Two Annapolis companies made it to the second round of the InvestMaryland Challenge, a competition where start-up companies can win a portion of $300,000 in grants and/or business services.
Of the 250 companies that initially applied to the competition, 71 were selected to advance to the second round, with three in Anne Arundel County and 18 in Montgomery and Prince George’s counties.
In the second round, the entrants’ business plans will be reviewed and judged with semi-finalists announced Feb. 19, and the Governor’s Cup Award Ceremony on April 15.
Prizes include such things as mentorship programs, strategic consulting services, product development services, incubator space, accelerator programs and small business innovation research grant assistance.
Here are the local businesses made the second round:
IT Hardware & Software Category
To be eligible to enter the competition, companies must have fewer than 25 employees, annual revenues of less than $1 million, be a duly-organized legal entity, be in good standing in the state they are registered in and have a principal place of business in Maryland. Prize winners are required to spend at least 51 percent of their grant money in the state.
Some of the sponsors’ special awards include money and business services from: Microsoft, Noble Life Sciences, Towson University, the Eastern Shore Entrepreneurship Center, BioHealth Innovation, Bethesda Green and more.
Learn more about the competition on the InvestMaryland Challenge website.