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Progress Report: July 2, 2024
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.
Watch the Recap Video
  • With the release of , the 10-year economic opportunity plan for the Baltimore Region,we highlight the key opportunity areas and strategies to shape our work ahead and will launch our partnership with Resonance, an international branding firm, to shape our regional brand.

  • Tech Hub isn’t over. It’s just starting. Commerce has requested $4 billion to support the next funding round for tech hubs, a significant increase. We’ll work even more closely with our partners to ensure the investments that Baltimore Region has made in the federal tech hub program deliver the progress and impact that we all want to see.

Thank you,

Mark Anthony Thomas
President & CEO


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