Elevating the Entrepreneurial Ecosystem from Baltimore to Richmond

In 2022, the Greater Washington Partnership published the Regional Blueprint for Inclusive Growth, a 10-year roadmap to close equity gaps and advance a diverse and competitive regional economy from Baltimore to Richmond. This brief focuses on the third pillar of the Blueprint: community wealth generation and thriving entrepreneurship ecosystems.

After several months of research and analysis, the Partnership and Deloitte interviewed over 40 stakeholders—capital providers, diverse entrepreneurs, support organizations, academic institutions, and policymakers—to understand success factors, persistent challenges, and ongoing efforts to create a thriving entrepreneurial ecosystem from Baltimore to Richmond. We also conducted a landscape analysis to understand what is working well in the region and across the nation and leveraged existing frameworks on entrepreneurial ecosystems. Based on findings from our interviews and research, we formulated a set of recommendations around four key areas:

• Access to Capital: Equity, debt, and/or grant capital to build and grow a business.
• Access to Talent: Talent to operate and scale.
• Access to Markets: Expanded and diversified business opportunities.
• Enabling Environment: Mentorship and coaching, networks, a favorable regulatory climate, and a culture of innovation.

By leveraging these recommendations, the region has an opportunity to cultivate a thriving entrepreneurial ecosystem and make the entire region, from Baltimore to Richmond, vibrant, economically competitive, and prosperous for all.

To learn more, contact [email protected]