InvestMaryland Challenge advances 41 companies

Out of 260 applicants, 41 start-ups have advanced in the second annual InvestMaryland Challenge, the Maryland Department of Business and Economic Development (DBED) announced today.

The early-stage business competition—with awards provided by DBED’s Maryland Venture Fund, the BioMaryland Center and other sponsors—seeks to grow entrepreneurship and innovation in the State.

Ultimately, four companies will each receive $100,000 grand prizes in four categories, including information technology, cybersecurity, life sciences and general industry. All applicants have opportunities for promotion, networking and feedback from industry experts. Total available grants and prizes, including the four $100,000 awards, are valued at more than $700,000.

“The InvestMaryland Challenge brings together some of the most exciting young companies  in Maryland to showcase the thriving entrepreneurial community in our State and provide these rising stars of cybersecurity, biotechnology, IT and other fields with the resources they need to thrive,” said DBED Secretary Dominick Murray. “Congratulations to all the InvestMaryland Challenge semifinalists. To stand out from such a large pool of applicants is an achievement in itself and I wish them the best of luck as they move forward in the competition.”

The competition extends beyond Maryland’s borders, although out-of-state ventures are expected to establish themselves in Maryland, either through acquired space or a State incubator. Two Washington, D.C. companies and one New York company join 38 Maryland companies as semi-finalists.

Applicants will participate in face-to-face interviews with judges on March 6 at DBED headquarters at the Baltimore World Trade Center. The final winners will be announced later this spring.

For the complete list go to http://mdbiznews.choosemaryland.org/2014/02/11/investmaryland-challenge-advances-41-companies/