Maryland Governor recommends large budget increase for tech group
The increase is at least a partial response to the Maryland Innovation Competitiveness Study, which found that Maryland’s overall economic growth rate is slowing and if it continues, could negatively affect job opportunities and the fiscal health of the state.
Under a budget proposed by new Maryland Governor Wes Moore, general fund appropriations for TEDCO, officially known as the Maryland Technology Development Corporation, would rise from $38.8 million in FY23 to $54.5 million in FY24.
The increase is at least a partial response to the Maryland Innovation Competitiveness Study, which found that Maryland’s overall economic growth rate is slowing and if it continues, could negatively affect job opportunities and the fiscal health of the state. The study targeted a high-tech employment growth of 3 to 4 percent annually and called for “a comprehensive strategy to spur stronger high-tech industry and innovation-led growth, make the needed investment to execute that growth, engage industry and diverse communities, and act quickly to remain competitive with other states in attracting and retaining industry and talent.”
According to a report by the State Science and Technology Institute, the Governor proposed $10 million in funding for a new program that would provide grants of up to $2 million to defray specified costs associated with an eligible innovation infrastructure project. Those initiatives are intended to support innovation in eligible technology sectors including advanced manufacturing, aerospace, agriculture, artificial intelligence, biotechnology, blue technology, cybersecurity, defense, energy and sustainability, life sciences, quantum, and sensor and robotics.
The governor also proposed $1 million in new funding for the creation of the Maryland Equitech Growth Fund, which would use multiple investment vehicles including direct investments, grants, and loans leveraged with private capital to promote a culture of innovation and entrepreneurship and to meet the goals of promoting equitable economic development in Maryland’s advanced technology sectors.