Tech Hubs' future under Trump

Newsletter for December 4, 2024

The upcoming change in presidential administrations, like others throughout history, leaves many unknowns leading up to inauguration day. But one federal agency maintains that at least some of its programming will remain, including the $10 billion Tech Hubs program. As you all remember, Baltimore lost out on Phase 2 funding for that program over the summer. Only about 5% of the federal initiative's funding has been appropriated by Congress, but officials recently outlined why they are still optimistic.

What are your thoughts on that confidence? Reply to this email and let me know.

Also, we have some Baltimore region money news for you, including $2.2 million in loans from the state and city for a program at the University of Maryland BioPark 4MLK building. Keep scrolling to get the details.

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

Cristina Killingsworth, the acting assistant secretary of commerce and economic development at the Economic Development Administration, visited 13 of the 31 regions her employer designated as Tech Hubs.

Through that process, she witnessed bipartisan support for the program from members of Congress and other officials in those regions. That's contributed to her confidence it will continue in the next administration, regardless of the President-elect's thoughts on economic development.

“While I can’t predict the future, I can’t predict whether or not there’s going to be additional funding — what I can say is that everybody is behind the idea of bolstering US economic competitiveness and US national security," she told reporters at a media briefing this week. "And so, we’re hopeful that the program will continue for years to come.”

➡️ Get updates on the Tech Hubs program here

Maryland and Baltimore agencies put forth $2 million and $200,000, respectively, in conditional loans for the development of 4MLK Connect Labs.

Connect Labs incorporates 35,000 square feet of flex lab facilities within the University of Maryland BioPark’s forthcoming building, which is expected to formally open on Jan. 15.

Plus, several medical device companies reported new capital in the area, and the White House requested $500 million for Key Bridge cleanup.

➡️ Learn more about recent Money Moves here

• Check out Baltimore's top tech and economic moments of the last year in an interactive timeline. [Technical.ly]

• Johns Hopkins students worry about mobile security cameras set up near the site of a Palestinian solidarity encampment. [Baltimore Banner]

• Several Baltimore founders made appearances on Forbes' new 30 Under 30 lists. Rebecca Rosenberg of assistive tech firm ReBokeh Vision Technologies and Adeola Ajani of Fem Equity, whose platform helps people from marginalized groups raise their salaries, made the social impact category. Meanwhile, Clarisse Hu, cofounder and CTO of veterinary tumor treatment developer Kubanda Cryotherapy, featured in the science roster. [Forbes/Technical.ly]

• High-volume companies are increasingly using AI in hiring, with chatbots being the most common tool. [Technical.ly]

• Meet the food and hospitality ventures that participated in the latest Cureate Courses program. [Cureate]

• Empty offices have cost Baltimore more than $345 million, per a new report by the data firm Switch On Business. [Baltimore Business Journal]

• The construction firm in charge of the Key Bridge rebuild hired power couple Lisa Harris Jones and Sean Malone to lobby on its behalf for the next year. [Baltimore Banner]

Technical.ly’s annual State of the Tech Economy reports drop next week, but you don’t have to navigate the jam-packed downloads yourself — let Chris Wink walk you through them! That’s what’ll happen at the webinar he’s got lined up.

Tune in on LinkedIn Live as industry leaders from across the Mid-Atlantic join Chris to break down trends from the past year and look forward to 2025. What does the new federal administration mean for the local innovation landscape? Which communities are thriving and which are in danger of being left behind? What’s the best way to tell your region’s success stories?

➡️RSVP for the virtual event at 12 p.m. Wednesday, Dec. 11