Innovative program attracts more foreign companies looking to expand to the U.S.
BALTIMORE, MD (September 1, 2022)—Governor Larry Hogan today announced that applications for the new Maryland Global Gateway program are now available. At the World Economic Forum in Switzerland earlier this year, the governor announced an inaugural $2 million investment in this innovative program, which helps attract more international businesses and eases their transition into the U.S. market by connecting them with local incubators and accelerators.
“The Maryland Global Gateway program removes many of the risks that international companies face when exploring the U.S. market, and we are very pleased to launch this application process,” said Governor Hogan. “Maryland truly is open for business. Our state is worth the attention and investment of even more international companies, and now we look forward to making it easier than ever to forge closer ties with partners across the globe.”
Applications will be accepted until Oct. 31, 2022. This initial $2 million investment will provide incentives for the first 50 eligible companies, including:
Funding towards rent costs for six months for more than 20 business incubators and accelerators across the state;
Assistance with business registration costs for foreign companies who choose to stay in Maryland; and
Training, mentoring, matchmaking, and networking through both state government and local incubator programs.
There are 20 accelerators and incubators throughout the state currently participating in the initiative, which builds on the state’s Soft Landing Program announced last year during the SelectUSA Investment Summit.
“We are excited to partner with Maryland’s outstanding network of incubators and accelerators to attract new foriegn investment to our state,” said Maryland Commerce Secretary Mike Gill. “Having the expertise of Commerce’s international team, as well as the support of incubators throughout Maryland will give foreign companies looking to locate here a tremendous advantage.”
Maryland businesses are also eligible for the program, allowing them to engage with partner incubators while exploring new markets abroad. Companies can apply for an ExportMD grant for up to $5,000 to help offset the cost of their participation.
In June, Governor Hogan announced a partnership between Maryland and the Guinness Enterprise Centre (GEC) in Ireland, which is the leading university-associated business incubator in the world. The partnership will focus on soft landing spaces, academics, and networking opportunities between the two regions.
The GEC provides a world-class entrepreneurial environment by empowering businesses to grow and scale their enterprises. With this partnership, Maryland companies interested in a soft-landing opportunity will gain direct access to a community of like minded entrepreneurs and stakeholders while also benefiting from the best-in-class business support offered to Guinness Enterprise Centre companies. By becoming a partner, GEC-based companies will also receive support with expanding into the U.S. and access to facilities, resources, advisors, and more, by way of doing business in Maryland.
Maryland’s Office of International Investment and Trade works to stimulate foreign direct investment in the state, offers export assistance, and coordinates international trade and investment missions and trade show opportunities for Maryland companies. The state also has 18 foreign trade offices across the globe. For more information on Maryland’s assets for global business, visit open.maryland.gov/global.
