Worcester Business Journal

wbjournal.com | April 15, 2024 | Worcester Business Journal 11 lar, is a place that's always been welcome to immigrants, and just upon past data over the years in Worcester and Central Mass., immigrant populations are oentimes more likely to start their own businesses. at's without a doubt a piece of it," said Murray. Research supports Murray's claim, including a study published in the American Economic Review: Insights finding immigrants are about 80% more likely to found a firm compared to their U.S.-born counterparts. In addition to the record set in Cen- tral Massachusetts, the state as a whole set a record for new businesses. e 1,763 businesses incorporated in Massa- chusetts in January is the highest for any month since WBJ started keeping track in January 2017. e previous record was 1,700 set in January 2021. In regards to what direction the Cen- tral Massachusetts business landscape is heading in, Herald said the prominence of both the life sciences and biotech- nology spaces is on the rise, but adds another industry he thinks we'll be seeing more of. "An area that's going to grow here in Central Massachusetts that we haven't seen before is dealing with financial technolo- gy," Herald said. "e whole fintech world and AI … we're going to see a different branch of technology develop here." Workers don't have to worry about AI taking their jobs, but they have to worry about those who know how to use AI taking their jobs, Herald said. Made for manufacturing Murray said Central Massachusetts, especially Worcester, has more strength in one particular industry well-known health and life science hubs like Boston and Cambridge may not be keeping up in: manufacturing. "We still have a strong manufacturing base in the city and in the region, and supply chains that support and feed each other in the manufacturing side," Murray said. New and existing businesses are mov- ing in a more sustainable and eco-con- scious direction, said Herald. He refer- ences ESG criteria and the triple bottom line, concepts he's hearing his business students speak on more and more. ESG, an acronym for environment, social, and governance, is a three-pil- lar lens through which to evaluate the performance of a company's operations, especially for those looking to invest. e triple bottom line is a framework in which to broaden the view of a business' success, zeroing in on three bottom lines: people, planet, and profit. "We have the resources here," Herald said. "We have the technology, all the right ingredients, and we have a good rumbling of momentum going." YOUR HEALTH. YOUR LIFE. OUR PROMISE. No matter what life holds for you, we hold on to the belief that you should have access to the best care that medicine has to offer. That's why through good times, through bad times, through lifetimes, we're here. For everyone. ummhealth.org 855-UMASS-MD Central Mass. startups Using data purchased from the Massachusetts Secretary of the Commonwealth on a monthly basis, WBJ has kept track of the number of new businesses started in Central Massachusetts and statewide since 2017. Year CMass. startups Change from prior year Mass. startups Change from prior year 2017 2,368 13,764 2018 2,487 5.03% 13,966 1.47% 2019 2,395 -3.70% 13,503 -3.32% 2020 2,383 -0.50% 13,847 2.55% 2021 2,731 14.60% 15,245 10.10% 2022 2,772 1.50% 14,824 -2.76% 2023 2,948 6.35% 15,200 2.54% Source: Massachusetts Secretary of the Commonwealth Record months for startups Since January 2017, these are the top five months for new business starts in Central Massachusetts and statewide. Central Massachusetts (new businesses) Massachusetts (new businesses) January 2024 (365) January 2024 (1,763) January 2023 (357) January 2021 (1,700) February 2023 (350) February 2023 (1,687) March 2022 (329) January 2023 (1,683) January 2017 (314) January 2017 (1,672) Source: Massachusetts Secretary of the Commonwealth W

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