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TEDCO: New Perspectives on Technology Based Economic Development

TEDCO: New Perspectives on Technology Based Economic Development. Steven Fritz Director, Technology Transfer. Technology Based Economic Development. SSTI: approach used to create a climate where new industries and the application of technology in traditional industries can thrive

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TEDCO: New Perspectives on Technology Based Economic Development

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  1. TEDCO: New Perspectives on Technology Based Economic Development Steven Fritz Director, Technology Transfer

  2. Technology BasedEconomic Development • SSTI: approach used to create a climate where new industries and the application of technology in traditional industries can thrive • TEDCO mission: facilitate the creation of businesses and foster their growth through the commercialization of technology

  3. Basic Research $ $ $ $ $ Public Laboratory Company Product/ Service Development Project Proof of Concept Feasibility Testing Product Design University Technology Development Fund Maryland Technology Transfer Fund NTCI ATTI Ft. Detrick TTI Maryland Industrial Partnerships DBED Challenge Working Capital Loan Fund Toucan Capital New Markets Venture Fund DBED Enterprise MDBio SBIR Public Funding Project Capital Funds

  4. Historical Achievements • 61 companies with completed MTTF projects • $3.5 million in TEDCO support • $117.0 million in continuation funding • 33.4:1 leverage • Funds were raised from Angel, VC, SBIR, ATP, State, Debt Capital, Fed Contracts, Strategic Partners • 25% raised from Federal grants • Over 20 companies raised significant funds from private investors • TEDCO now has equity in two companies and is negotiating conversion for two more

  5. Corporate Partnering • Johnson & Johnson COSAT • $250,000 to support TEDCO portfolio companies • First award closing this week to Biomedica Corp. • J&J participates in TEDCO proposal review • Actively seeking additional corporate partners

  6. Federal Technology Insertion • Three federal technology insertion programs were funded by Congress • Focus evolved to be on technology insertion • Current approach: involve federal technology acquisition staff early and often • Currently exploring direct funding

  7. Examples of tech insertion • Falcon Systems • Infrared marking of friendly forces for DoD • NanoSolutions • Advanced energy storage technology • Sensics • Head-mounted virtual reality display

  8. Maryland Stem Cell Research Fund • $15 M for stem cell research by Maryland entities • Stem Cell Commission developing RFP • Anticipate making first awards in Spring 2007

  9. Working Capital Loan Fund • Incubator stage companies • $10,000 - $50,000 • Market interest rates • Personal guarantees • Started at rural areas, now extended to entire state

  10. TechStart • Over half of TEDCO portfolio companies meet AUTM definition of university spin-off • TEDCO now provides awards of up to $15,000 to evaluate the feasibility of developing new technologies through a start-up company • MTTF funding available for creation of start-up companies

  11. Future Directions • Additional corporate investment partners • Public-private angel investor fund • Enhanced incubator programs for entrepreneurial support

  12. For further information contact Steven L. Fritz 5575 Sterrett Place, Suite 240 Columbia, MD 21044 www.marylandtedco.org sfritz@marylandtedco.org (410)715-4166

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