There are several keys to successful entrepreneurship—a great idea that solves a unique problem, the willingness to take risks, leadership skills, networking, and, of course, capital. The last element listed can be especially challenging for those without significant savings, investment from wealthy family members, or generational wealth, says Graham Dodge, vice president, Venture Development at TEDCO, (Maryland Technology Development Corporation), an independent instrumentality of the State of Maryland to facilitate the creation of businesses and support their growth in all regions of the State.
“Not every entrepreneur has savings to rely on, and you can quickly rack up $10,000 to $20,000 in credit card debt without capital,” says Dodge. With this in mind, TEDCO is holding the first ever Concept Capital Pitch Competition at its 10th annual TEDCO’s Entrepreneur Expo, December 4, at the Renaissance Baltimore Harborplace Hotel. The Expo draws hundreds of the region’s top entrepreneurs, business owners, angel and venture capital investors, legislators, and other influencers.
TEDCO CEO Troy LeMaile-Stovall explains that $125,000 in total capital is up for grabs at the Concept Capital Pitch Competition. “The competition is for early-stage founders from socioeconomic disadvantaged and underrepresented backgrounds. These individuals don’t have a $50,000 to $100,000 investment from friends and families. The competition offers to the opportunity to secure up to $50,000 in investment,” LeMaile-Stovall says. The competition is especially geared those who qualify under the Socially and Economically Disadvantaged Individuals (SEDI) criteria.
Over the past 26 years, TEDCO’s programs have resulted in $2.7 billion of economic impact in Maryland. Of these programs, TEDCO has three primary investment funds that invest in early-stage technology and life science startups throughout Maryland—Social Impact, Seed, and Venture. The Concept Capital Pitch Competition furthers the goals of the Social Impact Funds, an umbrella for two funds that were intentionally designed to engage and invest in economically underserved founders. LeMaile-Stovall expands on the success of one fund under that umbrella—TEDCO’s Pre-Seed Builder Fund. This investment fund has grown from $1 million to $8 million to benefit socioeconomic disadvantaged founders.