TEDCO will fund and support five Maryland startups as part of its Pre-Seed Builder Fund, a program designed to help firms from disadvantaged backgrounds to position themselves to receive follow-on investment within 12-to-18 months.
Companies in the cohort receive $50,000 in funding and $50,000 of in-kind deals. The program is designed to help fund companies from socially or economically disadvantaged backgrounds who may be overlooked by investors.
“We’re doing something never done before by leveraging the strategic pairing of highly successful executives with company founders to provide mentorship, talent acquisition, and pre-seed investment that will undoubtedly yield operational success,” Angela Singleton, co-manager of the Builder Fund, said in a statement. “Our recent group of companies represents TEDCO’s mission of expanding the pool of diverse companies and innovative ideas that will make a lasting impact beyond our state.”
The startups go through a four-part program. Part one is the investment. Part two is a 12-week education intensive. Part three is a 12-week operation intensive. Part four is progress checks at weeks 38 and 52 weeks after the investment.
“Our team of experienced executives don’t just mentor or advise companies; they roll up their sleeves and actually work with teams to help them grow. It’s not often a start-up founder can have an experienced COO go to sales meetings or an experienced CMO advise on marketing collateral,” McKeever “Mac” Conwell, co-manager of the Builder Fund, said in a statement. “The Builder Fund positions TEDCO as a market leader in the nation, by investing in startups and growing an entrepreneurial ecosystem.”
The startups announced Monday include:
- eMedical Sentry, a Rockville telehealth startup providing remote patient monitoring for 30 days after discharge;
- Game ChangeHer, an Ellicott City-based sports app that generates trivia during live sporting events;
- MileMarker, based in Baltimore, a tool to help surgeons track development during their residency by providing more immediate evaluation on the procedures they perform;
- Novel Microdevices, an Annapolis-based firm creating a handheld molecular diagnostic tool that provides quick analysis of biological samples to help diagnose sexually transmitted diseases;
- ProTrakr, a Burtonsville contract management and compliance platform for contractors on public works and infrastructure-related projects.