Innovation & TechMaryland EconomyUncategorized

259 businesses join first InvestMaryland Challenge

By Nick Sohr, Managing Editor, MDBIZNews

The inaugural InvestMaryland Challenge business competition has drawn 259* applicants who will be competing for three $100,000 prizes and about $150,000 worth of in-kind business services.

The challengers hail from at least 10 states, including Maryland and Washington D.C. (The Department of Business and Economic Development is still sifting through the list. The deadline was midnight.)

More than 60 judges, most of them professional investors and entrepreneurs themselves, will gradually winnow the list down through early 2013 and the winners will be announced in April.

Top prizes will be awarded in life sciences, information technology and an open, general category.

Maryland companies can enter any of the categories. Out-of-state companies can enter the general category and would be expected to establish a place of business in the state and spend at least 51 percent of the grant money within the state.

The Challenge is funded by InvestMaryland, which raised $84 million in March to make venture capital investments in promising, young Maryland companies.

*We reported the contest drew 257 applications when this item was first posted. The final tally is actually 259.

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Nick Sohr

Nick Sohr