The Maryland Technology Development Corporation (TEDCO), in collaboration with The Abell Foundation, has established the $3.3 million Propel Baltimore Fund, an angel investment fund for entrepreneurs and start-up companies located in Baltimore City. TEDCO will administer the fund and will begin accepting applications on April 2. Through the fund, companies may receive maximum investments up to $220,000.
“The Propel Baltimore Fund was created to help support the establishment and development of promising businesses in Baltimore City,” Abell Foundation president Robert C. Embry, Jr. said. “The Abell Foundation wants to ensure that innovators recognize Baltimore as an attractive location to start, build and sustain their businesses. TEDCO has an excellent track record as a state-of-the-art resource for entrepreneurs, and we are confident that the organization will be a strong partner in managing the fund and in supporting economic development in the city.”
The Propel Baltimore Fund will be available to companies with new technology ideas or innovation-focused business plans that are currently based in or are willing to relocate to Baltimore City. The fund will lead investments into these companies and will require a 50 percent match from other investors to go along with the Propel Baltimore Fund capital. The initial investment into each company will be $50,000 to $100,000 with a maximum total investment of $220,000. The Propel Baltimore Fund is seeking companies that can provide returns to investors in five to seven years.
“The Propel Baltimore Fund and our partnership with The Abell Foundation is the beginning of a new chapter for TEDCO,” said Rob Rosenbaum, president and executive director of TEDCO. “The Baltimore entrepreneur community has been vocal about the need for more early-stage support and we are pleased to be responding to the need with a partner like The Abell Foundation. Through this fund, The Abell Foundation is setting an example for angel investing in the area. We encourage other individuals and organizations with a vested interest to join TEDCO as we promote angel investing, economic development and technology commercialization in Maryland.”
General guidelines for the Propel Baltimore Fund can be found on the TEDCO Web site. Information regarding the application process will be posted shortly. Entrepreneurs interested in applying for the fund may contact Stephen Auvil, TEDCO vice president of technology transfer and commercialization, at 410-715-4166.
The Maryland Technology Development Corporation (TEDCO), an independent entity, was established by the Maryland General Assembly in 1998 to facilitate the creation of businesses and foster their growth in all regions of the State. TEDCO’s role is to be Maryland’s leading source of funding for seed capital and entrepreneurial business assistance for the development, transfer and commercialization of technology. TEDCO connects emerging technology companies with federal laboratories, research universities, business incubators and specialized technical assistance. TEDCO was recognized by Entrepreneur Magazine for being the most active seed/early-stage investor in the nation for five consecutive years from 2003-2008 (the last year of the survey) and is a recipient of the national Excellence in Technology-Based Economic Development award from the State Science and Technology Institute (SSTI) for the Maryland Technology Transfer and Commercialization Fund (MTTCF) program.
The Abell Foundation, Inc. is a nonprofit dedicated to enhancing the quality of life in Baltimore and Maryland. It also allocates a portion of its investment portfolio to direct investments in innovative technologies and early-stage companies that have exceptional social, environmental and economic return potential, including energy efficiency and alternate energy.