Study results will shape strategy to become a top-ten fastest-growing economy by 2033

COLUMBIA, Md., Sept. 14, 2022 /PRNewswire/ -- TEDCO, Maryland's economic engine for technology companies, announced today it has selected RTI International (RTI) and its partner Keen Point Consulting to analyze Maryland's national position in cybersecurity, the life sciences, and advanced and emerging technology industries, producing a study that will shape Maryland's innovation competitiveness strategy.

"We have an ambitious but attainable goal here in Maryland: to vault our state to the list of top-10, fastest-growing innovation economies, with the economic benefits shared broadly by all Marylanders," said TEDCO CEO, Troy LeMaile-Stovall. "TEDCO has selected RTI and its knowledgeable experts to perform the analysis needed to reach that goal, and we're eager to get started on this crucial work that will both accelerate our state's innovation economy and offer exciting new career opportunities to residents who have been under-represented in Maryland's advanced tech fields."

The Maryland General Assembly tasked TEDCO with overseeing the study, which will include an examination of publicly financed advanced industry investment funds in other states and an analysis of minority participation in Maryland's advanced technology industry careers. RTI will begin work this month, with a completed report due by December 30, 2022.

"This study is crucial to our goal of increasing the number of companies working in high-growth, high wage industry sectors like cybersecurity, medtech and therapeutics. RTI and partner Keen Point Consulting have a deep understanding of the factors driving innovation- and technology-based economic growth and development, as well as the data that can be used to identify potential targets for Maryland's innovation strategy, including increasing the participation of people of color and diverse communities," said Stephen Auvil, TEDCO Chief Program Operations Officer.

RTI International is an independent, nonprofit research institute dedicated to improving the human condition by turning knowledge into practice. RTI works to deliver reliable data, thorough analysis, innovative methods, novel technologies, and sustainable programs that help clients inform public policy and ground practice in evidence. Their global staff of nearly 6,000 works in more than 75 countries—tackling hundreds of projects each year to address complex social and scientific challenges on behalf of governments, businesses, foundations, universities, and other clients and partners. 

RTI's partner for this project is Keen Point Consulting, a small, minority-owned (African American) firm whose President specializes in technology-based economic development and brings practical experience developing and implementing programs to support founders of color and their businesses. RTI and Keen Point have partnered on the creation of three state science and technology plans over the last 3 years.

TEDCO has been charged by the Maryland General Assembly to deliver a report on the effectiveness and impact of the State's current economic development strategy or actions as it relates to specific areas, including financial, policy, and governance recommendations for the establishment of a Maryland Equitech Growth Fund. 

TEDCO will use the final report to begin a statewide strategic planning process that will include building a consensus around the steps needed to make Maryland a top-ten, fastest-growing innovation economy by 2033 and a top ten global innovation economy by 2050. Initial thinking about this effort suggests a need to focus on creating a culture of innovation, entrepreneurship, and leadership across all communities in Maryland with a specific focus on our youth, the future leaders of our business community.

TEDCO sent out a Request for Proposals (RFP) on June 24, 2022. The RFP sought qualified firms that could collect data, perform analyses and generate a final report on several specific areas associated with the impact of Maryland's current economic development strategy or actions—especially as it applies to ensuring Maryland's long-term leadership in building an inclusive, advanced, tech-based, innovation and entrepreneurial culture across the state. The proposal due date was August 1.

A total of 14 firms submitted competitive applications, which were reviewed and scored according to criteria set forth in the RFP. Four finalists were selected and interviewed and RTI was selected. The company was engaged on September 9. A final report will be delivered by December 30, 2022.

TEDCO, the Maryland Technology Development Corporation, enhances economic empowerment growth through the fostering of an inclusive entrepreneurial innovation ecosystem. TEDCO identifies, invests in, and helps grow technology and life science-based companies in Maryland. Learn more at www.tedcomd.com.

Media Contact
Tammi Thomas, Chief Marketing & Communications Officer, TEDCO, tthomas@tedco.md

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SOURCE TEDCO