Maryland's $500k for student founders

Newsletter for October 16, 2024

There's a brand new grant for student entrepreneurs in the Baltimore region. The Pava LaPere Innovation Acceleration Grant Program will allocate $50,000 in state-directed funds to nine student-founded businesses. Keep scrolling to get the details.

Plus, like most of the US, Baltimore had an incredibly slow third quarter in venture capital. You can get expert insights from local leaders about the trends below.

— Kaela, Technical.ly lead reporter in Baltimore and DC

This new grant, like the Maryland bill that enabled its funding, is named after the late cofounder of the local startup EcoMap Technologies. The funds are administered by Maryland-founded TEDCO and ecosystem-building nonprofit UpSurge Baltimore.

Entrepreneurship arms at universities in Baltimore have risen in popularity over the last decade. Now, it’s important these higher education institutions interact and work together, said Margaret Roth, a principal at Squadra Ventures and one of the new program’s founding organizers.

“Having the entrepreneurs connected across their school boundaries and borders, and really getting to know each other and have that shared entrepreneurial journey in Maryland and Baltimore, is a next-level connectivity,” Roth told me.

➡️ Learn more about the new program and how to apply

Venture capital investment in the Baltimore region decreased by more than 80% compared to the second quarter. Companies raised $53.4 million across nine deals between July and September, according to PitchBook's latest quarterly Venture Monitor report.

Most of the raises were conducted by later-stage firms, with one local fintech company accounting for more than half of the funds.

“Venture investors are increasingly focused on lower-risk, higher-quality, more mature businesses,” said Chris College, a managing partner at local investment firm TCP Venture Capital. "Perceived high-quality companies can attract venture capital, but less mature companies are struggling.”

➡️ Learn how Baltimore compares to the rest of the US here

• It's Technical.ly Awards season. Every year, we honor those making a difference in Baltimore, whether through an innovative product or an educational program. We have a whole new set of categories this year, and we'd love to hear your thoughts on who should be in the spotlight. [Technical.ly]

• Hanover's Ciena Corp. developed new technology to better connect computers within data centers. [Baltimore Biz Journal]

• Maryland Tech Council and Loyola University Maryland are partnering to offer members of the tech council a 15% discount off tuition for the university's MBA and master's program in data science. [Loyola]

• The grassroots community Hacks/Hackers, which aims to bring together journalists and technologists, seeks to make AI systems more inclusive through an upcoming hackathon. [Technical.ly]

• After a $4.7 million cut in federal funds for workforce development in Maryland, the state's labor secretary is warning that lawmakers need to be "smarter" when it comes to funding these programs. [Maryland Matters]

• Three Baltimore County Council members proposed a resolution condemning the Maryland Piedmont Reliability Project, which would establish a transmission line through the state, including Baltimore County, to power the growing number of data centers in Virginia and Maryland. [Baltimore Sun]

• Banking giant JPMorgan Chase is granting nine different Baltimore nonprofits a total of $4 million in total to address the city's vacant housing crisis. [Baltimore Banner]

Mark your calendars now, because five years after the successful 2019 edition, TEDCO is back with another Entrepreneur Expo. The day of celebrating the Maryland innovation ecosystem features dozens of speakers (both founders and funders) as well as networking opportunities, a keynote lunch and a closing reception.

It all goes down right on the water in Baltimore’s Inner Harbor on Wednesday, Dec. 4, and all-inclusive tickets are available now. Also check out options for becoming an exhibitor, with discounts for startups and special pricing for government, academic and economic development groups, too.

➡️Get your Entrepreneur Expo tickets today

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