A new economic development package aims to bolster Massachusetts' thriving life sciences industry while fostering growth in climatetech and artificial intelligence.
The Healey Administration hopes to repeat the success the state has seen with the life sciences industry with a new economic development package. Massachusetts has become renowned for its cutting-edge life sciences industry which has flourished over the past decade and a half. Now a newly-passed economic development package seeks to build on that, while planting the seed for emerging industries like climatetech and artificial intelligence to grow in the Bay State.
It includes the third reauthorization of the Life Sciences Initiative, which was originally passed in 2008 and is widely credited with helping to establish Massachusetts as a biotech hub. 'It is a really big deal,' Massachusetts Secretary of Economic Development Yvonne Hao said.'It's an almost $4 billion economic development bill... a big signature of this $4 billion bill, was $1 billion for the next phase of life sciences and really making sure that we don't rest on our laurels, that we continue to invest and accelerate all of the discoveries, all of the different startups, all the different big companies here.' Massachusetts is trying to keep its competitive edge in the biotech industry, but other regions are aggressively pursuing biopharma companies with generous incentives.Massachusetts hopes to capture the interest of AI startups and entrepreneurs with the formation of the Massachusetts AI Hub and millions of dollars of funding toward that industry. 'The question for us, Massachusetts, is just like with life sciences, just like with climatetech, how do we use technology for good?' Hao said.'How do we lead to use technology to solve important problems to make the world a better place? And in doing that, create lots of jobs and lots of economic growth for everybody.The AI industry is wide-ranging — similar in that regard to climatetech — encompassing companies that create AI systems directly, as well as companies that produce products driven by A
Massachusetts Life Sciences Climatetech Artificial Intelligence Economic Development
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Massachusetts Invests in Life Sciences and Emerging TechnologiesA new economic development package in Massachusetts aims to bolster the state's already thriving life sciences industry while fostering growth in climatetech and artificial intelligence.
Read more »
Massachusetts Invests in Next-Gen Industries with $4 Billion Economic Development PackageBuilding on its success in the life sciences sector, Massachusetts aims to foster growth in emerging fields like climatetech and artificial intelligence with a new $4 billion economic development package. The plan includes funding for a third reauthorization of the Life Sciences Initiative and the establishment of the Massachusetts AI Hub.
Read more »
10x Genomics and Beckman Coulter Life Sciences Launch New Solution to Automate Single Cell Assay Workflows10x Genomics and Beckman Coulter Life Sciences, announce the commercial availability of a new solution to automate single cell gene expression workflows.
Read more »
Carlyle-backed life sciences investor launches $1.5bn clinical trials fundAbingworth wants to pursue royalty-based partnerships with major pharma groups
Read more »
The role of ULT freezers in the life sciences sectorULT freezers are critical in life sciences, ensuring the stability and integrity of sensitive biological samples and reagents.
Read more »
Regulation and ‘poor alignment’ are stymying health innovation, says reportAuthor recommends breaking ‘siloed’ work practices to spur life sciences sector and improve care
Read more »