(Columbia, MD) July 5, 2013 - Rob Rosenbaum heads the Maryland Technology Development Corp.
How has TEDCO changed since you’ve been in charge?
I’ve brought much more of an entrepreneur culture to TEDCO. It had vestiges of acting like a state-funded organization, which it was and still is. But I’ve brought much more of a pure entrepreneurial focus and have gotten the team to think about how we can incorporate and include more private sector involvement rather than just relying on state funding.
What are the challenges of getting technology to market for entrepreneurs?
The biggest challenge is not the technology but the people and management team behind it. The real decision is about whether to invest in the people, so we then spend a lot of time mentoring them, creating networks for them, and making them connections in the marketplace. It’s all about the entrepreneur: a good one can take an average idea and make it an incredible success.
What problems do startups in Maryland face in general?
There are two big problems. The first is the early stage funding gap: the post-TEDCO funding and pre-institutional investor funding. The second is finding good investors and mentors who can help them in the beginning.
How do you help them overcome these problems?
We started the Maryland Entrepreneurs Resource List, which now has 55 people vetted by TEDCO to help early-stage companies. They’re categorized by skill so entrepreneurs can find those with the specific experience they need. We also launched TEDCO Capital Partners, which manages four small, focused venture funds, all of which are 100 percent privately capitalized with no state money. That’s intended to fill the money gap post TEDCO.
What’s in the future for TEDCO?
My misson is to engage more private-sector activity. Private capitalization is expanding and becoming very established. I hope to expand TEDCO’s ability to influence entrepreneurship and innovation in the region with the new programs we have added and by adapting exisiting programs. We want to get a broader swath through the entrepreneur ecosystem. We just celebrated our 15th anniversary and are looking forward to another great 15 years.