Triea Systems was the winner of December’s Eastern Shore Business Plan Competition in the General Business category. In addition, the $5,000 ESEC is awarding to the best rural submission to the InvestMaryland Challenge will go to i-lighting LLC, of North East, Maryland.
To provide some backstory on the competition, the following is from a previous press release about the competition:
The Maryland Department of Business and Economic Development (DBED) announced today that nine Maryland companies have advanced to the final round of the InvestMaryland Challenge<https://
“The InvestMaryland Challenge celebrates what makes Maryland’s economy so strong and diverse — the drive and creativity of our many innovators and entrepreneurs” said DBED Secretary Dominick Murray. “They’re protecting our vital computer networks from cyber attacks, developing cancer cures and anthrax vaccines, and building the companies of tomorrow that will employ generations of Marylanders. On behalf of the State and our partners in the Challenge, congratulations to the finalists and good luck to all of the companies that entered.”
The Challenge drew 259 entries from around the country, including 25 out-of-state companies from as far away as California, Georgia and Massachusetts. The field was narrowed over three successive rounds of judging by a panel of 79 investors, successful entrepreneurs, business executives and other members of the Maryland startup community. The finalists are competing for $100,000 top prizes in three categories: IT (hardware and software), life sciences, and general business.
IT finalists:
ClickMedix<https://clickmedix.
RedOwl Analytics<https://www.
Social Toaster<https://www.
Life sciences finalists:
BOSS Medical<https://www.boss-
Graybug<https://graybug.com/>, Baltimore
Remedium Technologies<https://www.
General business finalists:
i-Lighting<https://www.i-
Mercaris<https://www.
Triea Systems<https://www.
Also being awarded during the April 15 event will be more than $125,000 in in-kind and smaller cash awards contributed by business incubators, legal firms, entrepreneur advisors and others who work with startups. Special awards include a $50,000 software package from Microsoft BizSpark; $25,000 in research and development services from Noble Life Sciences; a $5,000 University of Maryland Ventures prize for the best University of Maryland-affiliated entrant; a $5,000 prize from the Maryland Biotechnology Center to a life sciences entrant to attend either BIO International 2013 in Chicago or MEDICA, the world’s largest event for the medical sector in Dusseldorf, Germany; $5,000 to encourage entrepreneurship in rural areas from the Eastern Shore Entrepreneurship Center; and $5,000 plus meetings with potential investors from New Markets Venture Partners for the company with the best education technology innovation. Incubator space will also be awarded from the Emerging Technology Center in Baltimore, the Maryland Center for Entrepreneurship, Bethesda Green and TowsonGlobal. The Chesapeake Innovation Center will award an opportunity to present during their TechBridge Showcase.
In addition to fueling entrepreneurship, the Challenge will help build a pipeline of innovative companies for the State’s InvestMaryland program, the largest venture capital investment initiative in Maryland’s history. Created by the Governor and passed by Maryland’s General Assembly in 2011, the program is being run through the Maryland Venture Fund and DBED. Last year, the State raised $84 million for the program through an online auction of tax credits to Maryland insurance companies.
Two-thirds of the funding – $56 million – is being managed by carefully screened private venture firms that will invest the funds and, if successful, return 100% of the principal and 80% of the profits to the State’s general fund. To date, InvestMaryland has invested $25 million in three local venture firms – Grotech Ventures will invest $12 million; New Atlantic Ventures, $8 million; and Kinetic Ventures, $5 million. The remaining third is being invested by the Maryland Venture Fund directly in innovative companies. To date, the Fund has invested in companies that include e-commerce, biotechnology, online education, social media and IT/communications.
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