Maryland’s Winning the Decade report provides recommendations toward a 10-year plan that sharpens the Maryland Department of Commerce’s focus on the industries and programs that will generate the best economic returns for Maryland. The roadmap focuses on three strategic priorities and a few key initiatives. The Maryland Department of Commerce, in partnership with the Maryland Economic Development Commission (MEDC), developed this plan to provide a roadmap to assembling the necessary collaboration, concerted effort, and resources that will realize the potential of our rich assets and talented people.
Building on a Solid Foundation
Maryland’s economic narrative is deeply rooted in ties to Federal Government operations and its role as a critical defense and national security hub. The state’s proximity to Washington, D.C., provides unparalleled access to decision-makers, while its diverse economy bridges urban innovation centers with rural economic opportunities.
Drawing inspiration from its long history of reinvention, a strong manufacturing and industrial base, and history of fostering regional innovation, Maryland is poised to amplify its unique strengths into a vision for the future.
Federal Government Hub
Maryland’s proximity to Washington, D.C., makes it an unrivaled location for Federal collaboration. The state hosts a network of Federal contractors and government institutions, offering a foundation for efficient, focused growth in public-sector technology solutions.
Maryland’s unique concentration of Federal agencies has created a powerful talent development engine, fostering a deep pool of expertise in critical areas like cybersecurity, biotechnology, and aerospace technology. Our talent pipeline, in turn, fuels the state’s thriving private sector and contributes to the nation’s overall security and economic competitiveness.
Action Plan: Maryland will deepen partnerships with Federal agencies, leveraging “Innovation Incubators” designed to develop technologies for cybersecurity, energy resilience, and public safety. Infrastructure upgrades will ensure the state continues to attract Federal conferences, summits, and research and development opportunities.
Maryland is a global leader in technology and innovation, with a particular focus on cybersecurity. However, the state’s technology sector extends far beyond cybersecurity, encompassing a wide range of industries, including life sciences, artificial intelligence, advanced manufacturing, biotechnology, aerospace, and, crucially, quantum technologies. Maryland’s rich history in quantum technology research, with institutions like the University of Maryland leading the way in this emerging field, make the state the natural home to this next wave of technical breakthroughs. Combining quantum computing with traditional technologies, Maryland can drive innovation in our existing legacy industries and open the door to new opportunities in healthcare delivery, materials science, and finance. This integration of quantum computing with existing sectors highlights the state’s commitment to technological advancement and its potential to shape the future of industry and society.
Action Plan: Maryland will launch technology-focused districts, including “Smart Innovation Zones” to pilot quantum computing and AI integration in urban systems. The state will also accelerate “Innovation Corridors,” fostering collaboration between private tech firms, universities, and government agencies to accelerate advancements in biotechnology, quantum technology, cybersecurity, and aerospace.
Maryland’s historic prominence in the life sciences provides a platform for leading advancements in personalized medicine, biotechnology, and pharmaceutical development. Maryland has emerged as a leading hub for life sciences innovation. The state’s world-class research institutions, including Johns Hopkins University and the University of Maryland, are at the forefront of groundbreaking research in biotechnology, medical research, and pharmaceutical development. This strong foundation has attracted numerous biotech and pharmaceutical companies to the state, creating a thriving ecosystem of innovation and job growth.
Action Plan: By significantly enhancing the current life sciences clusters, Maryland will attract investment in areas like computational biology, biomanufacturing and advanced healthcare R&D. Collaboration with institutions like University of Maryland and Johns Hopkins University will drive innovation, while incentives will encourage biotech startups to relocate to the state.
Maryland’s strategic location and strong ties to the Federal Government make it a natural leader in the aerospace industry. The state is home to NASA’s Goddard Space Flight Center, a world-renowned center for space exploration and Earth science research and the Naval Air Systems Command (NAVAIR), renowned for its prowess in technology related to naval aviation. Additionally, Maryland boasts a robust aviation industry, with a focus on commercial aviation, unmanned aerial systems (drones), and aerospace manufacturing. This strong aerospace sector contributes significantly to the state’s economy and national security.
Action Plan: The state will continue to enhance existing “Aerospace Innovation Corridors,” focusing on next generation aviation technologies and the explosive opportunities presented by further investment in position, navigation, and timing (PNT). By fostering partnerships with Federal institutions like NAVAIR, NASA and the private sector, Maryland will continue to lead in next generation drone and satellite technologies.
“This roadmap illustrates the critical importance of partnership in moving Maryland forward. Building a stronger, equitable and more competitive Maryland economy will require collaboration and cooperation between the public and private sectors, state and local governments, industry and higher education.”
Harry Coker, Jr. Secretary Maryland Department of Commerce
Strategic Investment in Lighthouse Sectors
Rigorous analysis of Maryland’s economic strengths and future global trends has identified three key sectors for strategic investment.
Life Sciences: Computational Biology
Reframing biological systems into mathematical models to apply cutting edge technologies for discovery of novel insights.
Technology: Quantum Computing
Applying quantum physics to drive exponential improvements in computation, sensing and communications.
Aerospace: Positioning, Navigation & Timing
Cutting-edge technologies for precision guidance, navigation, and positioning equipment in aerial, terrestrial, maritime and space exploration.
Initiative #1: Lighthouse Sector Strategy
This strategy will prioritize lighthouse sectors that are forecast to have a significant national—and global—economic contribution, and provide proactive strategies, investments, and capabilities to deliver outsized performance. As noted above, Quantum Technologies, Position, Navigation, and Timing (PNT), and Computational Biology represent a compelling and high potential portfolio on which to focus Maryland’s efforts to establish and expand industry leadership and leverage existing economic assets for the benefit of all Marylanders. Maryland’s unique assets, which include a highly educated workforce, world leading academic and Federal institutions, and an existing leadership role within these cutting edge industries, position the state to drive these particular subsectors forward, creating exciting avenues of growth and advancement for adjacent subsectors in their respective industries further catalyzing economic growth.
Initiative #2: Strategic Closing Fund
The fund will be a new, at-scale, catalytic incentive program focused on winning anchor deals in target sectors that can boost the state’s growth and competitiveness. The scale of Maryland’s economic growth ambitions must be met by the scale needed to land anchor deals and in line with the shifting focus from retention to attraction. Implementing this strategy involves several steps including the announcement of a “Maryland Moves” fund and the formalization of the Sunny Day fund with tailored financial packages to incentivize companies to move to Maryland that are tied to specific requirements. Existing assets can also be leveraged to further enhance the diversity and richness of the experience for companies seeking to grow in Maryland.
Initiative #3: Idea Challenge
The Idea Challenge is proposed as a statewide competition to encourage students and professors at Maryland’s universities and colleges to commercialize their ideas and research, and potentially transform them into business. In doing so, it can facilitate the retention of a diverse group of graduates in the state. Innovative asset sectors for the state, such as Technology, Aerospace, and Life Sciences, will be the focus of the competition. Maryland possesses a diverse and rich mix of ecosystems partners with the know-how to drive innovation and growth including the Maryland Innovation Initiative (MII), housed within TEDCO, Johns Hopkins Technology Ventures (JHTV), and UM Ventures which can aid in the translation of academic research into technologies and startups.
Initiative #4: Commercialization Unit
Maryland will deploy a team with deep expertise in commercialization to support and coordinate among existing organizations to support and coordinate efforts across the ecosystem. The state’s prowess in research and development is concentrated in federally funded collaborations, leaving great opportunity to expand its institution’s private and commercial partnerships. Maryland will enact this strategy by building on both commercialization best practices gleaned from other states, regions and entities coupled with the required expertise to effectively execute efforts and ensure effective funding is deployed.
Initiative #5: Venture Catalyst
Maryland will leverage existing assets in the state including TEDCO and JHTV. The program will increase access to venture capital funding and to close the gap in Maryland for those firms seeking Series A investment funds and beyond. It will establish a regional network of VC funders that will also include other funders with an interest in Maryland. It will also encourage institutional investors to orient their sizable funding vehicles towards venture capital in the state.
EARN Maryland is an existing workforce development program based on employer-led industry partnerships. EARN+ is proposed to expand the program to target key occupations and growth sectors. EARN+ will leverage the state’s robust network of training providers to co-create solutions, e.g., by matching companies with universities, community colleges, or bootcamps. EARN+ will also be incorporated into business attraction efforts, including training-focused business attraction incentives. EARN+ will not only boost talent supply in key industries, it will also help a diverse set of Marylanders access quality jobs.
Initiative #7: Enhanced Talent Innovation Fund
The Talent Innovation Fund (TIF) increases access to high-quality jobs training by using innovative and sustainable talent financing mechanisms to help meet skill needs in Maryland’s prominent and emerging industry sectors. Maryland will bolster investments in the TIF with a focus on high-salary jobs that require sizable upfront costs in skills training. In addition, the fund will seek to better balance talent imbalances across key sectors by providing skills training for in-demand, well-paid jobs for a diverse set of Marylanders.
Key Priorities
This informed and focused sector development strategy will boost industries most likely to ensure a robust, equitable, and competitive economy. To boost target sectors, the strategy outlines seven initiatives.
Tracking Success
To effectively measure the success of this strategy and planned investments, we’ve established several KPIs that reflect economic growth and job creation; innovation and technological advancement, and quality of life and community impact. Specifically, KPIs are:
GDP growth
Employment growth
Jobs created and retained in target sectors
Venture capital invested in Maryland startups
Startup density
Startup early job creation
Labor force participation rate
Share of workers in occupations that earn at or above the state’s living wage
Number of people upskilled/reskilled
“Having seen this strategy come together firsthand, I can wholeheartedly say that Maryland is on the path to making its economy more competitive. Governor Moore wants more opportunities for all Marylanders—and we believe this strategy will help deliver that across the state.”
Dana B. Stebbins, MSW, Esq. CEO, The Cornelius Group, Inc. Chair, Maryland Economic Development Commission
View the Roadmap Documents
Dive deeper into Maryland’s roadmap for a robust, equitable and competitive economy with these documents.
January 15, 2025 News: Governor Moore outlines economic priorities for 2025
Maryland is laser focused on work, wages, and wealth, with Governor Wes Moore unveiling his budget investments and legislative proposals for Fiscal Year 2026.
