For those just entering the world of Maryland entrepreneurship, you must realize that your Maryland startup location is crucial. Our constantly linked lives make it clear that the most critical information must be shared quickly, and actions must be taken immediately. Maryland is an excellent place for your business to grow, whether you want to get your goods to customers faster or take the train to that meeting when virtual won’t do.
Maryland is proud to be in the middle of the Eastern Seaboard, the busiest business corridor in the country and one of the liveliest in the world. Our businesses can quickly access some of the best transportation in the nation thanks to our central, mid-Atlantic position. With easy access to I-95 and I-70, companies in Maryland can reach the Port of Baltimore and two Class I freight rail lines. These are the main roads that go north, south, and west. It’s also easy to get there by air. The BWI Thurgood Marshall Airport in Maryland is close by, but there are also three other big airports nearby in Philadelphia, Northern Virginia, and Washington, D.C.
Diversity, Equity, and Inclusion
Maryland is a great place to live and do business no matter what race, culture, gender, or sexuality you are. It is the most diverse state on the East Coast and has three of the most varied cities in the U.S. It is fair, diverse, and welcoming in Maryland, making it a great place to live and do business.
You’ll find friendly and open-minded neighbors here, and everyone is valued and honored. Maryland has laws that protect the rights of women, LGBTQ people, and minority groups. Leaders are dedicated to protecting and advancing these groups.
People in Maryland come from a wide range of backgrounds and have different points of view. According to the study, this leads to more creativity, new ideas, and better decisions. And putting your business in a state that cares about fairness, diversity, and inclusion can help you hire good people. The Global Business Coalition for Education found that 76 percent of employees and job seekers said that a diverse workforce was a big reason for applying for a job.
Small Business Resources
Since Maryland is close to the nation’s capital, there are a lot of great opportunities for small business owners. From Maryland entrepreneurship mentoring to one-on-one help, new business owners can get help with almost any part of their business.
Being close to Washington, D.C., is also helpful because Maryland has direct links to the SBA. The Small Business Administration gives small business owners several ways to get help with finances and business advice. These are also the fastest way to apply for government business aid.
This proves that Maryland is committed to helping their small businesses in every way possible. Several business development centers, including the Maryland Innovation Center, help owners plan their businesses, get training, and get one-on-one advice.
Local Support
When talking about its neighborhoods, Maryland says it has some of the best community support of any state. Many new businesses do well because they have backing from the community. A community can quickly make or break a business. People in Maryland like to support small businesses because they know they are good for the whole area. It’s not a “fly by night” plan to buy locally in Maryland; it’s just how people live.
The people who work for the state and city governments in Maryland want small businesses to succeed and grow. Because of this, Maryland businesses are becoming more successful faster than in many other parts of the country. There’s nothing better for a Maryland startup than having customers and government leaders back them up.
Diverse Workforce
Any CEO who just moved their company to Maryland will probably say that the state’s workers are one of the reasons they chose to do so. Our highly educated community suits businesses that offer technical and professional services. Many programs help companies find and train people who need skilled work.
Diversity makes people more creative, encourages new ideas, and helps people make decisions. Businesses can better understand and reach new customers, educate workers and clients, and start new conversations and ideas by looking at things from different points of view. It turns out that all of this affects the bottom line.
Between May 2021 and April 2022, Maryland’s tech employment grew by 8.4 percent, the fastest growth rate in the country. The state has the country’s most diverse group of cybersecurity workers and has the most equal number of men and women working in tech. Thanks to our strong network of schools and universities, Maryland’s pool of qualified, diverse tech workers keeps growing.
Infrastructure
There are enough fears for business owners. Having trouble connecting or losing power shouldn’t be one of them. The answer is no for businesses in Maryland. That’s because, according to the U.S. Department of Energy, our state has one of the most stable power grids in the country and a wide range of powerful broadband options. Maryland keeps improving, and a smart grid using robotics is in the works. Thanks to Maryland’s strong transportation system, your business can get to all the places it needs to go.
Financial Incentives
People say that you need money to make money. Maryland now has access to funding sources that can help with things like encouraging new ideas, hiring more people, updating industrial equipment, building better roads and bridges, and more. There’s probably a way for your business to get the money it needs in Maryland.
Taxes are something that everyone hates. It’s also true that there are states with cheaper basic business tax rates than Maryland. One thing that business tax rates don’t show is how busy a state’s economy is. That’s why Ernst & Young’s economists came up with a “total effective business tax rate”: the ratio of business taxes to the gross state product of the private sector. Through that lens, Maryland is one of the ten states with the lowest overall business tax rate.
Final Thoughts
Starting a tech startup in Maryland is a great idea, even though it has some high business costs. The active and friendly tech scene can help you build your company, but finding early investors might take a while. The community is enthusiastic about backing small businesses, and your success in Maryland is attainable by leveraging the resources and tools provided at both the state and local levels.
