Year-End Reflection

With 2023 coming to an end, we want to take a moment to express our appreciation for TEDCO’s tremendous entrepreneurial community. Thank you for your continued support and collaboration, for your endless efforts to create a more innovative and diverse entrepreneurial ecosystem in Maryland, and for helping us to end the year stronger than ever.

A few highlights to celebrate from 2023 include:

25 Years of Leading Innovation to Market

2023 marked TEDCO’s 25th year of leading innovation to market, calling for reflection and celebration. Throughout the year, we took a look at TEDCO’s journey, highlighting our accomplishments and growth in an animated video, featuring articles about TEDCO’s journey and growth, that highlighted past leaders Phil Singerman, Renee Winsky, Rob Rosenbaum, John Wasilisin, and George Davis, and looked toward the future at programs, events, and opportunities to come.

We are proud of how far we’ve come in 25 years, and we cannot wait to continue growing, developing, and supporting the ecosystem, working towards a more diverse, sustainable, and inclusive future.

Creating an Inclusive and Sustainable Ecosystem

As part of our commitment to accountability, TEDCO conducted a study, gathering information regarding Maryland’s current position in the innovation economy. Through this study, the Maryland Innovation Competitiveness Study, we learned that Maryland’s growth rate is slowing and, if this is allowed to continue, will negatively affect job opportunities, livelihoods, and the overall fiscal health of the State. To turn things around, TEDCO received support for the Cultivate Maryland initiative.

With the support of the Coalition of the Willing, TEDCO’s Cultivate Maryland initiative continues to promote the creation of inclusive tech and startup activity throughout Maryland to attract talented workers and ensure founders, thought leaders, mentors, and more are included in the success of our ecosystem.

Supporting Women Entrepreneurs

As part of our commitment to creating a diverse, innovation ecosystem in Maryland, TEDCO successfully concluded the two Women Entrepreneurs Leadership Programs’ pilot cohorts: The Leading Women’s Program and The Open Institute for Black Women Entrepreneur Excellence.

With the success of these programs and the federal recognition they brought, TEDCO continues to take initiative, creating the Institute for Women Entrepreneur Excellence, Inc.

Maryland Innovation Initiative (MII) Celebrates 11 Years

Created in 2012 as a collaboration between the state of Maryland and five Maryland academic research institutions, MII accelerates promising technologies with significant commercial potential to market while also leveraging each university’s strengths. Over the past 11 years, MII has supported 176 startup tech companies, with around $737 million in follow-on funding that led the creation and support of 370 jobs for highly skilled full-time tech employees, with salaries averaging $102,807.

For more information about MII and the program’s success over the past decade, check out our 2023 annual report.

State Small Business Credit Initiative (SSBCI)

TEDCO received funds from the Maryland’s SSBCI Program; these funds, funneled from our four existing programs, continue to be invested in technology-based startups and entrepreneurs throughout Maryland. Three of the four programs focus primarily on startup funding and venture capital; the fourth program provides support and investment to entrepreneurs demonstrating an economic or social disadvantage.

The additional funding and support provided by the SSBCI allows TEDCO to continue our efforts in creating a diverse and innovative ecosystem throughout the State of Maryland.

Black Female Founders Venture Capital Forum

Another feat during 2023 was the implementation of our first Venture Capital Forum. The creation of the Black Female Founders Venture Capital Forum was inspired by TEDCO’s commitment to creating a more inclusive ecosystem, providing underrepresented founders with an opportunity to voice concerns, and learn more about successfully navigating the venture capital world.

This event was the beginning of an insightful series focused on promoting a more inclusive, diverse, and equitable entrepreneurial ecosystem in Maryland. Stay tuned for more events like this in 2024.

Staying Connected with Thought Leaders

Through our continued commitment to collaboration, TEDCO created TEDCO Talks. This series connects with industry leaders throughout the State and beyond, engaging in a variety of topics to provide entrepreneurs and startups with more knowledge and resources to elevate their business’ success. Individuals featured in this year’s “fireside chat” style talks include:

• Bill Tompkins, Montgomery County Economic Development Corporation
• Eddie Resende, World Trade Center Institute
• Mike Galiazzo, Regional Manufacturing Institute of Maryland
• Tom Sadowski, Maryland Economic Development Corporation
• Stanley Tucker, Meridian Management Group
• Brian Pieninck, CareFirst
• Carim Khouzami, Baltimore Gas and Electric
• Michael Sosulski, Washington College

Looking forward In 2024, you can expect to find TEDCO continuing our mission in supporting a robust and a more diverse technology and life science innovation ecosystem in Maryland, from hosting events, promoting businesses, and continuing to invest in technology and life science startups.

We are grateful for all you do to support Maryland innovators, and we look forward to working with you in the new year to achieve even more.

Be safe, merry, and relaxed this holiday season,

All of us on the TEDCO Team