TEDCO Generates $2.7 Billion in Economic Benefits for Maryland's Ecosystem in 2023, According to Independent Study

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Maryland Technology Development Corporation continues to be a driving force for Maryland's economic empowerment activities

COLUMBIA, Md., Feb. 21, 2024 /PRNewswire/ -- TEDCO, Maryland's economic engine for technology companies, announced the findings of an independent economic impact study detailing the contributions of TEDCO's six core programs to the state of Maryland.

Conducted by the University of Baltimore's Jacob France Institute, the study found that TEDCO continues to be a significant economic driving force in Maryland creating nearly $2.7 billion in statewide economic activity as of 2023. TEDCO has invested in or supported the growth of a portfolio of 442 of Maryland's leading technology companies, more than doubling the number of companies identified in the first TEDCO impact study in 2008.

"The most recent study reinforces TEDCO's impact on the Maryland innovation ecosystem," said Troy LeMaile-Stovall, TEDCO CEO. "As one of the top five Small State Business Credit Initiative investors in the country, according to the U.S Department of the Treasury, we are pleased to say that our efforts have supported significant returns in Maryland, where portfolio companies have grown and our ecosystem continues transforming, becoming more sustainable and diverse. Seeing these changes really solidifies the importance of creating a connected suite of resources, programs and opportunities for entrepreneurial success."

The study shows TEDCO's significant economic and fiscal returns to Maryland's ecosystem. In 2021, the direct job creation impact of 442 portfolio companies supported by TEDCO's six core research and investment vehicles was 10,433 and increased by 16% to 12,082 in 2023. Similarly, these companies have also produced a sizable increase in their economic impact, from $2.3 billion in 2021 to $2.7 billion in 2023. Additionally, the study reports the generation of an estimated $140.3 million in state and local government revenues, including more than $80 million in estimated State of Maryland revenues, an amount that exceeds TEDCO's FY2023 appropriation of $50.5 million as well as earning $1.1 billion in labor income.

See the full study here.

"TEDCO's contribution to Maryland's growth and development can most easily be seen through the growth of our portfolio companies," said TEDCO Board of Directors chair, Omar Muhammad. "However, these numbers allow us to understand, in more detail, our impact on Maryland's technology and life science industries; and personally, I'm excited for the continued growth and impact seen throughout the state's ecosystem."

Programs under the TEDCO umbrella include numerous investment opportunities – the Venture Funds, the Seed Investment Funds, the Social Impact Funds, the Rural Pre-Seed Funds, and allocated funding from the U.S. Treasury's State Small Business Credit Initiative – as well as funding opportunities from the Maryland Innovation Initiative Fund and the Maryland Stem Cell Research Fund. Additionally, TEDCO offers various programs and resources intentionally designed to support the growth and development of Maryland's ecosystem; such programs and resources include the Institute for Women Entrepreneur Excellence, DefTech, Prelude Pitch and more.

Watch TEDCO's 25^th Anniversary video highlighting historical achievements and success stories here.

About TEDCO

TEDCO, the Maryland Technology Development Corporation, enhances economic empowerment growth through the fostering of an inclusive entrepreneurial innovation ecosystem. TEDCO identifies, invests in, and helps grow technology and life science-based companies in Maryland. Learn more at www.tedcomd.com.

Media Contact

Tammi Thomas, Chief Development & Marketing Officer, TEDCO, [email protected]

SOURCE TEDCO