The Maryland Technology Development Corporation, known as TEDCO, is significantly impacting the State’s economic landscape. A new study found that the organization supports millions in economic contributions annually, with the expectation of continued growth.
TEDCO provides funding, mentoring and networking opportunities for innovative early-stage Maryland companies. While founded by the Maryland General Assembly in 1998, it operates independently and invests and manages private capital.
Marylanders are benefitting from TEDCO’s efforts. A study conducted by Battelle Technology Partnership Practice (TPP), the world’s largest non-profit research and development organization, found TEDCO responsible for the following:
|Current annual contributions||Projected contributions in 2018|
|Total economic contribution||$565.9 million||$910.3 million|
|Salaries||$200.5 million||$320.3 million|
|State and local government revenues||~$22.8 million||~$36.6 million|
Governor Martin O’Malley praised TEDCO’s efforts.
“The role that TEDCO plays in sustaining and creating Maryland’s innovation economy is critical and proven,” Governor O’Malley said in a statement. “TEDCO is responsible for enabling almost 3,000 jobs to be created in Maryland, jobs that are helping to feed families and pay mortgages all the while working toward technological discoveries that better our everyday lives. TEDCO plays a huge role in making Maryland a national leader in technology development and life sciences, and ultimately demonstrates why Maryland is a great place to do business and call home.”
Rob Rosenbaum, TEDCO president and executive director, explained the organization’s role in the State’s economy.
“Never has it been clearer: TEDCO is a vital component of Maryland’s economic development strategy and technology commercialization system,” Rosenbaum said in a statement. “The organization is a champion for Maryland entrepreneurship and early-stage business development, so every investment in TEDCO is an investment in Maryland’s future. We are extremely proud of our achievements and further inspired and energized by the economic forecasting found in this report.”
The study on TEDCO’s economic impact focused on three core programs, including the Technology Commercialization Fund, (TCF), the Maryland Innovation Initiative (MII) and the Maryland Stem Cell Research Fund (MSCRF). More information on these programs and others is available on TEDCO’s website.