The Maryland Tech Council’s venture Mentoring Service
A Mentoring Match that Helps Lead Early Stage Companies to Success
The Maryland Tech Council’s Venture Mentoring Service (VMS) encompasses a team-based approach to mentorship designed to help CEOs with development, funding and beyond. Teams of specially trained volunteers with expertise in entrepreneurship and start-ups are carefully matched to select ventures to assist them in becoming successful. MCEDC partners with the Maryland Tech Council in their work providing direct assistance to entrepreneurs.
ENROLLED COMPANIES
IN CAPITAL & GRANT FUNDS RAISED
VOLUNTEER HOURS
Companies Apply for Consideration
Companies can apply for the mentorship program, with a focus on tech and life science startups that have at least one person working full time and are past the proof of concept stage. There is no fee to the venture for the mentoring program.
Roots of the Mentoring Program
The program began at MIT in 2000 and has been a big success. It has been duplicated in more than 100 cities around the world. The local Maryland team received training from MIT, purchased the license and created their own program, now in its fifth year.
It’s so easy to put your head down and be so focused on the next development stage and the next milestone and lose sight of the fact that there is a network out there that you can rely on. What this program does is it brings that back to the forefront.
A Winning Team Approach
The MTC VMS program helps companies in tech and life sciences prepare for first or second round of venture capital or institutional financing. Entrepreneurs whose applications are accepted can present to potential mentors at a monthly VMS meeting, after which the VMS will facilitate the matches. It’s a matching game to bring together the right team of mentors to help guide the venture. Mentors meet as a dynamic team which evolves as the company moves through stages of development.
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Mentors must be free of conflict with the specified company, have experience in raising capital and are brought in by referral only – mentors volunteer their time.
The program is available to companies throughout the state of Maryland, designed to grow jobs and attract capital to Maryland by helping develop the ecosystem of entrepreneurs. The goal is to keep the team together for the long haul – with the mentors’ involvement evolving to meet the changing needs of the venture companies.
CEOs interested in the Maryland Tech Council Venture Mentoring Services program and who meet the criteria are encouraged to apply today to the program.
Why participate in the VMS program? Hear directly from companies that have benefited.
Prakash Chakravarthi, CEO, Machfu, Rockville
Brings the benefits of Internet of Things (IoT) and web services to industrial equipment.
How has the VMS program directly helped you?
As a startup, there will always big holes in management due to limited staff and resources. The VMS program helps navigate this difficult phase well by having experienced mentors’ advice on operations.
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What is a specific problem that the VM program has helped you solve?
One of our mentors, has helped a great deal in thinking through manufacturing operations, pitfalls and various things to keep in mind while selecting contract manufacturers.
Why join the VMS program?
It’s helpful to bring onboard experienced executives to help navigate the early years of a start-up. Many early mistakes can be avoided, and that often defines which companies will become successful and which will not. I strongly recommend the VMS program.
Without them [VMS program], we would have had to expend significant resources or learned from trial and error which can be costly.
Vishal Chintawar, Founder, Givhero, Gaithersburg
Engages employees in wellness programs through intrinsic motivation and connecting to social causes.
How has the Venture Mentoring program helped Givhero?
Givhero joined the MTC VMS program in 2019 and has made tremendous progress. In the past 18 months, Givhero went from an early revenue company to serving international clients.
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We have international technology brands like Appian and Rakuten Viber, American University in higher education, and public sector clients including Aurora Public Schools and Charlotte County, Florida.
The company uses natural connections to social causes, challenges, peer recognition, team competition and gamification strategies to enhance employee experience.
Vishal has been with the program since 2018. How has the company grown?
Givhero is a tech startup built to motivate healthy behaviors to improve lives and communities. A wellness and social reward platform, Givhero uses intrinsic motivation to engage employees in healthy living.
Creating an international presence
Givhero impacts more than 50,000 lives in 35 countries. In 2020, Givhero clients donated over $250,000 to local causes supporting the community.
Being part of a team with mentors helped us get insight out-of-the-box. Each member of the team brings with them vast experience running a business. When we pool together our knowledge, ideas fly.
Michael Ruff, President & CEO, Creative Bio-Peptides, Inc., Potomac
Develops novel oral peptide treatments for neurodegeneration and synapse loss in neuropathies, dementias and brain injuries.
How has the VMS program directly helped you?
Starting a business was one critical step in realizing a mission of curing diseases, but once that journey had begun, why wouldn’t you seek advice of others who have chosen to help nascent businesses grow? We needed input on contracts, new business relationships, messaging and how to be an effective communicator.
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Other needs include vetting opportunities and building a team of internal scientific and business advisors. The program has provided introductions to other local organizations and businesses to partner with, potentially retain and help us advance the mission.
How accessible have your mentors been for you?
We had rapid access to a brain bank of considerable experience, and mentors who gave generously of their time, never once failing to get on the phone, answer a question, attend a meeting, or later jump into a Zoom call.
Describe a specific problem/solution that the VMS program has helped you with?
Building a biotech means advancing the proof points of your technology — assemble the right team of talent poised for success, then raise and deploy capital to reach the next value point. The company wanted to reach the next phase with clinical trials and to secure investments. We needed to identify the right Business Development partner.
The VMS mentors helped me identify good candidates. Together with my mentor team, we brought in additional talent and expertise from the larger pool of mentors and had an open discussion. Initially, I was not on board with much of that discussion but was forced to critically review my decision tree. We now move forward to further build out our management, and as a result, Ruff has several new individuals who have joined his vision and mission.
Why join the VMS program?
You want to give your dream every chance of success and individually you need to be on a fast track of knowledge acquisition, with as few mistakes as possible. The VMS program serves you the course materials buffet and help from its talent network. It is truly a no-brainer and if you are reading this, then act now, pick up the phone and see how you can become part of the program.
Becoming part of the larger MoCo biotech community was a huge benefit which pre-COVID provided many opportunities to meet people face to face and build alliances and relationships.
Shannon Sentman, CEO & Co-Founder, SOL VISTA, LLC, Silver Spring
How has the VMS program directly helped you?
As a first-time entrepreneur, the knowledge needed to create a successful company is immense. So much time can be wasted heading down the wrong path. Having experienced mentors on our team has helped us to confirm our intuition on some matters and pointed us down better paths on others.
Reduces utility spending for commercial buildings and more.
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Skywalk®, SOL VISTA’s proprietary SaaS platform, provides actionable intelligence that empowers commercial building owners to continually improve the performance and profitability of their buildings by actively managing energy, water use and rates.
Can you provide a specific Problem/Solution that the VM program has helped you with?
The mentors helped the company get tens of thousands of dollars that we otherwise would not have known about. Despite having a professional tax accounting firm, SOL VISTA was not fully leveraging the research and development tax credits available from both the state and federal governments. Experienced mentors changed that.
Why join the VMS program?
Before joining the VMS program, SOL VISTA participated in numerous programs aimed at supporting entrepreneurs and startups. None of them offered the hands-on support, breadth of expertise, and structured engagement that it found with the VMS program.
The mentors are among the most respected professionals in the region and each comes ready to leverage their own respective professional networks in support of those in the program. The investment to join the program is time, and this is an investment you're guaranteed to see a big return on.
The mentors are among the most respected professionals in the region and each comes ready to leverage their own respective professional networks in support of those in the program.
Gregory Crimmins, Founder & CEO, Remedy Plan Therapeutics, Gaithersburg
Discovers and develops novel cancer drugs that disrupt the stemness of cancer cells.
How has your company evolved since joining the VMS program?
Since joining the VMS program, Remedy Plan Therapeutics has made incredible progress — the company has raised over $13,000,000, hired a team of 10 scientists, rented 3,400 sq. ft. of newly renovated lab space in Gaithersburg and advanced its first lead drug into IND-enabling studies in preparation for a Phase I clinical trial for acute myeloid leukemia patients.
The company has been with the program since 2017.
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Remedy is currently in discussions with a number of VC firms regarding raising its Series B round and we are exploring licensing opportunities with several pharmaceutical companies.
As your company's needs changed, how has the VMS involvement changed along with you?
The MTC VMS program is the best. As the company has grown, we developed from a one-person startup with an exciting idea to a company that is well financed, has a team of brilliant scientists, and is preparing for an IND application to begin treating leukemia patients. The VMS program continues to be a huge help in helping make this opportunity possible.
I can't say enough good things about it [VMS]. We have been mentored by entrepreneurs that really get what starting a new, small company is like. We have been mentored by medical doctors who understand the intricacies of clinical trials. We have been mentored by people with decades of experience in venture capital and corporate finance.
Meet our VMS Mentors
Murat Kalayoglu, MD, PhD, MBA, President & CEO, Cartesian Therapeutics, Gaithersburg
Why become a Mentor?
It's an opportunity to learn about yourself through the act of mentoring and learn about innovative science in the area through the groups you mentor. It's also wonderful to see teams that you've mentored grow! You also get to meet some great mentors and build a professional network within the area.
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What would you say to someone thinking about joining the VMS program as a mentor?
I would say consider it for all the reasons above!
VMS Program Mentor
Dr. Murat Kalayoglu is President and CEO of Cartesian Therapeutics. Prior to Cartesian, Dr. Kalayoglu was co-founder and CEO of Topokine, which he led from concept to late-stage clinical trials, followed by a successful sale to Allergan. Dr. Kalayoglu was also co-founder and COO of HealthHonors Corporation, which he led from concept to commercialization, followed by a successful sale to Healthways.
Dr. Kalayoglu is a board-certified ophthalmologist who completed his residency and research Fellowship at Harvard and his MD/PhD in immunology at the University of Wisconsin-Madison and MBA from the MIT Sloan School of Management.
Idong Essiet-Gibson, PhD, MPH, PMP, Principal, The Idyeas Group, Silver Spring
Why become a Mentor?
Mentoring provides an opportunity to give back to others, sharing the knowledge gained from the combination of personal and professional experiences, gained over the years. It is a very rewarding experience for both mentors and mentees, with the VMS program offering a unique opportunity to bond with professionals of diverse backgrounds, through their mentoring team model.
What would you say to someone thinking about joining the VMS program as a mentor or venture?
I highly recommend the VMS model to ventures, because of the personal approach the mentor teams take to working with each venture. The mentor teams allow the venture to drive the agenda and tempo of interactions based on their individual business needs. For mentors thinking about joining VMS, the program offers great opportunities for networking with other mentors who are a cadre of professionals with diverse backgrounds. The program provides an opportunity for intellectual and professional engagement and development for both mentors and participating venture companies.
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About Idongesit Essiet-Gibson
Dr. Idong Essiet-Gibson, is the Founding Principal of The Idyeas Group, a global health and scientific management consultancy in Silver Spring, Maryland. Prior to founding The Idyeas Group, she served 26 years on active duty in the US Army and the US Public Health Service, as well as the US Army Reserves. She applies her in-depth knowledge of federal government procurement processes, project management and strategic partnerships in domestic and international settings, to help her clients scale successful innovations to address complex health issues. She is passionate about applying emerging digital health and technological innovations to complicated scientific and public health challenges. She spent the last two decades managing multimillion-dollar programs for the US Department of Health & Human Services (HHS) Biomedical Research Development Authority (BARDA), the US Centers for Disease Control and Prevention (CDC), and the National Institutes of Health (NIH). Prior to her time at HHS, she managed biomedical research programs at the Walter Reed Army Institute of Research and The George Washington University. She obtained her PhD in Public Health from Walden University, an MPH in International Health Policy from The George Washington University and an MS in Technology Management from the University of Maryland Global Campus (formerly UMUC).