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TEDCO, DBED Study Shows Origins of Maryland Entrepreneurs

February 15, 2002

The Maryland Technology Development Corp. (TEDCO) and the Department of Business and Economic Development (DBED) recently presented the first part of a two-phase study by the Johns Hopkins Institute for Policy Studies entitled The Genealogy of Maryland Entrepreneurs.

Phillip Singerman, executive director of TEDCO, and David S. Iannucci, Maryland Secretary of DBED, provided the information Feb. 4 during the fifth annual State of Technology in Maryland Summit in Annapolis.

Highlights of the first phase of the study reveal the following about the history of Maryland businesses:

  • Maryland pillar companies and entrepreneurs have produced and financed successive generations of new companies.
  • The state's business cycle has seen inventors and founders evolve to management teams with the infusion of new capital.
  • Research institutions, including universities and federal labs, have resolved intellectual property issues to move commercialization forward.
  • Immigrants have made significant contributions throughout the state's history.

The initial research reviewed Maryland companies in each of six high-tech industry clusters identified by the Department of Labor: chemicals and energy; high tech machinery and instruments; defense and aerospace; biomedical and biotechnology; research and development; and information technology.

“These factors tell us what technology foundations we should invest our resources in as well as how to best take advantage of the state's more than 45 major research universities, federal labs and agencies,” said Marsha Schachtel, the study's principal author. “Additionally, through this research we can clearly see that company closings or consolidations in some instances turn out to be positives, producing more entrepreneurial energy that stays within the state.”

The second phase, to be completed this year, will compare growth patterns of start-up companies and determine suggestions for policy and economic development practices.

TEDCO’s mission is to foster the development of a technology economy that will create and sustain businesses throughout all regions in the State of Maryland. To view the PowerPoint presentation used to deliver the first part of The Genealogy of Maryland Entrepreneurs, visit: http://www.MarylandTEDCO.org.