REGIONAL BUSINESS AND CIVIC LEADERS COME TOGETHER TO CELEBRATE THE OFFICIAL SUBMISSION OF THE GREATER BALTIMORE REGION TO BECOME A FEDERAL TECH HUB
Designation as a federal Tech Hub through the U.S. Economic Development Administration program would provide the Greater Baltimore region with eventual access to a share of $10 billion in funding as part of an effort to catalyze the growth of burgeoning tech markets across the United States
(Baltimore, Md.) – Regional business and community leaders joined the Greater Baltimore Committee (GBC) today to celebrate the official submission of the Greater Baltimore Region (MSA) to become a federal Tech Hub designation. The landmark initiative would provide tech-focused entities in the region access to a share of $10 billion in funding as part of an Economic Development Administration program launched by the Biden Administration to stimulate the growth of burgeoning tech markets across the United States. Held at Morgan State University’s Center for the Built Environment and Infrastructure Studies, members of the 38-entity consortium involved with shaping the submission joined with academic and civic leadership from across the region, for an overview provided by the Greater Baltimore Committee on the extensive application process.
“Being designated as a Tech Hub by the federal government will catalyze a transformative era of growth, innovation, and equitable economic opportunity for the Baltimore Region. While competitive, the Tech Hub program was designed to support regions like ours; collaborative communities with the potential to propel to the forefront of the tech revolution,” said Mark Anthony Thomas, President and CEO of the GBC.
“If we are going to make this Maryland’s decade then we need to be at the forefront of the tech revolution and to take part in programs like the Federal Tech Hub that will help get us there,” said Governor Wes Moore. “The support that this program would bring to the Baltimore region would help us grow a more equitable economy that is full of opportunity, and quality jobs. I applaud the dozens of businesses and organizations that have put this proposal together to help us create a Maryland that leaves no one behind.”
“Fearless is proud to be part of the growing tech ecosystem in the region. Through our incubator, Hutch, we have been able to help create more digital services companies led by women and people of color. Greater Baltimore’s designation as a federal tech hub will be a game-changer for the region and the state in our continued efforts to drive tech commercialization, create jobs, and scale companies,” said John Foster, Chief Impact Officer, Fearless.
“Embracing the Tech Hub designation is an opportunity of great significance, one that resonates far beyond the business realm. The Greater Baltimore Commitee’s pursuit of this designation underscores our shared belief that predictive health technologies will not only revolutionize industries but uplifting our entire region. Our region’s strength in healthcare and life sciences, coupled with ongoing collaboration with the burgeoning tech ecosystem, exemplify our shared commitment to innovation. By harnessing the power of data science and biotechnology, we’re poised to become a leader in predictive health, positively impacting individual patient’s and community health. The region’s potential is vast, and this Tech Hub designation will be the catalyst for propelling us into a future where innovation and well-being converge,” said Mohan Suntha, MD, MBA, President and Chief Executive Officer of the University of Maryland Medical System (UMMS) and Chair of the GBC Board of Directors.
The application to become one of at least 20 new Tech Hubs was a unified and coordinated effort supported by dozens of businesses and organizations throughout the Greater Baltimore region and included the private sector (firms and venture capital investors in Biotech and AI technology areas), higher education (universities and academic accelerators), economic development, and workforce development.
The consortium members included:
- Morgan State University (HBCU)
- Coppin State University (HBCU)
- Johns Hopkins University
- Loyola University Maryland
- Maryland Department of Commerce
- Baltimore Metropolitan Council
- City of Baltimore
- Upsurge Baltimore
- Conscious Ventures Partners
- Blackbird Labs
- Early Charm Ventures
- CareFirst BlueCross BlueShield of Maryland
- Evergreen Advisors
- Fulton Bank
- Bio Buzz
- Greater Baltimore Committee
- Baltimore Development Corporation
- Baltimore County Economic Development
- Howard County Economic Development
- Anne Arundel County Economic Development
- Harford County Economic Development
- Carroll County Economic Development
- Queen Anne’s County Economic Development
- Cecil County Economic Development
- Digital Harbor Foundation
- Abell Foundation
- Last Mile Education Fund
- World Trade Center Institute
The submitted bid was organized around two core focus areas: artificial intelligence and biotechnology, guided by the insight that the Region can lead in predictive health technologies, a tech subset that has the potential to improve health outcomes individually and systemically. Given the opportunity and funding, a designation has the potential to stimulate large-scale job creation, wealth creation, and mitigate health disparities in the region. The predictive technologies market is expected to be $70 billion globally by 2030, and GBC estimates that the total market opportunity for the Baltimore-focused portion could be $4.2 billion by 2030. The growth of this technology in the Baltimore MSA is estimated to create 52,000 jobs during that same time period.
“This endeavor exemplifies the incredible strength of collaboration, with diverse sectors uniting to pave the way for lasting economic transformation,” said Pothik Chaterjee, Chief Economic Officer for the GBC. “Many businesses and organizations across the region are already making impressive strides in the tech arena. With this submission, we find ourselves on the verge of an exciting future that benefits the Greater Baltimore Region – its businesses, economy, livelihood – in many ways.”
Designation decisions are anticipated in September at which time, if selected as a designee, the Greater Baltimore Region (MSA) will be invited to move forward to Phase 2 for funding in Fall 2023 and early 2024. An initial pool of $500 million of the $10 billion has been allocated in the first phase.
“This effort commences our long-term commitment and investment to bring large-scale game changing opportunities to communities in need and innovations at the cusp of a breakthrough,” shared Thomas.
ABOUT GREATER BALTIMORE COMMITTEE:
The Greater Baltimore Committee (GBC) is the leading voice for the private sector in the Baltimore region, providing insightful economic and civic leadership to drive collective impact. Composed of more than 500 organizations, including large, mid-size, and small companies, nonprofits, foundations, and educational and healthcare institutions, the GBC is dedicated to fostering the prosperity of the Greater Baltimore region. For more information, visit gbc.org.
Amy Burke Friedman, PROFILES 410-243-3790 / email@example.com