Maryland's vibrant entrepreneurial ecosystem took center stage at TEDCO’s 2024 Entrepreneur Expo on Wednesday, Dec. 4. Held at the Renaissance Baltimore Harborplace Hotel, the keynote session underscored the state’s commitment to fostering innovation and supporting emerging businesses.
The session kicked off with welcome remarks from Ellen Flowers-Fields, chair of TEDCO’s board of directors, and the announcement of the 14 projects awarded funding from the Equitech Growth Fund. These projects aim to advance infrastructure and workforce development across the state, promoting a more inclusive, diverse and sustainable growth in the entrepreneurial ecosystem.
After congratulating the awardees, the session moved on to remarks from Richard Griffin, the director of the city of Frederick's department of economic development, where he praised TEDCO for its pivotal role in driving entrepreneurship and investment in Maryland.
“I want to take a moment to recognize TEDCO,” he said. “The entire TEDCO team, this Expo and the more than 1,000 registrants are a testament to TEDCO’s dedication to building a thriving entrepreneurial ecosystem.”
Griffin also highlighted Maryland’s strategic location, skilled workforce and robust infrastructure as key advantages for innovation and economic growth, remarking, “Whether it's the life sciences, technology or manufacturing sectors, our state continues to lead the way as a hub for groundbreaking ideas and transformative solutions.”
Concluding his remarks, the keynote speakers, R. Andrew “Andy” Bauer, vice president and regional executive for the Baltimore branch of The Federal Reserve Bank of Richmond and Bret Schrieber, vice president, life sciences and technology at The Fulton Financial Corporation, joined the stage.
Facilitated by TEDCO CEO Troy LeMaile-Stovall, the discussion addressed the impact of the Federal Reserve’s interest rate changes and economic uncertainty on entrepreneurs and startups.
Despite current uncertainty, speakers expressed optimism that a clearer economic outlook will lead to increased lending and investment activity. "If you think about the cycle of economics, the equity market and the venture capital market, they go and get money from, high net worth individuals,” Schrieber said, “Particularly when the rates were really low, those groups didn't have anywhere to put their money, and so some of them decided to allocate capital to venture capital. They took more risks than they normally would have to get that return. So, you get to this vicious cycle: you're taking the wrong way to money or you're not getting money at all.”
Bauer agreed. “Obviously with recent events, there's a lot of uncertainty about what's going to happen next. In my view, at some point this summer, I think we're in a much better place where there's a lot more certainty about what's going on in the world. It will be easier to take risks.”
Affordable housing was also highlighted as a critical factor in attracting and retaining talent, particularly in Maryland’s smaller towns and rural areas looking to grow and attract businesses. “We want to make sure that we have the right work. That is important for a great ecosystem,” said Bauer. “And we need to make sure that there are places these people can live. That's going to be a challenge that requires a lot of people who can focus on it.”
Schrieber agreed with optimism about the importance of this, noting, “We've got one of the greatest university systems in the country. A great private college and university system too. We've got a great workforce support system, and we've got great organizations that are supporting talent development, workforce dynamics and developers who are trying to find jobs. So, when we're trying to build up a program that supports it, and we're looking at all these other external factors that plant to it, and from a risk tolerance perspective for the bank, that's a good story to tell. It's these other great resources and support mechanisms and organizations that make banks feel a little bit safer.”
Following a Q&A session, attendees were encouraged to attend the exhibition hall and concurrent sessions before LeMaile-Stovall urged them to embrace the spirit of innovation and to continue pushing the boundaries of what is possible. “If you love what you're doing and you're passionate about what you're doing as an entrepreneur, you've got to be able to defy gravity. And sometimes you've got to get access to capital; be creative about how you do that.”
Source: The Business Journal