TEDCO tells Ways and Means its programs are driving jobs, entrepreneurship and new manufacturing projects in Maryland

Troy Lamel Stovall, CEO of the Maryland Technology Development Corporation (TEDCO), told the Ways and Means Committee on Jan. 15 that TEDCO’s work in 2024 expanded programs designed to move university and early-stage research into market-ready products, increase manufacturing capacity in the state and create higher-wage jobs.

Stovall said TEDCO’s programs and investments have produced “about $2,700,000,000” in measured economic impact and that figure is “understated,” adding that TEDCO has a track record of clean audits and is focused on being a good steward of state and federal funds. “These are the individuals that are touching our entrepreneurs, these are the people that are touching our innovators,” Stovall said, describing TEDCO as acting as “one” gateway for entrepreneurs entering the state ecosystem.

TEDCO highlighted several initiatives it said were developed or scaled in 2023–24: the Equitec Growth Fund, EcoTech Growth Fund, a concept-capital pilot, maker-space investments targeted to underserved communities, Cyber…