TEDCO CEO joined an important roundtable discussion to promote collaboration
A visit from royalty and a chance for open discussions to accelerate ecosystems toward an innovative future offered TEDCO and other Marylanders a unique opportunity for collaboration.
His Majesty King Abdullah II of Jordan, along with several other Jordanian government officials, met with Governor Wes Moore and a select group of Maryland executives for a roundtable discussion at the State House in Annapolis, Maryland on September 25, 2024.
Governor Moore opened the discussion stating, “Today, we are here to talk about ways to work together toward common goals. We have brought together leaders from across the state to engage in this historic visit, and we look forward to a vibrant discussion about our people, our economies and our futures.”
The roundtable’s primary objective was to provide connections and collaborative opportunities that will enable the growth and sustainability of both Jordan’s economy and Maryland’s innovation ecosystem. As an organization providing funding, resources and connections to early-stage technology and life science companies based in Maryland, TEDCO’s CEO, Troy LeMaile-Stovall, was part of the select group of executives present.
“TEDCO is honored that Maryland Governor Moore invited us to this roundtable with His Majesty King Abdullah II of Jordan,” said LeMaile-Stovall. “The open conversation allowed us to better understand Jordan’s unique ecosystem, offering insight on potential collaborations, including the facilitation of technology transfer efforts in the semiconductor and cosmetic industries. We look forward to continuing the discussion to build a global ecosystem of innovation while supporting both Jordan and Maryland’s goals.”
The dialog centered on the potential trade and investment opportunities between the State of Maryland and Jordan, which are enabled commercially by the U.S.- Jordan Free Trade Agreement signed in 2000. Thanks to this agreement there has been a healthy amount of trade between the two countries, expanding commercial opportunities for businesses. In 2023, Maryland alone exported $56 million of goods to and imported $10 million in goods from Jordan.
In addition to promoting open discussions and strengthening relationships, the roundtable facilitated important conversations surrounding opportunities that could positively impact the economy of both entities. Some of these prospects came from the parallel nature of Jordan’s Queen Rania Center for Entrepreneurship and TEDCO. Since both entities seek to empower entrepreneurial innovation, there is potential to leverage each organization’s assets to further innovation in both regions.
In 2022, Jordan’s Royal Hashemite Court launched its Economic Modernization Vision (EMV). Through the EMV, Jordan is looking to attract $60 billion in investments while also creating one million jobs over a 10-year period. Priority sectors for investment include filmmaking, high value-added industries, information and communication technology, health care, tourism, real estate, mining, chemicals, agriculture and logistics – several industries that are excelling in Maryland. Plus, with nearly 100 grant, tax credit and loan programs offered in the state, including those targeting international companies, a number one ranking for the proportion of university graduates with science and engineering degrees, and the generation of more than $20 billion in economic activity from the life sciences industry, the asset-rich State of Maryland is a perfect collaborator.
This opportunity reiterates our commitment to creating a vast ecosystem of inclusivity and innovation. And with the inclusion of three TEDCO portfolio companies – Xometry, Longeviti Neuro Solutions, and ION Storage Solutions – as well as several Maryland universities that TEDCO regularly collaborates with through our Maryland Innovation Initiative and other programs, we look forward to continuing our part in developing a global ecosystem of collaboration and innovation develops.