Garrett College (GIEC) to Host MIPS-TEDCO Funding Briefing for Faculty, Local Businesses

Last Updated on Nov 9, 2016 at 1:15pm | Garrett County Economic Development

The Maryland Industrial Partnerships Program (MIPS) program and the Maryland Technology Development Corporation (TEDCO) will jointly host a free “lunch and learn” briefing about how faculty and local businesses can participate in their funding programs at the Garrett College Center for Entrepreneurship and Innovation on Wednesday, November 30, from 11:00 a.m. to 1:30 p.m. Lunch is included. (Please RSVP to Mike Tumbarello at the contact points provided below.) The address is 685 Mosser Road, McHenry, Md., 21541.

MIPS provides funding—matched by participating companies—for university-based research projects that help companies develop new products. MIPS funding goes directly to faculty for research that helps the companies commercialize products. With MIPS matching funds, companies can leverage the facilities, resources and expertise within Maryland’s public universities to create new products and opportunities. In the 28 years since the program started, 411 faculty researchers have worked with more than 541 Maryland companies to help develop new products. MIPS-supported products have enabled Maryland companies to directly create more than 6,600 new, high-paying, high-tech jobs throughout the state.
 
MIPS Associate Director Ronnie Gist will give a presentation, followed by a question-and-answer period and one-on-one meetings, if desired.

TEDCO is the go-to source for entrepreneurial support and guidance for start-ups and early-stage companies engaged in bringing innovative ideas to the market. For more than 15 years, the organization has provided funding, mentoring and networking opportunities to support Maryland’s innovation ecosystem. While founded by the Maryland General Assembly, TEDCO is an independent entity that makes seed/early-stage investments as well as series A/B investments. It is frequently ranked as one of the most active seed/early-stage investors in the nation. From bringing research created in Maryland’s educational institutions and federal laboratories into the commercial marketplace to supporting emerging technologies, TEDCO plays a key role in the state’s startup ecosystem. 

TEDCO Director of Entrepreneurial Development Neil Davis will give a presentation on the funding programs available to Maryland entrepreneurs.

MIPS has supported research projects with more than 500 different Maryland companies since 1987.  MIPS is currently funding projects at FSU with McHenry-based Silicon Travel LLC, Baltimore-based Tutela Industries LLC, and Rockville-based Hi-G-Tek Inc.  Previous recent MIPS-supported projects with FSU have included companies such as Berkeley Springs Instruments and Instant Access Networks in Cumberland, vCalc in Frederick and Sustainable Systems in Frostburg.

Products such as Martek Biosciences' life's DHAÔ, which supports brain, eye and heart health from infancy to adulthood and is licensed to 90 percent of the U.S.'s infant formula manufacturers, and Hughes Network Systems' HughesNet™, the leading international product for receiving the Internet via satellite, have benefitted from MIPS-supported research. MedImmune Inc.'s Synagis®, a multi-billion-dollar drug that prevents a serious respiratory disease in infants, and Black & Decker's Bullet® Speed Tip Masonry Drill Bit, which drills six times more holes than conventional drill bits, were also supported by MIPS projects. These products have collectively generated more than $30 billion in revenue and led to the creation of thousands of jobs in Maryland.

Benefits of MIPS funding for Maryland companies include:
 
--Cost-effective research by collaborating with university faculty
--Access to expert university faculty, students, state-of-the-art facilities, laboratories and equipment
--Efficient transfer of technology from universities to companies
--Opportunity to work with students—potential future hires
 
MIPS funds an average of 30 projects per year. Applications are due May 1 and October 15 each year.

Research supported by MIPS may broadly be in engineering, computer science, physical, environmental and life sciences. MIPS also supports projects designed to help a company plan and develop industrial training programs for its employees.

For more information about the MIPS-TEDCO briefing, contact Mike Tumbarello, GIEC and Center for Entrepreneurship & Innovation Director, by phone at (301) 387-3167, or by e-mail at mike.tumbarello@garrettcollege.edu.
            
About the Maryland Industrial Partnerships Program (MIPS):
The Maryland Industrial Partnerships Program, an initiative of the A. James Clark School of Engineering’s Maryland Technology Enterprise Institute (Mtech), brings university innovation to the commercial sector by supporting university-based research projects to help Maryland companies develop technology-based products.