A program of the Maryland Technology Development Corp. (TEDCO) awarded a total of $6.4 million to 67 startup companies and university-backed research projects during fiscal 2014, officials said Wednesday.
The Maryland Innovation Initiative (MII) aims to accelerate the commercialization and “technology transfer” of research conducted at state universities. The goal is to help academic researchers launch more startup companies and move their ideas from the lab to the market.
MII is a partnership between the state and five academic research institutions: The University of Maryland’s Baltimore, College Park and Baltimore County campuses; Johns Hopkins University and Morgan State University.
The MII program started accepting applications from researchers in 2012 and began to dole out funding in 2013. The number and size of awards this year more than doubled compared to last year.
In all, MII has funded 95 projects (including 79 proof-of-concept research projects and 16 startup companies) with more than $9.3 million.
Awards were distributed to a variety of projects, including software, medical devices and mobile technologies.
For fiscal 2015, the program has a budget of $5.8 million.
A list of projects that have received funding can be viewed on TEDCO’s website. Applications for the next round of MII awards are now being accepted and are reviewed on a bimonthly basis.