COLUMBIA, Md., Nov. 17, 2021 /PRNewswire/ -- TEDCO, Maryland's economic engine for technology companies, announced today the findings of an independent study detailing the impact 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 provides significant value to the state's start-up community, supporting 10,433 Maryland jobs and more than $2.3 billion in statewide economic activity as of 2021.
"This study reinforces the role TEDCO has played in the state's innovation ecosystem," said TEDCO CEO, Troy LeMaile-Stovall. "By creating a more connected suite of funding and resources, TEDCO is able to provide significant value to the state's start-ups. It's encouraging to see the continuous growth in our economy from the support provided by our programs."
The study states that TEDCO has generated significant economic and fiscal returns to the state. Reviewing the change from 2018 to 2021, the job creation impact of the portfolio of companies supported by TEDCO's six core research and investment vehicles increased from 7,746 in 2018 to 10,433 in 2021. Similarly, the economic impact of these companies has also seen a significant increase from $1.6 billion in 2018 to $2.3 billion in 2021. The jobs supported by these companies earn $885 million in labor income and generate an estimated state and local government revenues of $100.1 million, according to the study, including estimated State of Maryland revenues of $57 million, an amount greater than TEDCO's appropriation.
The previous study in 2018 projected that by 2023 TEDCO's economic impact would increase to $2.4B and will support a total of 11,812 jobs. TEDCO is set to achieve these projections nearly two years early.
"It's exciting to see the changes the organization has brought to our community," said Omar Muhammad, TEDCO Board of Directors chairperson, director and EN-TRE-PRE-NEUR for the Entrepreneurial Development and Assistance Center at Morgan State University. "Where the greatest impact is seen through it's growing portfolio of companies. At the time of this study, TEDCO's programs have supported the formation and growth of 366 active Maryland companies with 4,845 employees. These technology-based start-ups will be leading the state through continuous innovative growth for years to come."
Programs under the TEDCO umbrella include the Maryland Venture Fund, the Seed Investment Funds, the Pre-seed Builder Fund, the Pre-Seed Rural Business Innovation Initiative Fund, the Maryland Innovation Initiative Fund, and the Maryland Stem Cell Research Fund. The Seed Investment Funds consists of the following: Technology Commercialization Fund; Life Sciences Investment Fund; Cybersecurity Investment Fund; and Gap Fund.
Watch TEDCO's 23rd Anniversary video highlighting the historical achievements and success stories from the organization since 1998. Visit TEDCO's YouTube Channel to view the video: https://www.youtube.com/watch?v=RbNIAdlx5S8.
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.