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Study finds TEDCO has created $2.7 billion in statewide economic activity

February 22, 2024
By: SSTI Staff

The Maryland Technology Development Corporation (TEDCO), created by the Maryland General Assembly in 1998 to facilitate the transfer and commercialization of technology from research universities and federal labs and to help create and grow technology-based businesses, has created nearly $2.7 billion in statewide economic activity as of 2023. Their recently published independent economic impact study shows details of the impacts, as determined by the study authors at the University of Baltimore's Jacob France Institute.

The study details the contributions of TEDCO to the state of Maryland. Study findings showed that:

  • In 2021, the direct job creation impact of 442 portfolio companies supported by TEDCO's six core research and investment vehicles was 10,433. This number of TEDCO-supported jobs represents an increase that is 4.25 times greater than the number in 2013.
  • These companies have increased their economic impact from $2.3 billion in 2021 to $2.7 billion in 2023. This increase in TEDCO-supported economic activity is almost 4.8 times greater than it was in 2013
  •  Portfolio companies have generated an estimated $140.3 million in state and local government revenues, including more than $80 million in estimated State of Maryland revenues.
  • The $80 million in estimated state revenues exceeded TEDCO's FY2023 appropriation of $50.5 million and earned $1.1 billion in labor income.

Programs under the TEDCO umbrella include numerous investment programs and various programs and resources intentionally designed to support the growth and development of Maryland's ecosystem.

economic impact