Initiative matches firms with customized market research to identify growth opportunities
BALTIMORE, MD (October 15, 2015) – Six Maryland companies have been selected to participate in the Advance Maryland program, an initiative that accelerates expansion of second-stage growth companies. Run by the Maryland Department of Commerce and the Economic Alliance of Greater Baltimore (EAGB), the program offers critical, customized strategic information at no cost to selected companies to help them identify business opportunities and grow. The program is being administered in partnership with the
Edward Lowe Foundation’s National Center for Economic Gardening.
Selected companies are Ascellon Corp. (Prince George’s County); Chesapeake Testing Systems (Harford County); FiberCell Systems (Baltimore City); Harbor Designs and Manufacturing (Baltimore City); M3D (Howard County); and Pura Vida Medical Spa and Cosmetic Laser Center (Howard County).
“We are very excited to participate in the Advance Maryland initiative because we will be able to utilize specialists as an extension of our staff in developing a marketing strategy that will better penetrate our industry,” said Sheila Scott, CEO of Ascellon Corp. “With this assistance, we will be able to better utilize our limited resources more effectively to expand our market share.”
As part of the program, selected companies will be matched with a national network of highly-skilled research specialists and spend eight to 12 hours collaborating on a project plan and next steps for the company. The value of the specialized market research is up to $5,000 per company. Potential projects include identifying and prioritizing sales leads and business opportunities, refining core strategies and business models, and using social media to connect with customers and create buzz about products or services. Maryland Commerce and EAGB will stay in touch with the companies for one year to gauge the impact and success of the program.
“The one-on-one consulting the Advance Maryland program provides is invaluable to any company seeking to expand their market share and advance to the next level of growth,” said Maryland Commerce Secretary Mike Gill. “I am excited to welcome six new companies into the program and look forward to seeing some impressive results.”
Since being created in 2013, Advance Maryland has accepted a total of 16 companies into the program from a variety of industries including manufacturing, healthcare and technology.
“Our best customers are our existing customers therefore it is critical to our economic development strategy to support our small businesses to help them grow. The Advance Maryland program provides the right mechanism to do this, helping 16 companies to date,” said EAGB’s president and CEO Tom Sadowski.
Second-stage companies play a critical role in job creation and are vital to the prosperity and sustainability of local economies. Typically, these companies have 10-99 employees and revenues from $1 million to $50 million. According to the Edward Lowe Foundation, while second-stage companies represented only 12 percent of U.S. establishments between 1995 and 2012, they generated about one-third of jobs and sales.
The economic gardening concept originated in Littleton, Colo., in the 1980s, under the direction of Chris Gibbons, then-director of the city’s business and industry affairs and now CEO of the National Center for Economic Gardening. During the 20-year period Gibbons practiced economic gardening, where entrepreneurs are seen as major drivers to local economies, jobs grew from 15,000 to 30,000 and sales tax revenue more than tripled from $6 million to $21 million.
About EAGB:
The Economic Alliance of Greater Baltimore is a not-for-profit economic development organization led by a partnership of regional business executives, elected government officials and leaders from higher education focused on fostering business retention and development, job creation, workforce development and new investment throughout the Greater Baltimore region. The region is defined as Baltimore City and its seven surrounding counties: Anne Arundel County, Baltimore County, Carroll County, Cecil County, Harford County, Howard County and Queen Anne’s County. The Economic Alliance markets Greater Baltimore, and establishes global recognition for the Greater Baltimore area, as a world-class region in which to live, work, learn and invest. More information can be found at
www.greaterbaltimore.org.
About Maryland Commerce:
The Maryland Department of Commerce stimulates private investment and creates jobs by attracting new businesses, encouraging the expansion and retention of existing companies, and providing financial assistance to Maryland companies. The Department promotes the State's many economic advantages and markets local products and services at home and abroad to spur economic development and international investment, trade and tourism. Because they are major economic generators, the Department also supports the Arts, film production, sports and other special events. For more information, visit
commerce.maryland.gov.
EAGB contact:
Kristi Halford, Director of Marketing and Communications
410) 468-0100
