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Invest Maryland Challenge
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- 3. INVESTMARYLAND CHALLENGE is a national seed & early-stage business competition that will: -- Support a strong entrepreneurial ecosystem throughout the State -- Showcase the innovative ideas of seed and early-stage companies -- Connect businesses with a network of mentors and resources -- Attract next generation technologies and innovators to Maryland -- Build a pipeline of qualified business ventures for InvestMaryland and the Maryland Venture Fund
- 4. WHO CAN QUALIFY? • No more than 25 employees and annual revenues of less than $1 million (per last fiscal year’s earnings) • Independent ventures in the seed, start-up, or early growth stages • Good standing with the state in which they are legally registered • Existing Maryland ventures must have a principal place of business in Maryland • Non-Maryland ventures are expected to locate in the state either through acquired space or a state incubator • Top winners must spend 51% of $100,000 grant in Maryland • Entrants can only apply for one category • All ventures must be “for profit” entities • Entrants must pay a non-refundable application fee of $100 4
- 5. CATEGORIES IT Hardware/ Software Life Science General Open to MD-based Open to MD-based Open to MD & Non-MD- companies only companies only based companies • Cyber Security • Biotechnology • IT • Cloud Computing • Pharmaceutical • Life Science • Data Mining & • Medical Devices • Energy Analytics • Diagnostics and • Agriculture • Forensic Tools Therapeutics • Aquaculture • Geospatial • Maritime • Data Management • Clean Tech • Social Media & Apps • Manufacturing • Cellular Tools • Concepts with High • E-Commerce Social Impact 5
- 6. PRIZES Governor’s Cup Award in IT Hardware/Software: $100,000 Grant & Select Business Service Awards Governor’s Cup Award in Life Science: $100,000 Grant & Select Business Service Awards Governor’s Cup Award in General Services: $100,000 Grant & Select Business Service Awards Runner’s Up Awards : Incubator Space/Select Business Service Prizes Industry Awards: Based on Sponsorship $$ raised and quality of applications 6
- 7. WHO WILL JUDGE? Investors, serial entrepreneurs, C-level executives, academic leaders, economic development directors and business service professionals Secured 60+ judges Commitment of time: Review board meetings, reviewing applications, face-to-face interviews and finale presentations 7
- 8. INVESTMARYLAND CHALLENGE WORK-TO-DATE: -- Received 145 applications -- Secured INC. as national media sponsor -- Secured $125,000 in in-kind business service awards -- Secured 18 local business organization partners -- Secured 16 investor partners -- Secured 5+ free incubator spaces, affiliate services and accelerators -- Developed aggressive marketing plan -- Confirmed 60+ judges – C-level execs, academic leaders, VCs, serial entrepreneurs and business advisors from around the State
- 9. BUSINESS SERVICE AWARDS - $125,000! 25 Hours of Electromechanical Device Development New Market Venture Partners Award Sponsor: Root3 Labs & Sensing Machines Sponsor: New Market Venture Partners JHU Center for BioEngineering Innovation Mentorship Venture Accelerator Program Sponsor: Youseph Yazdi, JHU Sponsor: ETC Baltimore Microsoft BizSpark Legal Services Sponsor: Microsoft Sponsor: Whiteford, Taylor & Preston 2-BHI Awards in BioHealth Incubator Space Sponsor: BioHealth Innovation Sponsor: UMB BioPark Life Sciences R & D Award Sponsor: Bethesda Green Sponsor: Noble Life Sciences Sponsor: Bwtech @ UMBC Rural Entrepreneurship Award Sponsor: Howard County EDA Sponsor: Eastern Shore Entrepreneurship Center Sponsor: TowsonGlobal University of Maryland Award Sponsor: UM KAI Research Award Sponsor: KAI Research 9
- 10. PARTNERS
- 12. APPLICANTS BY CATEGORY IT Hardware/Software 60.4% Life Science 26.9% General 12.7% 12
- 13. APPLICANTS BY COUNTY Queen Anne's Washington 1% 1% Baltimore Prince Anne 3% Out-of-State George's Arundel VA 7% 8% DC Out of State NJ 10% DE NY CA FL Baltimore City 28% Montgomery 28% Carroll Howard 2% 7% Charles Harford Frederick Dorchester 2% 1% 2% 0% 13
- 14. TIMELINE September 9/24/12 Governor Announced Competition/Application Submission Starts November 11/1/12 Review Panel Meeting December 12/13/12 Application Submission Ends January 1/4/13 Round 1 Scoring Starts 1/21/13 Round 1 Scoring Ends 1/28/13 Round 2 Scoring Starts February 2/11/13 Round 2 Scoring Ends 2/12/13 Semi-Finalists Announced 2/21/13 Face-to-Face Interviews @ Univ. MD College Park 2/28/13 Top 3-5 category finalists announced April/May TBD Finale Presentations & Governor’s Cup Award Ceremony
- 15. MARKETING CAMPAIGN Advertising & Promotion ▪2M Impressions – BBJ/WBJ, Sun, Post, DR Inc. ▪ 70 Media Outlets Covered = $76K Earned ▪ 30+ Events in October - November 15
- 16. www.InvestMarylandChallenge.org Web/Social Media ▪ 5,513 Page Views SOCIAL MEDIA ▪ 300 Followers twitter.com/InvMDChallenge ▪ 1M Reached – Eblasts, facebook, e- newsletters 16
- 17. For More Information Administrators Michelle D. Jackson, Prog. Dir. Sponsorship MiJackson@Choosemaryland.org Sherri Diehl, Marketing Dir. 410-767-6881 SDiehl@Choosemaryland.org 410.767.6835 Erin Rabatin, IMC Coordinator ERabatin@Choosemaryland.org 410-767-3213 17
Notas del editor
- Good morning everyone. I am excited to be here today to talk about the InvestMaryland Challenge, a newly created initiative sponsored by DBED and co-sponsored by Inc. Magazine. Most of you are familiar with the InvestMaryland program – one of the Governor’s top economic initiatives which focuses on investing millions into Maryland-based seed and early-stage companies and stimulating job creation, innovation and business growth.
- In a nutshell, the InvestMaryland Program is the largest venture capital investment in the State’s history and now the funding mechanism for the InvestMaryland Challenge – DBED’s first $300,000 business competition!
- When we set out to create the InvestMaryland Challenge we thought about the importance of building a foundation for a strong entrepreneurial ecosystem in the state. We looked for ways to collaborate with private sector, universities and the federal government so we could maximize resources for high growth potential companies. And we looked at ways to create a network for entrepreneurs that will connect them with other successful companies, serial entrepreneurs, VC firms, angel investors and county, state and federal programs. In developing the Challenge, we paid close attention to best practices of other states with similar programs. We looked at the success of MassChallenge, the Massachusetts’ accelerator program, which is also a business competition. This year alone, MassChallengegave away $1.1 million to 26 companies and since 2009, the companies that have participated in MassChallenge have created over 3,000 jobs.Although our #1 goal is to help companies grow and create jobs, we are also focused on showcasing the innovative ideas of seed and early-stage companies; connecting businesses to mentors and other resources and building a pipeline of qualified business ventures for InvestMaryland and the Maryland Venture Fund.
- Because this is a business competition and not a business plan competition, the Challenge is open to established companies with no more than 25 employees and less than $1M in revenues. Non-Maryland based businesses are required to locate in the State in either acquired space or a state incubator and all winners are required to spend 51% of their winnings within the State of Maryland.
- There are three categories. The first two – IT and Life Science - is open to Maryland-based companies only and the General category is open to Maryland and non-Maryland based companies.
- Listed here are the prizes. The State will provide $300,000 in grants to top companies in the three categories. Additional prizes will include in-kind business services, direct investments from venture firms and free and discounted incubator space.
- Our pool of judges is comprised of investors, serial entrepreneurs, C-level executives, academic leaders, economic development directors and business service professionals.To compete, qualifying companies must complete an on-line application through TechMatch, an innovative piece of software developed here in Maryland and used for federal government sponsored competitions. TechMatch will allow us to match the expertise of our judges with the applicant’s technology. Therefore judges can score applications on-line and all applicants will receive feedback on their submissions through the web-based system.
- Before I talk about our work-to-date I would like to stop and recognize everyone that has worked with us to make the competition successful. It has been a labor of love to help the small business community. I would like to recognize the Secretary for his vision to create the Challenge, Erin Rabatin, Sherri Deihl, Jacob Austin, Linda Yurche, Margie Keible (KA-BOL),Tom Dann, Delterese George, Judy Britz and her team and everyone that has helped to market the program.As you can see we have been working hard at marketing the Challenge, securing partners and generating a list of business service awards. However, we are still looking for sponsors and the application deadline will not expire until December 13th. Please take time this week to invite additional companies to apply. -- Received 145 applications (total as of close of business yesterday is 152 w/15 out of state) -- Secured INC. as national media sponsor -- Secured $125,000 in in-kind business service awards -- Secured 18 local business organization partners -- Secured 16 investor partners -- Secured 5+ free incubator spaces, affiliate services and accelerators -- Developed aggressive marketing plan -- Confirmed 60+ judges – C-level execs, academic leaders, VCs, serial entrepreneurs and business advisors from around the State
- We are proud to announce that we have generated $125,000 in in-kind business service awards.
- Here’s a list of our partners.
- And our Investor Partners – these VC firms and angel investors have agreed to take an early look at the database and to consider applicants for pitching opportunities.
- This chart shows a breakdown of the % of applicants per category.
- As of close business yesterday we have 15 out of state. STOPBefore I turn over the presentation to Linda Yurche I would like to challenge each division to come up with creative ways we can use the database of application. Through the TechMatch software we are using, we have access to company profiles, executive summaries and business plans. As you can see, many of the companies are from out of state which provides us a great opportunity to attract them to the state even if they don’t win the competition. Therefore, in the coming days, please email me and Erin Rabatin your ideas on how you and your division can use the database of applicants to attract new business to the state; the help these companies with business development or to connect them with other resources. I will be creating a report for the Secretary on how we can use this information to promote business development going forward.
- Here’s a breakdown of activities. For additional information on next steps please see me after the presentation.Thank you for this opportunity to present; I would like to turn over the podium to Linda Yurche.
- Thank you.