#United States #Maryland #Columbia #TEDCO #Equitech Fund

TEDCO's First Equitech Growth Fund Awardees Revealed

In an exciting development for Maryland's technology sector, TEDCO (Maryland Technology Development Corporation) has announced the recipients of its inaugural Equitech Growth Fund. This initiative aims to stimulate inclusive and diverse economic growth by providing nearly $7 million to 14 innovative projects across the state.

A Lucrative Boost for Diverse Projects

The Equitech Growth Fund is designed to address critical gaps in technology-related sectors such as life sciences, advanced manufacturing, artificial intelligence, cybersecurity, data analytics, and quantum computing training. Of the total funds, over $4.7 million will bolster six projects focused on enhancing the state's technological infrastructure, while more than $2.2 million will support workforce development across eight entities.

According to TEDCO CEO Troy LeMaile-Stovall, the fund generated significant interest, attracting 75 applicants from various regions. He expressed gratitude for the unwavering dedication shown by each applicant toward fostering a sustainable and competitive ecosystem in Maryland. These awards mark an important step in ensuring that the benefits of technological advancements reach a broad audience within the community.

Impacts on Workforce and Education

The award cycle is projected to support training programs for over 3,200 students interested in information technology, which could lead to the placement of approximately 2,500 graduates into jobs each year. Additionally, the initiative aims to create more than 160 jobs in science, technology, engineering, and mathematics (STEM) within the first year alone.

The awarded projects span across Maryland, with three initiatives based in Baltimore City, four in Montgomery County, and two in Prince George's County. Other support comes from organizations in areas such as Talbot, Allegany, Howard, Caroline, and Washington County.

List of Awardees

The following organizations were recognized at the 2024 Entrepreneur Expo:

• - Maryland Association of Community Colleges
• - LaunchPort, LLC (awarded for two projects)
• - Eastern Shore Entrepreneurship Center
• - The Henry M. Jackson Foundation for the Advancement of Military Medicine, Inc.
• - CLYM Environmental Services, LLC
• - Early Charm Ventures
• - KID Museum
• - The Coding School
• - Health Tech Alley
• - Escalate USA, Inc.
• - University System of Maryland at Hagerstown
• - Worksource Montgomery, Inc.
• - TCecure, LLC

The Equitech Growth Fund was created in response to a legislative study identifying the need for enhanced diversity and inclusion within Maryland's tech landscape. The fund aims to promote initiatives that will ensure Maryland's economic competitiveness by investing in infrastructure and workforce development.

TEDCO's Ongoing Commitment

Through the Cultivate Maryland initiative, TEDCO emphasizes supporting entrepreneurs and fostering an innovation-driven environment. It continues to champion diversity and inclusion in the tech industry, underscoring the crucial role these elements play in driving progress and opportunity.

For more details on the Equitech Growth Fund and its initiatives, visit TEDCO's official site.

As Maryland’s economy evolves, support for diversity and innovation is essential in shaping a future where technological advancements benefit all citizens. With the launch of the Equitech Growth Fund, TEDCO is laying the groundwork for sustainable growth and the development of skills crucial for our increasingly digital world.