedco announced Wednesday that 16 more local start-ups have won $100,000 investments from the Technology Commercialization Fund, bringing the total number of awards in the fund’s history to 242.
“These companies represent the best and the brightest of the entrepreneurship that goes on in the region,” said Tedco president Rob Rosenbaum.
Applications are accepted every month and awarded on a rolling basis throughout the year, and the investment comes in the form of a convertible note. This means the state could recover its investment if the company does well, but they don’t pursue other remedies if the companies fails.
Start-ups that receive the initial $100,000 will have the option to apply for another $125,000 further down the line.
Meet the newest start-ups:
The Silver Spring company offers a social network for college and graduate school applicants, meant to make the admissions process easier.
Based in Severna Park, Md., the company’s SnoreSounds app monitors people’s sleep patterns from their smartphone to try and detect sleep apnea.
While businesses small and large have people to help with administrative work, a freelancer is a one-man show responsible for everything. The Baltimore start-up Artichoke start-up has a mobile app that handles payments, scheduling, notes, and client lists for freelancers.
The Baltimore-based start-up is trying to make the healthcare system simpler by introducing technology into the equation, organizing patients’ clinical information into a cloud-based workflow platform for doctors.
The Bethesda company pools together the data of competing retailers – operations like Nordstrom and Macy’s to build a cross-merchant personalization service.
The Baltimore-based biotechnology firm is in the early stages of development for a treatment that it hopes could slow or reverse certain hard-to-treat chronic illnesses including Chronic Obstructive Pulmonary Disease (COPD) and Multiple Sclerosis.
Located in Halethorp, Md. just outside of Baltimore, Grip Boost makes a gel to cut down on the wear and tear of football gloves.
The Baltimore start-up has created an online marketplace that connects companies with office space. Companies looking for a place to settle can filter and search among a network of private offices and co-working spaces.
Baltimore start-up PeerAspect sells software that companies can use to collect and manage data. The company’s software uses tablet-based survey software to create “living documents,” survey forms that can be updated over time and shared collectively.
The Baltimore start-up is a telemedicine company focused on mobile devices. Mobile plug-ins collect information from patients and translate it to the doctor or nurse in charge of treatment.
The Baltimore start-up provides a resource planning application meant to help businesses plan projects.
The Baltimore start-up is trying to use technology to make personal trainers easier and cheaper to book. It uses a web platform to place individuals into small groups and match them with a personal trainer.
Calling itself the “Doppler radar for illness,” Baltimore start-up Sickweather vacuums up information from Tweets and Facebook posts to map the spread of illnesses like flu and enterovirus.
The Baltimore start-up remotely monitors industrial equipment for other businesses, with an eye for energy efficiency. After continually picking up information on things like air compression, temperature and energy flow, the company’s technology analyzes the data on a cloud-based platform to try and spot efficiencies.
Located in Elkridge, Md., Theraly Pharmaceuticals is developing a product called “TLY012,” a treatment in the early stages of development that the company hopes will one day be used to treat auto-immune conditions.
The Annapolis-based company develops technologies that monitor cardio-pulmonary diseases. Its flagship product is a hand-held monitoring device meant to help spot congestive heart failure.