News Summary
Governor Maura Healey has appointed Eric Paley as the new economic development secretary for Massachusetts. Paley will oversee key agencies aimed at enhancing the state’s economic framework and innovation landscape. His agenda includes promoting ‘DRIVE’ legislation and addressing challenges like housing affordability. Paley’s entrepreneurial background positions him uniquely to advance major economic initiatives, aiming to attract corporations and support local communities throughout the state.
Boston, Massachusetts — Eric Paley has been appointed as the new economic development secretary for Massachusetts by Governor Maura Healey. Paley took on this key role last month, overseeing a staff of 700 individuals tasked with navigating the state’s economic growth and innovation landscape. His leadership comes at a pivotal time as the Healey administration aims to bolster the state’s economic framework and attract major corporations such as Hasbro to relocate their headquarters to Boston.
In his new position, Paley will chair significant quasi-public agencies, including MassDevelopment and MassTech, crucial to fostering economic development. His role will not only involve overseeing these agencies but also spearheading legislative initiatives aimed at enhancing the state’s competitive edge. A prominent part of Paley’s agenda includes promoting the “DRIVE” legislation, which seeks to allocate $400 million to support universities in addressing federal research funding cuts.
Under Paley’s guidance, several economic development initiatives will be advanced, stemming from a comprehensive economic development bill passed last year. This legislation includes provisions that allocate hundreds of millions of dollars to bolster the climate-tech sector and designate $100 million specifically for artificial intelligence (AI) initiatives. The ambitions outlined in these initiatives reflect a commitment to advancing technology and innovation in Massachusetts.
Paley’s experience prior to his appointment positions him uniquely for this role. He was an entrepreneur, founding a web-development firm during the early dot-com era and later establishing Brontes Technologies, a 3-D imaging business focused on dental care. In 2009, he co-founded the venture capital firm Founder Collective, which invested in high-profile companies like Uber, SeatGeek, and local startups such as Whoop and Formlabs. Founder Collective was also an early investor in PillPack, a company acquired by Amazon in 2018, leading to a connection with his predecessor in the role, Yvonne Hao.
Paley’s entrepreneurial background, including his experience navigating both private sector challenges and opportunities, made him a top candidate for the economic development secretary position. He expressed a strong desire to make a positive impact on the Massachusetts economy and emphasized the urgency surrounding the DRIVE legislation amidst increasing competition for talent and innovation both nationally and globally.
His vision extends beyond immediate initiatives. Paley recognizes that the potential relocation of Hasbro to Massachusetts is a significant development, as it showcases the strength of the state’s creative and innovative economy. However, he also acknowledges challenges such as housing affordability and the intricate tax implications affecting the state’s overall competitiveness.
To address housing issues, Paley advocates for accelerated environmental review processes to streamline the development of multifamily housing, which is essential for meeting the state’s housing goals. He highlighted the current climate of economic uncertainty for businesses, stemming from various national headwinds that could affect growth trajectories.
With a venture capital mindset, Paley aims to approach state resources as if they were seed capital, fostering broader economic development across the state. He intends to engage comprehensively with communities outside of the greater Boston area to better understand local economic needs and aspirations.
Paley is also committed to promoting Massachusetts manufacturing and sharing success stories that can highlight the sector’s growth potential in the future. His comprehensive strategy involves leveraging existing resources and navigating potential federal funding gaps to further economic development initiatives throughout the state of Massachusetts.
Deeper Dive: News & Info About This Topic
- Boston Globe: Eric Paley’s Appointment
- Wikipedia: Economic Development
- MassLive: Eric Paley’s Bet on Massachusetts
- Google Search: Eric Paley Massachusetts
- WWLP: Massachusetts Governor Hires Economic Development Chief
- Encyclopedia Britannica: Economic Policy
- NBC Boston: Yvonne Hao Steps Down
- Google News: Massachusetts Economic Development
- Boston Herald: Sluggish Growth in Massachusetts
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BOSTON STAFF WRITER The BOSTON STAFF WRITER represents the experienced team at HEREBoston.com, your go-to source for actionable local news and information in Boston, Suffolk County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Boston Marathon, Head of the Charles Regatta, and Boston Harborfest. Our coverage extends to key organizations like the Greater Boston Chamber of Commerce and Associated Industries of Massachusetts, plus leading businesses in finance, biotech, and insurance that power the local economy such as Fidelity Investments, Biogen, and Liberty Mutual Insurance. As part of the broader HERE network, we provide comprehensive, credible insights into Massachusetts's dynamic landscape.
