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The United States is ranked number one among all nations in technology innovation and development — and in 2004, Massachusetts continued to be the leader among all states, according to a ranking system developed by the Milken Institute. Not surprisingly, on most measures of the strength of the technology sector, Metro Boston ranks within the top ten regions in the country, although there is keen and growing national and global competition in this sector.
Massachusetts and Metro Boston owe much of their success in the growth of new high-tech sectors to the Massachusetts Institute of Technology (MIT), founded in 1859 in Boston and moved in 1916 to Cambridge. MIT graduates tend to locate new businesses and start-up companies in the Metro Boston area in order to reap the benefits of close proximity to MIT and other local institutions of higher learning, with their highly trained scientists, researchers and graduating students. This strategy fueled: the growth of new defense-related industries in the 1970s, particularly along Route 128; the rapid growth of mini computer and data storage companies, such as Wang, Digital and Data General in the 1980s; software and telecommunications companies in the 1990s; and, most recently, life science companies.
A 2003 Appleseed report, Engines of Economic Growth, explored the contributions of Greater Boston’s eight research universities to the technology and knowledge that create new industries and jobs. The report concluded that these universities are responsible for new discoveries in computing, information technology, medical devices, biotechnology, and genetics — and provided a draw for corporations such as Amgen, Cisco, Merck, Novartis, Pfizer and Sun Microsystems, which have located facilities near these universities and their related hospitals and centers. In 2000 alone, 41 new technology-related ventures were launched to commercialize university-developed technology, 280 licenses were granted to private ventures, and $45 million in income was generated by licensing private enterprises in this sector.
The strong entrepreneurial infrastructure of the high-tech arena generates the need for services like accounting, legal, public relations, industry analysis, and research — resulting in the growth of other new companies. And Massachusetts’ excellence in biotechnology and information technology gives it a leading edge over other geographic areas in the spawning of yet newer areas of exploration, such as nanotechnology.
Local capacity to lead the search for new knowledge and solutions not only contributes to advancements in science and technology, but also creates economic opportunity, as every specialized job creates new jobs in support services and related industries. Ubiquitous internet access using WiFi (wireless services) is making Boston more business-friendly and helping to ensure that the city’s residents have access to the skills and capacities they need to compete in a technology-powered global economy.
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