Healey taps venture capitalist Eric Paley to lead economic development – The Boston Globe

Appointment of Eric Paley as Massachusetts Economic Development Secretary

Introduction

Governor Maura Healey has appointed Eric Paley, a prominent venture capitalist, to lead Massachusetts’ economic development initiatives. This strategic move aims to maximize the impact of a $4 billion bond bill passed last year, designed to support key industries within the state. The appointment underscores a commitment to sustainable economic growth aligned with the United Nations Sustainable Development Goals (SDGs), particularly SDG 8 (Decent Work and Economic Growth) and SDG 9 (Industry, Innovation, and Infrastructure).

Background and Professional Expertise

Eric Paley, managing partner at Cambridge-based venture capital firm Founder Collective, will assume office in September, succeeding Yvonne Hao. Paley will transition from his role at Founder Collective, retaining equity but relinquishing investment decision control. His annual salary will be approximately $200,000, consistent with Cabinet secretary standards.

Strategic Vision and SDG Alignment

Governor Healey’s selection of Paley reflects a deliberate focus on leadership from the business community to drive economic development. Paley’s expertise in early-stage startup investments positions him to foster innovation ecosystems that contribute to sustainable industrialization and innovation (SDG 9). His leadership is expected to:

1. Enhance support for emerging industries, including climate technology and artificial intelligence, promoting sustainable economic growth (SDG 8).
2. Leverage Massachusetts’ unique innovation ecosystem to create quality jobs and inclusive economic opportunities.
3. Implement the state’s comprehensive economic development legislation, facilitating equitable and resilient industrial advancement.

Professional Achievements and Contributions

• Co-founded Founder Collective in 2009, focusing on seed funding for technology startups, including Uber, PillPack, Omada Health, Cruise, Whoop, and Formlabs.
• Previously served as CEO of Brontes Technologies, a 3D dental imaging company spun out from MIT, acquired by 3M in 2006.
• Initiated the annual innovation conference, Collective Future, fostering collaboration and knowledge sharing within the innovation economy.

Commitment to Sustainable Development Goals

Paley’s appointment is expected to advance several SDGs through targeted economic policies and investments:

• SDG 8: Decent Work and Economic Growth – By promoting startup growth and innovation, Paley aims to generate sustainable employment opportunities and inclusive economic development.
• SDG 9: Industry, Innovation, and Infrastructure – Supporting cutting-edge technologies and infrastructure development to enhance the state’s competitiveness and resilience.
• SDG 13: Climate Action – Facilitating investments in climate-tech sectors to address environmental challenges and promote green technologies.
• SDG 17: Partnerships for the Goals – Strengthening collaboration between public agencies, private sector, and innovation communities to achieve shared development objectives.

Leadership and Organizational Impact

As economic development secretary, Paley will oversee a staff of 700 and chair boards of key quasi-public agencies such as the Massachusetts Development Finance Agency (MassDevelopment) and the Massachusetts Technology Collaborative (MassTech). His leadership will be instrumental in executing the state’s economic development legislation, which includes significant public funding to stimulate growth in priority sectors.

Stakeholder Perspectives

• Diane Hessan, Entrepreneur: Praises Paley as a “huge catch” with a keen ability to identify transformative ideas, highlighting the seriousness of Massachusetts’ economic development efforts.
• Yvonne Hao, Former Economic Development Secretary: Emphasizes Paley’s deep understanding of startups, founders, and the innovation economy, along with his dedication to Massachusetts.
• David Shapiro, CEO of YMCA of Greater Boston: Recognizes Paley’s strategic brilliance and connectivity, expressing optimism about his role in fostering an economically dynamic commonwealth.
• Katie Rae, CEO of Engine Ventures: Describes Paley as a forward-thinking problem solver and a key figure in shaping the future economy.

Conclusion

Eric Paley’s appointment as Massachusetts economic development secretary represents a strategic alignment with the Sustainable Development Goals, particularly in fostering innovation, sustainable industry growth, and inclusive economic opportunities. His leadership is anticipated to drive transformative change within the state’s economy, leveraging public and private partnerships to achieve long-term sustainable development.

For further information, contact Jon Chesto at jon.chesto@globe.com or follow on Twitter @jonchesto. Aaron Pressman can be reached at aaron.pressman@globe.com or on Twitter @ampressman.

1. Sustainable Development Goals (SDGs) Addressed or Connected to the Issues Highlighted in the Article

1. SDG 8: Decent Work and Economic Growth
   • The article focuses on economic development efforts in Massachusetts, including support for startups and innovation ecosystems, which directly relate to promoting sustained, inclusive, and sustainable economic growth and productive employment.
2. SDG 9: Industry, Innovation, and Infrastructure
   • The emphasis on venture capital investments in technology startups, support for climate-tech and artificial intelligence sectors, and fostering innovation ecosystems aligns with building resilient infrastructure, promoting inclusive and sustainable industrialization, and fostering innovation.
3. SDG 17: Partnerships for the Goals
   • The collaboration between government, private sector (venture capital firms), and quasi-public agencies reflects partnerships to mobilize resources and strengthen implementation of sustainable development initiatives.

2. Specific Targets Under Those SDGs Identified Based on the Article’s Content

1. SDG 8 Targets
   • Target 8.2: Achieve higher levels of economic productivity through diversification, technological upgrading, and innovation.
   • Target 8.3: Promote development-oriented policies that support productive activities, decent job creation, entrepreneurship, creativity, and innovation.
2. SDG 9 Targets
   • Target 9.1: Develop quality, reliable, sustainable, and resilient infrastructure to support economic development and human well-being.
   • Target 9.5: Enhance scientific research, upgrade technological capabilities of industrial sectors, and encourage innovation.
3. SDG 17 Targets
   • Target 17.16: Enhance the global partnership for sustainable development, complemented by multi-stakeholder partnerships.
   • Target 17.17: Encourage and promote effective public, public-private, and civil society partnerships.

3. Indicators Mentioned or Implied in the Article to Measure Progress Towards the Identified Targets

1. Indicators for SDG 8
   • Number of startups funded and supported by venture capital (implied through references to Founder Collective’s investments in startups like PillPack, Uber, and others).
   • Employment rates and job creation in emerging industries such as climate-tech and AI sectors (implied through economic development efforts and legislation).
2. Indicators for SDG 9
   • Investment amounts in innovation and technology sectors (e.g., $4 billion bond bill supporting promising industries).
   • Number of new technologies commercialized or companies spun out from research institutions (e.g., Brontes Technologies spun out from MIT).
3. Indicators for SDG 17
   • Number and effectiveness of partnerships between government agencies, private sector, and quasi-public organizations (e.g., collaboration between Massachusetts Development Finance Agency, MassTech, and venture capital firms).
   • Legislative actions and policies promoting innovation and economic development (implied through references to economic development legislation and policy reforms).

4. Table: SDGs, Targets and Indicators

Source: bostonglobe.com