WalletHub recently analyzed innovation nationwide to compile a list of the Most Innovative States. Maryland ranks second among the 50 states and Washington D.C. in WalletHub's report, reinforcing what many in Maryland already know: Innovation thrives here. Here are five reasons why innovation flourishes in Maryland.
Maryland has the highest percentage of professional and technical workers. This workforce fills local STEM positions that drive technical and scientific advances globally. Maryland also has the nation's highest concentration of employed doctoral scientists and engineers, fueling life science and bio health innovation in Maryland.
2. Research & Development
WalletHub's research puts Maryland in third place in its rank of R&D spending per capita. When it comes to federal obligations for R&D, Maryland ranks higher than any other state. NASA Goddard Space Flight Center and Johns Hopkins University Applied Research Lab are just two of Maryland's 350 research centers that regularly introduce new research and technologies.
3. Share of Tech Companies
Maryland is dense with IT companies, putting it as the second highest share of technology companies in WalletHub's analysis. Together, Maryland's 11,280 information technology businesses create an innovation hub. In addition to supporting the private sector, these tech companies drive innovation among the federal government, and annually secure $9.74 billion in federal contracts.
Home to 30 incubators and several research parks, Maryland offers entrepreneurs affordable facilities and puts a wealth of resources and opportunities at their fingertips. State-backed TEDCO also provides assistance and seed funding to Maryland startups through a variety of programs.
Washington D.C., a hotbed of innovation itself, is a good neighbor to have. Maryland companies can easily collaborate with D.C.-based companies, as well as the federal agencies based in the nation's capital. Additionally, Maryland's central location on the East Coast makes it easy for entrepreneurs to access key cities, like New York, Philadelphia and Boston.
Innovation is helping build momentum for business in Maryland. On May 18, this momentum will be celebrated at the Maryland Governor's Business Summit. Don't miss the opportunity to connect with business leaders, while hearing ideas that will inspire you and recharge your business. Sign up today!