FITCI Opens Applications for EDGE Accelerator Cohort
By Alex Keown
June 5, 2023
The Frederick Innovative Technology Center, Inc. (FITCI) is accepting applications for the 2023 cohort of its EDGE Accelerator program, which is aimed at boosting the learning curve for startups in multiple industries. Applications are now open.
FITCI’s Edge Accelerator is a free, industry-agnostic accelerator program that enables startups to fast-track the life cycle of their business. The program is designed to provide support for startups, entrepreneurs and small business expansion within Frederick County. The 2023 cohort will emphasize businesses within the AgTech, AgBio, AquaTech, and GreenTech industry sectors.
Kathie Callahan Brady, president and chief executive officer of FITCI said the accelerator program aims to “rev up” the trajectory of an entrepreneur’s business trajectory and provide them with the tools that will help them avoid common pitfalls that can stymie a business’ growth.
“Entrepreneurs who step up to the Edge get access to weekly classes covering all aspects of business development, community business leader mentors, focus groups, and an online portal packed with additional educational resources,” Callahan Brady told BioBuzz. “All classes are led by local business leaders and entrepreneurs and cover important business skills including pitching, creating a solid business model, understanding customer segmentation, and go-to-market strategy.”
The Frederick Innovative Technology Center, Inc. (FITCI) is a business incubator and accelerator designed to cultivate entrepreneurship in Frederick. FITCI’s mission is to encourage technological innovation and accelerate the development of commercially viable businesses in the community. The organization focuses on the “three C’s;” coaching, capital, and connections, with an emphasis on community.
Participants in the EDGE Accelerator program will meet over a period of 12 weeks. During that time, cohort members will receive in-depth, customized mentorship, guidance, and resources. Throughout the course, area entrepreneurial mentors will meet with and provide guidance to cohort members. Some of the lessons imparted by these mentors will include designing a strong business model, conducting market research, improved communication techniques, raising capital and more.
Callahan Brady said the Edge Accelerator was conceived as a community growth accelerator because the right connections make for long-term economic stability for all. The program builds community connections and further bolsters them through the additions of new instructors and mentors each week.
“This enfolds the experience of proven leaders from a variety of disciplines for greater diversity, depth, and connections. Plus, it allows us to help more people, fulfilling FITCI’s mission “to encourage technological innovation and accelerate the development of commercially viable businesses in Frederick,” Callahan Brady said.
It can be difficult to get a startup off the ground, particularly in the current economic landscape where investor money is tight. It’s estimated that about half of startups are no longer in business by the end of the second year, Callahan Brady said. However, since its launch, startups that have come through FITCI and its EDGE Accelerator have had a 93% success rate. As an example of the success stories coming out of the program, Callahan Brady pointed to two life sciences graduates that “are set to improve healthcare worldwide.”
NanoBioFab, a TEDCO–backed company, is a medical device manufacturer developing high-throughput technology and services to accelerate nanomaterial research & development. NanoBioFab graduated from the EDGE Accelerator in 2019. The company develops smart miniature AI-powered sensors that provide real-time identification and monitoring of a large portfolio of pressure sensor and gas sensor.
Another program graduate is CarrTech Corp., which has also been supported by TEDCO. CarrTech developed FROG (Filter Removal of Glass), which is a combination package filter and hypodermic needle. The FROG program minimizes the risk of glass shard contamination while administering medications from glass ampoules. The device streamlines administration of medicine and also reduces environmental waste.
Callahan Brady said the products being developed by both NanoBioFab and CarrTech are set to improve healthcare worldwide.
“FITCI helps clear the path for these innovations to take hold. So, the “fruits” of this program are many-fold: preserving dynamic innovation, creating viable businesses that contribute to economic stability, and giving local citizens the opportunity to make their dreams come true while providing for their families,” she added.
Other noted EDGE Accelerator graduates include Cornerstone Genomics, a woman-owned company developing digital tools that dramatically accelerate research in human and wildlife biology; StepFusion Solutions, which develops technology tools for healthcare organizations serving older adults and their families; and Hawkeye MedTech, which developed an innovative telemedicine solution platform for improving healthcare outcomes.
“We are excited to put on another cohort of this community-building program once again. We are immensely grateful to all our lecturers and mentors who are so dedicated to the success of these startup applicants. It’s the right environment and the right time for shaping dedicated, well-informed business leaders who will augment the rich diversity of opportunity in the Frederick community as they go out and change the world with their businesses,” Callahan Brady said.
The application period for the 2023 EDGE Accelerator cohort will end at the end of June, and applicants will be notified by email of decisions before the program kicks off.
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Alex Keown is a freelance journalist who writes about a variety of subjects including the pharma, biotech, and life science industries. Prior to freelancing, Alex has served as a staff writer and editor for several publications.
