Friday, July 11, 2008

So, what is it that economic development agencies do?

By Mass High Tech Staff

All New England states and many cities and regions have development agencies charged with bringing new businesses, tax revenue and jobs to their locale. In addition, there are public, private and quasi-public agencies and organizations that focus on building up business within a given sector whether by recruiting and funding new business or through efforts such as new legislation.

Take the case of the New Hampshire Division of Economic Development as one example, Director Michael A. Vlacich outlined some of the division’s current and future initiatives:

• State and high tech leaders have joined forces on a branding campaign to boost New Hampshire’s tech employment base. Vlacich said the campaign focuses on New Hampshire’s lack of sales and state income taxes, its ranking as the most livable state in the U.S. and its low crime rate. “We plan to make an aggressive push for business and working in New Hampshire,” he said.

• Allocation of the first round of Research and Development Tax Credits and distribution of funds to support the New Hampshire Job Training Fund.

• The recent completion of the state’s first broadband action plan.

Here is a sampling of other New England state agencies and industry groups active in economic development (drawn from state websites and Mass High Tech’s 2008 Tech Services Directory):

Regional Technology Development Corp. of Cape Cod
Woods Hole
www.regionaltechcorp.org/
RTDC programs will facilitate technology transfer and support entrepreneurs in the formation and growth of new/emerging and existing technology-based companies.

Connecticut Department of Economic & Community Development
Hartford
www.ct.gov/ecd
The state’s lead agency for the development and implementation of policies, strategies and programs designed to enhance Connecticut’s communities and business and housing environments.

Connecticut Technology Council
East Hartford, Conn.
www.ct.org
An association serving the needs of enterprises involved in areas relating to technology, innovation and the commercialization of the sciences. 

Environmental & Energy Technology Council of Maine
Portland, Maine
www.e2tech.org
An association of companies, entrepreneurs, state agencies and organizations committed to advancing sustainable job growth, research and development, and new product commercialization.

Massachusetts Biotechnology Council
Cambridge
www.massbio.org
A nonprofit organization focused on advancing the development of critical new science, technology and medicines that benefit people worldwide.

Massachusetts Department of Business Development
Boston
www.mass.gov
A state department committed through its agencies and other resources to assisting domestic and foreign companies that want to locate, expand, grow, or maintain a presence in Massachusetts.

Massachusetts High Technology Council Inc.
Waltham
www.mhtc.org
A nonprofit corporation working to make Massachusetts the world’s most attractive place in which to live and work, and in which to create, operate and expand technology businesses.

Massachusetts Technology Collaborative
Westborough
www.masstech.org
A group that brings together leaders from industry, academia, and government to advance technology-based solutions that lead to economic growth and a cleaner environment in Massachusetts.

Mass Technology Leadership Council Inc.
Boston
www.masstechleaders.org
A council dedicated to addressing critical leadership issues of innovative technology-enabled companies.

New England Clean Energy Council
Cambridge
www.cleanenergycouncil.org
The council’s overriding goal is to accelerate New England’s clean energy economy to global leadership by creating jobs, spurring innovation, and increasing market demand.

New Hampshire Biotechnology Council
Greenland, NH
www.nhbiotech.com
Promotes growth of the biotechnology industry in the state by providing information and assistance to biotechnology startup companies and biotechnology companies interested in relocating to New Hampshire and fostering educational programs.

New Hampshire Division of Economic Development
Concord, N.H.
www.nheconomy.com
Provides services and resources designed to attract new businesses to the state; promotes in-state business expansion and retention; and facilitate sales of New Hampshire-made goods and services.

New Hampshire High Technology Council
Peterborough, N.H.
www.nhhtc.org
Representatives from the private and public sectors establish and maintain financial, technical, management, legislative and educational support programs that encourage innovative research and technology-based development.

Office of Innovation
Maine Department of Economic and Community Development
Augusta
www.maineinnovation.com
Provides strategic direction, promotion, measurement and evaluation of innovation-related public investments in Maine.

Regional Technology Corp.
Springfield
www.rtccentral.com
The market-driven catalyst for growth and development of technology-based industries in Western Massachusetts and the Knowledge Corridor.

Rhode Island Economic Development Corp.
Providence, R.I.
www.riedc.com
A quasi-public agency that serves as a government and community resource to help streamline the business expansion in, and relocation to, Rhode Island.

SouthCoast Development Partnership
Dartmouth
www.umassd.edu/southcoast/development
A regional collaborative for the SouthCoast, providing assistance for businesses looking to expand or relocate in the region.

Vermont Economic Development Authority
Montpelier, Vt.
www.veda.org
Vermont’s economic development finance lender helping businesses realize their growth goals, create jobs, and enhance Vermont’s economy.

Boston battles back from the burst

While tech-oriented employment in the Boston area hasn’t approached its pre-burst levels of 2001, the area continues to show growth in tech employment and payroll, and it retains its fourth-place rank in the American Electronics Association list of “cybercities.”

Boston at a glance
• 93 of every 1,000 private sector jobs are in high tech firms
• The leading tech sector employers are computer systems design and related services (41,400 jobs); R&D and testing labs (38,500); and engineering services (19,800)
• The average tech wage is $95,100, compared with $57,533 for all private sector jobs
• The Boston area includes Essex, Middlesex, Norfolk, Plymouth and Suffolk counties in Massachusetts and Rockingham and Strafford counties in New Hampshire