Cybersecurity Fund Accepting Applications

The Maryland Technology Economic Development Corporation’s (TEDCO) Cybersecurity Investment Fund (CIF) provides up to $100,000 to support projects that advance cybersecurity technology toward commercialization. CIF enables companies to achieve early technical milestones that are critical to move cybersecurity technologies further along the commercialization pathway and lead to follow-on investments.

There are three main eligibility requirements for the cybersecurity fund, so for the interested companies, it is critical to check the Request for Applications (RFA) prior to applying. The application deadline is the 15th of each month and the review process takes approximately two months.

Overview: The CIF exists to support seed/early-stage Maryland companies in their effort to develop and commercialize new products that enable or enhance privacy and/or security in a networked environment. TEDCO uses the CIF program to make investments in these companies enabling them to reach a critical milestone in their product or service development efforts that will move technologies further along the commercialization pathway, increase the company’s value, and lead to follow-on investment and job creation.

For the purposes of this RFA, the definition of cybersecurity is information security and privacy as applied to connected devices such as computers, smartphones and public and private networks. The field covers all of the processes and mechanisms by which computer-based equipment, information and services are protected from unintended or unauthorized access, vulnerabilities, attacks, use, change or destruction. Computer security also includes protection from unplanned events and natural disasters.

Eligibility: To be eligible, a company must meet all of the following criteria:

1. The company must be a for-profit entity with fewer than 16 employees Full-Time Equivalents and with its principle place of employment in Maryland (i.e., a majority of its employees must work in Maryland and the company’s proposed project must have the potential to lead to future growth in Maryland); AND
2. The company is pre-revenue OR has received less than an aggregate of $500,000 in equity investments from sophisticated investors (i.e. ‘Angels’ or institutional investors other than company founders).

Application Process: Deadline for the application is the 15th of each month. The full review cycle takes approximately 60 days. Applications must be uploaded and submitted through TEDCO’s on-line application management system, which can be accessed at this link.

Prior to submitting an application through TEDCO’s web portal, companies must set-up an account in the system. It is the company’s responsibility to set-up an account prior to the due date.

It is strongly advised that applicants follow the guideline provided in the Request for Application (RFA) very closely to ensure that all elements requested in the RFA are covered in the full proposal. Contact: Ronald W. Kaese, Director, Federal Programs and CIF Program Manager, [email protected], 410-715-4170.