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Strong and Prosperous Businesses

Increase number of Maryland Center for Entrepreneurship successful companies to 120 by 2025

163 

FY21 Actual


FY20 Actual
94

Objective Description

The Maryland Center for Entrepreneurship (MCE)/Innovation Center is a Howard County Economic Development Authority (HCEDA) initiative which provides a robust, interactive community of innovators, entrepreneurs, investors and advisors to collaborate in order to successfully ignite innovation and launch high-growth, technology-based companies in an entrepreneurial ecosystem abundant with resources. The goal of the MCE's resident program is to successfully incubate and graduate start-up companies that will remain in operation post-graduation. MCE graduate companies who remain in operation represent a wide range of industry types and employee numbers which continues to show a diverse portfolio of successes from the MCE resident program. A successful MCE company is defined as one that has been part of the program and remains in business currently.

Trend Analysis

MIC continues to hover near full resident capacity, and as such is now focused on making sure every resident member that is accepted has the highest level of growth potential. Due to the move of MIC operations into the new Gateway Innovation Center and then the onset of the pandemic, there was a decrease in MIC visitor activity between FY19 and FY22 . Client service and visitor activity were impacted heavily by COVID-19 restrictions in FY21. It is uncertain whether these figures are expected to return to normal in FY22 as the future of the COVID-19 pandemic remains unknown.

Strategies

  • Establish the Howard Innovation Center as an anchor for innovation in the county.
  • Expand strategic partnerships to facilitate small business growth and opportunities.
  • Utilize the Innovation Center to facilitate education, training, and collaboration.

Source: Howard County Economic Development Authority

Detailed Analysis


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