Montgomery County, Md. – Montgomery County Executive Marc Elrich announced the launch of two groundbreaking funding programs designed to support innovative early-stage businesses and underrepresented entrepreneurs: the Technology Innovation Fund and the Founders Fund. These programs offer a combined $10 million in commercialization grants to spur economic development and create equitable opportunities for growth and prosperity.
Applications for both funds now are open and will be accepted until 5 p.m. on Friday, January 31, 2025. To learn more about the Technology Innovation Fund and Founders Fund and to apply, visit: https://www.fedtech.io/accelerators/mcg.
“These programs reflect Montgomery County’s commitment to fostering innovation and equity in our economy,” said County Executive Marc Elrich. “The Technology Innovation Fund and Founders Fund are designed to help groundbreaking businesses overcome barriers, scale up, and succeed. We’re investing in the ideas and entrepreneurs that will shape the future of our County.”
About the Technology Innovation Fund
The $7 million Technology Innovation Fund will provide grants of up to $200,000 to early-stage businesses developing proprietary technology with high growth potential. Funds will support commercialization projects that bring innovative products closer to market, helping businesses to achieve significant milestones.
About the Founders Fund
The $3 million Founders Fund offers grants of up to $100,000 to early -stage entrepreneurs from historically underrepresented communities who face systemic
barriers to accessing capital. Eligible applicants must demonstrate how their proposed commercialization project will drive their business growth.
Eligibility for the Founders Fund will be assessed using Montgomery Planning’s Community Equity Index, Maryland’s Minority Business Enterprise via Maryland DOT – Certification Management System and Veteran Owned Business Enterprise Program; and the Certified as a Women or Veteran-owned business by the U.S. Small Business Administration (SBA) Women or Veteran-owned certification tools.
“I’m thrilled that these dedicated funds are now available to businesses and entrepreneurs seeking to invest and innovate in Montgomery County,” Council member Andrew Friedson said. ” I was proud to spearhead this initiative — the largest economic development package in the County’s history — to help jumpstart our local economy. These complementary funds will reduce barriers for emerging businesses and entrepreneurs, intentionally capitalize on our world-class talent with expanded opportunities, and build on our reputation as a global destination for innovation.”
Application Process
To ensure a fair and unbiased review process, applications will be evaluated by FedTech, an independent third-party organization with expertise in connecting innovative technologies to commercial markets. Awardees also will receive up to two hours of technical assistance from FedTech to further enhance their chances of success.
“The creation and allocation of these funds, combined with other resources provided by the county, underscores Montgomery County’s continued commitment to fostering business growth and innovation. As we focus on cultivating opportunities for all, we are ensuring a brighter future for generations to come” says Bill Tompkins, President and CEO, the Montgomery County Economic Development Corporation.
Montgomery County is partnering with MCEDC to facilitate the promotion and selection process. Award notifications will be made during March. If funds remain after the first round, a second application round will open in Spring 2025.
For questions, contact: MontCtyMD@fedtech.io