MIPS makes every effort to keep the proposal process simple for applicants.However, in order to make well informed and fair judgments in a competitive situation, the Evaluation Board will need certain basic information, including:
If your company is a start-up firm, you are required to submit with your application a summary of your business plan (6-8 pages). This should include: year established, nature of business, advantages of your product or service, company objectives, management, market factors and sales plan. A current financial statement and a financial pro forma are also required. Submission of a full business plan is optional.
If your company is a small firm, enclose a product brochure or other pertinent literature about your company. If you are proposing a new product or venture that is outside of your area of experience and expertise (such as a distributor of medical instruments proposing to develop, manufacture and sell a line of home security equipment), you are required to submit a business plan summary and a financial pro forma for the contemplated new venture. See "Start-up Firm" above.
An out-of-state company that does not have a substantial portion of its manufacturing or service or research and development operations in Maryland, but is planning to establish such operations in Maryland within the year in which an award is received, should write a letter advising MIPS of this intent and enclose the letter with its application. The letter should include information about the planned Maryland facilities and workforce.
Any MIPS award to an out-of-state company will require the company to pre-pay both the MIPS and company portion of the award. MIPS will reimburse the company for the MIPS portion after the Maryland facility requirements have been met.