Ask anyone where the current capital of technology is, and odds are they’ll tell you it’s the San Francisco Bay Area. But that hasn’t always been the case.
Boston is more than just the “cradle of liberty” and de facto capital of American liberalism and progressive politics. The Greater Boston area is also the birthplace of the American tech industry—and we believe it’s positioned to retake the throne.
As a veteran startup, with a front row seat to the area’s tech renaissance, Quick Base knows firsthand that Boston is the up and coming place to be.
As high costs and inflated expectations continue to plague the Bay Area from Marin County to San Jose, the Greater Boston area is emerging as a new land of opportunity. And it’s attracting a wellspring of startup tech companies that are growing and thriving here.
In fact, last year’s Innovation That Matters report, published by the U.S. Chamber of Commerce Foundation, ranked Boston as the top startup hub in the U.S. It recognized Boston “for its readiness to foster entrepreneurial growth and innovation in the next wave of the digital economy.”
Home to top universities like MIT, Harvard, BU and Northeastern, it’s no surprise that the Boston area’s STEM talent pool is the envy of the Nation. But what might surprise you is the sheer scope of research being done. In Cambridge alone, there is more academic R&D spending in tech (about $4B) than in any other part of the country, including the Bay Area ($1.3B).
And with much of the Valley’s attention distracted by the latest viral app, Boston quietly remains a force to reckon with on the frontiers of digital health, biotechnology, enterprise cloud and robotics/AI—the latter of which has a particularly rich history stretching back to the founding of the MIT Artificial Intelligence Lab in 1959.
For years, bright minds have been taking ideas conceived in Boston dorm rooms and turning them into tech businesses in California. We all know that strategy worked out quite well for Mark Zuckerberg. The Brookings Institution estimated that Boston retains less than a quarter of Harvard alumni and only 27 percent of MIT alumni post-graduation.
So why should today’s local and global talent consider sticking around to take part in the greater Boston area’s resurgence?
One reason is that the city of Boston is quickly stepping up to the plate to support all the innovation happening around town. In 2015 the mayor appointed Boston’s first “startup czar”, Rory Cuddyer, to lead StartHub, a program to unite and support Boston start-ups and market the local scene to the world.
And that’s just the beginning…
Other suburban Boston areas like Salem, MA are also getting into the game with programs like InnoNorth, which focuses on attracting more tech to the Massachusetts North Shore area.
Here’s another motivator: venture capitalists from across the country are paying plenty of attention to Boston’s “Innovation Economy” too. According to a recent report from the Martin Prosperity Institute, Boston ranks 3rd in its share of global venture capital investments. CB Insights reports venture capital funding in the area has more than doubled in the past 3 years alone, from $2.3B in 2013 to $4.8B in 2016.
Then there’s the remarkable high quality of life enjoyed in and around Boston. The U.S. News & World Report ranked Massachusetts first in its annual ranking, citing it as the best state for education, best for health care, and best in socioeconomic living conditions.
The facts speak for themselves: technology has a bright future in Boston. GE just set up shop in town, and even Zuck admitted that if he could do it all over again, he would have never headed West.
Charting its own journey as Boston’s “oldest new tech startup,” Quick Base intends to be a part of Boston’s tech future, and an active participant in a vibrant and growing community of bright minds and big dreamers.
Isn’t it time to make your move to Boston?