Five recipients pitched their businesses at the 2024 Entrepreneur Expo – one left with additional funding
COLUMBIA, Md., (December 11, 2024) — TEDCO, Maryland’s economic engine for technology companies, announced the first five awardees for the new Concept Capital program. These candidates previously applied to either TEDCO’s Rural Pre-Seed Fund or the Social Impact Funds and received a $25,000 investment from the new program with an opportunity to obtain an additional $25,000 at the 2024 Entrepreneur Expo, where they competed against each other in a friendly pitch competition.
“The Concept Capital program is another step TEDCO is taking to move the needle forward in the creation of a diverse and sustainable ecosystem in Maryland,” said Troy LeMaile-Stovall, TEDCO CEO. “The modest investments of up to $50,000 gives SEDI and rural based founders the boost they need to keep their business ideas moving forward. Our hope is that this will allow the founders to advance with the potential of receiving investments from our other funds in the future.”
The first five Concept Capital recipients and pitch competitors include:
- Concept Capital Pitch Competition winner - Lydia Ofori, Plainr, located in Baltimore, Md.
- David Asbery, Pedestal, located in Middle River, Md.
- Dexter Carr, Game4Good, located in Baltimore, Md.
- Larry Sumerville II, Thermoreg, located in Baltimore, Md.
- Schapiro Kula, Cravvn, located in Beltsville, Md.
“The entire competition was complete with innovative solutions to real-world problems, and we are excited to see these companies continue their journey forward with this funding,” said Graham Dodge, vice president of TEDCO’s Venture Development. “Plainr’s win during the pitch competition speaks to Lydia’s commitment to her entrepreneurial innovation. We look forward to hearing about her advancements in the future.”
TEDCO’s Concept Capital program, was created to provide critical early-stage funding for tech companies led by underrepresented and socioeconomically disadvantaged founders, especially those who qualify under the Socially and Economically Disadvantaged Individuals (SEDI) criteria. For more information about the Concept Capital program, please visit https://www.tedcomd.com/funding/concept-capital.