While high-tech businesses can succeed just about anywhere in the U.S., there are some places that offer strategic advantages to better ensure they will thrive. One of the best states to consider when planning a high-tech startup or buying an existing one is Maryland. Here are just a few of reasons Maryland’s tech sector continues to outpace competing states. As you will see, the benefits of buying a high-tech business in Maryland are numerous.
Maryland Leads the Way
Industry statistics support the claim that Maryland already has an unusually high number of cyber engineers. With the high number of regional universities emphasizing tech careers, coupled with the area’s intelligence community, means there is an existing pool of experts ready to supply your company’s high-tech needs.
According to data from the state, Maryland ranks first in STEM job concentration, and the state also ranks first in the percentage of high-tech businesses. Of course, those statistics alone should never be the only considerations a business makes when exploring options for new centers.
Residents Enjoy a High Quality of Life
When starting or expanding any business, attracting and retaining high-quality employees should always be a factor in the overall business equation. Employees are far more likely to remain with a company when they feel their personal needs are being met. Maryland’s residents are able to blend top job opportunities with affordable living.
In addition, the state’s healthcare facilities are second to none. The recent pandemic produced an increasing awareness of the importance of readily available, quality healthcare services.
Next on the quality-of-life index is educational opportunities. According to recent surveys, Maryland’s schools rank fourth in the country based on academics, school funding, and overall equity. Schools like Johns Hopkins University also add to the state’s educational prestige.
When finances are considered, the state also reported that Maryland’s cost of living is roughly 50 percent of New York’s and 64 percent of San Francisco’s. That’s an advantage that’s hard to beat.
Increasing Opportunities Attract More Companies
High-tech companies tend to be concentrated in certain regions, which makes sense when factors like supply chains, access to education, and local support are taken into consideration. According to recent surveys, Maryland is home to twenty military installations and roughly 60 federal agencies.
Since many high-tech companies rely to one degree or another on government contracts, that concentration of government organizations and facilities is a huge drawing card. Being in close proximity to government facilities is a huge advantage when contracts are awarded, as management issues and production problems are almost always easier to deal with when all the involved parties are nearby.
When companies have questions about moving to Maryland, a business broker in Baltimore can be a huge asset. Brokers stay on top of local conditions and provide answers to critical questions many companies require when seeking new sites.
Cybersecurity is Never on the Back Burner in Maryland
The recent pipeline cybersecurity failure has only reinforced the need for moving forward with new and innovative cybersecurity strategies. Maryland understands the cybersecurity needs of the state’s companies and encourages improving the security of company systems.
Remember, the cybersecurity world is always in flux, which means government agencies, as well as businesses, can’t afford to be complacent when it comes to monitoring and responding to cybersecurity threats. The state’s funding programs, education, and ongoing support go a long way toward protecting business investments anywhere in the state.
Why Cybersecurity Efforts Earn Returns
A recent U.S. News article points out why investing in cybersecurity is vitally important and how Maryland is leading the nation’s efforts to protect networks and systems. According to the article, Maryland’s current investment in cybersecurity and data science are strongly reminiscent of the early Silicon Valley days.
Because Maryland’s tech sector is growing faster than competing states, the need to protect that investment is virtually unparalleled. To encourage more investments and protect existing ones, the state established funding to boost security efforts.
Why was that done? The state recognizes the ever-changing cybersecurity environment and wants companies to know their needs are recognized and prioritized. The idea is to encourage even more tech companies to move to the state. If your company’s security needs were recognized and better protected than in other states, wouldn’t that be a factor in deciding where to locate?
Companies Keep Their Costs Low
Maryland’s big advantage over states like California, New York, and Massachusetts is lower costs of entry. It’s simply less expensive to purchase or lease facilities in Maryland than it is in other states that focus on high-tech industries.
Remember that acquiring a facility is only one expense to consider. It’s also important to consider factors like utility costs, transportation, and overall tax rates. In addition, the cost of recruiting, training, and retaining quality employees should be factored into the decision when selecting a new business site.
Adding Up the Advantages
When narrowing down the number of possible locations for your new or relocating business, it’s always crucial to consider a number of factors. While the ones mentioned here are certainly important, you may have other priorities as well.
While compromising on some requirements may be necessary, it’s never a good idea to sacrifice too much when selecting a new business location. You’ll have to live with those decisions for a long time, so take the time now to evaluate the pros and cons of every viable option.
Keep in mind that, while Maryland is only one of the states that might meet your needs, it’s important to consider the future as well as the present. Opting for a state that’s on a tech growth and development track will generally make more sense than settling for one that’s stagnant or losing ground.
The logical way to review the opportunities Maryland offers is to contact a business broker in Baltimore for advice before making any decisions. Of course, a broker may not have all the answers you need, but they will know where to find them quickly.
To start your search for a high-tech business in Maryland, it’s important to take that first step. Get in touch with a Baltimore business broker now.