TEDCO, Maryland’s technology-focused economic development agency, has announced the recipients of the inaugural round of its Equitech Growth Fund. Nearly $7 million in funding will be allocated to 14 projects across the state, supporting initiatives that bolster infrastructure and workforce development in Maryland’s technology ecosystem.
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In this first round, more than $4.7 million has been designated for six projects aimed at strengthening Maryland’s infrastructure, while over $2.2 million will fund eight initiatives dedicated to workforce development. The Equitech Growth Fund was created to foster inclusive and diverse growth within the state’s technology and innovation sectors.
The 2024 award cycle is projected to have significant impacts, including training over 3,200 students in information technology, placing approximately 2,500 of these students in jobs annually, and creating more than 160 new STEM-related positions within the state during its first year.
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Awardees are distributed across multiple regions, with three projects in Baltimore City, four in Montgomery County, two in Prince George’s County, and one each in Talbot, Allegany, Howard, Caroline, and Washington counties. Organizations receiving funding include:
- Maryland Association of Community Colleges
- LaunchPort, LLC (awarded for two projects)
- Eastern Shore Entrepreneurship Center
- The Henry M. Jackson Foundation for the Advancement of Military Medicine, Inc.
- CLYM Environmental Services, LLC
- Early Charm Ventures
- KID Museum
- The Coding School
- Health Tech Alley
- Escalate USA, Inc.
- University System of Maryland at Hagerstown
- Worksource Montgomery, Inc.
- TCecure, LLC
The Equitech Growth Fund was established as part of TEDCO’s Cultivate Maryland initiative, a program introduced during the 2023 legislative session to address diversity and inclusion gaps identified in Maryland’s technology sector. By awarding grants to projects focused on infrastructure and workforce development, the fund aims to enhance Maryland’s economic competitiveness while supporting the growth of its technology ecosystem.
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TEDCO continues to play a pivotal role in promoting innovation and economic growth in Maryland through initiatives like the Equitech Growth Fund. For more details on the fund, visit tedcomd.com/funding/cultivate-maryland/equitech-growth-fund.
About TEDCO
TEDCO, the Maryland Technology Development Corporation, drives economic empowerment by fostering an inclusive entrepreneurial ecosystem. It supports the growth of technology and life science businesses in Maryland. For more information, visit tedcomd.com.
Story by multiple RFHC contributors
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