Reform Ain’t Easy: TEDCO, BRIDGE, and the Equity Gap in Maryland’s Innovation Economy
By all appearances, TEDCO—the Maryland Technology Development Corporation—is a public agency with a public mission: to foster innovation, support entrepreneurs, and ensure that Maryland’s tech economy reflects the diversity of its people. But the road to reform has been rocky, and recent developments suggest that equity promises may be outpacing delivery.
A History of Trouble
TEDCO’s troubles aren’t new. In 2019, a damning audit revealed serious governance failures, prompting lawmakers to demand sweeping changes. The audit cited conflicts of interest, opaque investment decisions, and a lack of oversight in how public funds were deployed to private ventures.
Leadership was replaced. Guardrails were promised. But the turbulence didn’t end there.
In 2022, TEDCO faced two federal lawsuits alleging race and gender discrimination. One case, Singleton v. Maryland Technology and Development Corporation, reached the Fourth Circuit in 2024. The plaintiff, a Black woman entrepreneur, alleged that TEDCO’s investment decisions systematically excluded women and minorities, despite public commitments to inclusion.
Enter BRIDGE
In 2023, TEDCO announced the launch of BRIDGE—a $12.2 million initiative funded through the U.S. Treasury’s State Small Business Credit Initiative (SSBCI). The program was designed to support women- and minority-owned businesses with technical assistance, mentorship, and access to capital.
It sounded promising. But one year later, questions are mounting.
Multiple entrepreneurs report that BRIDGE has failed to deliver promised services. One applicant, who was formally enrolled in the program, says she received no deliverables despite six weeks of correspondence with TEDCO leadership. When she requested a service matrix and program timeline, she was told she might not be “a fit”—despite already being accepted.
More troubling, she claims TEDCO retroactively slotted her into existing RBBI (Rural Business Innovation Initiative) programs, which were not tailored to BRIDGE’s equity mandate. In one email, TEDCO allegedly stated that services weren’t available—while simultaneously claiming that “most companies can access the services they need.” The contradictions, she says, were “schizophrenic.”
Her complaint has since been escalated to the Treasury’s SSBCI compliance team.
The Equity Question
This isn’t just about one applicant. It’s about whether TEDCO is structurally equipped—and culturally willing—to administer equity-focused programs. The BRIDGE initiative was meant to correct historical imbalances. But if its rollout is opaque, inconsistent, or exclusionary, it risks reinforcing the very disparities it was designed to address.
Paul Bardack, a longtime advocate for inclusive economic development, put it bluntly in 2023 testimony before the Maryland House Ways and Means Committee: “There are two Marylands.” His remarks supported the creation of the $50 million Equitech Growth Fund, aimed at building infrastructure and workforce pipelines for underrepresented entrepreneurs.
The irony? Some are now proposing that TEDCO manage the Equitech fund.
What Comes Next
TEDCO’s public materials continue to tout its commitment to diversity, equity, and inclusion. But the agency’s track record—and the lived experiences of its applicants—suggest a gap between rhetoric and reality.
If BRIDGE is to succeed, it must be transparent, accountable, and responsive. That means publishing service matrices, honoring commitments, and ensuring that equity dollars reach the communities they were meant to serve.
Maryland’s innovation economy can’t afford to leave anyone behind. Reform doesn’t come easy—but it must come.
Footnotes
1. After Damning Audit, Lawmakers Seek Changes at Technology Investment Agency – Maryland Matters
2. Singleton v. Maryland Technology and Development Corporation, No. 22-2075 (4th Cir. 2024) – Justia
https://law.justia.com/cases/federal/appellate-courts/ca4/22-2075/22-2075-2024-06-11.html
3. Treasury Announces $12.2 Million to Support Small Businesses in Maryland Through the American Rescue Plan – U.S. Treasury
4. Witness Testimony Supporting the $50MM Equitech Growth Fund – Maryland General Assembly