Why Maryland’s Small Business Ecosystem is Still Growing
According to a recent report, Maryland is experiencing strong small business growth. From 2022 to 2024, the state experienced an increase of nearly 1% in new business applications, with numerous tech companies, specifically, laying down their roots there.
While this might not seem like a lot, it represents a significant trend in an increasingly competitive business environment, highlighting the growing entrepreneurial spirit in Maryland and the overall vitality of the state’s economy. So why is this the case, and if you’re looking to start a business in Maryland, what can you do to take advantage of the state’s flourishing ecosystem?
Reasons Why Maryland’s Small Business Ecosystem is Growing
As mentioned previously, a large portion of the new startups utilizing Maryland as a hub are tech-related. For tech-business owners, there are still many things you will have to do to drive your business forward, including protecting your business assets and building a strong support network – both of which we’ll go into more detail about below – but Maryland will give you a good headstart.
In another study, for instance, compared to Maryland, it costs 60% more to do business in San Francisco, and 44% more in New York City. Because the rural areas of this state are reasonably priced – and within arms reach of major metro areas – it’s possible to save more for business operations, while still benefitting from the major markets.
Need to travel for a meeting in NYC, one of the major tech hubs in the world? Just two hours on a train will get you there. Need to travel for a meeting overseas? There are three global airports right on your doorstep. As well as this, there are multiple agencies to help in your federal research, including NIH, FDA, NSA, and even more in neighboring state, Washington DC.
As well as this, the thriving Maryland economy has been circulating back into the business landscape. Late last year, for instance, the Maryland Technology Development Corporation – TEDCO – was awarded $10 million to support small business growth, allowing businesses to take full advantage of the programs and policies they have secured. Whether it’s through grants, investments, or mentorship programs, TEDCO’s mission has always been to support innovation, and this funding has enabled them to take things to another level, assisting various sectors like technology, life sciences, and cybersecurity – another area that has seen strong growth in Maryland over the last few years.
How Your Business Can Take Advantage
As mentioned before, however, there are certain steps you have to take as a business owner if you want to take advantage of Maryland’s blossoming ecosystem. Looking at the reduced costs of living, you need to make sure that your budget is constantly monitored and adjusted to align with the opportunities. Business insurance is going to be particularly important here, as it helps protect your business from risks that you can’t prepare for, such as a customer injury or a product recall.
With Maryland building its reputation, you should also be prepared for more businesses to set their sights on the state. This will bring about plenty of competition, of course, but it will also incite some new networking possibilities. For start-ups, especially, finding complementary businesses in your field can allow you to cross-promote and collaborate, tapping into a wider customer base while boosting your visibility. More seasoned business owners and professionals will also be available to provide guidance and mentorship, helping you to navigate challenges and develop faster.
Essentially, while the growing ecosystem in Maryland may be beneficial, you still have to take all the precautions necessary to reap the rewards. Keep your budget at the forefront of your mind, take advantage of local competition, and keep a finger on the pulse of the market, making sure you identify any gaps that might require some new strategic planning. If you do this, you’ll be sure to position your company to thrive in both the present and the future.
