TEDCO is Maryland’s powerhouse of technology and innovation, driving progress and creating boundless opportunities. Founded by the Maryland General Assembly in 1998, TEDCO (Maryland Technology Development Corporation) has been at the forefront of fostering an inclusive and entrepreneurial innovation ecosystem. Under the visionary leadership of CEO Troy A. LeMaile-Stovall, TEDCO continues to shape the future of early-stage technology and life sciences firms, driving economic empowerment and technological advancement across the state.
Driving Economic Impact
TEDCO began with a clear mission: to enhance economic empowerment by fostering an inclusive and entrepreneurial innovation ecosystem. Over the past 26 years, this mission has driven TEDCO’s efforts to identify, invest in, and help grow technology companies in Maryland. From its inception, TEDCO has been committed to bringing innovation to market, a task that has not been without its challenges.
“I’m a fan of etymology – the history of words – and the root of the word innovation means ‘to renew or change; to introduce something new,” said LeMaile-Stovall. “And while innovations bring something new into the world, it doesn’t mean they go to market. Unfortunately, many innovations never get commercialized – that is one of the challenges in Maryland. And with the state housing a leading number of federal institutions and research dollars, we should be commercializing these innovations; that is where TEDCO comes in.”
The organization’s impact on Maryland’s economy is nothing short of remarkable. Since its establishment, TEDCO has generated over $2.7 billion in economic impact and created more than 12,000 jobs in the state. This economic dynamo has also contributed over $140 million in state and local tax revenue annually, underscoring its role as a critical driver of Maryland’s entrepreneurial ecosystem.
“Given our focus on bringing ‘leading innovation to market,’ the ‘tipping point’ was the creation of TEDCO 26 years ago,” LeMaile-Stovall notes. “We believe every entrepreneur faces three challenges – time, talent, and treasure-hunting. TEDCO provides funding (grants and direct investments) and a foundation (advice and support) that leads to the State gaining more scale in resources, ensuring more entities are stitched tighter, and having the data to story tell and creating a ‘do-loop’ of scaling, stitching, and storytelling. And those three lead to a higher level of stickiness of firms that start, scale, and stay in Maryland.”
Core Values that Unite
At the heart of TEDCO’s success are its core values: accountability, collaboration, integrity, respect, and stewardship. These values guide TEDCO’s efforts and interactions, ensuring excellence in serving its stakeholders and carrying out its mission.
“Innovation is not just about bringing something new into the world; it’s about ensuring that these innovations make it to the market and create a lasting impact.”
“It starts with what we call our 1TEDCO colleagues – we spend time supporting and investing in our team. The other secret sauce is our Core Values – accountability, collaboration, integrity, respect, and stewardship,”LeMaile-Stovall emphasizes. “Our team, with our Core Values, has led TEDCO to become one of the country’s most impactful venture development organizations (VDOs), creating almost $3B in impact for the state.”
Programs and Initiatives
TEDCO’s influence extends through a variety of programs and initiatives designed to support Maryland’s technology and life sciences sectors. The Maryland Innovation Initiative (MII) and the Maryland Stem Cell Research Fund (MSCRF) are just two examples of how TEDCO leverages state and federal funds to drive technological advancements and support early-stage firms.
“TEDCO contributes to Maryland’s innovation ecosystem in several impactful ways: through our tech transfer efforts via the MII and MSCRF; our collaborations with federal facilities across Maryland; our marketing and development efforts that enhance storytelling and resource acquisition; and our investment initiatives focused on identifying and scaling early-stage tech and life sciences firms. We ensure these efforts reach all regions and demographics in the state,” LeMaile-Stovall shares.
TEDCO’s approach is uniquely centered on the people behind the innovations. “At the early stage TEDCO invests in, we look closely at the people over the plan; or said another way, we look for A-quality founders with B-quality plans and never the reverse,” he says. “Even traditional retail businesses can be tech-enabled, and we help those firms develop that tech basis. We want to ask if they are traditional retail businesses using tech to change that sector or if they are tech entrepreneurs using it to change that sector. Either case, they are a candidate for TEDCO support.”
Looking Ahead
As TEDCO looks to the future, the organization remains committed to its mission and vision. With a focus on translational research, technology-based economic development, and fostering an inclusive innovation ecosystem, TEDCO is poised to continue its legacy of driving innovation and economic empowerment in Maryland.
“What excites me most about TEDCO’s future is our continued ability to significantly impact Maryland’s economy and innovation ecosystem,” LeMaile-Stovall says. “Our efforts in tech transfer, investment, and support for early-stage companies are just the beginning. We are dedicated to ensuring that our resources and initiatives reach all regions and demographics in the state, creating a more inclusive and prosperous future for Maryland.”
TEDCO’s story is one of vision, dedication, and unwavering commitment to fostering innovation and economic empowerment. As LeMaile-Stovall aptly puts it, “Innovation is not just about bringing something new into the world; it’s about ensuring that these innovations make it to the market and create a lasting impact. That is the essence of TEDCO’s mission, and we are proud to lead the way in Maryland.” With TEDCO at the helm, Maryland’s innovation ecosystem is not just thriving – it’s leading the way, one groundbreaking idea at a time.
