Business incubators have been supporting new and early-stage businesses in Maryland since 1986 when the first public incubator was established at the University of Maryland in College Park. Recognizing the economic challenges facing new companies, business incubators are facilities that provide below market rents, shared services and technical assistance to start-ups and early-stage companies. Tenants typically include manufacturing, service, and technology firms. Sponsors may be private developers, community development corporations, public agencies, and universities.

The purpose of the 2008 Maryland Incubator Company of the Year Awards is to publicly recognize achievements by current clients and graduates of Maryland incubators and to provide a forum for the nominees to increase their visibility in the business, technology and investment communities.

Sponsored by The Maryland Technology Development Corporation (TEDCO), RSM McGladrey, Maryland Department of Business & Economic Development (Maryland DBED), and Saul Ewing LLP, the ICOY awards are chosen in several categories by a selection committee of regional industry leaders and early-stage investors. Award recipients benefit from publicity in the Baltimore Business Journal and the Washington Business Journal, and gain greater credibility in the business, technology, and investment communities.