Issue link: https://nebusinessmedia.uberflip.com/i/469117
www.wbjournal.com • Worcester Business Journal 7 25 YEARS: EDITORS' LETTER Much of this edition highlights major business events over the last 25 years, and presents our lists of 25 impactful companies and impactful people since 1990. As the old adage goes, "The more things change, the more they stay the same." To a certain degree, that also applies to the Central Massachusetts business community. Banking, health care, manufacturing (including tech- nology) and education continue to serve as the region's economic pillars. But much has changed over the last quarter-century. Most of our regional banks are no longer based here, and some notable local retailers of the past – Spag's, O'Coin's and Building 19, among them – are gone. In examining the Central Massachusetts business scene and economy over the last 25 years, we dis- cerned key patterns. Perhaps the domi- nant one is the importance of the region's economic diversity in both good times and bad. Because Central Massachusetts and its main city, Worcester, have always had more than one industry to rely on, even bad times weren't as bad as they might have been in a place that depends on one industry or large business. That advantage has been put to the test over the past quarter-century, though. Because of the increasing glo- balization of markets, Central Massachusetts and the rest of the nation have struggled to discard old business models and help construct the economy of the 21st century. It will be one based largely on highly skilled and trained labor and focused on emerging markets, including clean energy, medi- cal devices, fitness and nutrition. In the Worcester Business Journal's Book of the Millenium in 1999, Adam Gordon, winner of our essay contest for the region's high school valedictori- ans, suggested the next growth indus- try will be products to help ease the Baby Boom generation into pampered and youthful-looking old age. Fifteen years later, we're definitely seeing evi- dence of that trend. The American anti-aging market is projected to grow at 7.8 percent annually to $191.7 billion by 2019, Transparency Market Research reported earlier this year. If that pro- jected trend continues, there could be enough anti-wrinkle products, hair color, hair-restoration treatments, breast augmentation services and radio-frequency devices to keep the Central Massachusetts and national economies — and their aging Boomers — humming for at least another 25 years' worth of anniversary material. From two of the several eyewitnesses to the region's fascinating business scene over the last 25 years, we hope you enjoy this special edition of the Worcester Business Journal. n Steven Jones D'Agostino (Editor, 1992-2004) Rick Saia (Editor, 2011 – present) Where have we been, and where are we going? A nniversaries generally serve a dual purpose: to look back at the road that has been trav- eled and to celebrate the attainment of a notable milestone. That's why married couples do something special when their unions hit five-year intervals, or why high school and college classmates catch up with each other at the 20-, 25- or even the 50-year mark. But anniversaries also provide an opportunity to take stock of where you are, based on where you've been, and to assess where you're going. That, in one sentence, encapsulates the purpose behind this special edition of the Worcester Business Journal that looks at what has transpired in the Central Massachusetts business community over the last 25 years, since the WBJ's debut in 1990, and where we could be headed over the next 25 years. Steven Jones-D'Agostino, left, and Rick Saia, editors for this 25th anniversary issue.