announced the launch of two groundbreaking funding programs designed to support innovative early-stage businesses and underrepresented entrepreneurs: the Technology Innovation Fund and the Founders Fund.
These programs offer a combined $10 million in commercialization grants to spur economic development and create equitable opportunities for growth and prosperity. Applications for both funds are now open and will be accepted until 5 p.m. on Jan. 31.
鈥淭hese programs reflect Montgomery County鈥檚 commitment to fostering innovation and equity in our economy,鈥 said Elrich. 鈥淭he Technology Innovation Fund and Founders Fund are designed to help groundbreaking businesses overcome barriers, scale up, and succeed. We鈥檙e investing in the ideas and entrepreneurs that will shape the future of our county.鈥
The $7 million Technology Innovation Fund will provide grants of up to $200,000 to early-stage businesses developing proprietary technology with high growth potential. Funds will support commercialization projects that bring innovative products closer to the market, helping businesses to achieve significant milestones.
The $3 million Founders Fund offers grants of up to $100,000 to early-stage entrepreneurs from historically underrepresented communities who face systemic barriers to accessing capital. Eligible applicants must demonstrate how their proposed commercialization project will drive their business growth.
Eligibility for the Founders Fund will be assessed using Montgomery Planning鈥檚 Community Equity Index, Maryland鈥檚 Minority Business Enterprise via Maryland DOT鈥擟ertification Management System and Veteran Owned Business Enterprise Program, and the Certified as a Women or Veteran-owned Business by the U.S. Small Business Administration (SBA) Women or Veteran-owned certification tools.
To ensure a fair and unbiased review process, applications will be evaluated by FedTech, an independent third-party organization with expertise in connecting innovative technologies to commercial markets. Awardees also will receive up to two hours of technical assistance from FedTech to further enhance their chances of success.
鈥淭he creation and allocation of these funds, combined with other resources provided by the county, underscores Montgomery County’s continued commitment to fostering business growth and innovation. As we focus on cultivating opportunities for all, we are ensuring a brighter future for generations to come鈥 said
Montgomery County is partnering with MCEDC to facilitate the promotion and selection process. Award notifications will be made during March. If funds remain after the first round, a second application round will open in the spring.
For questions, contact: MontCtyMD@fedtech.io.