Montgomery County Executive Marc Elrich has announced the launch of two groundbreaking funding programs designed to support innovative small businesses and underrepresented entrepreneurs. The Technology Innovation Fund and the Founders Fund will offer a combined $10 million in commercialization grants to spur economic development and create equitable opportunities for growth and prosperity.
Applications for both funds are now open and will be accepted until 5 p.m. on Friday, Dec. 13. To learn more about the Technology Innovation Fund and Founders Fund and to apply, visit https://www.fedtech.io/accelerators/mcg.
“These programs reflect Montgomery County’s commitment to fostering innovation and equity in our economy,” said County Executive Elrich. “The Technology Innovation Fund and Founders Fund are designed to help groundbreaking businesses overcome barriers, scale up and succeed. We are investing in the ideas and entrepreneurs that will shape the future of our County.”
The $7 million Technology Innovation Fund will provide grants of up to $200,000 to small businesses developing proprietary technology with high growth potential. Funds will support commercialization projects that bring innovative products closer to market, helping businesses achieve significant milestones.
The $3 million Founders Fund offers grants of up to $100,000 to early and growth-stage entrepreneurs from historically underrepresented communities who face systemic barriers to accessing capital. Eligible applicants must demonstrate how their proposed commercialization project will drive their business growth.
Eligibility for the Founders Fund will be assessed using Montgomery Planning’s Community Equity Index and Maryland’s Minority, Female, and Disabled-Owned Businesses (MFD) Certification tools.
To ensure a fair and unbiased review process, applications will be evaluated by FedTech, an independent third-party organization with expertise in connecting innovative technologies to commercial markets. Awardees will also receive up to two hours of coaching and technical support from FedTech to further enhance their chances of success.
Montgomery County is partnering with MCEDC to facilitate the promotion and selection process. Award notifications will be made during the third week of January. If funds remain after the first round, a second application round will open in Spring 2025.
For questions about the grants, contact MontCtyMD@fedtech.io .
