Briefing: Tech sector support
Gov. Deval Patrick continued to place a high priority on the Bay State's technology sector when he proposed millions in new funding in April to support tech startups through programs run by the quasi-public Massachusetts Technology Collaborative (MTC).
Under Patrick's $100-million economic development bill, line items totaling $13 million would be infused into the MTC for those efforts. House Speaker Robert DeLeo filed his own economic development bill last month, which includes more modest tech funding.
What's on the table?
Patrick wants to spend $6 million to support funding the MTC's Innovation Institute, which supports growth of the innovation economy. He also wants to spend a combined $4 million on internship and mentorship programs to improve the pipeline of knowledgeable tech workers and guide start-up companies to success
He also wants to allocate $3 million to create a Global Entrepreneur-in-Residence program that would allow international students who are running or launching businesses to remain in Massachusetts after graduation.
Meanwhile, DeLeo proposed spending $2 million on internship and mentorship programs, $2 million to recapitalize the Innovation Institute, $2 million to create a big data fund to promote the use of data and analytics, and $1.5 million for computer science education.
What's the broader strategy?
Daniel Hodge, director of the UMass Donahue Institute at UMass Amherst, said the Patrick administration has been aggressive in supporting the technology industry, which includes the life sciences, software, and even advanced manufacturing industries.
“This is a critical sector and you can't just assume it's going to roll along,” Hodge said.
In addition to his $1 billion life sciences initiative launched in 2008, Patrick has funneled tens of millions of dollars to support the technology sector via quasi-public organizations.
How does Bay State economic policy compare?
The strategy is clear, according to Hodge. Patrick is committed to growing existing Massachusetts businesses, and places less emphasis on attracting new industries. The technology sector is particularly important because the jobs pay high wages, Hodges said.
This approach might even pre-date the Patrick administration.
“We have a longer tradition of growing our own companies, and I think that the kind of money that's being allocated is basically to support existing companies,” Hodge said.
And while investment in the tech sector seems large, Hodge argued that it's a relatively cost-effective approach. He said bringing in new businesses and industries would probably be costlier.
WBJ Web Partners
Most Recent
Most Recent
0 Comments