Economic development professionals love to talk about big companies in their jurisdictions, but it is small businesses that really drive economic activity. Entrepreneurs create jobs, drive innovation, and sustain local communities. Nowhere is that happening more than in our own local area. Indeed, the State of Maryland is proud to say, “we are open for business!”
To help support its small business community, Maryland has created an ecosystem of 38 small business incubators and accelerators represented by the Maryland Business Incubation Association (MBIA). Launch Workplaces is proud to be listed among them, as the first coworking space inducted into the association. The MBIA, founded in 2002, represents organizations that focus on nurturing growth companies and providing significant value-added services that support these companies.
One of Launch’s first tasks as a member of the MBIA was to participate in data collection for the Incubation Activity in Maryland 2017 Study. The MBIA regularly provides research data to measure its economic impact to the state. At the MBIA’s March 1 board meeting held at Launch Workplaces, the results of the survey were shared as follows:
- With 20 responding MBIA members, incubators house 799 companies. By way of comparison, the study in 2015 identified 550 companies. These 799 companies employ 2,728 full-time employees or an average of 3.4 jobs per company.
- Even though incubator members are in early stages of development, many are actively selling in the marketplace. Surveyed companies generated over $200 million in revenue in 2017.
- The continued growth and success of early-stage companies often depend upon successfully raising capital, and MBIA surveyed companies have raised just under $500 million in the capital.
Maryland is truly open for business and the incubator community is a thriving ecosystem!