UpSurge's new 2024 Baltimore Tech Ecosystem Report provides a current picture of the local technology and innovation landscape that both organizations and development players like MAG Partners want to grow. UpSurge continues to pursue its goal of making Baltimore an innovation economy where everyone belongs by 2030 through reports like Diversity 2023 and Momentum 2023, as well as earlier ecosystem research.
Chris Bunner, Senior Data Analyst at UpSurge, believes in the power of data collection to uncover the truth. This is a sentiment echoed by his more than 20 contributors who helped organizations source data and develop metrics to track milestones, growth, and attrition points for their local technology.
These participants include advisors like Christy Wiskier, senior advisor to the president of Johns Hopkins University, as well as organizations such as Wexford Science & Technology and Conscious Venture Partners, which All are deeply involved in Baltimore's technology and community ecosystem.
“Our work starts and ends with people, but it’s data-driven,” Upsurge Baltimore CEO Cory Bailey said in the report.
This publication marks the first time UpSurge has expanded its research geographically to encompass the entire Baltimore Metropolitan Statistical Area (MSA), with a focus on Baltimore City. The report is divided into Startup, Capital, Labor and Methodology sections.
Read UpSurge Baltimore's full annual report
Here are some that caught our attention as particularly noteworthy for technologists and entrepreneurs:
startup
- According to UpSurge, there are 496 startup companies in the MSA, 312 of which are specifically located in Baltimore City. Additionally, 220 of these startups are affiliated with his UpSurge. Gaps in existing data sources include startups outside of Target's MSA, startups in Baltimore County, and startups not working directly with UpSurge Baltimore.
- UpSurge also matched some of its data with data from PitchBook. PitchBook's eligibility for Baltimore information has been criticized by his UpSurge executives in the past.
- UpSurge highlights that startups such as Backpack Healthcare, Blackpoint Cyber, and b.well Connected Health boast successful fundraising efforts, innovative products and services, strategic partnerships, and strong growth trajectories. Did. Entrepreneurs can draw inspiration and learn from these startup success stories and strategies as they navigate challenges and seize opportunities in Baltimore's tech scene.
- Innovations by companies such as Cerebro Capital, Haystack Oncology, and Wave Engine Corp. demonstrate the city's role as a center for advanced technology development, as well as opportunities for engineers to contribute to breakthroughs in a variety of fields. is highlighted. Additionally, startup success stories like Apkudo and Previse highlight the potential for growth and impact within the Baltimore community.
capital
- UpSurge reported that a total of 870 investors participated in the Baltimore MSA from 2017 to 2023, with an average of 190 investors per year. In 2023, he had 155 investors.
- Baltimore MSA startup accelerator activities include participation in short-term programs that provide coaching, mentorship, and funding in exchange for equity. According to UpSurge, in 2023 he raised $1.55 million through an accelerator program across 26 deals.
- From 2017 to 2023, 13 transactions involved alternative financing, particularly in venture debt. The smallest deal size was $250,000, while the largest deal size he reached was $45 million.
Labor force
- UpSurge's workforce analysis includes occupational categories for various occupations. These positions include computers and mathematics. architecture and engineering. and life, physics, and social sciences. According to UpSurge, which draws on figures from the American Community Survey (ACS) and the U.S. Bureau of Labor Statistics' Occupational Employment and Wage Statistics (OEWS) survey, in Baltimore City, he expects the local affiliated workforce to grow between 2017 and 2022. He increased by 43%. 9.71% of all Baltimore City employees. This is a much higher number than his five-year increase for the country as a whole (technology employees grew by 26% and accounted for 7.23% of the total workforce).
- Black women make up 32.49% of the technology workforce in Baltimore City and 15.8% in the Baltimore MSA, according to ACS employment data. Black men accounted for 24.44% and 12.62%, respectively.
- As shown in the OEWS study, there has been a notable increase in computer occupations and information security roles in Baltimore. The report does not specifically say how much the percentage or number of people in these specialties has increased, but the “Information Systems Analyst” and “Computer Professions, All Other” categories have increased by 4,720 and 10,530 people, respectively. It says that there is. These were two of his six subgroups within the broader “Computer and Mathematical Occupations” group. The remaining categories were “computer and information researchers,'' “data scientists,'' “computer user support specialists,'' and “web and digital interface designers,'' all of which experienced negative growth.
Meanwhile, technical jobs (defined as what the Bureau of Labor Statistics calls “high-tech industries”) in the Baltimore region increased by 6%, according to the latest data from Technical.ly's proprietary Lightcast Sourcing Tech-Economy Dashboard. From 2018 to 2023, technology-related occupations (all occupations that are recognized as computer and IT jobs, regardless of industry) will increase by 8%.
A comparison of technology industry growth across seven geographic regions and three categories. (Technology Economy Dashboard/Technical.ly)
Company: UpSurge Baltimore
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