Frederick Innovative Technology Center, Inc. receives $88,000 grant from Truist Foundation to assist in funding IDEA Lab in new center

[Frederick, MD], Dec. 26, 2022– Frederick Innovative Technology Center, inc. announced today it received a $88,000 grant from Truist Foundation to assist in funding the Innovation Driven Entrepreneurship Accelerator (IDEA) Lab at FITCI’s new center, The EDGE@321, opening in 2023. This program will help early-stage entrepreneurs start their businesses and get them on the road to success.

“FITCI has been needing an IDEA Lab to help the earliest stage of startups. Now, thanks to Truist Foundation, we can finally assemble resources necessary to successfully help early – and idea-stage – companies build and come to fruition,” says FITCI President and CEO Kathie Callahan Brady. “We’ve proven our track record with incubating companies in our programs for the last 18 years, and now FITCI will be able to better open doors for the earliest-stage entrepreneurs.”

The funding will assist FITCI in:

· Increasing the number of idea-stage, early startup businesses in the incubator. This opens the possibilities of FITCI and FITCI services to reach a more varied and diverse population.

· Creating more diverse entrepreneurial cohorts to be trained and mentored annually.

· Ensuring sustainability of minority-owned-and-operated small businesses through coaching, capital, and connections.

· Facilitating a diverse cross-sector mentoring board as the foundation of the IDEA Lab, using successful business owners and entrepreneurs themselves as a guiding star.

· Discovering and helping establish a new innovative ecosystem of partnerships for women and BIPOC entrepreneurs in Frederick.

“Entrepreneurs are a powerful force for economic growth, productivity and employment in our region,” said Robert Tuggle, market president for Truist in Frederick County. “Supporting programs that help them launch their ideas and businesses is one of the ways we’re proud to put Truist’s purpose, to inspire and build better lives and communities, into action.”

Frederick’s Community Innovation Hub – Coming in 2023

About Frederick Innovative Technology Center, Inc.

Frederick Innovative Technology Center, Inc., was founded in 2004 to be a solid foundation upon which entrepreneurs can build their enterprise, especially those in the uniquely demanding life science and technology sectors. FITCI acts as a resource partner and a bridge to the regional business ecosystem, connecting clients to programming, supportive services, and capital opportunities that bolster success for emerging businesses.

About Truist Foundation

Truist Foundation is committed to Truist Financial Corporation’s (NYSE: TFC) purpose to inspire and build better lives and communities. Established in 2020, the foundation makes strategic investments in nonprofit organizations to help ensure the communities it serves have more opportunities for a better quality of life. Truist Foundation’s grants and activities focus on building career pathways