In May 2023, the Greater Baltimore Committee released our multi-year agenda, which included the pursuit of competitive game changing opportunities for our region. Yesterday, I was pleased to introduce President Joe Biden to announce that Baltimore’s Regional Tech Hub and 30 others were selected from nearly 400 competitive applicants.

Video: White House Press Event

For years, it's been clear that the magic of innovation is a thread that flows through communities across the country, not just the traditional American tech hubs. Champions of inclusive innovation and equitech have pushed for the private sector and public economic development investments to support the diversification of tech and equitable access to good jobs, venture capital, and ecosystem opportunities.

While national competitions such as Amazon HQ2 and the Build Back Better program are significant, research has shown that a major federal push would be a more effective national policy to catalyze new inclusive tech hubs. California, New York, and Massachusetts constitute the vast majority of America’s venture-backed firms and this program shifts the status quo.

We are grateful for the coalition and our partners entrusting the GBC to drive this effort.

More than 170 businesses and organizations signed support letters. Our state, regional, and city leaders joined the Maryland delegation to offer support. Our success put the Baltimore Region center stage for the world to announce America’s most significant economic development program in a generation.

Congratulatory Statements

HERE’S WHAT WE “WON”

The $10 billion Opportunity

• Access for regional partners to apply for a share of $500 million in funding in the upcoming calendar year. This is the first allocation of the program, with a potential allotment of $4 billion for the next cycle.
• In the next phase, our region will compete for initial funding of up to $70 million to invest in initiatives (re: infrastructure, incubator programs, labs and workforce development) to support our core technology area. 

Benefits of the Federal Tech Hub Designation

Greater access to other federal innovation programs

• Preference for the Build to Scale program, which supports regional startups with capital.
• Higher consideration for our region’s distressed communities applying for economic development programs, via the Department of Commerce.
• Collaboration opportunities with the U.S. Department of Treasury’s State Small Business Credit Initiative’s capital programs.

More regional support for entrepreneurship and innovation

• Collaboration with the 30 other tech hubs to establish a community of practice.
• Exclusive Tech Hubs branding and media promotion materials.
• Support from the U.S. Department of Agriculture to identify relevant funding opportunities to advance rural needs, including affordable energy and broadband access.
• Support from the U.S. Department of Housing and Urban Development to identify relevant resources, data, and best practices to support long-term housing planning.
• Assistance for the Small Business Investment Company (SBIC) program to increase private investment in Tech Hubs-located small businesses.
• Support from the U.S. Department of Transportation for relevant grant programs.
• The U.S. Patent and Trademark Office (USPTO) will highlight Tech Hubs Designees at regional USPTO events and provide strategic guidance and technical assistance on intellectual property.
• U.S. Export Assistance Centers will offer export assistance navigators and offer global resilience stress tests, essentially helping local companies scale global business.

Prioritization for the America’s major FDI Initiatives 

• Dedicated presence at the annual SelectUSA Investment Summit.
• Participation in webinars to increase FDI interest in the Baltimore Region.

The GBC and consortium members are learning, real time, what our next steps are and will use upcoming convenings and communications to share how we’re advancing this major initiative.  In the meantime, please reach out to our Partnerships Team with any immediate questions. 

With sincerity,

Mark Anthony Thomas

MEDIA COVERAGE

Baltimore Business Journal: The federal tech hub designation could funnel millions of dollars into the region and create tens of thousands of jobs.

The Baltimore Sun: The tech hubs program is designed to invest in high-potential U.S. regions and make them globally competitive in emerging industries.

The Baltimore Banner: The Baltimore tech hub will focus on the intersection of artificial intelligence and biotechnology - known as "predictive healthcare."

WJZ-News: GBC led the Baltimore Tech Hub, a consortium that applied for the U.S. Department of Commerce Economic Development Administration's Regional Technology and Innovation Hubs program.

WMAR News: This designation takes the Baltimore region to a next level where they can compete globally around the development of cutting-edge technologies.

Maryland Matters: The predictive health technologies market could create 52,000 jobs in Maryland by 2030, with a total market opportunity of $4.2 billion.

Commercial Observer: GBC and consortium members will now compete for implementation funding in phase two, when the EDA will invest $75 million in up to 10 of the designated hubs.

Fedscoop: U.S. Department of Commerce picks 31 tech innovation hubs eligible for $500M in federal funding.

UPCOMING EVENTS

• (Virtual) Partner Briefing (Thursday October 26th at 9 AM): Attend the session to learn why you should be a GBC partner at this exciting time.

• (Virtual) GBC Partner & Member Briefing (UPCOMING): Register for this event for a progress report on several of our upcoming initiatives.