New Joint Program to Match Corporations with Innovators for Technology Development Projects in Maryland

A new program launched by the Maryland Technology Enterprise Institute (Mtech) and key regional entrepreneurship ecosystem partners will connect innovators and entrepreneurs with corporations in Maryland for technology development projects.

The program, called Corprenect, engages entrepreneurs and innovators to advance technologies, services and solutions for interested corporations.

Partners facilitating the joint program include Mtech, the Bowie Business Innovation Center (Bowie BIC), Inncuvate Consulting LLC, the Prince George’s Community College Center for Entrepreneurial Development and Training, and the University of Maryland Francis King Carey School of Law.

“Through Corprenect, innovators can gain a clear path to the expertise, resources and opportunities offered by corporations,” said Peter Sandborn, Mtech Director and Keystone Professor in the Department of Mechanical Engineering at the University of Maryland. “Corporations, in turn, get to engage in low-cost, low-risk R&D with innovators through a structured program catered to their individual needs. A streamlined process for engagement benefits both sides.”

The Corprenect program pilot will commence during spring 2018 with Northrop Grumman through the company’s Northrop Grumman Collaboration Space at the University of Maryland.

The first step of the program’s three-part process will be the Corporate Reverse Pitch, through which corporations pitch their challenges and interests to innovators and entrepreneurs, who can then choose to develop products or services to fit those needs.

The next step in the program will be Customer Discovery, through which innovators and entrepreneurs engage in a four-week, intra-corporate customer discovery process, along with corporate mentors. During this part of the program, corporations and innovators determine product/service fit and viability.

Corprenect’s third step is Engagement, which includes opportunities for corporations and innovators to collaborate--including, but not limited to--research and development, pilot programs, joint proposal development, and venture funding.

Additional corporations will be considered for future cohorts in the program.

Corprenect is one of six teams to receive funding through the Maryland Technology Development Corporation (TEDCO) Incubation Challenge.

For more information about the Corprenect Program, visit http://corprenect.umd.edu.

February 22, 2018