COLUMBIA,MD – The Maryland Technology Development Corporation (TEDCO) today announced that it has been awarded the 2008 Excellence in Technology-Based Economic Development (TBED) Award by the State Science and Technology Institute (SSTI) at their 12th annual conference in Cleveland. TEDCO was recognized for providing startup funding to 114 companies through the Maryland Technology Transfer Fund (MTTF) program. The Excellence in TBED Award follows a national competition emphasizing impact and replicability in approaches to building and sustaining tech-based economies. TEDCO is one of four agencies to receive this prestigious recognition.

TEDCO was awarded in the commercializing research category, recognized for its best practice models in technology-based economic development. TEDCO’s Maryland Technology Transfer Fund (MTTF) enables start-up companies to conduct early-stage research and development in collaboration with federal labs or university researchers, allowing these companies to take key steps towards commercializing technologies and strengthening their businesses.

“TEDCO offers an invaluable service to businesses throughout Maryland, providing a national model for states to invest in emerging technologies early in the development process,” said Governor Martin O’Malley. “This award demonstrates the leadership position TEDCO has established, putting Maryland at the forefront of these efforts nationwide.”

To date, 114 companies have received funding through MTTF and completed their projects. With an investment of $6,812,113 by TEDCO, these companies have gone on to receive downstream funding from angel and venture investors, federal awards and other resources nearing $205 million. This is a leverage of the state’s investment through TEDCO of $30.07 to $1.

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