The Maryland Technology Development Corporation’s (TEDCO) core research, technology transfer, and commercialization programs generated nearly $1 billion in economic contributions to the Maryland economy in 2015, according to a new study by the Battelle Technology Partnership Practice released today.
Battelle, the world’s largest non-profit research and development organization, also found that TEDCO’s efforts generated a total of 4,358 high-quality jobs, with an average income per job of $74,700. That compares favorably to a statewide average labor income per worker of $63,700.
“The new Battelle study clearly demonstrates that TEDCO is a good investment for Maryland,” says TEDCO Board Chair Newt Fowler. The state and local government revenues generated from TEDCO’s activities ($35.8 million) for 2015 almost doubled TEDCO’s 2015 annual budget ($18.7 million)
“The economic activity associated with TEDCO’s core programs increased by 70 percent, while jobs created rose more than 50 percent since Battelle’s 2013 assessment of TEDCO’s economic impact,” notes John Wasilisin, TEDCO’s newly named President and Chief Operating Officer. “This report demonstrates the important role the innovation economy plays in Maryland. The momentum created by tech entrepreneurs continues to grow in our state.”
Battelle projects the impact of TEDCO’s existing efforts will grow substantially over the next decade. Battelle estimates the economic impacts associated with TEDCO’s five core programs will grow to $1.4 billion in 2020, supporting a total of 6,520 jobs earning $487.4 million in labor income, and generating state and local government revenues of $53.3 million – an almost 50 percent increase over TEDCO’s current economic impact.
TEDCO’s reach into the innovation ecosystem is substantial:
- Supported the development of over 325 technology-based businesses;
- Funded approximately 650 research projects across the state;
- Mentored almost 800 rural companies through its Rural Business Innovation Initiative.
- Presents the annual Entrepreneur Expo, a statewide, day-long celebration of entrepreneurship and innovation that has grown to almost 700 attendees.
Click here to read the full report.