Wednesday, May 25, 2011

Its Time to Innovate in Providing Access to Startup Capital

Economic indicators tell us the economy is rebounding. Massachusetts relies on innovation and new companies to supply new high-paying jobs. Boston does have a concentration of repeat entrepreneurs, ideas, world-class universities and access to startup capital. But how many startups is enough to ensure Massachusetts’ leadership in tech innovation and the resulting economic health and jobs that implies?

As we continue the slow recovery, we must marshal our strengths to nurture genius and industry here, and I know the capital is there to support it. Mobile is a great example. Some claim Boston has lost the mobile and social media waves to the West Coast. Well, according to the mobile cluster of the Mass Technology Leadership Council there are more than 400 mobile startups employing 30,000 people in Massachusetts. We are sitting on a strong knowledge base of carrier and enterprise infrastructure, and the next generation of media and content-related expertise. Not only has Boston shined in the traditional area of infrastructure (such as Starent), but we have also produced some of the early and leading companies in mobile advertising (Third Screen, Quattro, et al).

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This article is written by Carl Stjernfeldt, Trustee of MassTLC and General Partner at Castile Ventures. This is the third of 12 articles outlining the MassTLC 2020 Challenge — creating 100,000 new technology jobs by 2020

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