TEDCO

What TEDCO does

TEDCO (Maryland Technology Development Corporation) is an independent instrumentality of the State of Maryland, established by the Maryland General Assembly in 1998 to facilitate the creation and growth of technology-based businesses in Maryland. Headquartered in Columbia, Maryland, with 11-50 employees, TEDCO functions as a state economic development corporation rather than a commercial software vendor. Its core offering is a portfolio of approximately 20 funding and resource programs organized around the technology commercialization lifecycle: direct equity and convertible-note investments via evergreen Venture Funds ($500K-$1.5M checks, $110M+ AUM), Seed Funds, and Social Impact Funds (Pre-Seed Builder Fund, Inclusion Fund); university tech-transfer pathways through the Maryland Innovation Initiative with five Qualifying Universities; the Maryland Stem Cell Research Fund (750+ projects, ~$250M cumulative since 2006); federal programs including SBIR/STTR Matching Funds, the SBIR/STTR Proposal Lab, DefTech, and the FLLIP Pilot Program; and infrastructure/workforce grants via the Equitech Growth Fund. Customers include hundreds of early-stage Maryland startups across technology and life sciences, university researchers, federal lab partners, and targeted demographics such as rural entrepreneurs, urban founders, women-led ventures, and SEDI-owned businesses.

TEDCO's underlying technology stack is administrative rather than product-facing: the MyTEDCO online portal, the TEDCO Dashboard for portfolio transparency, program-specific online application portals, the SBIR/STTR Proposal Lab curriculum infrastructure, and the Market Search market intelligence tool. The business model is hybrid and not transactional: core operating revenue derives from State of Maryland appropriations (50%+ increase in recent years) and federal grant awards ($75M+ secured under President Thomas), supplemented by investment returns from evergreen funds that recycle capital through exits and follow-on rounds. TEDCO does not charge portfolio companies management fees or licensing royalties; it deploys capital via equity investments, convertible notes, and non-dilutive grants across multiple programs.

In 2025-2026, TEDCO has executed a strategic internationalization push, signing up to $50M in co-investment agreements with Taiwan's TAIIDA/SFIC Group, joint-declaration agreements with Korea Venture Investment Corporation and Kunicorn Investment LLC, and a Memorandum of Understanding with Jordan's Ministry of Digital Economy and Entrepreneurship. The organization has reported $2.7B+ in cumulative economic impact, $140M+ in annual state and local tax revenue generated, and 12,000+ jobs created across its portfolio since 1998, though these figures measure portfolio-level outcomes rather than TEDCO's own operating revenue.

Name

TEDCO

Legal name

Maryland Technology Development Corporation

Website

https://tedcomd.com

Company type

Private

Founded year

1998

Operating status

Operating

Headcount range

101–250 employees

Short description

TEDCO is Maryland's state economic development corporation, established in 1998, that deploys $200M+ in assets across venture, seed, social impact, federal tech-transfer, and stem cell research programs to fund and support early-stage technology and life sciences companies statewide.

Ownership category

akta.pro rank

Product category

Economic Development Funding

NAICS

Grantmaking and Giving Services (81321), Voluntary Health Organizations (813212)

akta.pro primary industry

Captive CVC Fund (Dedicated corporate fund structure) (FSANAHAB)

akta.pro secondary industry

Corporate Strategic Partnership & Ecosystem Investment Arms (FSANAHAF)

Keywords

• Early-stage venture capital
• Technology commercialization funding
• Economic development programs
• Life sciences investment
• Federal lab technology transfer

Headquarters

HQ city

Columbia

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. State Small Business Credit Initiative (SSBCI) capital allocation: TEDCO receives up to $50 million in SSBCI capital from the U.S. Department of the Treasury (administered via Maryland DHCD) and deploys it across four programs (Venture Equity Fund, Venture Capital Limited Partnership Equity, Seed Funds Equity, and Social Impact Funds) as equity investments and convertible notes rather than grants.
2. State of Maryland appropriations and federal grant funding: Core operating funding sourced from State of Maryland appropriations and federal grant awards, supporting general operations, programs (MII, MSCRF, Makerspace, BRIDGE, RBII, UBII, DefTech, FLLIP), and over $200 million in assets under management. TEDCO leadership has secured over $75 million in federal grant funding and achieved a more than 50% increase in state funding.
3. Venture Fund equity investments and investment returns: Evergreen Venture Funds deploying $500K–$1.5M equity checks into Maryland-connected early-stage companies with over $110M of assets under management, generating returns through successful exits and follow-on rounds that recycle capital.
4. Seed Funds and Social Impact Funds convertible-note investments: Pre-Seed Builder Fund invests initial $100,000 via convertible notes with up to $750K per single deployment; Inclusion Fund and Seed Funds deploy capital into companies showing a path to venture-fundable status or sustainability through customer revenue; investments assessed on an ongoing basis via online portal.
5. Equitech Growth Fund grants: Non-dilutive infrastructure and workforce development grants (up to $1M for Infrastructure Awards over 12–36 months; up to $250K for Workforce Awards over 12–24 months) supporting Maryland's innovation economy competitiveness, with goal of top-ten fastest-growing innovation state by 2040.
6. Federal contract funding (e.g., U.S. Department of the Treasury BRIDGE): Three-year project funded by a federal award from the U.S. Department of the Treasury to administer the BRIDGE Program's Back-Office-in-a-Box initiative providing back-office services (record-keeping, payroll, tax obligations) to SEDI-owned businesses and Very Small Businesses across Maryland, Delaware, Virginia, and Washington, D.C.

Pricing tiers

Go-to-market motion4 records

Distribution channels6 records

Marketing channels7 records

Core offering

TEDCO is an independent instrumentality of the State of Maryland that provides funding, resources, and connections to early-stage technology and life sciences companies. It deploys equity, convertible-note, and grant capital through a portfolio of programs including Venture Funds, Seed Funds, Social Impact Funds, Maryland Innovation Initiative, Maryland Stem Cell Research Fund, Equitech Growth Fund, and SBIR/STTR Matching Funds, and connects startups to university and federal lab resources through DefTech and FLLIP.

Product overview

TEDCO (Maryland Technology Development Corporation) is an independent instrumentality of the State of Maryland, established by the Maryland General Assembly in 1998 to facilitate the creation and growth of technology businesses. TEDCO's offering is not a single software product but rather a portfolio of funding programs and resource services organized around the technology commercialization lifecycle. The architecture spans early-stage Social Impact Funds (Pre-Seed Builder Fund and Inclusion Fund), Seed Funds, and evergreen Venture Funds at one end, with the Maryland Innovation Initiative (MII) and Baltimore Innovation Initiative (BII) providing university tech-transfer pathways, the Maryland Stem Cell Research Fund (MSCRF) for regenerative medicine, the Maryland Makerspace Initiative Program for infrastructure, and federal programs such as SBIR/STTR Matching Funds, the SBIR/STTR Proposal Lab, DefTech, and the FLLIP Pilot Program that connect startups with federal lab resources. Complementary programs include the Rural Business Innovation Initiative (RBII), Urban Business Innovation Initiative (UBII), BRIDGE Program, Equitech Growth Fund, and Concept Capital—all connected through TEDCO's networking events such as the annual Entrepreneur Expo.

Differentiator

Problem solved

Functional benefit

Brands

• Equitech Growth Fund (EGF): Managed by TEDCO; provides grants for infrastructure and workforce development initiatives supporting Maryland's economic competitiveness, with a goal of ranking Maryland as a top ten fastest growing innovation state by 2040.
• Maryland Innovation Initiative (MII)
• Maryland Stem Cell Research Fund (MSCRF)
• DefTech (Maryland Defense Technology Commercialization Center)
• Federal Labs Leveraging Innovation to Products (FLLIP) Pilot Program
• SBIR/STTR Proposal Lab
• SBIR/STTR Matching Funds
• Maryland Makerspace Initiative Program
• Baltimore Innovation Initiative (BII)
• Seed Funds
• Venture Funds
• Social Impact Funds (Pre-Seed Builder Fund and Inclusion Fund)
• State Small Business Credit Initiative (SSBCI)
• Rural Business Innovation Initiative (RBII)
• Urban Business Innovation Initiative (UBII)
• BRIDGE Program (Business Resource Information, Development, and Guidance Ecosystem)
• Concept Capital
• Pava LaPere Innovation Acceleration Grant Program
• Institute for Women Entrepreneur Excellence (IWEE)

Products and services

• Venture Funds TEDCO's evergreen Venture Funds are dedicated to funding and growing the next generation of outstanding early-stage businesses in Maryland. Investments range from $500K to $1.5M, sector-agnostic, with over $110M of assets under management.
• Seed Funds TEDCO's Seed Funds are invested in businesses that show promise of becoming venture fundable companies or those that, through a seed investment, will be sustainable through customer revenue, follow-on funding, or other forms of corporate venture.
• Pre-Seed Builder Fund A Social Impact Fund that typically invests initial amounts of $100,000 via convertible notes in pre-seed technology startups where at least 50% of founders demonstrate economic disadvantage and the company has its principal place of business in Maryland.
• Inclusion Fund A Social Impact Fund focused on investment opportunities often overlooked by traditional sources of investment due to economic disadvantage, targeting early-stage technology startups with at least 30% ownership by individuals who have demonstrated social and economic disadvantage.
• Maryland Innovation Initiative (MII) A collaboration between the State of Maryland and five Maryland academic research institutions (Johns Hopkins University, Morgan State University, University of Maryland Baltimore, University of Maryland Baltimore County, University of Maryland College Park). MII funds up to $430,000 for Sole Applicants through Technology Assessment (up to $130,000) and Company Formation (up to $300,000) phases to commercialize research.
• Baltimore Innovation Initiative (BII) BII Pilot Program supporting an equitable innovation and entrepreneurial ecosystem in higher education institutions throughout the Baltimore-Columbia-Towson Metropolitan Statistical Area, as a component of Maryland's matching contribution toward the Baltimore Tech Hub. Offers Technology Advancement grants up to $50,000 and Entrepreneurship Commercialization, Programming, and Infrastructure grants up to $50,000.
• Maryland Stem Cell Research Fund (MSCRF) Established under the Maryland Stem Cell Research Act of 2006, MSCRF promotes state-funded human stem cell research and medical treatments through grants to public and private entities in the state. Offers seven programs: Launch, Discovery, Validation, Commercialization, Clinical, Post-doctoral Fellowships, and Manufacturing Assistance.
• SBIR/STTR Matching Funds Competitive program that strengthens SBIR/STTR awards by providing additional TEDCO funding equal to the lesser of 25% of the Phase I award or $25,000 (Phase I), or 25% of the Phase II award or $75,000 (Phase II), to Maryland small businesses that received SBIR/STTR awards within six months of the application cycle.
• DefTech The Maryland Defense Technology Commercialization Center (DefTech) is a joint initiative between TEDCO and the Maryland Department of Commerce that connects businesses to the federal labs in Maryland for product development, testing, IP licensing, and more to help businesses bring their innovation to market faster.
• Federal Labs Leveraging Innovation to Products (FLLIP) Pilot Program FLLIP bridges the gap between public research investments and commercial success through a structured approach of Connection, Assessment, Support, and Engagement (CASE), connecting Maryland entrepreneurs and small businesses with federal laboratory resources including NIH, Frederick National Lab, and the Defense Health Administration.
• SBIR/STTR Proposal Lab A two-part program offering decades of experience in writing, reviewing, and winning SBIR/STTR and other federal grants and contracts, positioning companies for up to $305,000 of non-dilutive Phase I funding from NSF. Graduates have used the lab to receive more than $29M in SBIR and STTR Phase I and II funding.
• Maryland Makerspace Initiative Program Created to encourage the growth of Makerspaces throughout Maryland by providing financial and technical assistance in the form of grants up to $100,000 for the establishment, expansion, or programming of Makerspaces, administered by TEDCO to local governments, designated entities, or nonprofit entities.
• Rural Business Innovation Initiative (RBII) TEDCO's program designed to enhance technology commercialization and provide technical and business assistance at no cost to small and early-stage technology-based companies in rural Maryland through regional RBII mentors. Companies that have received mentoring for at least 90 days are eligible to apply for $25,000 in pre-seed funding.
• Equitech Growth Fund (EGF) Managed by TEDCO, the Equitech Growth Fund provides grants for infrastructure (up to $1M) and workforce development (up to $250K) initiatives to support Maryland's economic competitiveness, foster economic opportunity, and accelerate growth of emerging and advanced industries, with the goal of moving Maryland to a top ten fastest growing innovation state by 2040.
• State Small Business Credit Initiative (SSBCI) TEDCO will receive up to $50 million and will allocate the funds into four existing programs—Venture Equity Fund, Venture Capital Limited Partnership Equity program, Seed Funds Equity program, and Social Impact Funds—targeting technology-based Maryland businesses and entrepreneurs.
• Concept Capital TEDCO's Concept Capital program supports early-stage technology ventures, providing $25,000 investments to companies led by underrepresented and socioeconomically disadvantaged founders in Maryland, with eligible companies receiving between $25,000 and $50,000 in critical early-stage capital.
• BRIDGE Program Business Resource Information, Development, and Guidance Ecosystem providing legal, accounting, and financial advisory services to Socially and Economically Disadvantaged Individuals (SEDI)-owned businesses and Very Small Businesses (VSBs) across Maryland, Delaware, Virginia, and DC.
• Urban Business Innovation Initiative (UBII) Program assisting small technology-based start-ups located in urban areas of Maryland, particularly Baltimore City and Prince George's County, through mentoring and targeted projects.

Quantifiable outcome

• Over $2.7 billion in economic impact generated in Maryland since 1998
• +7 more outcomes

Named customers13 records

Segments9 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

15 partnerships are on record, tiered core programmatic partner, core programming collaborators for 2026 entrepreneur expo, core institutional affiliation, minor promotional partnership, core international fdi partners, flagship university channel partnership, minor keynote/event partner, core collaboration partner for international programming, core institutional partnership for baltimore innovation initiative, flagship international partnership, core international partnership, core institutional partnership, core federal lab collaborators, specialist delivery partner and minor cross-state knowledge partner.

• Institute for Women Entrepreneur Excellence (IWEE)core programmatic partnerStrategic or Co-development Partner · 1 June 2026TEDCO collaborates with IWEE to expand access and foster a sustainable innovation ecosystem in Maryland. TEDCO CEO Troy LeMaile-Stovall appointed Tammi Thomas as TEDCO's representative on the IWEE board. The 2026-2027 IWEE Board includes leaders from Applied Neurons, EEO Services LLC, Morgan State University, and Coppin State University.
• Maryland Stem Cell Research Fund, National Eye Institute, Johns Hopkins University, and University of Maryland Baltimorecore programming collaborators for 2026 entrepreneur expoStrategic or Co-development Partner · 1 June 2026Ben Antebi (Associate Director, Maryland Stem Cell Research Fund) will moderate the 'The Virtual Patient: Coding Cellular Twins to De-Risk the Bench and Accelerate Cures' panel at the 2026 Entrepreneur Expo (October 27, 2026) featuring experts from these institutions.
• Maryland Economic Development Association (MEDA)core institutional affiliationStrategic or Co-development Partner · 22 May 2026TEDCO President Tammi Thomas was reappointed as President of MEDA's Board of Directors for a second two-year term during the 2026 MEDA Annual Conference (April 26-28, 2026). MEDA research shows $1 invested in county economic development operations generates an average of $9.18 in combined state and local tax revenue over three fiscal years.
• Taipei (Taiwan) — Maryland Secretary of State's investment missionminor promotional partnershipGTM or Marketing Partner · 1 May 2026Maryland Secretary of State Susan C. Lee visited Taipei to promote Maryland as a destination for Taiwanese investment, highlighting opportunities in cybersecurity, life sciences, and emerging technologies, and referencing the late-2025 TEDCO-TAIIDA/SFIC Group agreement.
• South Korea (Korean delegations) and Impulse Biomed (South Africa)core international fdi partnersStrategic or Co-development Partner · 1 May 2026TEDCO met with delegations from seven countries at the SelectUSA Investment Summit in National Harbor; partnered with South Korea to establish a Maryland-Korea Trade Desk supporting partnerships with Korean companies like Samsung Biologics and Nature Cell; and supported Impulse Biomed (South Africa) joining Maryland's medtech sector at The LaunchPort in Baltimore.
• Johns Hopkins University, Morgan State University, University of Maryland Baltimore, UMBC, and University of Maryland College Parkflagship university channel partnershipStrategic or Co-development Partner · 1 April 2026Formal collaboration between the State of Maryland and these five Qualifying Universities for the Maryland Innovation Initiative (MII). MII provides Technology Assessment grants (up to $130K sole/$180K joint) and Company Formation investments (up to $300K) to commercialize research from these institutions.
• Baltimore Gas and Electric (BGE)minor keynote/event partnerGTM or Marketing Partner · 31 March 2026BGE President and CEO Tamla Olivier featured in TEDCO's 2026 Entrepreneur Expo lunch keynote fireside discussion with TEDCO CEO Troy LeMaile-Stovall, focusing on Maryland's energy sector, industry-entrepreneur collaboration, and the BGE Energizing Small Business Grant program (which has awarded $7.98 million since 2021).
• University System of Maryland (USM) and World Trade Center Institute (WTCI)core collaboration partner for international programmingStrategic or Co-development Partner · 1 March 2026Collaboration with the Kingdom of Jordan's Ministry of Digital Economy and Entrepreneurship, Jordan Source, WTCI, and USM for the 'Bridging Innovation: Why Jordan Can Be Your Tech Gateway to the MENA Region' webinar exploring Jordan's digital ecosystem and MENA tech opportunities.
• Johns Hopkins University, Loyola University Maryland, Howard Community College, and 19 other BII-eligible institutionscore institutional partnership for baltimore innovation initiativeStrategic or Co-development Partner · 1 February 202622 institutions participate in the Baltimore Innovation Initiative (BII) Pilot Program, sharing $647,000 in total BII funding. Howard Community College received $50,000 BII award alongside $500K Cyber Maryland Program award; Johns Hopkins and Loyola University Maryland also received BII funding.
• Hashemite Kingdom of Jordan (Ministry of Digital Economy and Entrepreneurship)flagship international partnershipStrategic or Co-development Partner · 5 November 2025Formalized bilateral cooperation focused on fostering innovation ecosystems, cross-border investments, startup exchanges, and development of a Jordanian technology hub. Subsequent MOU signed May 4, 2026 at the SelectUSA Investment Summit includes co-hosted virtual networking events and Jordan's participation in the TEDCO Entrepreneur Expo.
• Korea Venture Investment Corporation (KVIC)core international partnershipStrategic or Co-development Partner · 1 November 2025Joint-declaration agreement signed at TEDCO's 2025 Entrepreneur Expo to promote international collaboration between Maryland and South Korean startups, focusing on expanding innovation ecosystems, joint workshops, acceleration programs, and international startup expansion.
• Maryland Department of Commerce (DefTech co-initiative)core institutional partnershipStrategic or Co-development Partner · 1 December 2024Joint initiative that operates the Maryland Defense Technology Commercialization Center (DefTech), connecting businesses to the more than 70 federal labs in Maryland for product development, testing, IP licensing, and bringing innovation to market faster.
• NIH (National Institutes of Health), Frederick National Laboratory for Cancer Research (FNL), and Defense Health Agency (DHA)core federal lab collaboratorsStrategic or Co-development Partner · 1 December 2024Formal collaborators in the FLLIP Pilot Program alongside Frederick Innovative Technology Center, Inc (FITCI) and Montgomery County Economic Development Corporation. FLLIP uses the CASE framework to connect Maryland small businesses with these federal labs for technology transfer, in part funded through a U.S. Small Business Administration grant.
• OST Global Solutions (GovCon Incubator)specialist delivery partnerImplementation/ SI/ Consulting Partner · 1 February 2024TEDCO's SBIR/STTR Proposal Lab is delivered in partnership with OST Global Solutions' GovCon Incubator, recruiting a cohort of small businesses across Maryland's 24 counties and Baltimore City for non-dilutive Phase I NSF funding support.
• Catalyst Center for Business & Entrepreneurship (Alabama)minor cross-state knowledge partnerStrategic or Co-development Partner · 1 February 2024Partnership to share SBIR/STTR Proposal Lab best practices and programmatic materials, enhancing the scope and efficacy of TEDCO's lab.

Scale indicators13 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Connecticut Innovations: Connecticut's state-funded venture capital arm, investing in early-stage CT technology and life sciences companies. Direct comparable as a state instrumentality running evergreen fund vehicles with similar check sizes and a portfolio of seed/venture/social impact programs.
• Virginia Innovation Partnership Corporation (VIPC): Virginia's state technology development corporation, formerly known as CIT (Center for Innovative Technology). Comparable as a neighboring mid-Atlantic state entity that deploys state and federal capital into regional startups, manages federal technology-transfer programs, and operates commonwealth-funded seed/venture investment vehicles.
• Ben Franklin Technology Partners: Pennsylvania state-funded technology-based economic development organization. Comparable as a state-supported early-stage investor providing pre-seed and seed capital to tech and life sciences companies, plus technology transfer from state research institutions.
• Massachusetts Technology Collaborative (MassTech): Massachusetts quasi-public economic development agency running sector-focused innovation and investment programs. Comparable as a state instrumentality that combines grant-making, investment programs, and cluster-building initiatives targeting tech/life sciences startups.
• Georgia Research Alliance: Georgia-based nonprofit that recruits and supports research scientists and helps commercialize university research. Comparable in its state-backed role funding university research translation and supporting early-stage ventures through state-supported capital and federal lab engagement.

Broad incumbents

• New Jersey Economic Development Authority (NJEDA): New Jersey's state economic development authority offering a broad portfolio of tax incentives, direct investment, and innovation programs. Comparable in scale and mission but operates a much wider portfolio of incentives beyond venture-style investment, making it a broader incumbent peer.
• NYSERDA: New York State Energy Research and Development Authority — a state public-benefit corporation running investment and grant programs in clean energy and innovation. Comparable as a state instrumentality with $200M+ in programmatic funding, evergreen investment vehicles, and sector-focused startup support, though oriented toward energy.

Regional players

• Indiana Economic Development Corporation (IEDC): Indiana's public-private economic development entity managing state incentive and innovation programs. Comparable as a state economic development body running grant and investment programs to grow in-state tech/life sciences companies, though operating in a different regional market.
• Illinois Department of Commerce and Economic Opportunity (DCEO): Illinois state agency running innovation, technology, and small business development programs. Comparable in role as a state-administered grant and investment vehicle for early-stage companies, though it does not operate an evergreen venture fund in the way TEDCO does.
• Ohio Third Frontier: Ohio's state technology-based economic development program providing capital to Ohio startups and entrepreneurs. Comparable in deploying state appropriations as venture and seed capital for in-state tech/life sciences companies, though smaller in AUM and concentrated in Ohio's research corridors.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/MDTEDCO
• LinkedInlinkedin.com/company/1432805

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries1 record

Funding overview

Funding rounds4 records

Investors3 records

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M&A

Investments317 records

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Frequently asked questions about TEDCO