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TEDCO generated $1.6B in economic benefits in 2018, study shows
TEDCO generated $1.6B in economic benefits in 2018, study shows
Listen to this articleAn independent study released Wednesday shows The Maryland Technology Development Corporation (TEDCO) generates $1.6 billion in economic impact for the state and suppported 7,746 jobs.
The study, conducted by Richard Clinch of the University of Baltimore’s Jacob France Institute and Mitch Horowitz of TEConomy Partners, showed significant economic and fiscal returns since its last assessment in 2015. TEDCO’s economic impact included an increase in job creations from 4,358 in 2015 to 7,746 in 2018 as well as a $1B economic impact in 2015 to $1.6 billion in 2018. The jobs supported by these companies earn $600.1 million in labor income and generate estimated state and local government revenues of $66.6 million, according to the study. By 2023, the study projects TEDCO’s economic impact will increase substantially to $2.4 billion and will support a total of 11,812 jobs.
TEDCO CEO George Davis said the organization has delivered dramatic and measurable results in bringing economic development to the state, especially in the role TEDO has in supporting entrepreneurs.
The growth is in part associated with a growing and maturing portfolio of companies supported by TEDCO and the addition of the Maryland Venture Fund and BioMaryland Center portfolio companies, which came to TEDCO in 2015. Other programs under the TEDCO umbrella include the Seed Investments Fund, the Minority Business Pre-seed Fund, the Maryland Innovation Initiative, and the Maryland Stem Cell Research Fund. The Seed Investments Fund consists of the Technology Commercialization Fund, Life Sciences Investment Fund, Cybersecurity Investment Fund and Gap Fund.
TEDCO Board of Directors Chairman Francis Smyth said the economic impact of TEDCO’s core programs increased 60 percent while the number of jobs created rose more than 77 percent since 2015.
This study comes on the heels of TEDCO’s creation of a Task Force for Women Entrepreneurs, which will be dedicated to the recruitment, funding, and operational support of women-owned and-led startups in Maryland, a traditionally underserved entrepreneur population.
Click here to see the 2018 report. The 2015 report can be found here.
