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"Over the past thirty years we've seen dramatic changes in the economic climate here. It used to be a fairly accommodating town for business, but the large number of breakthrough successes has changed the way the City looks at itself. That new mindset has made it a great town for business." - Bill Poist, President, Commonwealth Energy
The Most Entrepreneurial Place on Earth
Cambridge is a city of firsts. From the first analog computer to the creation of the Internet, the first Polaroid instant photograph to the chemical synthesis of penicillin, discovery and development are the hallmarks of the Cambridge economy.
The distinctive character of the Cambridge business environment begins with the major institutions, MIT and Harvard, which stimulate many commercial opportunities, and the city government, which has launched innovative mechanisms for business enhancement. Add to that the zeal of entrepreneurs, and the intended result has been a clustering of businesses whose competitive yet cooperative relationships have fostered extraordinary growth. In fact, Inc. Magazine has rated the city "the most entrepreneurial place on earth."
Technology Leadership on a Global Scale
The Cambridge business community reflects the city's economic diversity: there are local, national, and international companies of all sizes in fields as varied as emerging technology and biomedical research, hospitality, retail, wholesale, manufacturing, professional services, and the arts.
Some segments stand out, however. Cambridge is a worldwide capital for biotechnology (Massachusetts receives 13% of all national grants in biomedical research and training, even though the state's population is only 2.4% of the US total). Cambridge also is home to acknowledged global trend-setters in business consulting, computer engineering, software development, telecommunications, medical equipment, architectural design, and environmental engineering and research. It's an atmosphere in which innovative technology transfer is common and commercial hybrids proliferate.
A Healthy Economic Climate
Cambridge's business fundamentals are strong and secure. A $19 billion property assessment provides tax stability. The City's AAA Bond Rating attests to Wall Street's confidence in Cambridge's fiscal management. In the last ten years, approximately $200 million has been invested in modernizing municipal infrastructure, including fiber optic communications, roadway improvements, open space renovations, and a major upgrading of water and sewer facilities. Public safety, mass transit, waste disposal, and utilities all exceed the highest industry standards. Award-winning public schools and world class universities assure business of a labor force with skills to meet any requirement. In short, business can invest with confidence in the value added by a Cambridge address.
Comprehensive Government Support
City government offers a comprehensive economic development program intended to increase Cambridge's value as a business address. Highlights of this program include:
Capital Access
Growing firms need capitalization strategies and introductions to sources of capital. The City's Community Development Department provides these services and participates in a variety of financing programs. Cambridge makes 5% of its pension funds available to be managed by a private venture capital firm, offers small issue tax exempt industrial revenue bonds, provides gap financing for the "fit out" of specialized laboratory space, and seeks to continually develop new products and services to meet emerging needs.
Support For Entrepreneurs
The Cambridge economy is based on entrepreneurship. The City's economic development efforts seek to support the continuous generation of new and growing firms by helping entrepreneurs access private and public resources. The Cambridge Business Development Center, a not-for-profit organization founded by the city, supports entrepreneurship by providing mentored support groups for CEO's of high growth firms as well as other services to meet their individual needs. The City of Cambridge works actively with three incubators providing space to start ups
Jobs In Selected Professional Service Industries
Real Estate
The City offers customized site searches and maintains a database of commercial, research and development, and industrial space available for sale and lease.
Regulation
The City seeks to establish a clear and predictable environment for business growth and assists companies through the regulatory process. For example, Cambridge boasts an RDNA ordinance that is a model for all such municipal regulations, creating a simple, predictable pathway for cutting edge biotechnology. Additionally, a major effort is underway to streamline the permitting process, making it a more user friendly process. "Cambridge's unique civic environment grows from successful collaboration among the public and private sectors. The City of Cambridge is truly open for business." - Robert Healy, Cambridge City Manager
Real Estate Options
Commercial and industrial real estate in Cambridge is an attractive combination of the old and the new: innovative reuse of existing structures and the construction of highly efficient new facilities. Cambridge is home to a large number of world class architectural firms. The result is a dynamic mix of competitively priced office space, specialized R & D facilities and industrial/manufacturing sites, and a variety of retail venues managed by well-capitalized and knowledgeable owners. Cambridge's mixed use zoning has stimulated the growth of diverse business centers, and allows companies to remain in the same location throughout a product's life cycle without the need for changing location. Cambridge commercial real estate market consists of over 17 million square feet of space. This inventory is divided into three major sub-markets: East Cambridge (approximately 60% of the market) encompassing MIT, Kendall Square, Technology Square and University Park; Mid-Cambridge (approximately 27% of the market) in Harvard Square; and West Cambridge (13% of the market) in the Alewife and Fresh Pond sections of the City. Laboratory and research & development space account for approximately 35 percent (6 million square feet) of this inventory.
A Magnet for Investment
The success of Cambridge businesses has attracted the attention of bankers, venture capitalists, and private investors—so much so that during the last four quarters the 6.5 square mile area received 20% of all venture capital in Massachusetts, according to the Price Waterhouse Venture Capital Survey.
The Competitive Advantage of University Resources
The universities promote Cambridge businesses through networks of technology innovators, outreach policies promoting faculty/business interaction, business oriented forums, dedicated consulting groups, and world class technology licensing offices. Formal programs at MIT include the Enterprise Forum, Technology Venture Partners, Media Lab, Artificial Intelligence Lab, Center for Entrepreneurship, and Industrial Liaison Program.
The "Hub" of Commerce
Just across the Charles River from Boston, Cambridge is both a national and international gateway, with the capacity for every kind of cargo and passenger traffic. Logan International Airport is only 10 minutes away by car or 30 minutes by subway; a second, all-purpose aviation facility, Hanscom Field, is within easy reach as well. Cambridge also enjoys quick access to Boston and major inter-state rail and trucking arteries.
"MIT sees itself as a working partner with Cambridge. We are fortunate, indeed, to have each other as friends, sparring partners, and allies. By working together, neighbors in the community, government, business, and academia have created a vibrant city that is known throughout the world for its spirited energy, sense of community, sense of history, and sense of the future."
- President Charles M. Vest, MIT
Inauguration of "Cambridge First Day"
The Art Of Hospitality
With ten major hotels providing an aggregate of nearly 2,500 rooms and event facilities of up to 22,000 square feet, Cambridge can host meetings of all sizes and kinds, from small private executive conferences to national sales events. The major educational and governmental organizations also provide stimulating settings for business gatherings and training programs. In addition, Boston has a full complement of visitor services, including 39 hotels with over 12,000 rooms and a major convention center.
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