Techonomics: Navigating growth in a shifting economy

From the 2025 Technology Finance Symposium - East

Senator Barry Finegold, State Senator for the Commonwealth of Massachusetts, spoke with Baker Tilly principal Travis Drouin about the state’s economic and innovation landscape, particularly opportunities for tech and emerging industries. Both Senator Finegold and Drouin, longtime Andover residents, shared a personal connection that framed the discussion around local talent and business growth.

Senator Finegold highlighted Massachusetts’ strengths, including its highly educated workforce, top-tier schools, concentration of venture capital and world-class research institutions such as Harvard, MIT and Mass General Hospital. He noted, however, that high housing costs and outmigration of younger residents present challenges for retaining talent. To address these, the state has passed the Leads Act, a multi-billion-dollar initiative designed to support companies that grow and innovate in Massachusetts, with particular emphasis on sectors like biotech, clean tech, AI and defense.

Senator Finegold emphasized the importance of long-term thinking for both institutions and businesses. He cited examples from healthcare, robotics and food science, predicting continued growth in areas such as sustainable protein and health-focused innovations. He also addressed fintech, highlighting the need for both large banks and smaller institutions to innovate in providing capital efficiently.

The discussion turned to venture investing, where Senator Finegold shared his perspective as an angel investor. He emphasized that founder passion, resilience and domain familiarity are critical factors in successful ventures. He encouraged mentorship, internships and access to capital for underrepresented founders, noting that Massachusetts’ investment culture tends to focus on business plans rather than the person, in contrast to West Coast approaches.

Audience questions explored SBA funding, blockchain innovation and ways for government to better support emerging tech sectors. Senator Finegold underscored the importance of bridging the gap between business and government, advocating for the adoption of technology like blockchain to improve public services and drive efficiency.