Dear Partner & Friend,
Maintaining Momentum
Today the U.S. Department of Commerce announced the initial funding for 12 of the 31 Tech Hub Phase 2 proposals. Unfortunately, our $70 million request will not be funded in this phase.
While we’re disappointed, we’ve been reminded that the Tech Hub program is a multi-phase $10 billion effort, with just $504 million awarded in this initial funding round.
Our proposal, crafted by a 48-member region-wide consortium, outlined four ambitious strategies to accelerate our innovation ecosystem and support the national security objectives defined in the US CHIPS Act.
We received more than 100 letters of support outlining more than $800 million in commitments. This included direct investments from consortium members, catalyzed support from tech hub projects, and regional partners aligning their existing investments to support our future as a global hub for innovation.
We unearthed so many great ideas to accelerate the Baltimore Region and fostered collaboration across organizations that set the foundation for a culture of ideation and risk-taking for generational impact.
It felt like a new day … and it still is.
We’re grateful for the support of our partners to get to this point as we’re setting the stage for GBC to be the fiercest champion of the Baltimore Region for economic investment and game-changing opportunities.
The Tech Hub program was launched early in my tenure and it’s a step toward much broader ambitions for the GBC’s economic work.
- Last week, GBC hosted the first-ever Baltimore Region Investment Summit, a spin-off event for our participation in the Department of Commerce’s SelectUSA Investment Summit. The summit positioned the Baltimore Region as ready for international and out-of-market business investors, featured GBC Partners highlighting their investments and targeted local partners equally intrigued by our region’s future.
