A compelling challenge– and opportunity – confronting the economic development community in Massachusetts is developing an understanding of where the “next big opportunity” to drive economic growth might be, in order to align public and private resources and public policy around such opportunities. The Massachusetts innovation economy continually reinvents itself as new technologies and industries are created. Identification of these opportunities is complex because of the diversity of our economy and the fact that these opportunities often develop at the intersections of multiple technologies or sectors.
In support of Housing and Economic Development Secretary Greg Bialecki, MassTech’s Innovation Institute has partnered with industry associations, industry executives, and other stakeholders to develop a series of roundtable conversations that help identify – and to the extent practical, document or validate – significant emerging growth sectors where there is a strong likelihood that Massachusetts companies have already or can reasonably be expected to establish a substantial global competitive advantage.
These Forums can lead to improved understandings between state policy makers and sector executives of important high value opportunities to align resources and policies that can enhance that competitive advantage and the growth of these emerging sectors, and will also lead to preliminary understandings about the potential economic outcomes that could be achieved as a result.
Massachusetts policy makers are working toward a sophisticated understanding of the Massachusetts innovation economy. This includes: (i) the dynamics of what drives and sustains innovation; (ii) the dynamics of cluster and regional growth; and (iii) a framework for creating and assessing public policy interventions to enhance economic growth.