TEDCO's First Round of Equitech Growth Fund Awardees Unveiled

14 projects received grants to promote growth of Maryland's ecosystem and workforce development

COLUMBIA, Md., Dec. 11, 2024 /PRNewswire/ -- TEDCO, Maryland's economic engine for technology companies, announced the awardees for the first round of the new Equitech Growth Fund. A total of nearly $7 million will be distributed among the 14 projects located across Maryland. Of these awards, over $4.7 million will support six projects focusing on building Maryland's infrastructure, while more than $2.2 million will go towards eight entities supporting workforce development. The Equitech Growth Fund helps power inclusive, diverse growth across the state.

"The new award opportunity generated interest from 75 driven applicants from across the state, each offering unique approaches to addressing critical needs in sectors such as life sciences, advanced manufacturing, artificial intelligence, cybersecurity, data analytics and quantum computing training," said Troy LeMaile-Stovall, TEDCO CEO. "We want to thank each of the applicants for their dedication to Maryland's growth towards a sustainable and competitive ecosystem."

The Equitech Growth Fund 2024 award cycle is projected to support training for more than 3,200 students studying information technology (IT), potentially place 2,500 of these students into jobs annually, and support the creation of more than 160 science, technology, engineering and math (STEM) jobs in Maryland during the first year alone.

The 14 awarded projects for the first round of the Equitech Growth Fund include three (3) projects housed in Baltimore City, four (4) located in Montgomery County, two (2) located in Prince George's County, and one each (1) in Talbot, Allegany, Howard, Caroline and Washington County. The winning organizations were officially unveiled at the 2024 Entrepreneur Expo and include:

1. Maryland Association of Community Colleges
2. LaunchPort, LLC (received awards for two projects)
3. Eastern Shore Entrepreneurship Center
4. The Henry M. Jackson Foundation for the Advancement of Military Medicine, Inc.
5. CLYM Environmental Services, LLC
6. Early Charm Ventures
7. KID Museum
8. The Coding School
9. Health Tech Alley
10. Escalate USA, Inc.
11. University System of Maryland at Hagerstown
12. Worksource Montgomery, Inc.
13. TCecure, LLC

As part of TEDCO's Cultivate Maryland initiative, the Equitech Growth Fund and Commission were established during the 2023 legislative session in response to a study outlining a need for more diversity and inclusion in Maryland's technology ecosystem. To address this need, the fund awards grants for infrastructure and workforce development initiatives supporting the state's economic competitiveness and growth. Learn more about the unique fund at tedcomd.com/funding/cultivate-maryland/equitech-growth-fund.

About TEDCO
TEDCO, the Maryland Technology Development Corporation, enhances economic empowerment growth through the fostering of an inclusive entrepreneurial innovation ecosystem. TEDCO identifies, invests in, and helps grow technology and life science-based companies in Maryland. Learn more at www.tedcomd.com.

Media Contact
Tammi Thomas, Chief Development & Marketing Officer, TEDCO, [email protected]

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SOURCE TEDCO