Maryland Economy

Maryland named No. 1 in Innovation and Entrepreneurship

Credit U.S Chamber of Commerce Foundation, Enterprising States 2014
Credit U.S Chamber of Commerce Foundation, Enterprising States 2014

Maryland has retained top rankings in the U.S. Chamber of Commerce Foundation’s annual Enterprising States study released Wednesday.

For the third consecutive year, the State ranked No. 1 in Innovation and Entrepreneurship. For the second year in a row, Maryland ranked third in the nation for its Talent Pipeline.

“Maryland is proud to once again be named the No. 1 state in the country for Innovation and Entrepreneurship. We thank the U.S. Chamber of Commerce for its continued focus on startups, small business and job creation,” Secretary Dominick Murray of the Maryland Department of Business and Economic Development (DBED) said.

In the study’s Enterprising States Technology and Entrepreneurship category, Maryland was named first in STEM job concentration, first in academic research and development, third in high-tech business concentration, and ninth in 10-year STEM job growth.

Several initiatives, supported by Governor Martin O’Malley and DBED, were cited by the U.S. Chamber of Commerce Foundation for fostering innovation and entrepreneurship.

Examples included increased science and technology funding in last year’s annual budget, with $12 million to continue the successful Biotechnology Investment Incentive Tax Credit program, $9 million for the Research and Development Tax Credit and $4 million for the Cybersecurity Investment Incentive Tax Credit. A new Cybersecurity Investment Fund, created during the most recent legislative session, also drew praise from the U.S. Chamber of Commerce Foundation. The new fund for seed-stage Maryland cybersecurity companies was modeled after TEDCO’s popular Technology Commercialization Fund.

These and other people-focused funding programs have continued to drive innovation in the State, Secretary Murray said.

“In Maryland, we have made smart investments in innovative programs like InvestMaryland, as well as in young biotechnology and cybersecurity firms raising private capital, research and development incentives, incubators, accelerators and a host of other initiatives that support the entrepreneurs and innovators of our State. These men and women are developing technologies that keep us safer, healthier and better connected than ever before, all while creating the family sustaining jobs of today and tomorrow,” he said.

According to the study, the State’s top ranking for its Talent Pipeline was directly related to several public-private collaborative projects championed by Governor O’Malley, Secretary Murray and industry leaders. According to the study, the STEM Task Force, the Maryland Business Roundtable for EducationWe Work for Health and Junior Achievement of Central Maryland have each made strides toward cultivating a skilled workforce.

Some of the State’s most important industries have also taken an increasingly active role in education. In the past five years, Maryland’s biotechnology industry has invested more than $100 million and 27,000 volunteer hours in STEM education, reaching 500,000 students and 8,000 teachers every year, according to the study.

Learn more about Maryland’s business resources through the Maryland Department of Business and Economic Development.  

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