On Sept. 30, the Baltimore Banner held its annual event, BannerX in Columbia, Md., for in-depth conversations with Maryland’s business leaders, entrepreneurs, policymakers, investors, technologists and innovators to explore what was shaping the future of business. Four panels tapped with industry leaders delved into life sciences and biotech, innovation and technology, AI, and data centers.
Life sciences and biotech are seen by many as a major innovation and economic driver in the state. “Life sciences improves the human condition. It affects every single one of us, not only personally but as an economic driver and an innovator and growing economic engine in the state of Maryland,” noted Mary Morris, Director of Innovation Initiatives, University of Maryland, Baltimore.
Brad Stewart, National Leader in Life Sciences, BDO, and chairman of the board of the Maryland Tech Council, added that the average salary for people working in life sciences in the state of Maryland is about $130,000 a year, 60% more than the average job, and Maryland is now the third largest life sciences hub in the U.S. One advantage Baltimore has is its affordability, especially wet lab space, and Maryland is home to federal labs, military bases, and leading institutions such as the National Institute of Health and the FDA.
Bret Schreiber, Senior Vice President, Life Sciences and Technology, The Fulton Financial Corporation, also credited world-class higher education institutions, including University of Maryland, Baltimore, Johns Hopkins, Morgan State, and University of Maryland College Park. “Tremendous research institutions with tremendous faculty that are laying the foundation for what’s next in the industry. We’re also located within one-day’s driving distance to one-third of the U.S. population.”
With federal research funding at risk, Morris said that public-private partnerships are more important than ever to fill the gaps, especially for startups, and Schreiber advocated for more investment by the commercial sector.
Another panel of experts discussed the intersection of technology, policy, workforce development, and economic strategy.
Moderator Mary Kane, President & Chief Executive Officer, Maryland Chamber of Commerce, noted that Maryland has the ingredients for an innovative economy—extraordinary research institutions, federal assets, a highly educated workforce, including the top-ranked community college system in the U.S., and strength in cyber and life sciences.
Jason Silva, Chief Technology Officer, Maryland Department of Information and Technology, agreed.
“At the Department of Information and Technology, we are able to leverage the community that we have around us, both the educational institutions and government partners.”
W. Mason Emnet, Senior Vice President, Public Policy, Constellation, noted that one of the biggest challenges we face is energy.
“We need investment in energy infrastructure for the power needs of the future, whether it’s data centers, AI, quantum, heavy industry, or any other large customer that’s a large user of power. We often hear Maryland is a net importer of power by 40% That’s a problem. We need to build more resources in the state.”
Harry Coker, Secretary, Department of Commerce, added that corporations looking to move to Maryland “want to know not just that can you do something, but how fast can you do something. The states that are successful have an economic development strategy, and they prepare for opportunities before the opportunities present themselves, including site readiness.”
Recognizing that AI seems to be everywhere, the third panel focused on not just the benefits and risks, but also the difference between reality and hype and how organizations can move from experimentation to building secure, responsible, and intelligent systems.
Monica Lopez, Ph.D., Privacy Officer, VHC Health and Co-Founder & CEO, Cognitive Insights for AI, said that when talking about security risks with AI, “an even more insidious risk is the loss of institutional knowledge. Now we’re using chat bots to essentially do all the basic foundational thinking work that we used to do, even to craft an email. You’re going to lose that fundamental element of how systems actually work, of how to communicate with individuals.”
Addressing fears that AI will eliminate jobs, Bezawit Sumner, CISO and Senior Director of Security & Compliance, CRISP Shared Services, said, “We’ve seen large organizations that went through a big layoff, and the result was some of them brought them back. IBM has been hiring more entry-level employees because they understand the work has to get done. And when we use AI for the proper functions or for the proper problem it solves, we leave room for the individuals to be more innovative, more creative.”
Sumner, who admitted she was not an early adopter of AI, urged leaders to make clear within the organization what AI should be used for and what it should not.
“Figure out the problem. Can AI solve it? If it doesn’t, don’t use AI. And when AI is being used, encourage and create psychological safety.”
Another hot topic was data centers, and the panel presented an opportunity for attendees to learn more about them.
Moderator Jason Michael Perry, Founder and Chief AI Officer, PerryLabs, kicked off the conversation by noting that Maryland already has about 53 data centers, which have been here for a while. Kelly M. Schulz, CEO, Maryland Tech Council, added that there is currently only one data center under construction, which is in Frederick County.
Noting that there is concern over rising utility bills due to data centers, State Senator Katie Fry Hester noted that Maryland was a leader by placing strict new requirements and financial obligations on large-load data centers to protect residential ratepayers from rising energy costs with the passage of the 2026 Utility RELIEF Act.
“I think the approach that the Senate took this year was that data centers are coming, and if they don’t come to Maryland, they’re going to go to other states, right? We wanted to attract the best grid citizens, and the first part of being a good grid citizen was making sure that the existing ratepayers who are paying their monthly utility bills are not subsidizing those data centers.”