Introduction
Our entrepreneurial ecosystem continues to evolve, shaped by the energy of new startups, the flow of investment capital, and the growing influence of innovation leaders both regionally and nationally. This report serves as the premiere resource for understanding the current standing of the Baltimore Region’s startup ecosystem — highlighting the location and industry of startups gaining momentum, the funding that fuels their growth, and the exits that inspire the next generation. By looking beyond our state, we also plot the Baltimore Region’s ecosystem within the broader national landscape, drawing on key trends in research, development, and institutional leadership.
Through data-driven insights, real-world examples, and thoughtful perspectives, we aim to provide a clear view of the progress being made and the opportunities ahead. From early-stage founders to seasoned investors, from research institutions to policy leaders, this report is built on the collective contributions of many across the innovation economy.
A Useful Guide — A Source of Inspiration — A Resource for a Stronger, More-Connected Future.
Statement from the Chief Ecosystem Officer
The 2025 Ecosystem Report marks a pivotal moment for the Baltimore Region. As we navigate a dynamic economic landscape, the data, insights, and voices in this report reflect a region that is not only reckoning with change, but embracing it. The region is charting a new course from a legacy dependence on federal stability toward a more diversified, innovation-driven economy.
For decades, the federal government has provided a reliable economic foundation for the Baltimore Region, particularly through research funding and employment. But shifts in those patterns are creating a rare and valuable opportunity: to activate a broader base of innovation, apply cutting-edge research to deliver real-world solutions, and commercialize technologies at scale. As talented professionals increasingly transition from government roles and public institutions into the private sector, the Baltimore Region is uniquely positioned to capture that momentum.
The 2025 Ecosystem Report tells the story of a region with rising prominence in high-growth sectors—Life Sciences, Cybersecurity, and Advanced Manufacturing. These are industries where the Baltimore Region is already globally competitive, and where continued strategic investment can elevate the region as a national innovation asset. Still, to realize this potential, we must grow with intention: by addressing persistent structural challenges, improving regional collaboration, and unlocking the full capacity of our entrepreneurial, academic, and corporate communities.
That work is already underway. UpSurge Baltimore, now as part of the Greater Baltimore Committee, continues to build a vibrant entrepreneurial ecosystem by strengthening culture, deepening connectivity, and aligning capital and talent with high-impact ventures.
This year’s report is released in parallel with GBC’s Investment Scorecard, a complementary, data-driven resource that tracks capital flows and performance benchmarks across our innovation economy. Together, these two tools offer a strategic snapshot of where the region stands today—and a clear view of where we’re headed.
The path forward won’t be without challenges, but Baltimore’s foundation is strong. Our region is cultivating talent, building capacity, and aligning institutional and private-sector assets in ways that give us a competitive edge. We’re not simply participating in the innovation economy—we’re shaping it. And if we stay bold, stay aligned, and stay focused, the best of Baltimore’s innovation story is still to come.
Kory Bailey, Chief Ecosystem Officer, Greater Baltimore Committee, UpSurge Team
