For Immediate Release - March 14, 2011

AT LONDON STOCK EXCHANGE, GOVERNOR PATRICK HIGHLIGHTS TECH SECTOR PARTNERSHIP BETWEEN UK AND MASSACHUSETTS

Trade Mission: London

Monday, March 14, 2011 -- Governor Patrick meets with Alderman David Wootton and participates in a Financial Services Industry Roundtable hosted by the City of London. (Photo credit Matthew Campion)

LONDON - Monday, March 14, 2011 - Building on the successes of the Massachusetts Innovation Economy Partnership Mission 2011 that began in Israel last week, Governor Deval Patrick today joined business leaders from the United Kingdom and Massachusetts at the London Stock Exchange to establish partnerships that will accelerate job growth and investment in the tech sector.

"Innovation is not constrained by borders, which is why it is so critical for government and our leading companies and research centers to reach out, to attract new talent and to generate new partnerships," said Governor Patrick. "The world is our customer, and our efforts are producing benefits for Massachusetts, the United Kingdom and our partners around the globe."

Joined by a delegation of Massachusetts industry leaders and state officials, the Governor participated in a roundtable discussion focused on ways to build partnerships in the tech sector and increase access to public and private financing in order to create cutting-edge jobs and grow the tech sector in Massachusetts and the UK. The Patrick-Murray Administration is committed to strengthening the Massachusetts innovation economy by developing lasting partnerships, unlocking new export opportunities and helping Massachusetts companies succeed in the global marketplace.

"The Massachusetts innovation ecosystem has a wealth of new products, businesses and partnership opportunities that offer tremendous value for our partners in the UK," said Economic Development Secretary Greg Bialecki. "The partnerships we are forging on this mission will lead to new opportunities for companies in both Massachusetts and the UK."

The roundtable forum helped Massachusetts officials showcase the state's strengths in research & development, educational attainment, technology transfer as well as new company and product development. State leaders highlighted several key points for UK officials, including:

 

  • The concentration of iTech firms in Massachusetts is four times the national average. A 2008 study by the University of Massachusetts Donahue Institute accounted for more than 10,000 tech firms in the state.
  • Of the $2.37 billion of venture capital invested in Massachusetts in 2010, one-third was invested in the tech sector.
  • Massachusetts boasts a collaborative culture with industry associations that serve as business hubs; in the iTech sector the state has the Massachusetts Technology Leadership Council, MITX (the Mass. Information Technology Exchange) and TechAmerica, among others.

"Massachusetts is a global hub for innovation," said Patrick Larkin, Director of the Massachusetts Technology Collaborative's John Adams Innovation Institute. "We are leading the innovation revolution in iTech with our high concentration of talent, world class research and development and the commitment of public and private leaders to create the conditions for growth in this sector."

Business leaders participating in the roundtable echoed the need to form partnerships and capitalize on new opportunities.

"We have worked closely with Governor Patrick and his team during the past four years to make Massachusetts a global tech hub of innovation, and I am proud to help carry the message abroad that Massachusetts is the place where the technology industry can thrive," said Andy Ory, Founder and CEO of Acme Packet, the leader in session delivery network solutions, headquartered in Bedford. "Our origin and location in Massachusetts has been critical to Acme Packet's growth and the shared commitment from government and industry to keep building the state's innovation capacity will only attract more talent and increase our access to new markets."

The Massachusetts Innovation Economy Partnership Mission 2011 is focusing on business expansion, job growth and collaboration during industry forums, company visits and meetings with Israeli and UK business leaders and government officials in Tel Aviv, Haifa, Jerusalem, London and Cambridge. The Massachusetts delegation arrived in the United Kingdom on March 12 and will return to Boston on March 17.

For more information, visit http://www.mass.gov/governor/innovationmission.

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