25 Innovators Share Why TEDCO’s 25 Years Have Made Such a Difference in Maryland

July 26, 2023

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TEDCO, Maryland’s esteemed champion of early-stage businesses, has been actively supporting the success of entrepreneurs and innovators for 25 years! 

The Maryland General Assembly founded TEDCO in 1998  with the objective of 1) facilitating the transfer and commercialization of technology from Maryland’s research universities and federal labs to the marketplace, and 2) supporting the creation and growth of technology-based businesses across the state of Maryland.  Over the course of a quarter-century, TEDCO has continuously provided invaluable resources, solidifying its position as the thriving nucleus of Maryland’s vibrant innovation ecosystem.

A 2021 independent economic impact study showed that TEDCO Generates $2.3 Billion in Economic Benefits to the State of Maryland and Supports 10,433 Maryland Jobs. TEDCO’s numerous programs have made a huge impact and helped to fuel life science and technology businesses at many stages, deploying their capital to entrepreneurs from as early as the concept phase all the way through venture stage investments.

One of those high-impact programs is the MII Program, led by Executive Director Arti Santhanam, PhD, which supports some of TEDCO’s earliest stage investments with a focus on the tech transfer and commercialization of university technologies. MII has invested $48 million into the creation of over 140 companies. These remarkable ventures have collectively secured nearly $800 million in subsequent investments since MII’s establishment in 2012.

In honor of the 25 years that TEDCO has been supporting the dreams of entrepreneurs across Maryland and building the foundation of our innovation economy, we asked 25 people that TEDCO has impacted over the years what the organization has meant to them.  

Here is what they had to say:

1. “As a founder, TEDCO has been my early-stage funding partner for four startups! Seed capital is critical, but beyond the money, the TEDCO team has been by my side as trusted advisors.” ~ Greg Merril, CEO, Adaptive Phage Therapeutics

2. “It’s the TEAM! Humble, hungry, and hardworking, the TEDCO team embodies what it takes to succeed in today’s markets. This has propelled our successes and brought a wealth of experience to the table. Thank you!” ~ Jesse Christopher, Longeviti Neuro Solutions

3. “The decisive factor in relocating Galen Robotics from Silicon Valley to Baltimore was the significant impact TEDCO had on our decision.” ~ Bruce Lichorowic, Galen Robotics

4. “TEDCO has supported RoosterBio in multiple ways throughout our startup and growth stages.  During RoosterBio’s earliest days we were able to leverage a modest TEDCO “scale up” grant that helped us purchase equipment that enabled us to triple our manufacturing lot size before we took in any substantial equity investments.  Over the past few years RoosterBio has also developed and launched two innovative products (with a third on its way!) that were mostly funded via MSCRF Product Development grants. RoosterBio is deeply indebted to TEDCO for support since RoosterBio launched 10 years ago.” ~ John Rowley, Founder, RoosterBio

5. “TEDCO was a critical element to the early phase development for Rise Therapeutics, and a key component to our success today.” ~ Gary Fanger, Rise Therapeutics, LLC

6. “TEDCO is a major factor in Sisu Global launching & continuing to grow in Maryland where we have been able to expand our company.” ~ Gillian Henker, Founder, Sisu Global 

7. “TEDCO has been a foundational support system for JuneBrain since its early years. Not only has TEDCO provided critical funding, but they have contributed to our growth and success through their Builder Fund program, access to strategic advisors, and by actively seeking ways to support our needs as we navigate the challenges of commercializing a medical device.” ~ Samantha Scott, JuneBrain Inc.

8. “TEDCO’s support transformed me from an academic into an entrepreneur. Their investment in Astek’s seed round, along with access to resources such as the advisory network, SBIR lab, and databases, played a crucial role in the development of Astek. Without TEDCO’s unwavering support, Astek wouldn’t exist today.” ~ Mustafa Al-Adhami, Astek Diagnostics

9. “TEDCO invested at an early but critical stage that enabled us to reach key milestones and ultimately complete an IPO.” ~ Vin Singh, BullFrog AI 

11. “TEDCO was an essential early investor in Harpoon Medical’s success which resulted in an acquisition by Edwards Lifesciences.”   ~ Bill Niland, CEO, ReGelTec (co-founder, Harpoon Medical)

“TEDCO also stepped up and led our initial financing at ReGelTec which allowed us to move quickly to patients.” ~ Bill Niland, CEO, ReGelTec 

12. “The inspiration to launch BioBuzz into a media platform actually came out of a conversation I had with AOL founder Steve Case at a TEDCO funded program, Anchor Ventures, so they are intimately tied to our origin story. Since then, TEDCO has been an avid BioBuzz supporter for our mission. Over the years, I’ve found that there are very few startups in Maryland that we cover that don’t have some tie back to TEDCO, which shows the breadth of their impact these past 25 years.” ~ Chris Frew, founder of BioBuzz Media

13. “When KaloCyte moved to Maryland in 2019, the TEDCO team helped us establish new connections, especially Anne Balduzzi through the Network Advisors. We’re now grateful and proud to be a new portfolio company backed by TEDCO Venture Funds.” ~ Elaine Haynes, KalyoCyte, Inc.

14. “TEDCO represents a critical part of the life science and technology ecosystem in Maryland by providing financial support to emerging companies.  The investments show a dedication to entrepreneurship and the growth in industries critical to Maryland’s economic expansion.” ~ Kelly Schulz, Maryland Tech Council

15. “TEDCO has stood the test of time and looks to carry on for another 25 years as a valuable contributor, providing support and resources to the Maryland Tech and Life Science Entrepreneurial Communities.” ~ George Davis, Evergreen Advisors, LLC

16. “Five years ago, University of Maryland, Baltimore and Johns Hopkins Technology Ventures launched a speaker series called Anchor Ventures to support and grow the Baltimore region’s community of innovators, funders, and technology support organizations. TEDCO’s support has been critical to establishing and sustaining this initiative. More than a thousand people have participated in Anchor Ventures programming, both when it was on line during the pandemic and since we returned to in person events, and it has contributed to a stronger, more connected innovation ecosystem.” ~ Mary Morris University of Maryland, Baltimore

17. “Connectivity and infrastructure are critical ingredients in the Maryland ecosystem, and TEDCO has been a nexus for Maryland’s innovation community. At Johns Hopkins, we are particularly grateful for TEDCO’s sponsorship of programs that convene Johns Hopkins entrepreneurs with the greater community, such as Anchor Ventures, and for the funding TEDCO makes available to academic innovators to assist in technology development and venture creation, notably the Maryland Innovation Initiative.” ~ Christy Wyskiel, Johns Hopkins Technology Ventures (JHTV)

18. “For a quarter century, TEDCO has been a vital driver of innovation and entrepreneurship in Maryland. By providing emerging companies with direct investment and other business support services, the TEDCO team has helped ensure that transformative ideas and technologies take root, thrive, and remain in Maryland — where they belong. The Maryland Department of Commerce is grateful to have TEDCO as a partner as we support business growth and job creation, and all of Maryland is lucky to have TEDCO in our corner.” ~ Kevin Anderson, Maryland Secretary of Commerce

19. “TEDCO has been instrumental in fueling our development of breakthrough medical technologies by providing funding and access to a supportive network. Their leadership has been a catalyst of economic development and a force multiplier for our efforts to attract capital and talent.” ~ Steven Schaefer, CoolTech

20. “TEDCO was an essential catalyst supporting our company’s spin-out and early success by providing the necessary early capital and connecting our founding team with expert resources to advance the company forward.” ~ David Narrow, Sonavex, Inc.

21. “For many entrepreneurs, the decision to launch a startup is like stepping off a cliff into a dark unknown. TEDCO provides those entrepreneurs their first bit of light to pave the way on those first steps towards achieving their dream and launching their company.” ~ Bret Schreiber, Vice President, Life Sciences and Technology, The Fulton Financial Corporation

22. “Since Johnson & Johnson Innovation – JLABS landed in the DMV area in 2019, TEDCO has been a welcoming and strong strategic partner as we focus on engaging, supporting, and partnering with entrepreneurs and early-stage companies developing Pharmaceuticals & MedTech. Their leadership in both seeding and investing in early-stage science & technology is important for the future success of our region as an innovation hub.” ~ Sally Allain, Head, JLABS @ Washington, DC

23. “TEDCO has provided entrepreneurs and companies with advice, mentorship, seed funds and connections to the ecosystem more effectively than any other organization in our great state of Maryland.” ~ Cyrus Etemad-Moghadam, RPM Tech

24. “TEDCO’s work to support entrepreneurs, and especially underrepresented entrepreneurs, in the earliest stages of our ventures is transformative – not only for the entrepreneurs and the companies they build, but for the State of Maryland.  TEDCO is one of the critical cornerstones for building an inclusive innovation economy in Maryland, and it has been my honor to be a part of the TEDCO journey.” ~ Myra Norton, Arena Analytics & former TEDCO Board Chair

25. “Launching the Maryland Innovation Initiative (MII) at TEDCO moved the state to the forefront of national university-based commercialization and investment efforts. MII led an unprecedented effort to expand faculty commercialization, engage the start-up ecosystem, and successfully spin-out Maryland companies based on university tech transfer. Not only did TEDCO’s MII help create multiple successful start-ups, but it also attracted global thought leaders to open doors and advise, the executive talent to run young companies, and venture and strategic investments. MII raised the bar nationally on what can be accomplished when state leaders, universities, economic development, and industry executives join together and commit to a significant commercialization movement.”

~ Jennifer Hammaker, co-founder, Red & Rugged & former Director of MII at TEDCO