As we face the economic challenge of our lifetime, we in Massachusetts take solace in the fact that our business ecosystem is one of the most innovative in the world. In fact, CNBC just ranked Massachusetts No. 6 on its 2011 roster of America’s Top States for Business. This is valuable recognition in the near term, but it does not guarantee success in the long term. While celebrating the many assets and successes of our region, we must work to better understand and invest in overcoming structural deficiencies that will otherwise weigh on our ability to succeed in the global economy for generations.
So what does success look like, and what must we do to move forward aggressively? The MassTLC set a challenge of creating 100,000 new tech jobs by 2020. The council articulated its challenge as a number of jobs, but our aspiration is arguably more about the kind of business environment that would result in the rise of new companies and, of course, the associated jobs. The council’s challenge requires the creation of hundreds of small, innovative companies, continued expansion of our mid-market companies, and the emergence of a number of new $1 billion companies over the coming decade. We should not assume that it can be done with our current business infrastructure. We must address the structural impediments and opportunities that are real but not insurmountable.
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This article was written by Steve Krom, the Vice President at AT&T