BOSTON--(BUSINESS WIRE)--The Massachusetts Innovation & Technology Exchange (MITX) released a research study focusing on the rapidly growing digital technology community in Massachusetts. The report maps and highlights the areas of strength in the digital innovation economy including the diversity of digital sectors present in the region such as big data and analytics, marketing software, mobile, and e-Commerce. Researched and written by a team of second year Babson College MBA students, the report provides data on the growth and economic impact of companies in the space and provides insight into opportunities to bolster this important sector.
A similar study conducted by MITX in 2010, using 2009 data, estimated companies in the digital sector (which includes digital technology, digital content, e-commerce, digital marketing, mobile and social technology firms) contributed $27.8 billion in revenue and employed over 87,000 people in the New England region, primarily (91%) in Massachusetts. This new study, using data from Mass High Tech’s database of companies combined with several other data sources, revealed a 13% growth in revenue impact to $31 billion, and estimates over 30% growth in number of jobs associated with the digital innovation industry, over the course of the past two years.
Debi Kleiman, president of MITX, said: “This report captures how exciting it is to build digital technology companies in Massachusetts. There’s an incredible set of resources available here: a unique and strong talent pool, diverse industries driving innovation, a major metro that is supportive and proactive, and an experienced, knowledgeable investment community. Expect to see big stuff come from this sector in 2013 and beyond.”
The report reveals that Massachusetts has seen a steady increase in activity and leadership in several areas that indicate growth, including new technology development and deployment, and VC investment and M&A activity in the digital innovation sector.
The Babson MBA team notes: “Boston’s digital ecosystem is on the move and growing in virtually all its forms. Through our research, the strengths of this ecosystem’s infrastructure have become readily apparent and have led us to conclude the sector is poised for future growth.”
The study also collected qualitative insight from local business, venture capital, academic and government leaders, who helped with the concluding section of the report, a summary of areas to improve upon as Massachusetts seeks continued growth. Specifically, the study calls out three recommendations: more focus on talent development including internships, improved national media visibility for Massachusetts-based companies and new efforts to help the state’s companies get connected to business development opportunities across the value chain.
To view the report in full, please visit the MITX blog.
Established in 1996, MITX — the Massachusetts Innovation & Technology Exchange — is the leading industry organization focused on the Web and mobile, bringing together the digital marketing, media and technology community to engage in what’s next and how it will impact the marketing and business worlds. Connecting more than 7,500 professionals in New England, MITX is a dynamic community of thought leaders and collaborators in search of insight, education and opportunity. Creator of FutureM, MITX is headquartered in Boston, Mass. For more information, visit http://www.mitx.org/.