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Invest Maryland Challenge


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In a nutshell, the InvestMaryland Program is the largest venture capital investment in the State’s history and now the funding mechanism for the InvestMaryland Challenge – DBED’s first $300,000 business competition!

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Invest Maryland Challenge

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  3. 3. INVESTMARYLAND CHALLENGE is a nationalseed & early-stage business competition that will: -- Support a strong entrepreneurial ecosystem throughout the State -- Showcase the innovative ideas of seed and early-stage companies -- Connect businesses with a network of mentors and resources -- Attract next generation technologies and innovators to Maryland -- Build a pipeline of qualified business ventures for InvestMaryland and the Maryland Venture Fund
  4. 4. WHO CAN QUALIFY?• No more than 25 employees and annual revenues of less than $1 million (per last fiscal year’s earnings)• Independent ventures in the seed, start-up, or early growth stages• Good standing with the state in which they are legally registered• Existing Maryland ventures must have a principal place of business in Maryland• Non-Maryland ventures are expected to locate in the state either through acquired space or a state incubator• Top winners must spend 51% of $100,000 grant in Maryland• Entrants can only apply for one category• All ventures must be “for profit” entities• Entrants must pay a non-refundable application fee of $100 4
  5. 5. CATEGORIES IT Hardware/ Software Life Science General Open to MD-based Open to MD-based Open to MD & Non-MD- companies only companies only based companies• Cyber Security • Biotechnology • IT• Cloud Computing • Pharmaceutical • Life Science• Data Mining & • Medical Devices • Energy Analytics • Diagnostics and • Agriculture• Forensic Tools Therapeutics • Aquaculture• Geospatial • Maritime• Data Management • Clean Tech• Social Media & Apps • Manufacturing• Cellular Tools • Concepts with High• E-Commerce Social Impact 5
  6. 6. PRIZES Governor’s Cup Award in IT Hardware/Software: $100,000 Grant & Select Business Service Awards Governor’s Cup Award in Life Science: $100,000 Grant & Select Business Service Awards Governor’s Cup Award in General Services: $100,000 Grant & Select Business Service Awards Runner’s Up Awards : Incubator Space/Select Business Service Prizes Industry Awards: Based on Sponsorship $$ raised and quality of applications 6
  7. 7. WHO WILL JUDGE? Investors, serial entrepreneurs, C-level executives, academic leaders, economic development directors and business service professionals Secured 60+ judges Commitment of time: Review board meetings, reviewing applications, face-to-face interviews and finale presentations 7
  8. 8. INVESTMARYLAND CHALLENGE WORK-TO-DATE:-- Received 145 applications-- Secured INC. as national media sponsor-- Secured $125,000 in in-kind business service awards-- Secured 18 local business organization partners-- Secured 16 investor partners-- Secured 5+ free incubator spaces, affiliate services and accelerators-- Developed aggressive marketing plan-- Confirmed 60+ judges – C-level execs, academic leaders, VCs, serial entrepreneurs and business advisors from around the State
  9. 9. BUSINESS SERVICE AWARDS - $125,000!25 Hours of Electromechanical Device Development New Market Venture Partners AwardSponsor: Root3 Labs & Sensing Machines Sponsor: New Market Venture PartnersJHU Center for BioEngineering Innovation Mentorship Venture Accelerator ProgramSponsor: Youseph Yazdi, JHU Sponsor: ETC BaltimoreMicrosoft BizSpark Legal ServicesSponsor: Microsoft Sponsor: Whiteford, Taylor & Preston2-BHI Awards in BioHealth Incubator SpaceSponsor: BioHealth Innovation Sponsor: UMB BioParkLife Sciences R & D Award Sponsor: Bethesda GreenSponsor: Noble Life Sciences Sponsor: Bwtech @ UMBCRural Entrepreneurship Award Sponsor: Howard County EDASponsor: Eastern Shore Entrepreneurship Center Sponsor: TowsonGlobalUniversity of Maryland AwardSponsor: UMKAI Research AwardSponsor: KAI Research 9
  10. 10. PARTNERS
  12. 12. APPLICANTS BY CATEGORY IT Hardware/Software 60.4% Life Science 26.9% General 12.7% 12
  13. 13. APPLICANTS BY COUNTY Queen Annes Washington 1% 1% Baltimore Prince Anne 3%Out-of-State Georges Arundel VA 7% 8% DC Out of State NJ 10% DE NY CA FL Baltimore City 28% Montgomery 28% Carroll Howard 2% 7% Charles Harford Frederick Dorchester 2% 1% 2% 0% 13
  14. 14. TIMELINESeptember9/24/12 Governor Announced Competition/Application Submission StartsNovember11/1/12 Review Panel MeetingDecember12/13/12 Application Submission EndsJanuary1/4/13 Round 1 Scoring Starts1/21/13 Round 1 Scoring Ends1/28/13 Round 2 Scoring StartsFebruary2/11/13 Round 2 Scoring Ends2/12/13 Semi-Finalists Announced2/21/13 Face-to-Face Interviews @ Univ. MD College Park2/28/13 Top 3-5 category finalists announcedApril/MayTBD Finale Presentations & Governor’s Cup Award Ceremony
  15. 15. MARKETING CAMPAIGNAdvertising & Promotion▪2M Impressions – BBJ/WBJ, Sun, Post, DRInc.▪ 70 Media Outlets Covered = $76K Earned▪ 30+ Events in October - November 15
  16. 16. Web/Social Media ▪ 5,513 Page Views SOCIAL MEDIA ▪ 300 Followers ▪ 1M Reached – Eblasts, facebook, e- newsletters 16
  17. 17. For More Information Administrators Michelle D. Jackson, Prog. Dir. Sherri Diehl, Marketing Dir. 410-767-6881 410.767.6835 Erin Rabatin, IMC 410-767-3213 17