When investors talk about Maryland, two sectors consistently rise to the top: life sciences and cybersecurity. The strengths of the state, as highlighted by Emily McMahan, Co-founder & General Partner at AIN Ventures, during an interview at the 2025 TEDCO Expo, stem from its strong workforce and established research institutions.
Watch Emily McMahan highlight Maryland’s workforce and research strengths:
Maryland is also investing in emerging technologies that are expected to shape the next phase of growth. As Troy LeMaile-Stovall, CEO of TEDCO, the state has identified several “lighthouse sectors” that reflect both near-term opportunity and long-term strategy, including quantum.
“The governor talks about the lighthouse sectors, lighthouse industries, and one of those is quantum… Clearly, quantum is going to be this emerging field, and it is emerging, but there are practical applications of quantum sensors and quantum navigation that are already available. That’s what IonQ is commercializing and generating revenue from.” said LeMaile-Stovall.
The combination of established industries and emerging technologies, prioritized by the Moore administration, is intended to create a balanced innovation environment for Maryland. During a fireside chat at the 2025 TEDCO Expo, Governor Moore and Troy LeMaile-Stovall highlighted the state’s momentum toward becoming a global leader in quantum information science, as noted by LeMaile-Stovall above. Life sciences and cybersecurity continue to anchor Maryland’s ecosystem, while sectors like quantum demonstrate how research-driven innovation is translating into commercial outcomes.
Maryland’s universities, research institutions, and deep technical talent provide a consistent pipeline of founders building companies in areas investors actively seek. For venture firms, that concentration is important. Scalable markets, defensible technology, and experienced teams are critical factors for companies that aim to grow beyond the region.
But sector strength alone does not explain Maryland’s position. A defining factor is how early-stage companies are supported well before they are ready for institutional capital.
Troy LeMaile-Stovall discusses the state’s lighthouse sectors:
TEDCO plays a central role in Maryland’s startup landscape, particularly at the earliest stages when companies are still forming and access to capital is limited. As a state-backed organization, it often serves as the first point of contact for founders and a clear reference point for outside investors looking to understand the market.
Emily McMahan points to TEDCO’s position as a state resource as a key differentiator.
“TEDCO is in a really interesting position because it is a state resource. To have a beacon and a flag and one touch point for a state is super important.”
That visibility matters for early-stage companies that are still building credibility. TEDCO’s involvement can help signal seriousness and reduce perceived risk, particularly for founders working in capital-intensive sectors like life sciences and advanced technology. For investors, it provides a level of validation that a company has already passed an initial screen.
Beyond direct investment, TEDCO’s influence is felt in how it connects founders to the broader market. By linking startups to mentors, investors, and follow-on capital, the organization helps extend the impact of its funding and strengthens the overall investment pipeline across the state.
As companies mature, Maryland’s support network expands rather than tapers off.
Financial institutions such as Fulton Bank are structured specifically to work with early-stage life sciences and technology companies. The focus is not on being the first capital in, but on building relationships early and supporting companies as their financing needs evolve.
“We’re trying to serve a unique niche that other banks and funding entities aren’t really fulfilling. We try to get in early with the company, even if we’re not first dollar in” said Bret Schreiber, Senior Vice President, Life Sciences and Technology, Fulton Bank in his interview at the 2025 TEDCO expo.
This type of tailored approach helps fill the space between venture funding and operational growth, offering capital solutions that traditional banking models often do not accommodate.
Venture firms like 100KM Ventures operate in parallel, investing at the pre-seed and Series A stages in sectors such as the future of health and the future of work. Their focus aligns closely with Maryland’s strengths and reflects an understanding of how companies in the region scale over time.
Maryland’s advantage is not driven by any single institution. It is the result of coordination across public and private stakeholders. TEDCO supports companies at inception. Universities and research institutions provide talent and intellectual capital. Investors evaluate scalability. Banks supply growth capital. Venture firms absorb early risk.
Together, these pieces reinforce one another. Public investment helps attract private capital, and early validation opens doors to national and global markets.
In Maryland, company building is rarely a solo effort. It is shaped by a network of organizations willing to engage early and stay involved as startups grow.
