The Maryland Business Innovation Association (MBIA), with support from TEDCO, has announced the launch of the FY25 MBIA Commercialization Innovation Grant (MCIG). Designed to provide strategic funding to Maryland-based innovative companies, the program opens its application window on Tuesday, December 10, at 12pm noon ET. The MCIG offers eligible companies the opportunity to secure funding that supports entrepreneurial advancement and commercialization efforts, driving growth in Maryland’s innovation ecosystem and economy.
Program Overview
The MCIG channels funding through MBIA Entrepreneurial Support Organization (ESO) members to benefit portfolio companies in their communities. The program is highly competitive, prioritizing projects that demonstrate impactful use of funds to achieve significant outcomes. Grant funding encourages the use of Maryland-based vendors and service providers, fostering collaboration within the state.
A total of $140,000 is available for FY25, with funds awarded on a first-come, first-serve basis during the brief application window. All projects must be completed by the end of May 2025.
Eligibility Criteria
To qualify, applicants must:
- Be a portfolio member of an MBIA ESO in good standing.
- Be headquartered in Maryland, with at least 51% of employees residing in the state.
- Have fully utilized or returned any prior TEDCO grants and submitted final reports.
- Not be an anchor tenant or strategic partner of an MBIA ESO member.
MBIA ESOs must also meet specific standards, including being in good standing with both MBIA and the State of Maryland.
How to Apply
Applications will be submitted via Jotform, which will go live on December 10 at 12pm noon ET and remain open until December 13 at 10am ET or until funds are depleted. To apply, eligible companies must submit:
- A completed Jotform application.
- A one-page executive summary.
- A letter of support from their MBIA ESO member director.
- A Scope of Work and Timeline from the proposed vendor (MBIA can assist in vendor selection if needed).
- A detailed project budget.
Applications will be reviewed as they are received, emphasizing the importance of timely submission.
Don’t Miss Out
This grant program represents a unique opportunity for Maryland’s innovative companies to secure funding that advances their commercialization goals while supporting local vendors and economic growth. Interested applicants are encouraged to prepare their materials and mark their calendars for the application opening on December 10.
For more information about the FY25 MCIG, including application requirements and resources, visit https://mdinnovate.org/mcig/fy25-mbia-commercialization-innovation-grant/