Mtech, Alumna-Run Companies Vie for State Awards
Four companies in the Clark School's Maryland Technology Enterprise Institute (Mtech) venture acceleration and incubation programs were selected as finalists for the 2010 Maryland Incubator Company of the Year awards. A fifth company run by a Clark School chemical engineering alumna also has been named a finalist.
Winners will be announced at a ceremony at the Center Club in Baltimore, Md., on June 15, 2010.
"The selection of four finalist companies out of the University of Maryland is validation of the innovation ecosystem model Mtech has created to spur commercialization of the most promising research at UM," says Dean Chang, director of Mtechs venture programs and director of the Technology Advancement Program (TAP) incubator. "All four companies have flourished by following similar paths from initial discovery at Mtech's Entrepreneur Office Hours and Faculty Venture Fairs, to preliminary business validation as winners of Mtech's UM $75K Business Plan Competition, and now to company acceleration and incubation through Mtech's VentureAccelerator and TAP incubator programs."
The four finalist companies include two companies currently in the TAP incubator and two companies currently in TAP's fast-track, early admission program called VentureAccelerator:
Since 2008, TAP has had 10 finalists and four winners of the prestigious Maryland Incubator Company of the Year awards. Historically, previous TAP winners include: Martek Biosciences, Digene Corporation, DataStream Content Solutions, Lurn, TRX Systems, Zymetis, and AccuStrata.
In addition to the four Mtech companies named as finalists, a fifth alumna-run company also is a finalist. Amethyst Technologies, run by Kimberly Brown (M.S. '98 and Ph.D. '05, chemical engineering), offers a variety of services to the biotechnology, pharmaceutical, hospital, blood bank, and veterinarian medicine sectors.
Sponsored by The Maryland Technology Development Corporation (TEDCO), RSM McGladrey, Maryland Department of Business & Economic Development (Maryland DBED), and Saul Ewing LLP, the Maryland Incubator Company of the Year awards are chosen in several categories by a selection committee of regional industry leaders and early-stage investors. Award recipients benefit from publicity and gain greater credibility in the business, technology, and investment communities.
Selection criteria for a winning company includes: success in achieving its objectives, its technology or product development; growth in revenue or earnings; number of customers and significant customers; technology transfer; attraction of outside investors; and impact on the region. Award recipients were chosen based on their nomination form, onsite visits, and interviews with references.
Awards will be made in various categories. Previous years' categories included Life Science Company of the Year, Information Technology Company of the Year, Technology Service Company of the Year, Homeland Security Company of the Year, New Incubator Company of the Year, Technology Transfer Company of the Year, and Graduate Company of the Year.
June 3, 2010