Troy A. LeMaile-Stovall

TEDCO’s Strategic Plan Sets Bold Path for the Future

TEDCO’s strategic plan, The Time, Talent, and Treasure Imperative for Maryland’s Ecosystem (T3IME), seizes this moment to build upon past successes and move forward differently than we have in the past. Specifically, we must scale significantly, and expand the type of resources over the next ten years (FY23-FY33). We must ensure that in this growth, we expand and include those that have been historically excluded.  We will achieve this not only with market-based fiscal returns but also by curating, investing, and growing to scale enterprises that drive societal change for our citizens and the world.

I am pleased to share a summary of our Strategic Plan that was recently approved by TEDCO’s Board of Directors. The Strategy Brief outlines the context for change along with the future of innovation and emerging trends which underpin our five-year goals and a 10-year vision to reposition Maryland globally. 

T3IME was developed over the past year with input collected both internally and externally. In many ways, the process has been as beneficial as the final product. Our strategic planning process started with a working group of TEDCO employees who came together to represent one unified TEDCO. As a new CEO, this was very beneficial for me to hear diverse perspectives across our organization. I am grateful for the staff that helped to shape the future of TEDCO with their ideas, questions, research, and observations. 

TEDCO’s subject matter experts and our other governing bodies (MII, MSCRC and MVFA)  have also been thoughtfully engaged in the strategic planning process to ensure we are considering market realities while also being bold and aspirational. I am especially grateful to the stakeholders who volunteered their time to give us feedback on concepts and ideas. TEDCO’s stakeholders are committed to the success of our region and are uniquely qualified to challenge and inspire us to set a path forward that will evolve our purpose and impact.  

Our impact, and specifically TEDCO’s social purpose, has remained steadfast and has evolved over the years. We will intentionally continue to focus on four types of social purpose through enterprises, innovation, communities, and founders.

The status quo is not a viable growth strategy for Maryland. With the right growth strategies, Maryland has the potential to cultivate an innovation ecosystem that will be recognized globally.

TEDCO serves as Maryland’s engine for early-stage technology-enabled firms; therefore, our role in accelerating investments in the state while maintaining and improving our innovation standing cannot be understated. We believe innovation will continue in historic areas like cybersecurity, robotics, and life sciences, but also in areas such as clean/blue technology, agriculture/aquatech, cyber ag, unmanned aerial vehicles/systems (UAV/UAS), and quantum technology. 

Read TEDCO’s Strategy Brief to learn more about trends on the horizon, our strategic framework, and the growth strategies that we believe will shape the future of Maryland’s entrepreneurial ecosystem.

Troy LeMaile-Stovall is the CEO of TEDCO.