Massachusetts’ big bet on biotech pays off
Bloomberg Businessweek - 10/15/2015
“We knew that we shouldn’t presume to substitute government for the private sector,” says Deval Patrick, who as governor of Massachusetts signed the subsidies into law. (He’s now a managing director at Bain Capital.) “If you can attract enough of the small companies that are on the cutting edge of research, the big companies will follow because they want a front-row seat,” says Barry Bluestone, a Northeastern University economist the state hired to measure the program’s impact.
Seventy percent of the money disbursed so far has been in the form of direct capital investments that were used to put up buildings and buy equipment. Every dollar Massachusetts spent under the program boosted tax revenue by $1.66, according to Bluestone.