A new program called Minority Business Pre-Seed Fund (MBPF) is promising to make investments of up to $40,000 to qualifying tech start-ups owned by African American entrepreneurs. The funding, provided by Columbia, MD-based TEDCO (Technology Development Corporation), will allow these entrepreneurs to reach a critical development milestone, and advance their ideas to the next level.
Who is eligible?
There are three main requirements:
#1 – Entrepreneurs may apply to the program, but a company will need to be formed prior to receiving an investment.
#2 – Companies receiving an investment must have a principal place of business in Maryland. See the TEDCO Policy for more details.
#3 – The idea must be at the concept or prototype development stage. Ideas for which the entrepreneur has already performed technology or market validation should consider applying directly to TEDCO’s Seed Investment Funds.
How to apply
It is easy to start the application process for the Minority Business Pre-Seed Fund. Entrepreneurs can simply use TEDCO’s on-line submission system to complete an application form. While an individual can apply for an investment, a company will need to be formed prior to receiving an investment.
Applications for MBPF investment will be reviewed at four separate times each year – April 1st, July 1st, October 1st, and January 1st.
For more details and/or to apply, visit http://tedco.md/program/minority-business-pre-seed-fund-mbpf/