November 19, 2013
InvestMaryland Challenge – Deadline fast approaching
The InvestMaryland Challenge is a national seed and early-stage business competition hosted by the Maryland Department of Business and Economic Development in partnership with Inc. Magazine. The Challenge will award $400,000 in grants and a host of business services to companies in the life sciences and high tech industries.
Companies also have the opportunity to receive direct investments from Venture Capital firms and Angel Investors. In order to qualify, the companies must have fewer than 25 employees, annual revenues less than $1 Million and be a duly-organized legal entity. Sole proprietorships are not eligible. Entrants can only apply for one category and a non-refundable $100 application fee is required.
There are four $100,000 prize categories, three of which are open only to Maryland companies – Life Sciences, Cybersecurity, and IT Hardware and Software. The final category is “General Industry” and is open to both Maryland and non-Maryland based companies. In addition, there are a number of other prizes including logo design, consulting services, and additional cash prizes. Existing Maryland ventures must have a principal place of business in Maryland. Non-Maryland ventures are expected to establish a place of business in the state through either acquired space or a state incubator. At least 51% of the grant money must be spent within the state.