Highlighting Commitment to Inclusive Innovation and Data-Driven Equity
COLUMBIA, Md., (October 18, 2024) — TEDCO, Maryland’s economic engine for technology companies, has been recognized as an "Equity Innovation Leader" in the Nasdaq Entrepreneurial Center’s Venture Equity Project report. The report highlights TEDCO’s commitment to fostering inclusive innovation and economic empowerment through data-driven approaches and strategic funding initiatives that focus on underrepresented entrepreneurs in Maryland’s tech and life sciences sectors.
TEDCO was recognized for its work in addressing disparities within the entrepreneurial ecosystem by using data to prioritize equity. Through programs such as the Social Impact Funds, TEDCO has ensured that diverse ownership among startups remains at the forefront of its investment strategy. The Inclusion Fund and the Pre-Seed Builder Fund are key pillars of this effort, with specific criteria to support diverse and underrepresented founders.
"You can’t improve what you don’t measure," said Elizabeth Good Mazhari, TEDCO’s Investment and DEI Advisor. "TEDCO lacked hard data on who was applying and receiving funding, but through our data-driven approach, we are working to ensure that the best entrepreneurs, regardless of their background or network, have access to the resources they need to succeed."
TEDCO’s unique model leverages both public and private partnerships, including support from the State Small Business Credit Initiative (SSBCI), to align resources and foster innovation. By analyzing program applications and funding demographics, TEDCO continues to enhance its outreach to underserved entrepreneurial communities.
"We are deeply honored to be recognized as an Equity Innovation Leader," said Troy LeMaile-Stovall, CEO of TEDCO. "This acknowledgment underscores our ongoing commitment to equity and inclusion, and we look forward to continuing to support and uplift Maryland’s diverse entrepreneurial community."
Nasdaq’s Entrepreneurial Center’s Venture Equity Project report emphasizes the importance of creating equitable venture capital opportunities. TEDCO’s proactive approach in Maryland is seen as a model for fostering innovation ecosystems that prioritize inclusivity and data-driven decision-making.