Tech Hubs funding winners feel the pressure

Newsletter for August 21, 2024

Baltimore is one of the cities with several alumni and fellows of Venture for America, the entrepreneurship pipeline nonprofit that abruptly shut down earlier this month. Now, many past VFA participants are working to keep the community and the mission alive. Keep reading to get more details on the closure and the possible reasons for its downfall.

Also below, hear from regional leaders whose EDA Tech Hubs pitches received funding — unlike, so far, in Baltimore.

— Kaela, Technical.ly lead reporter in Baltimore and DC

The slowdown of VC funding likely led to VFA shutting its doors, experts told Technical.ly. Despite this, alumni are hoping to keep the organization's mission alive.

Naomi Winston, founder of art and education startup Creative Representation Empire, moved to Baltimore a couple years ago to work as a VFA fellow at entrepreneurship nonprofit UpSurge. She's been trying to connect past fellows affected by the closure with contract work.

“A lot of people want to focus on what successes that have come out of VFA, but the successes are so much more than that,” Winston said. “I fell in love with Baltimore and I can’t imagine leaving because I’ve built such a community here.”

➡️ Learn more about VFA's closure and alumni reactions here

Leaders from a few of the EDA's Tech Hubs that were selected for implementation grants spoke with Technical.ly CEO Chris Wink about their plans.

There's big pressure to deliver on the ambitious plans backed by taxpayer funds — $504 million in taxpayer funds, to be exact. These leaders are reckoning with balancing their local aspirations with reality, and keeping priorities in mind.

"By definition, not all goals can be the top goal — and it’s unlikely everyone involved in a coalition will agree on that priority list," Wink writes.

➡️ Get all the details on about the program here

Most biotech CEOs come from a technical background, so the University of Maryland BioPark set up a group where peer leaders can come together and share best practices on the business side of things, from raising money to managing staff.

The forums are more than simply a knowledge exchange — they can be therapeutic, participants say. Being the leader of a startup comes with unique challenges, so it’s helpful to talk with others facing similar hurdles. “You have access to the skills that people have developed,” one organizer explained, “without having to do it as a trial and error experiential learning for yourself.”

➡️ Find out more about the UM BioPark CEO Roundtable

This client spotlight supports our journalism. Want to see your message here? Contact sales@technical.ly

• Johns Hopkins University received $20.9 million from the federal government through Biden's Cancer Moonshot program. Researchers at the university are attempting to develop a tool to detect cancer cells post surgery. [Baltimore Biz Journal]

• A Baltimore-based architecture firm developed a habitat called Harbor Wetland next to the city's aquarium in an aim to bring back aquatic life. It's a $14 million project using tech to mimic natural wetlands. [Bloomberg]

• The trials involving Jason Billingsley, the man accused of killing tech CEO Pava LaPere, are set to begin this coming Monday, Aug 26. [Baltimore Witness/Technical.ly]

• The nonprofit CLLCTIVLY launched a new fellowship with the University of Pennsylvania aimed for social entrepreneurs. Applications are due Aug. 30. Among other projects, the organization previously hosted a cohort of Black-led nonprofits. [CLLCTIVLY/Technical.ly]

• A trial against a real estate investor accused of running a Ponzi-style scheme that impacted thousands of homes in Baltimore and Philadelphia is happening this week. [Baltimore Banner]

• The CrowdStrike meltdown in July required thousands of hours to correct at the University of Maryland Medical System. [Baltimore Sun]

• A law firm will be reviewing Baltimore's Department of Public Works' safety policies and procedures following a crew member dying on the job. [Mayor's Office]