After narrowly missing out on a slice of up to $70 million in federal tech hub funding, Baltimore’s business community is rallying for another go.
The city and its seven surrounding counties, designated as one of 31 potential tech hubs, are vying for a share of the $10 billion federal Tech Hubs Program, aimed at cementing regions as leaders in AI and biotech.
Despite not cutting the initial $504 million awarded to 12 tech hubs across states like Colorado and New Mexico, the Greater Baltimore Committee (GBC) remains undeterred.
“We’re still in the game and will be actively competing for a significant amount of resources that are still left to be allocated,” said Dr. Mohan Suntha, GBC chair and CEO of the University of Maryland Medical System.
Baltimore’s five proposed projects promise a robust pipeline of tech talent, cutting-edge biomanufacturing plants, and vibrant entrepreneurial support.
With a focus on AI-driven health tech innovations, the region aims to strengthen its case for the next funding round.
Mark Anthony Thomas, GBC’s president and CEO, is optimistic. “Of the 19 hubs not funded this phase, we’re poised to compete next,” he said.
“In three years, I hope this will be seen as just a hiccup, with significant investments to show.”
Baltimore’s bid, though recently organized, faces stiff competition from regions with long-established ecosystems and political backing.
However, the Biden administration’s initiative to uplift overlooked tech communities could work in Baltimore’s favor.
The White House and Commerce Department have earmarked $4 billion for the next phase, potentially spread across multiple rounds.
Political uncertainties loom, with upcoming elections possibly affecting the funding landscape.
“If there’s an administration shift unfavorable to Baltimore, we may need to pivot,” Thomas cautioned, emphasizing the region’s unique AI and biotech strengths.
Baltimore’s hub is set to receive a $500,000 federal grant to bolster its reapplication.
If additional funds are secured by year-end, a new application round could open in January, with funding decisions expected next summer.
The GBC, navigating its own transformation after a merger with the Economic Alliance of Greater Baltimore, has galvanized local tech firms, academia, and government bodies.
Their collective support, backed by over $800 million in commitments, underscores Baltimore’s readiness to become a tech powerhouse.
By refining its vision and leveraging community assets, Baltimore stands ready to turn this setback into a launchpad for tech innovation.
Stay tuned as the city strives to secure its place among the nation’s elite tech hubs.
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