TEDCO’s pre-seed Builder Fund was created to financially and operationally support the development of start-up companies run by entrepreneurs with a socially or economically disadvantaged background that hinders access to traditional forms of capital and executive networks.
“With the introduction of the Builder Fund, we can continue to advance the development of underserved companies by pushing them forward in the strategic steps that lead to the next stage of investment,” said Angela Singleton, Builder Fund Program Co-Manager. “This program embodies the overall mission of TEDCO, identifying only the best investment opportunities and strategizing how most effectively our companies can get ahead in their markets.”
The program takes an unprecedented initiative of formally pairing seasoned executives with company founders to facilitate knowledge transfer, and to introduce executive experience to the best ideas at an early stage of development. The program includes education, team building and a pre-seed investment that seeks to institutionalize the conventional friends and family round to fill a gap in access to capital commonly experienced by entrepreneurs from socially or economically disadvantaged backgrounds. The program will also serve to expand Maryland’s pool of high-quality, fundable companies.
“This fund is taking businesses with a strong growth potential and using their connections to the investment community to identify the most exceptional opportunities out there,” said Mac Conwell, Builder Fund Program Co-Manager. “The start-up ecosystem is highly competitive, and the Builder Fund is focused on implementing and supporting the best path for each company—both financially and operationally.”
Companies receiving up to a $50,000 investment must participate in a formal program, which consists of an investment, a 12-week educational intensive, a second 12-week operational intensive and progress checks at specific intervals post investment.
Eligible recipients must have founders who can demonstrate a socially or economically disadvantaged status and must have a principal place of business in Maryland. Companies should welcome active involvement from TEDCO’s network of outsourced executives and are required to have at least one founding manager working in the company on a full-time basis.
Deadline for applications is July 15th. For more information, visit: http://tedco.md/program/builder-fund.