Thriving Tech Industry
Cambridge and Boston might well be the Silicon Valleys of the East Coast. The tech industry in these cities is robust and growing, spawning new startups and innovative ideas. Not only does that create new, well-paying jobs, but the growth also spills over to other businesses, which see an increase in demand for their goods and services. As more jobs, and therefore more employees, flock to the thriving tech community in Massachusetts, other small business owners can expect more patronage and more disposable income in their communities.
“Massachusetts is a good place to be if you’re [in the tech sector and] not going to be in Silicon Valley,” Lynch said. “We have access to a lot of colleges and universities, we have a decent talent pool and we also have a decent customer base in all of the colleges, because all of those students and the folks who are founding tech companies would be the ones to use our high-end computers.” “Massachusetts is probably one of the top five places for tech in the country,” Calder said.
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A company that owns and manages co-working spaces, cove, is one example of a nontech startup that directly benefits from the tech boom. A lot of cove’s clients are founders of early-stage tech startups. While cove is based in Washington, D.C., it operates locations in Massachusetts; that decision was in no small part due to the state of the tech industry and the promise of more innovative ideas coming from the state’s very active academic community.
“In general, what we see here is the advent of technology,” Adam Segal, CEO of cove, said. “When you have a highly educated population like you do in Boston and surrounding areas, that’s a convergence of a lot of opportunity and a breeding ground for small businesses and new ideas.”