The technology industry is already a significant contributor to Maryland?s economy, but the state has the means to support even more technology-based businesses, a recent economic survey says.
Maryland?s technology incubators employ more than 14,000 people in the state and result in annual total gross state product contributions of $1.2 billion, according to a report recently commissioned by the Maryland Technology Development Corp. (TEDCO).
TEDCO is a source of funding in Maryland for seed capital and entrepreneurial business assistance for the development, transfer and commercialization of technology.
The Columbia organization connects emerging technology companies with any of Maryland?s 18 business incubators, including the Emerging Technology Center in Baltimore, the UMBC Technology Center in Catonsville and the Maryland Technology Center in Rockville.
Renee Winsky, president and executive director of TEDCO, said four more incubator projects are in the works in Maryland.
“We?re going to appeal to the General Assembly for additional funding for these incubators,” Winsky said. “This study shows these incubators have a real economic impact in Maryland.”
According to the economic impact survey, technology jobs contributed to $845 million in salary and benefits to Maryland residents last year. The average annual salary for a technology job is $75,000.
Some of the companies that have benefited from Maryland?s technology incubator system are Lentigen Corp., which develops advanced treatments for HIV and influenza; BioFortis, which provides Web-based software programs that enable real-time research collaborations among labs; and LiveHealthier, which provides employee wellness programs for large, global corporations.
“Starting my own company is the most exciting thing I?ve ever done, but it?s absolutely terrifying at times,” said Mary Moslander, president and CEO of Rockville-based LiveHealthier. “The incubator process helps you build an infrastructure while you focus on developing the business.”
The process helps companies with office space, staffing and entrepreneurial encouragement, Moslander said.
“The networking and infrastructure from the incubator process is so important to startup businesses,” she said.
