The cybersecurity industry has seen many changes over the last decade, more than ever before. Maryland knows the importance of focusing on this industry, and more importantly, supporting the companies that continue to develop innovative cybersecurity products and services. TEDCO is among the many investors that sees the importance of growing these companies by continuing to invest in early-stage technology startups.
TEDCO provides a framework of funding, mentoring, and networking opportunities to support an entrepreneurial community that nurtures researchers, entrepreneurs, startups, and early-stage companies engaged in bringing innovative ideas to market. TEDCO fosters the growth and scaling of innovative companies in Maryland and provides economic and financial returns to the state.
TEDCO’s Cybersecurity Investment Fund invests in seed stage, Maryland-based cybersecurity startup companies. This early-stage capital plays a vital role in expanding our robust ecosystem and fostering the growth of future generations producing the innovative technologies designed to combat the cybersecurity threats we see today.
“Cyberattacks can have catastrophic impacts from taking down an entire company to significant financial losses,” said Jack Miner, chief investment officer, TEDCO. “In this past year alone, we have seen shutdowns in food processing facilities and national gas pipelines due to cyberattacks. The state’s leadership has had the foresight to allocate funds to invest in cybersecurity companies that are continuing to develop and design innovative products and services resulting in impactful changes, not only for the state, but around the world.”
Maryland is a national leader in the cybersecurity industry being home to the nation’s top security agencies, including the U.S. Cyber Command, NSA, DISA and NIST. Maryland’s position as a cybersecurity leader is due mostly to the network of academic, government and military resources including federal research labs. Along with 17 NSA/DHS-certified Centers of Academic Excellence in the State, and various education and workforce initiatives, in which companies can benefit from the high density of talented researchers and over 116,000 IT professionals.
Tina Williams-Koroma, president of TCecure, LLC, a Maryland-based cybersecurity company, provided insight on the state’s resources that were helpful in building the company. "As a computer science graduate of UMBC, a law graduate from the University of Maryland Carey School of Law, and a serial entrepreneur, I have found various resources to support entrepreneurs in this area to be quite beneficial for the scrappy founder. For my latest venture, CyDeploy, we received Maryland Industrial Partners Program (MIPS) funding to work with my alma mater, UMBC, to create the functional prototype for CyDeploy. We have worked with my alma mater, UM Carey School of Law's legal clinic to get our provisional patent filed and will be working with them again in the Fall to get our full patent application submitted. We participated in the UMBC New Venture Fund to receive support and expert advice through fellows, mentors, and speakers, and we were fortunate to have won their inaugural pitch competition prize of $10,000. I have TEDCO's Cybersecurity Fund on my radar to apply for, and also the UM Momentum Fund as a part of CyDeploy's fundraising efforts. Further, Brown Advisory has been instrumental in addressing my need for office space by welcoming us into their B|Innovative Entrepreneur Hub, and once we start hiring, we are able to leverage the UMB (Baltimore) Fund for grant reimbursement funds per employee. While being a founder and builder of ventures is challenging, and requires capital, there are several resources currently in this ecosystem, to include the latest being brought by UpSurge Baltimore, that enable a founder to be efficient, keeping burn rates of capital raised, low, and the impact of using those funds, high."
Maryland is also home to 50 incubators, research parks and co-working facilities which take part in growing a robust innovation ecosystem to support Maryland’s early-stage cybersecurity companies. They offer early-stage companies with business assistance, shared resources and access to equipment and facilities.
TEDCO is leading innovation to market in Maryland, enhancing economic empowerment by fostering an inclusive and entrepreneurial innovation ecosystem. We continue to identify, invest in, and grow technology and life science-based companies in Maryland. To learn more about TEDCO funding and resources, visit us at www.tedcomd.com.