Revamping Customer Support with AI Solutions
148
$8.8M
492
58
About the Montgomery County, MD Technology Innovation Fund and Montgomery County, MD Founders Fund
The Montgomery County, MD Technology Innovation and Founders Funds, established through Resolution 20-491 on May 7, 2024, were enacted to strengthen economic development by providing critical funding for early-stage high-tech companies and small businesses. These programs aim to address long-standing funding disparities that have historically hindered their growth potential.
The Challenge
Montgomery County, MD faced the challenge of driving economic prosperity by providing support to technology-driven companies and historically underrepresented founders. Despite the potential for significant economic growth, the county lacked a structured and effective financial support program to achieve these objectives.
The Solution
FedTech collaborated with Montgomery County to implement the Founders Fund and Technology Innovation Fund, targeting technology-driven companies and underrepresented founders. The decision to select FedTech's programs was driven by their proven track record in fostering innovation and entrepreneurship. "A focused, specific, and actionable session with extremely well-informed coach and practical, doable guidance. Our coach was extremely knowledgeable, had incredible insights into our company and the market, and was genuinely prepared and committed to help us," said Anne Marie Lyons, Coach. The financial support programs were designed to provide the necessary resources and guidance to startups, enhancing their market presence and operational capabilities.
The Results
The implementation of the Founders Fund and Technology Innovation Fund by FedTech resulted in substantial economic growth for Montgomery County, MD. A total of 148 applications were received, and $8.8M in funding was awarded. This financial support is projected to create 492 jobs, significantly boosting the local economy. Additionally, the programs generated 6,358 social media impressions, indicating high engagement and visibility. "Our coach, Emmanuel, was clearly well-prepared for the meeting. He had done his homework, taken time to understand our business, and even spoke with a potential TextHive user about a need that we could satisfy -- something I really appreciated," shared Emmanuel, Coach. The program also received positive feedback for its thorough and supportive approach, with Siddhartha Maharjan, Flavorsavr Co-Founder and CEO, noting, "Thank you for your thoughtful response and for clarifying the process. I really appreciate the outreach from your office to ensure the eligibility determinations are accurate—it speaks volumes about the care your team puts into this."
