The UpShot: Unveiling the 2024 Baltimore Tech Ecosystem Report and What the Numbers Tell Us


Last night at UpSurge’s Inaugural Annual Meeting, we unveiled the 2024 Baltimore Tech Ecosystem Report to 300 attendees representing the region’s founders, investors, funders, business leaders, and ecosystem builders. 🎊 As he welcomed the crowd, our CEO, Kory Bailey noted that “the Baltimore Tech ecosystem is 1) wonderfully diverse, 2) brilliantly talented, 3) filled with opportunities in key sectors, 4) primed for investment, and 5) beginning to garner national & international recognition. And all of those things are coming together in a way that allows us to report that the State of Baltimore Tech is strong and connected!” 🌟

In the bustling landscape of Baltimore’s startup scene, the numbers speak volumes. With 496 startups actively shaping the region’s tech future, Baltimore stands as a beacon of industry, innovation, and diversity. What’s more striking is that 60% of these startups call Baltimore City home, underscoring the city’s pivotal role in driving the advancement of a thriving Tech Hub 📈

The report highlighted healthcare⚕️and IT💡 as dominant sectors, commanding a staggering 83% of all venture funding over the past seven years. Within these domains, life sciences and cybersecurity emerge as stars, showcasing Baltimore’s prowess and specialization. The concerted effort with Baltimore’s Tech Hub bid, in collaboration with critical partners like GBC, aims to position Baltimore as a hub of excellence in biotech, AI, and digital health—an endeavor poised to propel the city to the forefront of innovation and tech 🌱

Part of what is enabling these startups to thrive is the capital flowing into Baltimore ventures. In 2023 alone, Baltimore-based companies raised an impressive $782 million, marking a 12.2% increase from the seven-year average. Notably, the city continued to outshine national averages even during challenging times, with notable mega-deals such as those secured by Blackpoint Cyber and ManaT Bio affirming Baltimore’s growing maturity in the startup landscape 📊

Regional partners – investors and founders alike – have played a crucial part in furnishing this accurate data, contributing to a more holistic view of the state of the ecosystem to inform our ecosystem strategies. Among them, TEDCO, Abell Foundation, Conscious Venture Partners, TCP Ventures, Inner Loop Capital, and others have been instrumental in sharing data and shaping Baltimore’s tech narrative 📖

Beyond the figures lies a narrative of resilience and growth. Despite global challenges, Baltimore’s tech sector has witnessed a steady rise, with a 5.3% annual growth in tech jobs over the past five years—a testament to the city’s evolving status as a tech powerhouse. While challenges persist, Baltimore’s tech ecosystem stands poised for growth, fueled by innovation, collaboration, and a steadfast commitment to building a new kind of startup city.

As a ‘City of Firsts’ in industry and innovation, Kory shared UpSurge’s aim to build a thriving tech ecosystem in a way that’s never been done before. He proclaimed to the crowd:

“Baltimore will be a new model for American innovation and economic prosperity – an Equitech City. Equitech is about…

  • Participation – Creating opportunities for everyone to engage in the activities of our tech ecosystem 🙌
  • Partnership – Stepping out of silos and echo chambers and coming together for collective action and impact 🙏
  • Collaboration – Working together to bring game-changing resources and assets to our Tech Hub 🤝
  • Startup Growth – Creating pipelines and pathways for more companies to launch and find success ☝️
  • Economic Impact & Social Value – Equitech unlocks innovation and economic potential and opportunity by leveraging advantages of diverse leadership, equitable standards and practices, and a culture of belonging in tech. 👐

Simply put, Equitech is a winning strategy for increasing GDP and creating sustainable economic growth for Baltimore’s future 🏆

As you explore and share our 2024 Ecosystem Report, we hope you take away these three crucial points:

  • The Baltimore Tech Hub has significant momentum
  • More than its challenges, Baltimore has unmatched assets, the best of which are its people.
  • And we can build a thriving tech hub – an Equitech city – if we do it together!

PS: For Founders interested in applying for SBIR grants, UpSurge is hosting an SBIR Fundamentals Masterclass on April 30th with Kim Bozingo from TEDCO! Sign up here !

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