New RFP supports goal to make Maryland a top-ten fastest-growing innovation economy; proposals due by August 1, 2022

COLUMBIA, Md. (June 28, 2022)—TEDCO, Maryland’s economic engine for technology companies, is seeking a firm to conduct in-depth economic development research and analysis. Understanding TEDCO’s commitment to fostering an inclusive and entrepreneurial innovation ecosystem, the selected firm’s report will assess the State’s current economic development strategy in this space. These findings will also help shape the creation of a new Maryland Equitech Growth Fund.

The selected firm will collect and review relevant reports and publications; perform an analysis of the findings and key data, including missing data; and draft a final report to present to the TEDCO leadership team and Board members. The final report will consider the impact of Maryland’s current economic development strategy and actions and include recommendations ensuring Maryland’s long-term leadership in building an inclusive, advanced, technology-based, innovation and entrepreneurial culture across the State.

“TEDCO would use the final report to begin a statewide strategic planning process around its goals, including making Maryland a top-ten, fastest-growing innovation economy by 2033 and a top ten global innovation economy by 2050,” said Troy LeMaile-Stovall, TEDCO CEO.

Interested applicants will respond to a detailed Request for Proposals (RFP) which can be found here. The goal of this RFP is to receive proposals from potential firms, evaluate those submittals, and select the one best suited to provide the services detailed in the RFP. TEDCO anticipates spending between $80,000 and $120,000 for the services. The deadline for submissions is 5:00 p.m. on August 1, 2022. The firm will be selected on August 31, 2022 and deliver the final written report to TEDCO by December 30, 2022.

Minority business enterprises, as defined in Section 14-301(f) of the State Finance and Procurement Article of the Annotated Code of Maryland, are encouraged to respond to this RFP.

TEDCO’s Work and Vision

TEDCO has a portfolio of more than 400 seed investments since 1998 through several funding, mentoring, and education programs. TEDCO’s six largest funding programs collectively resulted in $2.3 billion in economic activity and over 10,400 Maryland jobs as of 2021.

The organization has an ambitious vision: TEDCO will be the recognized national leader for supporting translational research, and technology-based, economic, and entrepreneurial development while being the hub of Maryland’s innovation ecosystem.

TEDCO is a technology-based economic development (TBED) organization. It was created in 1998 by the Maryland State Legislature to facilitate the transfer and commercialization of technology from Maryland’s research universities and federal labs into the marketplace, and to assist in the creation and growth of technology-based businesses in the State. Over the past 24 years, the organization has evolved into an organization with three major areas of focus: technology advancement, investments, and entrepreneurial & ecosystem support. TEDCO is, among other things, a resource for mentoring, funding, and networking for entrepreneurs and start-ups that need guidance as they bring innovative concepts to market. It is more than an early-stage funding resource; it is also a hub of Maryland’s entrepreneurial network where start-ups find mentors, organization assistance, facilities for daily operations, and a roadmap for success.