Welch was raised in Chester County, Pennsylvania, where he still resides in the borough of Malvern. Welch, a former Democrat, graduated from Unionville High School and earned an engineering degree from Penn State University.
In 2013 Welch sold KinderTown to Demme Learning.
Forbes ranked DreamIt Ventures the number 3 accelerator in the world.
In 2015 Welch and friend, Jim Donnelly, co-founded Restore Cryotherapy  to provide whole body cryotherapy, IV infusion and compression therapy directly to the consumer in retail outlets. In 2015 they opened locations in Austin, TX and Charlotte, NC but were planning to open more stores in 2016.
- Brennan, Kevin (24 April 2012). "Smith Wins Pennsylvania Senate GOP Primary". National Journal. Retrieved 25 April 2012.
- "Welch for Senate" The Philadelphia Inquirer April 8, 2012
- "Welch for the GOP: The endorsed Senate candidate is best of the bunch" Pittsburgh Post Gazette April 17, 2012
- "About Steve". Steve Welch for Senate. Retrieved April 20, 2012.
- Eric S. Smith (April 16, 2012). "Chester County businessman running for Senate". Daily Local News.
- Cynthia Burton (April 8, 2012). "Welch for Senate". The Philadelphia Inquirer.
- Forbes April 30, 2012