What does bird migration have to do with regional innovation?
Carolina Chickadee
(Credit: Mr. Jamsey)
Carolina Chickadee
(Credit: Mr. Jamsey)
Serious birdwatchers know one finds the most variety in species where habitats collide, on the edges of domains. This also holds true for innovation, discovery, and scientific disciplines. Recent research shows that institutions that support interdisciplinary teams with strategic investments, institutional alignment, and collaborative ecosystems are more likely to create innovations that lead to patents, products, and companies.
With fewer than 1,000 Initial Public Offerings in any year, the most common exit strategy for investors in early-stage innovation firms is to find an acquisition opportunity. For the broader economic goal of encouraging innovation because it drives growth and societal progress, when large firms acquire smaller, innovative companies, does it promote innovation, or does it primarily help dominant players thwart possible competition and consolidate market power?
Note: The research careers for this year’s triple winners support the underlying arguments for public involvement in technology-based economic development. Well-designed and sustained public-private regional innovation initiatives—the work of SSTI and its member organizations—can make a positive difference for local competitiveness.
Massachusetts’ Gov. Maura Healey recently proposed a multi-year funding strategy (Five-Year Massachusetts Capital Investment Plan (CIP) [FYs 2026-2030] that would include investment of $890.4 million, including general obligation bonds and private sector contributions, for many of the state’s TBED and innovation initiatives (programs are outlined below).
As policymakers consider how to invest limited dollars to stimulate R&D across the U.S. while other countries increase their investments, it’s important to examine whether newer regional policy approaches have the potential to increase national competitiveness versus traditional individual programs.
In 1978, Massachusetts took a risk and made an $8.5 million investment into one of the earliest technology-based economic development (TBED) initiatives in the world. The commonwealth, among the states hard-hit by the global manufacturing restructuring underway at the time, which led to the deep recession of the early 80s, knew it needed to try something different to restore its economy and its long-term competitiveness.