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We recently added over 300 American business incubators and tenant companies to our investor database. Additionally, we presented some national data trends on incubators. We’ll periodically be turning to individual states to take a deeper look at their incubators and portfolio companies.
Today we’ll analyze Maryland. With 163 companies in incubation across 14 different incubators, Maryland beats the national averages of 110 companies and 8.3 incubators per state. However, of the 163 tenants companies, only 59, or roughly 36%, were considered scalable and thus added to our database. (Note: Our focus at ChubbyBrain is primarily on scalable companies. Thus, consulting, retail, and service companies that may be in these incubators are not included in our database or the remainder of this analysis). Maryland’s scalability ratio of 36% is much lower than the national average of 44%, suggesting that Maryland incubators support a good amount of smaller, “mom-and-pop” retail and service shops, too.
Maryland’s largest incubator was the Emerging Technology Center (ETC), a Baltimore-based incubator housing almost a third of all scalable Maryland incubator companies. Focused on tech-driven and biotechnology start-ups, ETC has been recognized by numerous groups for its tenant companies’ achievements, including by the US Department of Agriculture and the National Business Incubator Association. Another notable incubator includes [email protected] Incubator & Accelerator, which holds 27% of Maryland’s scalable incubator companies and is located at the University of Maryland with close access to an abundant amount of university resources and talent. A breakdown of the state’s incubators is shown below in Graph A.
Healthcare start-ups were the most dominant tenants in Maryland incubators, representing 42% of all scalable incubator companies in Maryland. As Graph C illustrates, Healthcare companies consisted of a fairly even distribution of businesses focused in the Pharmaceutical, Drug Discovery and Development, Biotechnology, and Medical Devices industries. After Healthcare, companies in the Technology, Internet, and Industrial sectors followed as most popular, as illustrated in Graph B.
Not surprisingly, Maryland’s capital Baltimore City held the largest number of incubator companies in the state, containing over 60% of companies. Details of a city-wide breakdown are shown below in Graph D.
Top Sector: Broken Down by Industry