TEDCO Awards Equitech Growth Funds to LaunchPort for Workforce Development Initiative
TEDCO, Maryland’s economic engine for technology companies, has announced the awardees for the first round of its new Equitech Growth Fund. Among them is LaunchPort, recognized for its innovative workforce development project aimed at advancing Medtech manufacturing.
LaunchPort’s proposal outlines a dynamic approach to accelerate workforce recruitment and training in anticipation of new early-stage Medtech manufacturing opportunities slated to launch in 2025 and 2026. Through a $300,000 pilot partnership with the Equitech Growth Fund, the initiative will enable proactive hiring of assembly trainees ahead of project rollouts. This strategy ensures a skilled, prepared workforce to support manufacturing operations and expedites the onboarding of multiple projects. LaunchPort plans to hire these employees full-time, offering competitive salaries and benefits, while leveraging this inaugural cohort to establish a foundation for sustained workforce expansion.
Maryland has made life sciences a strategic priority, focusing on Medtech (medical devices and eHealth) and Biotech (pharmaceuticals and cell therapy). In recent years, the state has advanced this mission through initiatives such as major translational research programs, enhanced funding for regional academic institutions, and a growing network of startup incubators and accelerators. These efforts have fostered a robust environment for innovation and entrepreneurship.
The Medtech sector holds immense potential, with the U.S. leading the global market in medical device sales and an annual growth rate projected at 5.2% through 2029. According to Battelle, the average compensation for workers in this industry is 1.85 times the national average, reflecting its economic value. Medtech manufacturing requires a unique blend of skilled engineers, clinical experts, and trained assembly workers, making Maryland’s strong manufacturing heritage an ideal match for the industry’s demands. Establishing urban manufacturing hubs not only supports economic stability but also generates long-term employment opportunities that benefit local communities.
Medical device commercialization is particularly demanding, requiring stringent regulatory compliance, precision engineering, advanced quality systems, and a commitment to innovation. Companies seeking to scale must excel in areas such as electromechanical assembly, additive manufacturing, automation, and cleanroom operations, underscoring the importance of a highly skilled workforce.
Bob Storey, Managing Partner at LaunchPort, emphasized the broader impact of the initiative, stating:
“For workers, experience in these settings offers competitive starting wages and cultivates advanced manufacturing skills that are transferable across industries. This enhances career potential for individuals while strengthening the regional workforce. Motivated candidates with a high school diploma can advance into supervisory and management roles, making manufacturing a foundational sector that fosters resilience and opportunity.”
Storey also highlighted the pilot’s strategic value:
“This program represents a highly focused approach to workforce development. Our venture operations in the Baltimore Peninsula support early-stage companies in identifying their best pathways to the bedside, while our transitional manufacturing focus anchors their businesses in our region. Currently, we are managing approximately 15 manufacturing projects with emerging growth Medtech companies that align with the State’s economic development priorities.”
This article originally appeared on The Launchport blog.
