Summary – AI
- TEDCO is a 22-year-old entity created by the state of Maryland to be the venture capital and early-stage technology venture for the state. They invest in and grow technology companies in Maryland.
- TEDCO has both an investment side and a programmatic side. The investment side includes funds for pre-seed investments, actual investments up to series A, and grants for tech transfer. The programmatic side includes market research, round tables, mentorship programs, pitch events, and collaborations with entities like the Department of Commerce and federal labs.
- The Maryland Technology Development Corporation (TEDCO) has several funds to support different types of businesses and industries, including the Builder Fund for socially and economically disadvantaged groups, the Seed Funds for various sectors like life sciences and tech commercialization, the Maryland Venture Fund for early-stage investing, the Stem Cell Research Fund, and the Maryland Innovation Initiative.
- TEDCO focuses on technology transfer and supporting research institutions in Maryland, such as Johns Hopkins, University of Maryland College Park, University of Maryland Baltimore, University of Maryland Baltimore County, and Morgan State University. They provide funding and resources to help commercialize research projects and promote innovation in the state.
- The Maryland Entrepreneur Hub: TEDCO is partnering with the University System of Maryland and the Department of Commerce to launch the Maryland Entrepreneur Hub. This platform aims to deliver resources and support to entrepreneurs in Maryland, making it easier for them to access the tools they need to succeed.
- Addressing Diversity and Inclusion: TEDCO recognizes the importance of diversity and inclusion, particularly in access to capital. They are working on initiatives, such as the Build Fund, to ensure that underrepresented entrepreneurs have better access to funding and opportunities for wealth creation.
- The importance of intentionality in funding and supporting underrepresented entrepreneurs and employees. The speaker emphasizes the need to be intentional about diversifying networks and providing opportunities for individuals who may not have access to traditional networks.
- The potential for Maryland to become a hub for innovation and entrepreneurship. The speaker highlights the state’s existing strengths in life sciences, cyber, aquatech, agritech, clean energy, quantum computing, and neural science. They also emphasize the importance of leveraging the proximity to the DC and Northern Virginia ecosystems.
Troy LeMaile-Stovall, CEO at TEDCO
As the CEO and Executive Director of TEDCO—Maryland’s economic engine for technology companies—Troy leads the organization’s mission to support economic development through the cultivation of an inclusive entrepreneurial innovation ecosystem. He brings to bear more than 25 years of experience in investment management, higher education, telecommunications, information/communication technology, and management consulting in this leadership role.
Prior to joining TEDCO, Troy was the chief operating officer at the University of the District of Columbia (UDC), the nation’s only urban land-grant university. UDC encompasses a six-site community college, a four-year baccalaureate campus, and a law school, and serves 7,000 degree- and certificate-seeking students. He oversaw an array of critical functions at UDC, including capital construction, communications, emergency management, enrollment services, facilities management, government relations, information management, institutional research, marketing, public safety, risk management, and strategic planning, to name a just a few.
An entrepreneur at heart and in spirit, Troy founded the management consulting firms LeMaile-Stovall LLC and GTMS Partners, LLC. He also co-founded and served as the first president and CEO of GulfSouth Capital. His resume includes positions as the interim president of Zenith Education Group; principal at Butler Snow Advisory Services; executive vice president and chief operating officer of Howard University; and senior vice president and chief financial officer Jackson State (Mississippi) University, where he was awarded the Thurgood Marshall HBCU CFO of the Year. Earlier in his career, Troy held positions at McKinsey & Company, Southwestern Bell Telephone (now AT&T), AT&T Bell Labs, and Rockwell international.
Troy is a subject matter expert in capital stack formation and a frequent speaker on venture capital, economic development, and higher education administration, among other topics. He has published articles on entrepreneurship, venture capital, economic development, diversity and inclusion, and higher education.
Troy graduated cum laude from Southern Methodist University with a bachelor of science in electrical engineering. He earned a master’s of science in computer science from Stanford University as a Bell Labs One Year on Campus Fellow, and an MBA from Harvard University. He was included in the Leadership Greater Washington Signature Program Class of 2019.
Troy gives back to his community in volunteer roles and has held board seats at Parkway Properties, Archipelago Learning, Internet America, School Status, the National Society of Black Engineers, Southern Methodist University (SMU) School of Engineering and Department of Electrical Engineering, DC Chamber of Commerce, MemberSuite, MuniStrategies, DC Housing Enterprises, National Association of College and University Business Officers (NACUBO), and Zion Church.
Troy has also coached an award-winning youth robotics team, and is a USA Swimming-certified stroke-and-turn coach and chief judge official. A triathlete himself, he is married to marathoner Sonya L. Wiggins and is the father of two multi-talented young athletes, Zora Lauren and Langston Anthony.
Career | Your career has covered a broad range of industries including recently Chief Operating Officer at the University of the District of the Columbia. Tell us about your background and journey to becoming CEO of TEDCO?
Tedco Today | Can you provide an overview of TEDCO and its mission? How many different funds, portfolio companies and key members of the team?
COVID 19 | How has your organization adapted during COVID? What challenges are small businesses facing? What is your best advice to entrepreneurs during this time?
Funds |TEDCO has a broad range of funds from pre-seed to venture to tech transfer. Can you provide an overview of the different funds at TEDCO?
Portfolio Companies | Please describe some of the companies in TEDCO’s portfolio.
Spotlight | This year, a number of TEDCO portfolio companies had significant financing and traction – Curbio ($25 million financing in November), ClearMask ( 12 million masks)….. Please highlight some of these companies?
Maryland Future 20 |12 of the 20 Maryland Future 20 list were TEDCO portfolio companies. Can you tell us about some of the companies that made the Maryland Future list?
New Executives | This year, TEDCO announced new executive hires, you and Terry Rauh. Please tell us about your roles and impact.
Partnerships | Can you tell us about some of the partnerships and successful initiatives that have made TEDCO a leader in Maryland’s innovation ecosystem?
TEDCO Talks | TEDCO recently announced TEDCO Talks. What is the focus of this video series? Who are some of the featured guests?
Diversity | How is your organization addressing diversity and inclusion?
Maryland | What excites you about Maryland’s innovation system?
Future Plans | What are your future plans for TEDCO?
About TEDCO – Leading Innovation to Market: TEDCO provides Maryland entrepreneur funding, resources and connections that early stage technology and life sciences companies need to thrive in Maryland. Learn more at www.tedcomd.com.
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