Investing In Innovation

Students are the “secret sauce” of the state’s innovation economy, said Massachusetts Secretary of Economic Development Yvonne Hao during “Beantown Brilliance: The State of Innovation,” the keynote session of Startup Boston Week 2024 at Suffolk University.

The weeklong event for Hub entrepreneurs, now in its second year at Suffolk, attracted thousands of members of the state’s startup community with hundreds of live programs, panels, and networking events.

Moderated by Boston Globe columnist Scott Kirsner, Hao’s talk was centered on the prospects offered by the state’s innovation economy, which she said is interconnected with Boston’s academic institutions.

“There are so many opportunities for young people, especially if you’re interested in the startup scene, in innovation,” she said. “We have an infusion every year of people coming here to study, and we have such incredible homegrown talent.

“If you’re a young person here, I can’t think of a more exciting place to be if you want to really make a difference in the world,” said Hao.

Hao, a veteran of private industry who took over the state’s economic leadership post in January 2023, said that for Massachusetts to remain at the forefront, lawmakers must push forward key legislation, called the “Mass Leads Act.”

The massive bonds proposal, part of Governor Maura Healey’s economic development plan, would make $3.5 billion in critical investments—including a climate tech initiative of $1.3 billion across ten years expected to generate $16.4 billion in economic activity, creating nearly 7,000 new jobs. It failed to gain Senate approval before the end of the last legislative session.

“This can’t wait until 2026. We have to get a bill done now,” she said.

Hao’s overall message was one of optimism and keeping momentum strong when it comes to Bay State economic growth and technical innovation. “We can’t stay still. We need to double down and lead for generations to come.”