Latest news with #TechHub
Technical.ly
27-05-2025
- Business
- Technical.ly
Industry leaders celebrate Baltimore's ‘bold moves' in biotech, sports and higher ed
A few months ago, one of the region's premier economic development organizations envisioned a dynamic future for Baltimore by announcing a new regional brand: ' Bold Moves.' That nonprofit, the Greater Baltimore Committee (GBC), leaned in further last week, when it convened the region's political, corporate and academic circles for the 2025 Baltimore Region Investment Summit. Designed to provide a snapshot of funding, growth and related opportunities within the city and surrounding counties, the event at Baltimore Center Stage offered leaders in various prominent sectors — including biotechnology, higher education, sports, defense and local government — the chance to celebrate regional wins. It also served as a spinoff event from the federal SelectUSA investment summit. Several of these speakers, including the city's chief executive, took that opportunity to embrace the GBC's messaging while praising its industry assets. 'Baltimore is the place to be for companies looking to make bold moves,' said Mayor Brandon Scott before naming several high-profile local firms (T. Rowe Price, Under Armour, CFG Bank) that built new headquarters in the city over the past few years. The GBC's chief economic officer Lakey Boyd explained that 'Bold Moves' captures Baltimore's identity as a place that drives change, even as it draws from its traditional strengths. It's all part of the GBC's overall goals of building bridges between industries and making the region attractive to outside investors. 'We're partnering public, private, big and small across our region, and we're winning — and those wins are about economic growth and shared prosperity,' Boyd said. 'So the concept of 'bold moves' positions the Baltimore region as a place that not only adapts to change, but drives it.' To that end, people like Deborah Hemingway, managing partner of medical technology-focused VC firm Ecphora Capital; Bob Storey, leader of biotech manufacturing accelerator The Launchport; CEO Ellington West of stethoscope and medical monitoring startup Sonavi Labs; and Tom Osha, executive vice president of research facility real estate firm Wexford Science and Technology all highlighted successes within the region's vibrant and university-driven life sciences sector. Goucher College President Kent Devereaux discussed plans for construction management giant Whiting-Turner to relocate its headquarters to the Towson school's campus. The event ended with a fireside conversation between Orioles owner David Rubenstein, whose private equity connections prompted a protest when he spoke at another event last year, and President Mohan Suntha of the University of Maryland Medical System. The GBC also held this event just a few days after it and UpSurge Baltimore, the startup ecosystem-building entity with whom the GBC pursued a federal Tech Hub bid before the two orgs combined, celebrated UpSurge's 200th Equitech Tuesday. That commemoration also marked the release of UpSurge's 2025 Baltimore Tech Ecosystem Report, which features such data points as $664.7 million in regional venture funding, 10 startup exits and 486 tech startups across the area.
Geek Wire
17-05-2025
- Business
- Geek Wire
Spokane's aerospace Tech Hub loses $48M federal grant, sparking regional outcry
Spokane's American Aerospace Materials Manufacturing Center Tech Hub planned to turn a 386,000-square-foot facility into its HQ. (ATC Manufacturing Photo) Commerce Secretary Howard Lutnick has blocked $48 million in federal funding for an advanced aerospace materials testbed in Spokane, triggering protests from lawmakers. The decision also affects five other Tech Hub projects around the country that were approved for federal support in the final days of the Biden administration. In March, Lutnick had approved a $220 million loan from the Treasury Department as part of a plan to make funding available for the six projects — but in a statement released Friday, he said he was rescinding the grants. Lutnick said the process was 'rushed, opaque and unfair,' and added that the Economic Development Administration would come up with a new process to select grant recipients by early 2026. The six blocked projects would be allowed to reapply for funding in that selection round, and Lutnick's decision does not affect 12 other Tech Hub projects that were approved last July, Last year, A fact sheet from the EDA said the six awards that were made in January 'resulted in some criticism from those Tech Hubs that did not receive awards and their members of Congress.' It said the new selection process would follow the Trump administration's directives on issues ranging from energy policy and labor policy to diversity, equity and inclusion. U.S. Sens. Maria Cantwell and Patty Murray, D-Wash., both objected strenuously to the decision. 'This is an unnecessary delay in a very fast race for future aerospace jobs critical to America's economic success,' Cantwell said in a news release. She noted that Lutnick told her during his confirmation hearing that funding would not be withheld from approved Tech Hub projects. The turnabout 'is causing us chaos and uncertainty in a race against world competitors to build high-rate manufactured composites likely to determine which country wins the aerospace future,' Cantwell said. Murray criticized Lutnick as well as President Donald Trump. 'Let's be clear: Donald Trump and his know-nothing commerce secretary are wrongfully ripping away federal dollars owed to Spokane — what is happening is unprecedented and nothing short of an outrage. This would have never happened under nearly any other administration — yet now we are all faced with a pointless and costly setback for Spokane's economy and future,' she said in a news release. Murray said she would 'do everything within my power to fight for Spokane, and I do not plan to give this administration any cover for this outrageous decision.'
Technical.ly
17-03-2025
- Business
- Technical.ly
Using data to power Baltimore's innovation-driven economic growth
As Maryland grapples with a state budget deficit and federal cuts continue, Baltimore faces a challenging economic landscape. The Greater Baltimore Committee is working to counterbalance these challenges through proactive federal engagement, robust data-driven strategies and new partnerships and collaborations. Our commitment is to drive growth, fortify local industries and ensure Baltimore not only withstands these fiscal headwinds but emerges stronger and more resilient. The forthcoming Annual Investment Scorecard will shed light on untapped potential and highlight trends that matter. The Tech Hub designation continues to attract funding and spark innovation across sectors. At the recent International Economic Development Council (IEDC) 2025 Leadership Summit in DC, the Greater Baltimore Committee underscored our renewed pursuit of national partnerships. 'Our partnership with IEDC is one of several activities we've initiated to strengthen our federal engagement,' said GBC CEO Mark Anthony Thomas, 'and ensure the Baltimore Region's economic vision makes us worthy of attention and investment.' Discussions at the summit highlighted the critical role federal investment plays in supporting commercial and housing development, while addressing the uncertainties of the current political landscape. Bridging the gap between policy making and catalyzing economic opportunity remains at the forefront of our mission. Economic development is not without its challenges. Over my career, finding the opportunity in challenge or crisis has been a constant. In sessions and conversations with my IEDC colleagues, some of us referenced strategies utilized during the 2008 financial crisis and the 2020+ pandemic. I have also worked in many communities hard hit by plant closures, industrial restructuring and military installation shutdowns. This can be serious and challenging work. The reward is in moving through these kinds of times to find revitalization, transformation and sustainability. Our commitment to serving the Baltimore region means actively seeking ways to mitigate risk and foster sustainable development. Driving innovation through data-driven initiatives and strategic partnerships Baltimore's status as a federal Tech Hub continues to drive innovation across several key sectors, including artificial intelligence, biotechnology and advanced manufacturing. Since fall 2023, the Baltimore Region Tech Hub has successfully leveraged $23.1 million in investments. Key projects fueling this innovation include: UpRise for Equitech (UpSurge + TEDCO): A $1.8 million initiative supporting startups and small businesses. Early Charm Ventures Advanced Manufacturing Facility: A $1.2 million investment in collaboration with Coppin State University and MCB Real Estate. EDA Consortium Accelerator Grant: A $500,000 grant to continue to build the capacity of the 49-member consortium and the Region Innovation Office (RIO) to prepare for the next funding phase. Federal support — most notably through the CHIPS & Science Act of 2022 — has allocated $10 billion over five years to bolster tech hubs nationwide. To date, 18 Tech Hubs have received a combined $714 million in funding over two years, signaling vast opportunities for further investments in innovation-driven growth. These strategic federal initiatives are integral to our mission of nurturing Baltimore's burgeoning innovation ecosystem. Recent political and administrative actions have sparked uncertainty about the continued flow of federal funds. The president wants Congress to rescind the CHIPS Act entirely; he has been calling it 'horrible' and 'bad.' For now, Baltimore's innovation projects continue to move forward, but the region's business investment and startup ecosystem largely underperforms based on our assets and potential. The data clearly speaks to the fragility of our economic environment. The Annual Investment Scorecard is a window into that critically important data. It compiles statistics on regional investment, tracking capital flows, job creation and overall economic impact over the previous decade. The 2023 Investment Dashboard set the foundation for this effort. The 2024 Scorecard, unveiled at Pulse Check on March 17 at Towson University, provides an updated, comprehensive look at our economic environment. It is a call to action for local decisionmakers and investors to come together and leverage our assets for long-term growth.
