The EBA Committee Session held on February 12, 2024, focused on the significant economic impact of TEDCO (Maryland Technology Development Corporation) and its initiatives to foster entrepreneurship and innovation in the state. Over its 25-year history, TEDCO has generated nearly $3 billion in economic impact, with a notable return on investment of over 20% for state funding.

A key highlight of the meeting was TEDCO's commitment to supporting underrepresented entrepreneurs. In fiscal year 2023, approximately 60% of TEDCO's investments were directed towards businesses founded by individuals of color, women, or from rural areas, contrasting sharply with the national average of just 0.3% for venture capital funding in these demographics.

The discussion also included TEDCO's strategic plans to enhance funding access through federal initiatives and to expand opportunities for underserved communities. The organization is actively seeking to improve its internal operations and invest in its team to better serve Maryland's entrepreneurial ecosystem.

The meeting outlined several new initiatives under the proposed PAVA LePair Innovation Act, which aims to create the APAVA Fund. This fund will award $50,000 to nine student entrepreneurs in the Baltimore Metropolitan Statistical Area, encouraging innovation among young talent. Additionally, the Baltimore Innovation Initiative will focus on fostering entrepreneurship at various educational institutions beyond the traditional five research universities.

TEDCO's designation as a tech hub will position Baltimore favorably for federal funding opportunities, including a $70 million planning grant. The meeting also discussed the allocation of $840,000 to support the Uprise initiative, which aims to streamline resources for entrepreneurs, and a commitment of $5 million to the Equitec Fund to further support local efforts.

Finally, the session highlighted the importance of the SBIR (Small Business Innovation Research) program, with a proposed budget of $1.8 million to match federal funds, enhancing support for early-stage technology companies in Maryland.

Overall, the meeting underscored TEDCO's ongoing efforts to drive economic growth, support diverse entrepreneurs, and strengthen Maryland's position as a leader in innovation and technology.