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Mass. Innovation Economy Generating Thousands Of New Jobs

By Anthony Silva, WBZ NewsRadio 1030 New England Business Editor
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Anthony Silva is co-host of the WBZ Afternoon News heard each wee...
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BOSTON (CBS) – A study released Monday morning by the Mass Technology Collaborative finds that the state’s innovation economy is growing by double digits.

“Angel investing has become a much more significant piece of overall investment and has grown by 50% year-to-year,” according to Collaborative CEO Pamela Goldberg.

WBZ NewsRadio 1030’s Anthony Silva reports

Angel investing is the very first phase of investing for a young company that may only be one person with an idea.

Goldberg says, “Where the venture capitalists used to come in very early on in the formation and the growth of a company, now you’re seeing the angel investors, doing what they call seed stage investing.”

Goldberg adds that new sectors of the state’s economy, including robotics and big data, are adding new jobs quickly.

Meanwhile, the quickly-growing Cambridge Innovation Center now needs a second building for its tenant start-ups.

CIC Managing Director Brian Dacey says the Center has signed a lease to expand in Kendall Square.

“We’re basically full at our location at 1 Broadway,” he says. “We were very fortunate to find some terrific space just a block or so away at 101 Main Street in Cambridge, where we’ll take about 52,000 square feet of space.”

“Currently, we have over 500 clients in our space at 1 Broadway,” Dacey continues, “and we’ve got many on the waiting list, and we also have clients who need to expand. We expect in the new space we should be able to accommodate somewhere around 150 clients.”

Dacey says the new location will be ready for occupancy this spring.

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