TEDCO, Maryland’s economic engine for technology companies, has a program focused on supporting entrepreneurs and startups by connecting them with resources across the state.
Malcolm Tyson was building an innovation center for the College of Southern Maryland while simultaneously operating his consulting practice to provide mentorship to small and medium-sized businesses. But it still wasn’t enough; that’s when he learned about mentoring opportunities at TEDCO. He signed on as an advisor in Prince George’s County for TEDCO’s UBII program last July.
“It’s really rewarding to know that I’m in this space, to know that I can help them not get discouraged when their colleagues or colleagues they work with and know are getting funding for their programs and they’re not black.” Tyson said.
Starting
TEDCO CEO Troy LeMaile-Stovall started the program when he officially took over in September 2020. As part of his work with the initiative, UBII mentors work with a variety of businesses at a variety of stages, whether the business is still in its infancy or not. of the idea or seeking to obtain funding. Through this process, UBII mentors help to advise founders about issues within their organizations and connect them with the right resources to correct those problems.
TEDCO also partners with the Economic Development Corporation of Prince George’s County (EDC) to provide UBII with access to as many founders in the region as possible.
The EDC aims to grow the county’s commercial tax industry and attract businesses that will provide jobs for residents. Thus, this program can provide a major financial boost to black and female entrepreneur founders within the region.
“For minority founders who don’t get the same level of attention that other businesses might, programs like this are really critical to helping them grow their business,” said Ebony Stocks, EDC executive vice president. “It helps to build an ecosystem of innovative companies when you have the resources that are readily available.”
Lending a hand
Living Canopies founder and CEO David Tilley said his company first became involved with TEDCO in 2016 when it joined the Maryland Innovation Initiative (MII), a program that funds the commercialization of technology emerging from research university based.
Living Canopies offers “living canopies,” meaning canopies made of Mandevilla flowers and vines. Using edible flowers, rather than an old-fashioned awning or patio tent, allows for cooler shade and combats the “urban heat island effect” – when an influx of human activity causes urban areas to experience warmer temperatures. warm. He offers this product for restaurants, homes and urban spaces.
After the killing of George Floyd in 2020, Tilley and his team decided to shift their focus to creating a product that would help the disenfranchised. Tilley contacted TEDCO’s UBII program in September, looking for help refining his go-to-market strategy for the company’s new product, and got in touch with Tyson.
According to the latest figures, less than a fifth of the country’s more than 122,000 bus stops have shelters. So Living Canopies created the “cool green shelter,” which is essentially a larger version of the living canopy that’s designed to protect from the elements at bus stops.
Working with UBII, Tilley received help building a marketing strategy for shelters, evaluating and building successful revenue models, and connecting with individuals throughout the industry.
When asked about the UBII program, Tilley explained, “They’re critical to all the success I’m having. We wouldn’t be where we are today without them.”
Kinetic Potential (KP), another company that has benefited from UBII support, offers the KP Life platform. This product uses a broad framework of factors to help people find the occupation that best matches their skills.
Founder and CEO Jim Smith, who has been involved with TEDCO since 2006, used UBII while looking for new ways to expand his business and attract job seekers. KP supported Governor Larry Hogan’s first-in-the-nation workforce development initiative, which began in March 2022 and eliminated the requirement for a four-year degree for thousands of in-state jobs.
“Beyond the funding that TEDCO can make available, there’s a lot more that they do,” Smith said. “Their investment of time and resources in me allows me to impact the broader Maryland ecosystem with jobs.”
Likewise, Tyson believes the UBII program has more to offer in Prince George’s County. And with people of color making up more than 60% of the county’s nearly 1 million residents, there’s no shortage of potential in the region. He argues that the county is teeming with entrepreneurial talent, but minority founders are simply overlooked.
“There are a lot of really smart people, but I think because they’re a minority, they don’t get the consideration that others might,” Tyson said. “While they may have the talent and all the ideas, they just don’t know how to get support for it.”
Where do we go from here?
Moving forward, he hopes UBII will inspire entrepreneurs to reconsider and look at the opportunities that programs like this can offer. However, trusting an advisor with information about the inner workings of their companies can be a difficult hurdle for many minority investors. This is why UBII mentors ensure that they build more than just a business relationship with their mentees.
“There is mistrust among minority communities for these types of agencies because there is no published investment logic,” Tyson said. “Being present, the walls come down a little and I can talk to people on a personal level.”
And as founders in the region continue to grow their businesses, organizations and investors around Maryland can use UBII as a blueprint for how to effectively raise a portion of minority founders across the state.
“If there were more programs like [this] and investors were really serious about investing in minority businesses, we would see an explosion of growth,” Stocks said. “The businesses are here, but it’s really about connecting them with investors and investors being willing to invest in and support businesses that may not traditionally be.”
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