Research universities and start-up companies receive funds to further develop technologies in the fields of therapeutic, software, medical, mobile and online technologies
COLUMBIA, Md. (June 25, 2013) – The Maryland Innovation Initiative (MII), which accelerates commercialization and technology transfer from university labs to start-up companies, announced it has awarded $2,960,466 to 29 research projects. Funds were awarded to nine start-up companies and 20 university projects – three of these projects include a partnership between two universities working together on technology development. Awards were given across a variety of industries, including therapeutic, software, medical, mobile and online technologies. MII is administered by the Maryland Technology Development Corporation (TEDCO).
“Maryland has some of the best research universities in the nation and an incredible entrepreneurial spirit, which is evident in the awards granted through the Maryland Innovation Initiative,” said Dominick Murray, Secretary of the Maryland Department of Business and Economic Development. “With a progressive approach to university research and technology development, Maryland is well positioned to build on our history of discovery, innovation and invention.”
The MII program was created as a partnership between the State of Maryland and five Maryland academic research institutions: University of Maryland, College Park; University of Maryland, Baltimore County; University of Maryland, Baltimore; Johns Hopkins University; and Morgan State University. The program is designed to promote commercialization of research conducted in the partnership universities and leverage each institution’s strengths. In the past seven months 100 applications have been received for award consideration.
“Companies grown in our own backyards have tested real-time polling software during the 2013 Super Bowl, created an inexpensive tool to improve the surgical suture process and are leading the way in bridge scour monitoring and direction technology,” said Chairman Robert Hallenbeck. “This impressive list is just a glimpse into the diverse technologies that received an award through the Maryland Innovation Initiative. Given the interest in this program and the strength of the applicants, we can be confident that Maryland’s technology-driven economic development is thriving.”
Awards were given through the Innovation Commercialization Program, which provides funding to support the commercialization of qualified university technologies at three distinct stages: pre-commercial translational research (Phase I), commercialization planning (Phase II) and early-stage product development (Phase III). Projects that have received awards can be viewed on TEDCO’s website at https://www.tedcomd.com/mii-projects.
Applications for the Maryland Innovation Initiative are currently being accepted and are reviewed on a bimonthly basis. Further information is available at https://www.tedcomd.com/funding/tech-transfer/maryland-innovation-initiative.
Maryland Innovation Initiative (MII)
Created by the General Assembly and administered by the Maryland Technology Development Corporation (TEDCO), the Maryland Innovation Initiative (MII) promotes the commercialization of research conducted in five qualifying Maryland universities. The initiative encourages universities to partner on commercialization proposals, strategies, and funding sources. The MII program facilitates technology transfer from university labs to start-up companies and boosts economic development in Maryland. The MII program has a $5.8 million budget for FY 2013.