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MCEDC and LEDC selected as new fund manager to provide loans to Small, Minority and Women-Owned businesses

The collaboratively managed fund will be called the Accelerating Community Excellence (ACE) loan fund

ROCKVILLE, Md., June 8, 2022 – The Montgomery County Economic Development Corporation (MCEDC) was named today as the ninth and newest fund manager in the Maryland Small, Minority and Women-Owned Business Program (https://commerce.maryland.gov/fund/programs-for-businesses/vlt), also known as the Video Lottery Terminal (VLT) Program. There are currently eight VLT fund managers around Maryland that receive state funds to provide loans for small, minority and women-owned companies.   

The appointment and approval of the MCEDC fund manager application was made by the State of Maryland Board of Public Works at its June 8 meeting. The three members of the Board of Public Works are the Governor, the Comptroller, and the Treasurer.  

The MCEDC-managed VLT program will be called the Accelerating Community Excellence (ACE) Loan Fund. MCEDC will manage its ACE program on behalf of the State of Maryland and has partnered with the Latino Economic Development Center (LEDC) to be the program’s fiduciary agent. The MCEDC ACE program is designed to assist eligible small businesses, especially in underserved communities. The ACE program will receive an initial allocation of $1.5 million in state funds to be disbursed as loans to small, minority and women-owned businesses in Montgomery County and throughout Maryland. 

“We are excited to be a fund manager partner in this important Maryland program and bring additional state funding to support our growing Montgomery County small, minority and women-owned businesses,” said Benjamin H. Wu, MCEDC President & CEO. “With the largest number of Maryland small businesses located in Montgomery County, our new ACE program expands our ability to help meet the critical need for access to capital. I’m particularly excited that our LEDC collaboration will extend our MCEDC reach and impact in local underserved communities.” 

MCEDC chose LEDC as a partner since the center has an established and strong track record of services to the Latino and underserved communities in the Greater Washington-Baltimore region, with offices in Wheaton and Baltimore. “When small businesses have the resources to meet their full potential, they become a powerful force for positive change, especially within their communities,” said Emi Reyes, LEDC CEO. “We are thrilled to be working with MCEDC to provide our expertise in loan underwriting and servicing to increase accessible financing to women-owned and minority-owned small businesses.” 
  
The Maryland VLT Loan Program was created to assist minority and women owned small businesses with a percentage of the proceeds from video lottery terminals (slots) from the state’s six casinos. Under the current statute, at least 50% of the VLT program funds must be deployed to eligible small businesses located within a certain targeted radius surrounding the state’s six casinos. Since there are no Montgomery County casinos in Maryland, the MCEDC-managed ACE program will earmark 50% of its funding exclusively to eligible Montgomery County small businesses and will work with LEDC and the other fund managers to distribute the remainder to eligible small businesses in the targeted areas near a casino in the state. 

The Maryland VLT Program is administered by the Department of Commerce. The Commerce announcement of MCEDC as the newest fund manager can be found at https://commerce.maryland.gov/media/maryland-names-new-fund-manager-for-small-business-loan-program

About Montgomery County Economic Development Corporation (MCEDC)

MCEDC is the official public-private economic development organization representing Montgomery County, Maryland. Created in 2016, MCEDC is led by a Board of Directors of business executives. Its mission is to help businesses start, grow and relocate in Montgomery County by helping them gain access to top talent, business and market intelligence and prime locations. For more information, visit https://thinkmoco.com/

Link to press release: https://thinkmoco.com/blog/ledc-vlt

 

 

Senate Committee on Small Business & Entrepreneurship Chair Lauds Creation of Fourth Women’s Business Center in Maryland

The new Women's Business Center is an expansion of a satellite program operated by Rockville Economic Development, Inc.

Washington, D.C., May 25, 2022 – U.S. Senate Committee on Small Business & Entrepreneurship Chair Ben Cardin (D-Md.) today lauded the U.S. Small Business Administration’s (SBA’s) announcement that it has awarded a grant to Rockville Economic Development, Inc. (REDI) to operate a new Women’s Business Center (WBC) at Bowie State University (BSU), the oldest Historically Black College and University (HBCU) in Maryland. The new center is the fourth WBC in Maryland, joining a WBC in Rockville that is also operated by REDI, as well as a WBC in Baltimore operated by Morgan State University and a WBC in Salisbury operated by Maryland Capital Enterprises.

The new WBC is an expansion of a satellite program that REDI has been operating at BSU, and it will focus on supporting student entrepreneurs, increasing federal contracting opportunities, and expanding pathways to the Small Business Innovation Research and Small Business Technology Transfer Programs. BSU also hosts the Bowie Business Innovation Center (Bowie BIC)—a first-of-its-kind, award-winning business accelerator that helps federal contractors enrolled in the SBA’s 8(a) Business Development program secure federal contracts.

“I applaud Bowie State University and President Breaux for supporting entrepreneurs and innovators in Prince George’s County and Southern Maryland,” Cardin said. “I am especially proud that the WBC will focus on empowering BSU students, federal contractors, and innovators, which will pay dividends to our community for years to come. BSU continues to demonstrate that by partnering with HBCUs, the SBA can better deliver services and capital to entrepreneurs in underserved and underbanked communities.”  

“REDI is thrilled to expand its impactful relationship with BSU and the Bowie Business Innovation Center. The Maryland Women’s Business Center has been helping women entrepreneurs launch, grow, and sustain businesses that create jobs and strengthen economic development for over 10 years,” said Susan Prince, REDI Board Chair. “We are honored to support more students and business owners through this grant and partnership.”

“We are very pleased to have an integral role in providing more opportunities for entrepreneurs in Maryland,” said Dr. Aminta Breaux, President of Bowie State University. “The Bowie Women’s Business Center at BSU will be operated by the Bowie BIC, the only business incubator on an HBCU campus in Maryland, expanding support and guidance to our student entrepreneurs.  We thank Senator Cardin for his ongoing efforts to bring additional resources in support of aspiring entrepreneurs here at  Bowie State University and throughout the region.”

The WBC at BSU is the most recent addition in a broad expansion of Maryland’s entrepreneurial development and innovation resources spearheaded by Cardin. In May 2020, Cardin secured funding for the WBCs in Baltimore and Salisbury. Cardin also championed the opening of Maryland’s first Veterans Business Outreach Center at the University of Maryland last November.

On May 9, Cardin and Senator Chris Van Hollen (D-Md.) announced $4 million in congressionally directed spending to support innovation programs at BSU. The senators secured $3 million for the Bowie BIC and $1 million for the university to develop a new laboratory for hydroponics research.

The Bowie BIC served as the model for Cardin’s UPLIFT Act, which would create an Innovation Centers Program within the SBA to award competitive cooperative agreements worth as much as $400,000 annually to HBCUs, minority serving institutions (MSIs), and community colleges to establish and expand incubators and accelerators.

 
About REDI

Rockville Economic Development, Inc. (REDI) is a public-private partnership that helps businesses launch, locate, expand in the City of Rockville, Maryland. Committed to economic development, REDI is proactive in its efforts to support existing industry and attract new businesses with the tools to get started in Rockville, and resources and guidance to exiting businesses in the city. To learn more, visit: https://rockvilleredi.org/

About MWBC

Maryland Women’s Business Center helps start and build successful women-owned enterprises that are positioned for long-term growth. the MWBC conducts training seminars and offers one-to-one counseling on subjects including starting a business, writing a business plan, legal assistance, and more. As an official resource partner of the SBA, MWBC trainings and workshops are funded in part through a Cooperative Agreement with the U.S. Small Business Administration. Services are open to men and women from anywhere. To learn more, visit: https://marylandwbc.org/

Link to press release: https://www.sbc.senate.gov/public/index.cfm/2022/5/cardin-lauds-creation-of-fourth-women-s-business-center-in-maryland

AAPI Heritage Month: Celebrating Asian American-owned businesses in Rockville

 

May is a special time to recognize and celebrate Asian American and Pacific Islanders for their contributions and achievements in a variety of fields. In recognition of AAPI Month, REDI is highlighting Asian-owned businesses in our local economy while also connecting them to resources that support business growth:

Business Name
Category
Address
Website
MC Auto Services Automobile Services 1095 Taft St. Rockville MD, 20950  
MQ Auto Services Automobile Services 15563 Frederick Rd., Rockville, MD 20855  
China Bistro Restaurant 755 Hungerford Drive, Rockville, MD https://www.chinabistrorockville.com/
Taipei Tokyo Café Restaurant 14921 Shady Grove Road, D. Rockville, MD 20850 https://www.taipei-tokyo.net/
Bob’s Shanghai 66 Restaurant 305 N. Washington St., Rockville, MD 20850 https://www.bobsshanghai66.com/
Gyuzo Japanese BBQ Restaurant 33 Maryland Ave., Unit B, Rockville MD, 20850 https://www.gyuzobbq.com/
MaLa Canteen Restaurant 33 Maryland Ave., Unit E, Rockville MD, 20850 https://www.malacanteen.com/
Hot Pot City Restaurant 199 E. Montgomery Ave., Ste D, Rockville, MD 20850 https://www.hotpotcitymd.com/
Kabuto Hibachi  Restaurant 220 E Middle Ln., Rockville, MD 20850 https://gokabuto.com/rockville-md/
Thai Chef Restaurant 29 Maryland Ave., #308, Rockville, MD 20850 https://www.thaichefdmv.com/rockville
Peter Chang Restaurant 20-A Maryland Avenue, Rockville MD 20850 http://www.peterchangrestaurant.com/
Sichuan Jin River Restaurant 410 Hungerford Dr., Rockville, MD 20850 https://www.sichuanjinrivermd.com/
The Spot Restaurant 255 N. Washington Street, Rockville, MD 20850 www.thespotdmv.com
Xi’An Gourmet Restaurant 316 N. Washington St., Rockville, MD 20850 http://www.xi-angourmet.com/
YU Noodles Café Restaurant 9 Dawson Ave., Rockville MD 20850 https://yunoodlecafe.com/
Chadol Korean BBQ Restaurant 1403 Research Blvd Unit A-8, Rockville, MD 20850 http://chadolbbq.com/
Gwenie’s Pastries Bakery 12113 Nebel Street, Rockville, MD 20852 https://www.gweniespastries.com/
Asian Pacific American Chamber of Commerce Nonprofit   www.apacc.us
Endesco, Inc.  Civil Engineering Services 15245 Shady Grove Rd. Suite 335 Rockville, Md 20850 http://www.endescoinc.com/
MS Technologies Corp Computer/IT Services 10110 Molecular Drive, Ste 305 Rockville, MD 20850 https://mstechnologies.com/
Rose Li & Associates Science Communications 11821 Parklawn Drive, Suite 100 Rockville, MD 20852 https://roseliassociates.com/
SupInf Technologies Aerospace Engineering Rockville, MD https://www.supinf-tech.com/
 
We encourage and appreciate the submission of additional Rockville AAPI-owned businesses!

Submit a business

 

Rockville Economic Development, Inc. Launches 2022 Survey to Assess Business Community Needs

For Immediate Release:
May 5, 2022

Contact:
Amanda Bosland
REDI, Communications Manager
301-355-2213
amanda@rockvilleredi.org

ROCKVILLE, Md., – Today Rockville Economic Development, Inc. (REDI), a 501 (c)3 nonprofit whose mission is to identify and develop economic opportunities to help the businesses in Rockville prosper, launched its 2022 Business Survey. The purpose of the survey is to gather information from a representative cross-section of Rockville’s business community to inform and improve how REDI and the City support a thriving business environment and promote economic development.

The survey covers topics including the effects of the pandemic, labor and training needs, city services, and real estate needs, is hosted online, and takes approximately ten minutes to complete. All information and responses will be confidential and won’t be attributed to individual businesses that participate in the survey. Businesses that complete the survey will be entered into a drawing of five prizes, including one of four $100 VISA gift cards, and a grand prize valued over $800 sponsored by REDI, the Rockville Chamber of Commerce and Chaney Communications.

“The responses from the survey will be crucial in helping REDI, the City and key stakeholders prioritize what will best serve our local business community,” said Cynthia Rivarde, REDI’s Chief Executive Officer.

The 2022 Rockville Business Survey is online, mobile-friendly can be accessed by visiting https://REDI.sawtoothsoftware.com/login.html

 
About REDI

Rockville Economic Development, Inc. (REDI) is a public-private partnership that helps businesses launch, locate, expand in the City of Rockville, Maryland. Committed to economic development, REDI is proactive in its efforts to support existing industry and attract new businesses with the tools to get started in Rockville, and resources and guidance to exiting businesses in the city. To learn more, visit: https://rockvilleredi.org/

Fourth Year of Montgomery Can Code Camp Kicks Off

The program aims to introduce 1,500 local middle schoolers to future tech careers

ROCKVILLE, Md., April 20, 2022 – For the fourth year, the unique and innovative Montgomery Can Code public-private partnership formed by Montgomery College, Montgomery County Public Schools (MCPS) and the Montgomery County Economic Development Corporation (MCEDC) with Apple will offer local middle school students an enriching and educational summer camp experience to learn computer coding. 

Enrollment is currently open to MCPS middle schoolers for the virtual, half-day camp, with a goal of tripling the number of program participants to 1,500 students. There will be five weeklong Montgomery Can Code camps taking place from July 11–August 12, 2022.

Students will learn the skills they need to pursue careers in today’s app economy by working in Swift, Apple’s open-source, easy-to-understand programming language. Students experience the chance to solve real world problems by using coding skills they learn at the camp. 

The Montgomery Can Code sessions are taught through Montgomery College’s Information Technology Institute by instructors trained in Swift code. Students receive a loaner iPad and a Montgomery Can Code T-shirt at the start of each session. At the week’s end, participants will receive a certificate of completion. 

At the end of the summer, students will pitch their app solutions in a Student App Showcase event following the conclusion of the camps. MCEDC will coordinate with local business leaders to interact with the students, adding a real-world element to the experience. 

In a program extender, spring after-school coding clubs have been formed at select schools in Montgomery County. Now in its second year, these after-school clubs give students additional coding experience. 

Teaching code not only teaches the language of technology, it showcases new ways of thinking and prepares students for future careers. Local companies continue to search for highly skilled workers in fields like cybersecurity, app development, gaming, life sciences and hospitality technology. Early exposure to develop these skills provides students with a future advantage in being hired. 

“Montgomery Can Code is a direct investment in our students to make sure they are ready for a workforce that has already seen an increase in demand for highly skilled STEM workers,” said Montgomery County Executive Marc Elrich. “This collaboration between Montgomery College, MCPS, MCEDC and Apple has been expanding to serve more students over the past four years, and we are proud of what can be accomplished by working together.”  

“Montgomery Can Code embodies our County’s commitment to innovative learning that will prepare our children for the evolving workforce,” said County Councilmember Craig Rice, chair of the Council’s Education and Culture Committee. “Each year, we have increased the number of participants, giving more students the opportunity to develop a valuable skill set. I applaud Montgomery College, MCPS, MCEDC and Apple for their partnership in ensuring that every student can participate in the virtual environment. I’m confident that Montgomery Can Code will continue to thrive and grow thanks to the hard work of our program partners.” 

“MCPS is thrilled to continue working with our partners to expand access for middle school students to the Montgomery Can Code summer camps and school-year coding clubs,” said Dr. Monifa McKnight, Superintendent of schools. “We are committed to providing our students with engaging and innovative opportunities that build their skills and prepare them for the jobs of the future. We look forward to building upon these camps with new innovations through digital learning and the soon-to-be IgnITe Hub at Montgomery College.” 

“Montgomery Can Code is an initiative that connects dots: .gov, .com, .edu and .org to address an important issue of creating homegrown talent for 1,000s of open IT jobs in our region while also advancing economic equity and inclusion,” said Dr. Sanjay Rai, Senior VP of Academic Affairs for Montgomery College. “Exposing middle schoolers to coding, app development, and complex problem solving will certainly create the next generation of IT professionals, and also the next generation of entrepreneurs who will expand our economy and create even more jobs”. We are delighted that we are building on Montgomery Can Code by opening the new IgnITe Hub at Montgomery College. This new digital learning and innovation space will allow us to enhance our programs for middle schoolers while expanding opportunities to people of all ages including less affluent adults, college students, and local businesses. We are having significant social and economic impact.” 

“The Montgomery Can Code partnership with Apple continues to spotlight our commitment to invest in STEM education to support our innovation-led economy,” said Benjamin H. Wu, President and CEO of MCEDC. “Each year, the program grows and provides important technical skills that are valued in today’s economy. We are proud of this partnership which brings together academia and the business community to invest in our future workforce.” 

Learn more and find enrollment information at Montgomery Can Code.  

About Montgomery College

Montgomery College is a public, open admissions community college with campuses in Germantown, Rockville, and Takoma Park/Silver Spring, plus workforce development/continuing education centers and off-site programs throughout Montgomery County, Md. The College serves nearly 60,000 students a year, through both credit and noncredit programs, in more than 100 areas of study. Learn more at https://www.montgomerycollege.edu/

About MCEDC

The Montgomery County Economic Development Corporation (MCEDC) is the official public-private economic development organization representing Montgomery County, Maryland. Created in 2016, MCEDC is led by a Board of Directors of business executives. Its mission is to help businesses start, grow and relocate in Montgomery County by helping them gain access to top talent, business and market intelligence and prime locations. For more information, visit https://thinkmoco.com/

About Montgomery County Public Schools

Montgomery County Public Schools (MCPS) is the largest school system in Maryland with 162,680 students. A diverse school system with students coming from 157 countries and speaking 150 languages, it consists of 134 elementary schools, 40 middle schools and 25 high schools in the system. MCPS is an award-winning system recognized with 39 National Blue Ribbon and 8 National Green Ribbon schools. Learn more at https://www.montgomeryschoolsmd.org/

 

Link to press release: https://thinkmoco.com/blog/mcc-2022-camp

 

 

Rockville community projects assigned over $2.5 million in Congressionally Directed Spending

Projects include renovations to UMBC's Rockville campus, the development of community mental health and wellness programs, and support for survivors of domestic/sexual abuse

U.S. Senator Van Hollen announced community projects across Maryland that were funded per FY 2022 omnibus funding legislation that was passed on March 10, 2022. The following projects located in Rockville will receive over $2.5 million:

  • Project Name: Renovation of University of Maryland, Baltimore School of Nursing Facility at the Universities at Shady Grove

Location: Rockville, MD
Applicant: University of Maryland, Baltimore School of Nursing
Amount received: $1,250,000
Description: Funding would be used to renovate the University of Maryland, Baltimore School of Nursing facility at the Universities of Shady Grove, including creating additional simulation learning space; 3D immersion functionality; a new assessment lab with control room; a state-of-the-art hospital training suite; a Student Success suite with advising, tutoring, and study groups; and office space to accommodate new faculty

  • Project Name: UMBC-Shady Grove Biomanufacturing Center

Location: Rockville, Maryland
Applicant: University of Maryland, Baltimore County
Amount received: $750,000
Description: Funds will be used to create biomanufacturing-related laboratory projects and class demonstrations in UMBC’s facilities at the Universities at Shady Grove. These lab modules would become part of the undergraduate and graduate biotechnology degree programs, which are focused on workforce development, industry-relevant student internship projects, and short-term training for workers displaced because of the COVID-19-related economic downturn. These funds would also allow UMBC to purchase additional biomanufacturing-related laboratory equipment, enabling them to educate more students and trainees and grow Maryland’s STEM workforce

  • Project Name: EveryMind Crisis Prevention and Intervention Services Capacity Building

Project Location: Rockville, MD
Applicant: EveryMind
Amount received: $325,000
Description: Funds will support the development of EveryMind’s virtual capacity and technology infrastructure, supplementing their crisis prevention and intervention measures and promoting the mental health and wellness of the Montgomery County community

  • Project Name: The Greater Washington Jewish Coalition Against Domestic Abuse

    Project Location: Rockville, MD
    Applicant: The Greater Washington Jewish Coalition Against Domestic Abuse (JCADA)
    Amount received: $300,000
    Description: Funds would enable JCADA to serve more people by temporarily hiring additional staff to deal with the surge of clients experiencing domestic violence and sexual assault and seeking services. JCADA would continue to provide hybrid in-person and remote services to survivors as well as temporary assistance to clients struggling with homelessness and food insecurity

 

For the complete list of Maryland community projects funded by congressionally directed spending, please visit: https://www.vanhollen.senate.gov/community-funding-projects

 

 

Montgomery County Economic Development Strategic Plan Ratified by Council to Create Unified Priorities to Support Accelerated Economic Growth

The four-year plan called 'Moving Forward Together: Strategic Priorities for a Unifies Approach to Economic Development' imagines a future with a revitalized and reformed economic ecosystem

ROCKVILLE, Md., April 6, 2022 – On April 5, 2022, the County Council unanimously ratified the four-year Montgomery County Economic Development Strategic Plan for 2021 through 2025. Called Moving Forward Together: Strategic Priorities for a Unified Approach to Economic Development, the plan was initiated by the Montgomery County Economic Development Corporation (MCEDC) over six months and was developed in collaboration with industry, government, and community stakeholders.

In 2021, the Council passed legislation (Bill 10-21) to transform Montgomery County’s economic development approach and directed consolidated leadership over the County’s strategy to MCEDC. By statute, the four-year strategic plan will have biennial updates. MCEDC will update the current plan based on any changes in County priorities and market dynamics in 2024.

The Montgomery County Economic Development Strategic Plan imagines a future with a revitalized and reformed economic ecosystem that supports a growing and healthy local economy rooted in the shared values of its residents. The plan incorporates the following fundamental elements to guide the outcomes and development of new County economic development actions, including: Growth in Innovation; A Healthy Local Business Environment; Advancement Pathways and Talent Pipelines; High Quality of Place; Capacity for Shared Action; A Diversified Economy; Inclusivity and Racial Equity; and Environmental Sustainability.

The Montgomery County Economic Development Strategic Plan incorporates these elements into four priority chapters:

PRIORITY A. Accelerate Innovation Economic Drivers and Entrepreneurship
PRIORITY B. Provide Greater Workforce and Educational Opportunities
PRIORITY C. Build Livable Communities that Connect Residents to Jobs
PRIORITY D. Create an Inclusive Economy for Shared Prosperity

For the next steps, MCEDC is preparing an Executive Summary which will be shared with the business community. MCEDC will work directly with stakeholders to develop the necessary partnerships to execute the plan’s action items and will roll out these initiatives in the coming months.

“Over the last year, as we have recovered from the impacts and hardships from the pandemic, we have seen an influx of billions of dollars in private investment, companies relocating, expanding and creating new jobs throughout our County, and our concerted effort to produce a well-trained and educational workforce is paying off for our residents and business community,” said County Executive Marc Elrich.

“With the passage of the Economic Development Strategic Plan, the County has a united vision to further strengthen our economy. This plan is a reflection on the work that the County has been moving on as the regional leader in life sciences, hospitality, and a thriving small business economy. I appreciate MCEDC working with my office to increase the accountability for all the parties involved and applaud the Council and MCEDC’s collaborative approach. I look forward to the plan being implemented with fidelity by the many involved partners throughout the region.”

Benjamin H. Wu, MCEDC President & CEO said: “With the Council’s ratification, Montgomery County now has a clear roadmap of the priorities for our economic development future for the first time. We appreciate the confidence that has been placed in MCEDC to initiate the County’s strategic plan and lead us towards greater economic prosperity.”

“We would like to thank the many organizations which contributed and offered input to the strategic plan. From industry to chambers of commerce, academic institutions, nonprofit organizations, and the Montgomery County community, we appreciate their participation over the past six months. We also acknowledge the County Executive’s contributions and appreciate the guidance of Council President Gabe Albornoz and Chair Hans Riemer of the Planning, Housing and Economic Development (PHED) Committee, Chair, along with Councilmember Andrew Friedson who introduced the legislation creating this plan.”

Read the Montgomery County Economic Development Strategic Plan here. Read the PHED Committee action for the strategic plan here. Read the Council’s press release on its ratification of the strategic plan here.

 

About Montgomery County Economic Development Corporation (MCEDC)

MCEDC is the official public-private economic development organization representing Montgomery County, Maryland. Created in 2016, MCEDC is led by a Board of Directors of business executives. Its mission is to help businesses start, grow and relocate in Montgomery County by helping them gain access to top talent, business and market intelligence and prime locations. For more information, visit https://thinkmoco.com/

Link to press release: https://thinkmoco.com/press-releases/strategic-plan-ratified-press-release

 

 

 

 

 

 

 

Rockville Economic Development Inc. (REDI) enters strategic partnership with Federal Laboratory Consortium (FLC)

The agreement will help encourage partnerships between federal laboratories and industry, and help move technologies out of the lab and into the marketplace

WASHINGTON, DC and ROCKVILLE, Md., March 28, 2022 – The Federal Laboratory Consortium (FLC) has entered into a strategic partnership with Rockville Economic Development, Inc. (REDI), based in Rockville, MD as part of an ongoing campaign to help local businesses and entrepreneurs with innovative technologies succeed through collaborations with federal laboratories.

The Rockville Economic Development, Inc. (REDI) was formed in 1997 as a public-private partnership (formerly known as the Greater Rockville Partnership) by the City of Rockville, Maryland, to build the city’s economic base through entrepreneurship, expansion, retention, and recruitment programs. REDI and the FLC signed a Memorandum of Understanding on March 22, 2022.

Under the agreement, the FLC and REDI will jointly encourage partnerships between federal laboratories and industry, especially small businesses and women entrepreneurs, to help move technologies out of the lab and into the marketplace – a vital process known as technology transfer. These public-private partnerships will support new innovations, leading to job creation and economic benefits.

The agreement will help link Rockville businesses to laboratories within the 15 federal agencies located nearby, which include the Food and Drug Administration, the National Institutes of Health, and the National Institute of Standards and Technology. Collaborative opportunities may also involve the Maryland Women’s Business Center, REDI’s special initiative for local women entrepreneurs that is certified by the Small Business Administration, an existing FLC partner.  

The FLC and REDI will work together to promote and participate in mutually beneficial activities such as joint meetings, sponsorships and special events to maximize federal labs’ presence in the region.

“REDI’s partnership with FLC is a great opportunity to highlight the resources available for tech transfer and collaboration to attract companies to Rockville and help them grow” said Susan Prince, REDI Board Chair

“Working with REDI will provide exciting opportunities for the FLC to connect federal labs with entrepreneurs in Rockville, Maryland. The city shows strong growth in technology, software development, and biotech, and benefits from its proximity to Washington, D.C. and numerous federal labs,” said Paul Zielinski, Executive Director of the FLC.

Learn more about the FLC’s organizational partners here. Groups interested in working with federal laboratories should contact the FLC to learn more at info@federallabs.org.

About Rockville Economic Development, Inc. (REDI)

REDI is a public-private partnership that helps businesses launch, locate and expand in the City of Rockville, Maryland. Committed to economic development, REDI is proactive in its efforts to support existing industry and attract new businesses. REDI provides businesses with the tools to get started in Rockville, and resources and guidance to existing businesses in the city. To learn more, visit https://rockvilleredi.org

About the Federal Laboratory Consortium (FLC)

The Federal Laboratory Consortium for Technology Transfer (FLC) is a formally chartered, nationwide network of more than 300 federal laboratories, agencies, and research centers that foster commercialization best practice strategies and opportunities for accelerating federal technologies from out of the labs and into the marketplace. To learn more, visit www.federallabs.org.

Montgomery County Economic Development Corporation selected for pilot ‘Equity Communities’ initiative

Equity Communities is a part of a larger Race, Equity, and Economic Development initiative lead by the International Economic Development Council (IEDC)

ROCKVILLE, Md., March 28, 2022 -The Montgomery County Economic Development Corporation (MCEDC) has been selected by the International Economic Development Council (IEDC) for its inaugural Equity Communities initiative. MCEDC is participating in the year-long program to further local and regional efforts to promote equitable practices and standards in economic development, in addition to helping develop frameworks for local models and national best practices.

MCEDC is one of five economic development entities in the IEDC initiative. The other members are: The City of El Paso, TX; Elevate Rapid City, SD; Village Capital, Cleveland, OH; and the St. Louis Development Corporation, MO. The selected organizations will receive program guidance and expert technical assistance through site visits, webinars and cohort check-ins to guide the creation by the end of the year of an Equity Action Plan based on individual local needs and challenges. IEDC and the five entities launched the Equity Communities initiative with an orientation held in conjunction with the recent IEDC Leadership Summit in California. MCEDC plans to focus its work on initiative topics such as entrepreneurial development, capital access and community wealth-building.

“Diversity is a hallmark of Montgomery County. We’re one of the most diverse counties in the country with 150 languages spoken in our schools and one-third of our residents foreign-born. The IEDC Equity Communities program is a perfect guide for our MCEDC inclusive economy initiative. Fostering shared prosperity in a post-pandemic economic recovery and permanently is a strategic priority,” said MCEDC President and CEO Benjamin H. Wu. “We’re grateful to IEDC and The Rockefeller Foundation for their recognition of Montgomery County’s diversity and our commitment to equity.”

The initiative is part of a larger mission of the IEDC, as it recently released its Equitable Economic Development Playbook, which examines structural racism in economic development while promoting equitable practices and standards. IEDC’s Equitable Economic Development Playbook Program has been made possible by The Rockefeller Foundation, The Kresge Foundation and the Surdna Foundation.

“The economic systems in the United States have routinely valued profit over labor and Covid-19 laid bare the injustices that were already present for communities of color,” said Otis Rolley, Senior Vice President of the Equity and Economic Opportunity Initiative at The Rockefeller Foundation. “We are proud to support the IEDC’s work to ensure equity is at the forefront of economic development.”

About MCEDC

The Montgomery County Economic Development Corporation (MCEDC) is the official public-private economic development organization representing Montgomery County, Maryland. Created in 2016, MCEDC is led by a Board of Directors of business executives. Its mission is to help businesses start, grow and relocate in Montgomery County by helping them gain access to top talent, business and market intelligence and prime locations. For more information, visit https://thinkmoco.com/

About IEDC

The International Economic Development Council (IEDC) is the world’s largest membership organization for economic development professionals. Economic developers promote economic well-being and quality of life in their communities by creating, retaining, and expanding jobs that facilitate growth and provide a stable tax base. From public to private, rural to urban, and local to international, our members represent the entire range of economic development. Learn more at iedconline.org

Link to press release: https://thinkmoco.com/press-releases/eidc-national-equity-communities-cohort

Montgomery County Economic Development Corporation recipient of 2022 Diversity in Business Award

President & CEO of MCEDC, Ben Wu and Board Member, Tien Wong, were among 25 honorees at Washington Business Journal's awards

ROCKVILLE, Md., March 24, 2022 – In celebrating diversity and inclusion in the workforce to honor inspiring business leaders of color, the Washington Business Journal will present its 2022 Diversity in Business Awards in a ceremony held at the Four Seasons Hotel in Washington, D.C. on the evening of March 24. Among the awardees are two representatives from the Montgomery County Economic Development Corporation (MCEDC): President & CEO, Benjamin H. Wu and MCEDC Board Member Tien Wong, CEO of Opus8.

“We’re very proud that MCEDC is one of the most diverse and well-represented economic development organizations across Maryland. Our MCEDC Board and staff reflects the significant diversity of our Montgomery County population and our business community,” said Board Chair Robert G. Brewer, Principal of Lerch, Early & Brewer. “The deserving recognition of two awardees from MCEDC acknowledges our commitment to diversity, equity and inclusion.”

“Montgomery County is known as one of the most diverse communities in the nation and its economic success is fueled by the participation of people of all races, ethnicities and nationalities,” said MCEDC Board Member, Dr. Sanjay Rai, Senior VP of Academic Affairs for Montgomery College. “Both Ben and Tien have a commitment to inclusive excellence that they impart upon the organization. Ben’s leadership of MCEDC has brought more business growth and workforce development opportunities that provide residents with access to good paying and family sustaining jobs.”


The Washington Business Journal selected the group of 25 awardees based on entrepreneurial drive, creativity and success within their respective fields. We congratulate the other awardees representing Montgomery County businesses:

David Wellisch, CEO, The Collage Group (Bethesda)
Nadia Subaran, Owner, Aidan Design LLC (Silver Spring)
Gwen Muse-Evans, CEO, GME Enterprises (Chevy Chase)
Jennie DeCarrier Benson, VP of Franchising, Marriott International (Bethesda)
Matthew Goins, Owner, Puzzle Huddle (Potomac)
Ken Bacon, Partner, Railfield Partners (Bethesda)

 

About MCEDC

The Montgomery County Economic Development Corporation (MCEDC) is the official public-private economic development organization representing Montgomery County, Maryland. Created in 2016, MCEDC is led by a Board of Directors of business executives. Its mission is to help businesses start, grow and relocate in Montgomery County by helping them gain access to top talent, business and market intelligence and prime locations. For more information, visit https://thinkmoco.com/

Link to press release: https://thinkmoco.com/media/press-releases/diversity-in-business-award