Massachusetts High Technology Council President Christopher Anderson and Economic Development Secretary Yvonne Hao discuss the state’s economic development plans during a forum held at the University of Massachusetts Mass Club, Monday, February 5, 2024. (SHNS)
BOSTON (SHNS) – Business and tech leaders working to strengthen the commonwealth’s competitiveness previewed several ideas Monday before Economic Development Secretary Yvonne Hao, who said Massachusetts is a key area. He spoke of the need to be “relentlessly paranoid” to extend his lead in the United States. Like life science.
Sumedh Mehta, chief information officer at Putnam Investments, said that as part of MassVision2050, an initiative led by the Massachusetts High Technology Council that explores ways Massachusetts can foster long-term employment and employment, financial or financial services proposed to establish an innovation and research center focused on AI. economic growth. Mehta said venture capital investors are interested in financial technology and AI, noting North Carolina’s success in this area.
The MassVision 2050 initiative incorporates perspectives from the private, public sector, and academia, parallels the Healey administration’s economic development plan, and focuses on extending Massachusetts’ competitive advantage in several key areas, MHTC said. they said at an event Monday afternoon.
“If we bring these two together and integrate Massachusetts’ economic plan and vision for 2050, we need to build around fintech and AI, create some research, bring in academics, collaborate with industry. We need to create something unique that we developed on our own.” We can do things in Massachusetts that others can’t do,” Mehta said. “Why not build something that is sustainable and meets the 2050 MHTC goals through research, through collaboration with financial services companies that happen to be in the Boston area and are leaders in their field, through collaboration with academic institutions? Are you planning to do it? “
This kind of center could attract capital and talent, which could lead to new start-up companies launching here, he said.
Another arm of MassVision2050 is investigating what kinds of workforce development is needed as the healthcare sector leverages AI, such as nurses using AI to triage patients. Val Pannier, managing director at Boston Consulting Group, said a white paper on workforce training should be drafted and available for states to consider within two to three months.
“A rough assessment might say that we need to increase the number of health care workers by about 60 percent,” Pannier said. Pannier noted that new jobs may be created while existing ones disappear, which also points to the need for reskilling.
Hao said the Healey administration is “deeply engaged” in crafting the next economic development bill, based on an economic development plan titled “Team Massachusetts: Leading Future Generations.” The plan calls on the Commonwealth to address long-standing issues such as unreliable transportation and insufficient housing to support economic growth.
Under the plan, Massachusetts will “extend” its lead in areas such as life sciences and health care, advanced manufacturing and robotics, and artificial intelligence, while creating new leadership in climate technology, tourism, and culture. It is necessary to demonstrate. It also outlines strategies to enhance talent recruitment and retention, as well as talent development and training opportunities.
“We are working with Chairman Parisella and Sen. Feingold and all of our colleagues in the Legislature to figure out how we can make this happen with the right funding, the right ownership standards, the right governance, and the right legislation. We’re going to work very closely together,” Hao said, referring to the chairman of the Economic Development and Emerging Technologies Committee.
“And that’s a work in progress right now, and we hope to have that bill completed by the end of the year,” Hao continued.
Hao said he traveled to Las Vegas last week for a meeting with 30 people, including his fellow economic development secretary. He said attendees were asked about each state’s top priorities.
“And everyone said, ‘We want to win in the life sciences, we want to win in the life sciences.’ [computer] Chip, we want to win in climate change technology, we want to win as people leaders. “So everyone is trying to do what we’re doing and trying to catch up,” Hao said.
Asked which states he was most concerned about, Hao talked about the competitive advantages of North Carolina and Texas.
“The question for us is how do we become so relentlessly paranoid that we’re constantly monitoring the competition?” Hao said.
