Maryland Technology Development Corporation

Both. TEDCO manages grant programs for research commercialization, but its seed and venture funds take direct equity stakes in companies. It runs a Seed Investment Fund that typically invests $200,000 to $300,000 in exchange for equity, and its Venture Capital Limited Partner Program commits capital as a limited partner into Maryland-focused venture firms. The mix depends on the specific program and stage of the company.

TEDCO's sourcing relies on formal partnerships with Maryland research universities, federal laboratories including the National Institutes of Health and Johns Hopkins Applied Physics Lab, and military installations such as Fort Detrick and Aberdeen Proving Ground. It also runs regional innovation hubs that act as physical origination points across the state. This public-institution pipeline gives TEDCO access to deep-tech and dual-use companies that conventional venture firms rarely see at formation stage.

TEDCO was created by the Maryland General Assembly in 1998 as an independent instrumentality of the state. It receives state appropriations but operates with its own board and investment authority. The governor appoints its board members, and its CEO reports to that board rather than to a state agency commissioner. This structure gives it more operational independence than a typical economic development office.

No. TEDCO's enabling legislation requires that funded companies be headquartered in Maryland or commit to establishing significant operations in the state. Its mandate is explicitly tied to Maryland economic development. Out-of-state companies seeking TEDCO capital would need to relocate or establish a substantial Maryland presence to qualify.

The program commits state funds as a limited partner into venture capital firms that invest in Maryland-based early-stage companies. TEDCO selects fund managers through a formal RFP process, evaluates their Maryland focus, and negotiates LP terms. The program is designed to multiply the state's capital by incentivizing private venture firms to increase their activity in the Maryland ecosystem, rather than TEDCO making all direct investments itself.

The Builder Fund targets Maryland-based technology companies led by founders from undercapitalized backgrounds — including women, people of color, and rural entrepreneurs. Unlike the standard Seed Investment Fund, it includes a structured acceleration component alongside equity investment, pairing capital with operational support. TEDCO reports that Builder Fund portfolio companies have attracted follow-on capital at rates comparable to its general portfolio.

CEO Troy LeMaile-Stovall, appointed in 2021, leads the organization's overall strategy and reports to a governor-appointed board. Individual fund programs — Seed Investment Fund, Maryland Innovation Initiative, Builder Fund — each have dedicated investment committees that make portfolio decisions. The board sets allocation limits and program mandates; the investment teams operate within those boundaries for individual deal selection.