A Conversation with Massachusetts Secretary of Economic Development Yvonne Hao

A Conversation with Massachusetts Secretary of Economic Development Yvonne Hao

Massachusetts Secretary of Economic Development Yvonne Hao joined us for MFN’s official launch event on October 4, and generously offered us her perspectives on the strengths of our state, what Massachusetts needs to continue to prosper, and what it’s been like as an experienced business professional to settle into her first government job.

 

Megan Marszalek

Our conversation with Secretary Hao was facilitated by Megan Marszalek, the Director of Entrepreneur Ecosystems at the Massachusetts Technology Collaborative’s Innovation Institute. Here are some excerpts.

Megan Marszalek: Could you shed light on your journey since joining the Healy administration and discuss your key focus areas as the secretary of economic development?

 

Yvonne Hao: This is my first experience in state government. Just a year ago, I could never have imagined this role for myself. My entire career has revolved around business. I’ve worked in large public companies, startups like PillPack, and have held positions as an investor, board member, CFO, CEO, and more.

 

Last year, around this time, I received an unexpected phone call. It was Governor Maura Healey. We met for lunch the following day, and by New Year’s Day, she invited me to join her administration. I was sworn in on January 17th, and the subsequent months have been nothing short of a whirlwind.

 

Every day, I’m deeply honored to serve our state. Navigating the state government has been educational. There are parallels with the private sector, but also distinct differences. 

 

One of our primary tasks this year is the formal economic development plan, a strategy we’re required to update every four years. Our goal is to finalize and publish this plan by the end of the calendar year, with endorsements from the Governor, Lieutenant Governor, and the legislature. Beyond just creating a comprehensive report, our aspiration is to animate this plan through an economic development bill that ensures we have the right resources and support to make our vision a reality.

 

Megan Marszalek: Your experience is rooted in the private sector. How does this background influence your current role, especially in relation to entrepreneurship?

 

Yvonne Hao: I meet with lots of companies. Whether it’s a small local restaurant or a large public company, I emphasize two points. 

 

Since I’ve been running businesses until recently, I understand the challenges, from managing cash flow to ensuring payroll. So my initial message is always one of gratitude. In today’s mobile world, businesses and individuals have choices about where they establish themselves. We deeply appreciate those who choose Massachusetts, and the governor echoes this sentiment frequently.

 

Secondly, I ask businesses how the state can assist them. I want to know the challenges these businesses face, and how we, as a state, can help. Can we enable them to resolve issues, to scale up, or to simply be the best version of their company here?

 

I initially thought that service in the Massachusetts government would come with vast powers and unlimited resources. While that’s not the case, the state does possess specific capabilities. I highlight five key areas where we excel:

 

  1. Convening Power: We can assemble industry leaders for problem-solving, like we did with the Silicon Valley Bank crisis or for the federal ‘chips and science’ initiative from the Biden Administration.
  2. Resources: The state offers various grants, loans, tax incentives, and workforce programs. It’s essential to use these resources efficiently for the maximum return on investment.
  3. Regulatory Changes: As businesses expand, they sometimes need regulatory adjustments. We have the power to effect those changes.
  4. Purchasing Power: As a significant buyer, the state can leverage its purchasing capability to influence the market.
  5. Messaging: We can utilize our governor’s communicative strengths to share essential narratives, both within our state and beyond.

 

A critical area of improvement is simplifying the interface between businesses and the state’s resources. Our goal now is to streamline access, making it easier for businesses to understand and utilize state resources at their disposal. 

 

Megan Marszalek: The competitive spirit you and the administration display is commendable. How do you plan to foster a culture of entrepreneurship across the state, particularly in rural areas and among diverse populations?

 

Yvonne Hao: When crafting our economic development plan, our primary mission is clear: we want our state to be the best possible environment for individuals to begin and prosper in their careers and to raise families. We want it to be a place where every individual, regardless of background, thrives. Furthermore, our goal is to make our state the premier destination for companies, from inception to growth and success.

 

To achieve this, our plan encompasses the entirety of the state. While the success of urban centers like Boston and Cambridge is crucial for our economic well-being, we recognize that success cannot be limited to just these hubs. Every region in our state holds immense potential and talent pools that deserve nurturing and attention. A successful state requires all regions to flourish.

 

As we brainstorm and integrate various strategies, we’re constantly evaluating their applicability to different regions. We seek to tailor each strategy to fit the unique needs and potentials of each area. Engaging with local communities, we aim to identify which initiatives resonate most with each region. Not every idea might be universally applicable, but our ultimate goal is to work in close collaboration with local communities, leveraging their insights to ensure our plan’s successful implementation.

 

Megan Marszalek: Massachusetts boasts an impressive ecosystem of diverse industries and talents. Given this rich environment, what advice can you offer on harnessing this talent and furthering collaboration across different regions and sectors?

 

Yvonne Hao: I always say that we’re kind of this magical size in Massachusetts. Recently, I had dinner with my counterpart in Rhode Island. And they have lots of great things too. But they’re really, really small. We have so many resources, tons of different startups and research and types of companies and industries. We’re small enough that everybody has one or two degrees of separation. We’re big enough that we matter, but we’re not like California, or Texas or New York, states that are so big that it can be complicated to work together. 

 

As we work on our economic development plan, we’re thinking about the plan in terms of all regions, all types of humans and really thinking about the Healy-Driscoll priorities, which are three things, affordability, equity and competitiveness. 

 

If we don’t have the fundamentals, it’s going to be very hard to succeed. We really need to get more housing, and more affordable housing.  We’ve got work to do on transportation. The other key fundamental is infrastructure. We want to continue to invest the state resources in things like dredging and sidewalks and lighting and making sure that dilapidated buildings, mill buildings can all get converted and revitalized.  So it’s not sexy stuff, but it really matters. 

 

We’re also thinking about talent. Our secret sauce is we have amazing talent, other states are so envious of us, and we have homegrown talent because of our K through 12 educational system. We have the world’s best brains being recruited by all of our colleges. So the question for us is, how do we keep them here?

 

The pandemic changed patterns of the state’s population, including remote work, housing, transportation, and more. The state’s rate of out-migration has doubled. And if you look at who’s leaving, the largest chunk of people are ages 24 to 44, and those are the people we need to keep. We need to do a lot more to retain that talent.

 

Massachusetts is a very unique place right now in the world. We have a combination of two really important things. One is we can be a super strong economy that’s innovation driven and mission driven, that is solving the world’s most important problems around climate, around curing disease, around advanced manufacturing, around taking care of each other. At the same time, Massachusetts is a human and humane place to live, where we care about each other. We believe in science, we believe in letting you love who you want to love. And we have great communities. And by the way, we also have mountains, we have ocean, culture, and great food. We have great sports teams. I think that’s a really powerful narrative. 

 

When we think about the economy, I want to be very sector specific, because there are many different issues.We want to lengthen our lead in life sciences, and in health care, and in robotics, and advanced manufacturing. 

 

I think AI is going to be pervasive, and Massachusetts is poised to win in AI applications in sectors that we already lead in like education, health care, life sciences,etc. 

 

There are some other sectors where we have a chance to lead. One is climate tech. It is the existential crisis of our time, and we have all the ingredients of innovation. We can partner with all of our startups and our big companies and our universities to actually be the world leader in innovation and economic growth around climate tech.

 

Another area is culture, tourism, and the arts. I really believe in the MASS MoCA model, that culture and arts and tourism can be a big economic growth driver. We’re coming on the 250th anniversary of the founding of our country, which started here in our state. So if we can really get our act together, we can tell an incredible story around culture and art and history and tourism around the 250th. 

 

Are you working to find community and opportunity as a Massachusetts startup founder? Join MFN and get access to experts, networking opportunities, and connections within the statewide entrepreneur ecosystem.

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10. Limitations of Liability

You expressly acknowledge and agree that your use of our website, its content, and the services are at your own risk. Our website, its content, and the services are provided on an “as is” and “as available” basis, with all faults and without any warranties of any kind, either express implied or statutory, including, but not limited to, the implied warranties and/or conditions of merchantability, of satisfactory quality, of fitness for a particular purpose, of accuracy, of security, of quiet enjoyment, and non-infringement of third party rights. We do not warrant against interference with your enjoyment of our website, that the functions contained in, or services performed or provided by, our website will meet your requirements, that the operation of our website will be uninterrupted or error-free, or that defects in ramp will be corrected. No oral or written information or advice given by us or our authorized representatives shall create a warranty.

In no event will MFN and MFN’s respective licensors, service providers, employees, agents, contractors, officers and directors (together with MFN, “MFN parties”) be liable for damages of any kind, under any legal theory, arising out of or in connection with your use, or inability to use, or impaired use of, our website, any website linked to it, any content on our website or such other website or any services or items obtained through our website or such other website, including for any indirect, special, incidental, consequential or punitive damages, under any legal theory for any claims including, but not limited to, personal injury, pain and suffering, emotional distress, loss of revenue, loss of profits, loss of business or anticipated savings, loss of use, loss of goodwill, loss of data, and whether caused by tort (including negligence), breach of contract, strict liability, or otherwise, even if foreseeable. The foregoing does not affect any liability which cannot be excluded or limited under applicable law. To the fullest extent provided by applicable law, the maximum aggregate liability under this agreement for all damages, losses, and causes of action, whether in contract, tort (including negligence) or otherwise, for mfn parties, for any event, act or omission will not exceed $1.

 
11. Indemnity

You agree to indemnify, hold harmless, and at MFN’s option, defend mfn parties from and against any claims, actions or demands, liabilities and settlements including without limitation, reasonable legal and accounting fees, made by any person arising out of (i) your violation of these terms, state or federal laws or regulations, or any other person’s rights, including but not limited to infringement of any copyright or violation of any proprietary or privacy right, (ii) your use or inability to use the website, (iii) any errors, inaccuracies or delays in the content, materials, or information provided to you via the website, or (iv) claims related to unauthorized disclosure of your or a third-party’s data that arises from your use of the website.

 
12. Links to and from Third Party Websites

Our Website may contain links to third-party applications, websites, or other content (“Third Party Content”) that are not owned or controlled by us. We provide these links to you as a convenience and inclusion of any link herein shall in no way be construed as an endorsement by us. We have no control over and disclaim any responsibility for Third Party Content, and we accept no responsibility for any loss or damage that may arise, for you or for any third-party, from your use of Third Party Content. We further disclaim any responsibility for any form of transmission received from Third Party Content. Please review carefully the third-party’s policies and practices and make sure you understand them before you engage in any transaction. Complaints, claims, concerns, or questions regarding third-party products should be directed to the third-party. If you decide to access third-party applications, websites, or other content through our Website, you do so at your sole risk.

If you would like to link to our Website, you may only do so subject to the following conditions:

a) You do not in any way imply that we are endorsing any services or products without our prior written permission;

b) You do not misrepresent your relationship with us or present any false information about us;

c) You do not link from a website or webapp that is not owned by you; and

d) Your website or webapp does not contain content that is offensive, controversial, infringes any intellectual property rights or other rights of any other person or does not comply in any way with the law of the United States.

If you choose to link our Website, you shall fully indemnify us for any loss or damage suffered as a result of your actions. We reserve the right, at any time, for any reason, to deny permission to anyone to link a website or webapp from or to our Website.

 
13. Electronic Communications

You agree and consent to receive electronically all communications, agreements, documents, receipts, notices, and disclosures (collectively, “Communications”). You further consent and agree that your use of a keypad, mouse, or other device to select an item, button, icon or similar act while using our Website, or in accessing or making any transactions regarding any agreement, acknowledgment, consent, terms, disclosures or conditions, constitutes your signature, acceptance, and agreement as if actually signed by you in writing. Further, you agree that no certification authority or other third-party verification is necessary to establish the validity of your electronic signature, and that the lack of such certification or third-party verification will not affect the enforceability of your signature or any resulting contract between you and us.

 
14. Modification of these Terms

We reserve the right to modify these Terms or any other policies relating to the Services at any time, without prior notice to you. Such modifications will be effective immediately upon notice to you, which notice may be given by any means, including, but not limited to, posting of an updated version of the Terms on the Website or electronic mail. Your access and continued use of the Website constitutes your agreement to accept the Terms as modified. The “Effective Date” legend at the top of the Terms indicates the date on which these Terms were last updated.

 
15. Jurisdictional Issues and Applicable Law

Unless otherwise specified, the Website is directed at residents of the United States, its territories, possessions, and protectorates. The Website is controlled and operated by us from our offices in the United States. We make no representations that the Website is appropriate or available for use in other locations or that access to the Website is not illegal and prohibited in such other locations. If you access the Website from outside the United States, you do so at your own risk and are responsible for establishing the legality, usability and correctness of any information or materials under any or all jurisdictions and the compliance of that information or material with local laws, if and to the extent local laws are applicable.

Our Website is subject to the United States export control laws and regulations and may be subject to export or import regulations in other countries. You agree to strictly comply with all such laws and regulations and acknowledge that you have the responsibility to obtain authorization to export, re-export, or import of any data on our Website, as may be required. You may not use or export the information or materials in violation of United States export laws and regulations. The information provided in or accessible through the Website is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation or which would subject us to any registration or other requirement within such jurisdiction or country.

 
16. Governing Law; Mandatory Arbitration

Any disputes arising in connection with these Terms shall be governed by and construed and enforced solely and exclusively in accordance with the laws of the Commonwealth of Massachusetts, without regard to its conflict of law principles.

[You agree to provide a written notice of any disputes to the other party at its notice address (or an address provided in writing to the other party) and try to resolve any such disputes in good faith thereafter. If the dispute is not resolved, within 30 days of a party providing notice to the other party, both parties agree that the dispute will be resolved through individual, non-representative, binding arbitration held in English, instead of a proceeding in courts of general jurisdiction. Any such disputes will be decided by a single arbitrator and will be administered by the American Arbitration Association (“AAA”). The AAA’s Arbitration Rules will apply as modified by these Terms. The arbitrator will conduct hearings, if any, by teleconference or videoconference, rather than by personal appearances, unless the arbitrator determines upon request by you or by us that an in-person hearing is appropriate. Any in-person appearances will be held in Boston, Massachusetts. The arbitrator will have authority to award temporary, interim, or permanent injunctive relief or relief providing for specific performance, but only to the extent necessary to provide relief warranted by the individual claim before the arbitrator. The award rendered by the arbitrator may be confirmed and enforced in any court with appropriate jurisdiction. Each party will be responsible for its respective costs, including costs related to its respective attorneys, experts, and witnesses.

You expressly waive your right to go to court, to a trial by jury, and to participate in a class action, class arbitration, or other representative proceeding with respect to any claim subject to arbitration.

You agree that any cause of action brought by or on behalf of you arising out of or related to the website or services must commence within one (1) year after the cause of action accrues. otherwise, such cause of action is permanently barred.

17. General

17.1 Assignment. MFN may assign its rights and obligations under these Terms to any party without prior notice to users. Users may not assign or transfer, in whole or in part, their rights or obligations under these Terms to any third party without the prior written consent of MFN. These Terms will be binding upon, and inure to the benefit of, the successors, representatives, and permitted assigns of the parties.

17.2 Waiver. Any failure by MFN to enforce any provision of these Terms shall not be construed as a waiver of that provision or any other provision of these Terms.

17.3 Severability. These Terms, other terms or legal notices published by us on the Website, and any other applicable agreements, shall constitute the entire agreement between us concerning use of the Website. If any provision of these Terms is deemed invalid by a court of competent jurisdiction, the invalidity of such provision shall not affect the validity of the remaining provisions of these Terms, which shall remain in full force and effect. No waiver of any term shall be deemed a further or continuing waiver of such term or any other term, and our failure to assert any right or provision under these Terms shall not constitute a waiver of such right or provision.

17.4 Survival. The rights, obligations, and commitments in these Terms that, by their nature, would logically continue beyond the termination of your use of or access to the Website or the Services survive termination of these Terms.

17.5 Interpretation. The following rules of interpretation apply to these Terms and are by this reference incorporated: (a) the word “or” is not exclusive and the words “including” or “include” are not limiting; (b) headings are only for reference and are not to be considered in interpreting these Terms; and (c) a reference to a law includes any amendment or modification to such law and any rules or regulations promulgated thereunder or any law enacted in substitution or replacement therefor.

17.6 Relationship. We provide the Website to you as an independent contractor and service provider. These Terms or the provision of the Website, including our Services, does not create any relationship of partnership, joint venture, fiduciary, or employer and employee or otherwise.

17.7 No Third-Party Beneficiaries. Except as expressly stated, no provisions of these Terms create any third-party beneficiary.

17.8 Entire Agreement. These Terms constitute the entire agreement between MFN and users relating to the use of the Website and Content and supersede all prior agreements and understandings, whether written or oral, in relation to the subject matter of these terms and conditions.

18. Contact Information
If you have any questions or concerns regarding these terms and conditions or the website, please let us know by contacting MFN here.
Last Updated: [2/22/24]

We at the Massachusetts Founders Network are committed to protecting the privacy of our members and other users of our website and services. This Privacy Policy explains our practices related to the gathering and disclosure of information from this website, our programs, and services. Please read this Privacy Policy carefully as it will help you make informed decisions about sharing your personal information with us.

 
Information Collection

We collect information when you visit our website, subscribe to our newsletter, fill out a form, participate in forums, or otherwise contact us. This information allows us to identify and contact you, as well as to carry out certain business purposes described below. The information we collect falls into the following categories:

 

Information You Provide

The types of information we collect directly from you may include:

  • Direct identifiers, such as your name, email address, phone number, and other contact information.
  • Demographic information, such as your birthdate and gender.
  • Professional information, professional history, and LinkedIn profile.
  • Information about your startup, such as number of employees, funding, and other progress metrics.
  • Photos and videos that may be taken at our events.
Automatic Data Collection

When you use our website, we automatically collect information about you and your device. This may include your IP address, device identifier, geolocation information, web browser type and version, language, and information about your usage of our website or services such as the searches you run or the pages you view.

 

Information Third Parties

We may collect information about you from third parties and publicly available sources, such as your LinkedIn and other social media profiles, references you provide, and other members of our network.

Information Use

We may use the information that we collect for a variety of purposes, including to:

  • Conduct and improve our business and programs, products, and services;
  • Review and process membership applications, registrations, transactions, and profile updates;
  • Respond to inquiries and member service requests;
  • Send information, promotional materials, and other communications;
  • Research how our members use our website and personalize your experience;
  • Suggest and build our resource list and library;
  • Report on our membership demographics to our sponsors and other partners;
  • Comply with our legal obligations.
Information Sharing

We may share your information with third parties in the following circumstances:

  • With service providers and vendors that help us operate our business and deliver our services.
  • With business partners, sponsors, and other third parties with which we partner to provide our programs and services.
  • When we are legally required, or believe it is in our best interest to do so, in response to a governmental request, a judicial proceeding, court order, legal process, or other situation where we are trying to protect our rights or the rights of others.
  • In connection with, or during negotiations of, any merger, transfer of business assets, financing, or other business reorganization.

In certain circumstances, we may ask for your consent prior to sharing your information with others.

Some information you provide to us, such as in your member profile, may be displayed publicly or to other members of our network. Please take care in what you post publicly, as we do not have control over how others may use your information.

Use of Cookies and Similar Data Collection Technologies

We use cookies and similar data collection technologies on our website. These technologies help us improve our website, monitor website traffic, and improve your experience by recognizing and remembering your preferences and settings. We use both first and third party cookies on our website that support essential website functionality and analytics. For example, we use Google Analytics to help us analyze how our website is used. The information generated by the Google Analytics cookie will be transmitted to and stored by Google. You can read about Google’s privacy practices here.

Security

We use reasonable security to protect the information that we maintain. Although we will do our best to protect your information, transmission of information to and from us is at your own risk. We recommend that you take steps to keep your information secure. If you have an account with us, you are responsible for choosing a secure password when creating your account and keeping this password confidential.

Your Choices

You can exercise the following choices with respect to your personal information:

  • You can update the information we maintain about you by updating your profile through our website or sending us an email using the contact information below.
  • You can opt out of marketing and promotional emails by clicking the “unsubscribe” link at the bottom of the e-mails you receive.
  • If you’d like to delete your account, please contact us using the contact information below.
International Users

Our website and services are intended for individuals and businesses located in the United States. If you are located outside of the United States, please be aware that information we collect through our website and services will be transferred to and processed in the United States.

Other Websites and Content

Our website contains links to other websites and content that we do not own or control. If you navigate to another business’s website or content, we recommend that you review the privacy practices of that organization prior to sharing your information with them.

We have established accounts on social media sites such as Facebook, LinkedIn, X (formerly known as Twitter), and others. These accounts are hosted by such third parties and are governed by the privacy, terms and conditions, and other relevant policies of those third parties.

Updates to Privacy Policy

We may update this privacy policy from time to time. If we make material changes to this privacy policy, we will attempt to notify you and/or obtain your consent, as required by law. We will notify you of any other changes by posting the updated privacy policy on our website. It is your responsibility to review the privacy policy periodically to stay informed about any changes.

Contact Us

If you have questions about this privacy policy or would like to contact us about it, please email us at: mfnfeedback@leverinc.org.

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Founders are everywhere, but resources aren’t.

That’s a shame, because the next big idea could come from anywhere.

 

The Massachusetts Founder Network aims to bridge the gap, giving startup founders equitable access to resources that will help their companies grow.

 

We support MA founders no matter where they come from, their company’s stage, or their business sector. We want to democratize access to the resources that will help them accelerate—and excel. All founders are welcome to find resources and community at MFN while creating connections, expanding their networks, and learning from one another.

About MFN

The Massachusetts Founders Network is a central hub for all things startups, fostering innovation and collaboration across the state. MFN offers valuable networking, resources, mentorship, and community for startup founders in Massachusetts. 

 

MFN is produced by Lever, a startup accelerator based in North Adams. Our work is supported by funding from and collaboration with the Massachusetts Technology Collaborative, based in Westborough.

 

We’ve been advising and connecting with entrepreneurs for years, and we’re using that knowledge and network to launch something new, with the help of an advisory board of successful founders and major players in the startup ecosystem. 

We plan to launch the Massachusetts Founders Network in summer 2023. Sign up for our newsletter to get alerts about our launch, new features, and MFN events!