MassVision2050: Generating Bold Ideas for Massachusetts’ Future
Massachusetts is home to world-class higher education and research institutions, renowned hospitals and health care systems, thriving start-ups and business enterprises, and pioneers across the innovation ecosystem. To maintain our position as a leader in the global economy and to improve economic opportunities and social mobility for all Massachusetts residents, we must look beyond the present and prepare for the future.
As we look ahead, the Commonwealth is confronted with numerous complex challenges, from the impact of emerging technologies to changing demographics and global economic shifts. These challenges are further exacerbated by the disruptive effects of Massachusetts’ deteriorating business environment and changes in tax policies, demanding collective action.
To stay ahead of these challenges and continue to thrive as a premier center of innovation, it’s crucial that we work together to understand the implications of these trends and develop strategies that will allow us to take advantage of new opportunities and elevate the quality of life for all Bay Staters.
That’s where MassVision2050 comes in.
Spearheaded by the Massachusetts High Technology Council, with support from Knowledge Partner McKinsey & Company and The MITRE Corp., MassVision2050 is a multi-year collaboration between private, public, and academic leaders to advance Massachusetts’ global economic leadership, focusing on key sectors that are likely to drive employment and economic growth in the coming decades. MassVision2050 aims to put Massachusetts at the forefront of global conversations and cross-industry collaboration on new technologies and their societal impact.
At its core, MassVision2050 is fueled by a holistic vision, striving to accelerate capital investment and job creation, expand economic opportunities, and enhance social mobility. This initiative aspires to establish a comprehensive framework for Massachusetts’ future prosperity by providing solutions that create economic opportunities for residents that ensure all Bay Staters thrive as emerging technologies enhance existing industries, drive new ones, and spur investment and growth.
MassVision2050 operates through three core workstreams:
Innovation Sectors
Data-Driven Insights & Growth Opportunities
A first-of-its-kind analysis was conducted to determine market size, talent needs, and growth opportunities for nine crucial innovation sectors, including AI, FinTech, Cybersecurity, Life Sciences, and Semiconductors. Experts from nearly 30 organizations representing every corner of the innovation ecosystem have come together to form MassVision2050 working groups, with a goal to publish fact packs that provide actionable recommendations and “blueprints” for growth and development in each sector.
The Engaged Workforce
Talent Strategies & Workplace Culture
The demand for skilled, job-ready talent cuts across every sector. MassVision2050 brings together stakeholders from business, education, and government to develop business/education partnerships and talent strategies that address persistent skills gaps and make opportunities more accessible to Massachusetts residents.
Mass. Opportunity Alliance
Correlation Between a Competitive Business Climate & Quality of Life
In parallel with the development of sector fact packs and talent strategies, MassVision2050 will help launch a sustained statewide campaign to defend and strengthen the Massachusetts business climate to ensure long-term economic success and prosperity, promote social mobility, and enhance economic opportunities for all in the Commonwealth.
MassVision2050: Massachusetts Innovation Sectors
MassVision2050 zeroes in on key innovation sectors likely to drive employment and economic growth in Massachusetts in the coming decades. Presenting annual updates to our Innovation Sector data, we have set the stage for robust, fact-based recommendations tailored for public, private, and academic leaders. This first-of-its-kind endeavor explores market size, talent needs, and growth opportunities across nine innovation sectors crucial to Massachusetts’ success over the next 20-30 years:
Artificial Intelligence
Blue Technology/Maritime Innovation (Blue Tech)
Clean Energy & Clean Technology
Cybersecurity
Financial Technology (FinTech)
Health Technology (Health Tech)
Life Science Innovation
Semiconductors
Software
While examining these sectors the following considerations and cross-cutting topics were kept in mind:
Future of Work: Talent Needs & Strategies
Housing
Robotics
Supply Chain Enhancement
Transportation Technology & Advanced Mobility
MassVision2050 Innovation Sector Member-Led Initiatives
The Innovation Sector workstream extends beyond theory to actionable ventures driven by the expertise of High Tech Council member organizations. These initiatives assemble public, private, and academic experts, forming collaborative working groups focusing on actionable projects, including:
Innovation Sector Fact Packs
Led by Knowledge Partner McKinsey & Company, the Innovation Sector Fact Packs are foundational to MassVision2050’s initiatives. Updated annually, this effort produces a nuanced fact base for the nine innovation sectors, exploring the market size, talent needs, and growth opportunities across each sector.
Cybersecurity Collaboration Community (CCC)
Launched with leadership from MKS Instruments, the Cybersecurity Collaboration Community (CCC) is a collaborative platform for Chief Information Officers and cybersecurity experts representing High Tech Council’s member organizations to share expertise, insights, and best practices to collectively enhance cybersecurity capabilities and enable resilience against evolving cyber threats.
FinTech Innovation & Research Center (FIRC)
A team of High Tech Council members is advancing the launch of a collaborative FinTech Innovation & Research Center (FIRC). Our goal is to accelerate growth in Massachusetts by focusing on AI for FinTech. AI/ML applications are a driver of growth. FIRC can capitalize on that potential by accelerating that growth through applied research, development and policy evaluations. This project will bring together the most innovative minds in AI/ML, Finance, Law, and Technology, both from industry and academia, to leverage research and technology to address the current inefficiencies in the world of finance with a target to improve financial equality.
The Impact of AI in Healthcare: Analysis & Recommendations
AI has the potential to revolutionize healthcare by accelerating innovation, improving patient outcomes, and addressing current challenges in cost, quality, and access to care, while alleviating healthcare workforce shortages and burnouts. Led by the Boston Consulting Group, this endeavor aims to assess the impact of AI on the healthcare sector in Massachusetts, spanning from Biotech and Biopharma to Medtech and Health Services. The project will articulate implications for workforce development, laying the foundation for a future-ready healthcare workforce.
Massachusetts Microelectronics Coalition Expansion
A successful effort led by the MITRE Corp and Analog Devices, we will amplify engagement by Massachusetts microelectronics employers and boost state grant funding to support the regional hub in Massachusetts (one of eight national hubs) awarded by the U.S. Department of Defense in September 2023 as part of the implementation of the CHIPS and Science Act.
Amplify Awareness & Engagement in MITRE’s BlueTech Research Center
The MITRE BlueTech Lab is a state-of-the-art, indoor maritime test facility and collaborative laboratory for innovators and researchers to advance marine technology, strengthen climate resilience, and increase national security and safety. MITRE’s BlueTech Lab is a testing facility that enables the regional BlueTech innovation community to rapidly prototype new technology quickly and safely.
Get Involved
We invite you to join us in strategizing for the future. Please contact Chris Anderson for more information.