Announces Inaugural Request for Applications through the Equitech Growth Fund with up to $5M in Estimated Awards
COLUMBIA, Md., (October 16, 2024) — TEDCO, Maryland’s economic engine for technology companies, announces the release of the Equitech Growth Commission’s Preliminary Funding Plan and Priorities, along with a Request for Applications (RFA) for the inaugural round of Equitech funding. The Commission's preliminary plan, which serves as the initial framework for its 10-year strategic plan, outlines broad-based objectives and serves as a guide for shaping funding opportunities made available through the Equitech Growth Fund. The Commission’s Final Funding Plan and Priorities is anticipated to be released in June 2025.
“With this fund, we are continuing to create strategies that will enhance Maryland’s statewide ecosystem,” said Mindy Lehman, chief government program development, affairs & policy officer at TEDCO. “This grant opportunity allows us to provide even more support to underrepresented communities.”
The Equitech Growth Fund is a key component of the broader Cultivate Maryland initiative, which was launched in response to a recent study that revealed a slowing economic growth rate in Maryland. The initiative aims to create a sustainable and inclusive ecosystem, helping to retain companies while attracting new entrepreneurs to the state.
The inaugural round of funding made available through the RFA aligns with the goals, objectives and outcomes to support economic competitiveness and inclusive growth of emerging and advanced industries in Maryland as outlined in the Commission’s Preliminary Funding Plan. The RFA seeks proposals that leverage partnerships and investments from the private sector, federal government and/or other stakeholders for initiatives focused on workforce development and infrastructure and address one or more of the Commission’s 10-year goals for growing the State’s innovation economy. The total funding pool for the awards is estimated to be up to $5 million.
Funding breakdown:
- Infrastructure Awards: $3 million will be awarded to 2 – 4 applications accepted for 12 – 36-month plans, with awards up to $1 million each (estimated).
- Workforce Awards: $2 million will be awarded to 10 – 12 applications accepted for 12 – 24-month plans, with awards up to $250,000 each (estimated).
Priority areas include:
- Entrepreneur Development
- Expansion of STEM Education
- Advanced Manufacturing
- Cybersecurity and IT Industry Workforce Development
- Advanced Technology
- Advanced Laboratory Space
Additional areas of consideration include, but are not limited to:
- Environmental and Energy Technology
- Aerospace and Defense
- Smart Agriculture and Food Technology
- Healthcare, Life Sciences, and Bioinformatics
- Autonomous Systems and Robotics
- FinTech
- Creative Industries and Digital
- Logistics and Supply Chain Innovation
“Maryland is a state of opportunity and potential. The release of this RFA signifies an essential strategic step forward, allowing us to fully embrace the state’s potential,” said Troy LeMaile-Stovall, CEO of TEDCO. “With this fund, we’re excited to build a sustainable and inclusive ecosystem that not only supports entrepreneurial innovation but encourages it.”
For eligibility requirements and to read the full RFA, click here.
Applications for the Equitech Growth Fund are due November 6, 2024, by 5 p.m., and can be submitted here. If you have any questions, please contact equitechgrowth@tedcomd.com.