Montgomery County Announces New Life Sciences Impact Grant Program (VIDEO)
The Montgomery County Department of Economic Development (MCDED) has launched a new program aimed at strengthening the Life Sciences industry within the county.
According to a news release, grants of $5,000 to $25,000 will be available to companies to assist in the advancement of business development and product development initiatives. An information session for potential grant applicants will be held on December 12 at 10 a.m. at DED’s offices located at 111 Rockville Pike, Suite 800 in Rockville.
“The County’s new Life Sciences Impact Grant Program is the latest local strategic initiative to support the continued growth and commercial success of our local biosciences sector,” said Montgomery County Executive Isiah Leggett. “These grants will aid companies in moving a product under development forward. This new initiative, when combined with existing programs like our local biotech investment tax credit, show that Montgomery County is as committed as ever to supporting our valued life sciences sector.”
Life Sciences companies with a primary business address in Montgomery County are eligible to apply. Awarded funds can be used to complete essential business formation and development tasks such as, IP development, patent or market research, product valuation, prototype development, proof of concept, or clinical development studies.
“Many of the job creators of tomorrow are the innovators of today. These grants will help turn innovative ideas into drivers of growth for Montgomery County’s economy,” said Montgomery County Council president Craig Rice.
“Montgomery County innovators are developing health and security solutions with the potential to dramatically improve lives around the world and bring employment and investment to Montgomery County,” added Councilmember Nancy Floreen. “For all of these reasons we want them to succeed.”
Montgomery County Life Sciences companies are encouraged to submit an application that will be evaluated on the strength and ability of the company to execute the project, ability to leverage other funding sources, and use of local vendors for goods/services purchased for the project. The deadline for applications is Friday, January 2, 2015. Between five and seven companies will be selected to receive grants and will be notified by February 20, 2015. The application and additional information is available at www.choosemontgomerymd.com.