Massachusetts just handed the steering wheel of a $4 billion economic development package to a guy who can’t stop talking about Western Mass. Can you hear the cheering in the hilltowns? It’s a big day for the 413.
Eric Paley, the new Secretary of Economic Development, was sworn in at the State House this week. Governor Healey announced his appointment in June, and he starts work this month.
A big part of his job is managing the rollout of the Mass Leads Act, a sweeping plan to fuel biotech, AI, climatetech, and small business growth across the state.
Venture fund chops & loves the Sox
Paley isn’t a career bureaucrat. He co-founded Founder Collective, one of the world’s highest-performing seed-stage venture funds, and backed early winners like Uber, Airtable, and Formlabs. Now he’s stepping into public service with a focus on talent, innovation, and statewide reach.
And here’s what makes Western Mass ears perk up: in a swearing-in-day Q&A, Paley managed to drop mentions of Amherst and the Big E in under three minutes. For perspective, that’s more Western Mass love than some Beacon Hill veterans manage in three years. We still love you Beacon Hill.
Paley also signaled that he plans to travel the state to meet small businesses where they are, stay active on social media so the public can track him, and keep his focus on biotech, AI, and clean tech.
Oh, and he’s bullish on the Sox, says they’ll make the playoffs, and calls Fenway the best concert venue in the world. But to celebrate his new job, he’ll keep it low-key and indulge in some of his mother-in-law’s home cooking.
A list of accomplishments too long for LinkedIn
Paley’s industry recognition includes five appearances on the Forbes Midas List of top venture capital investors, reaching as high as #9 overall—making him the world’s highest-ranked seed investor that year. His buddy and long-time business colleague, David Frankel, is also on that list.
Payley has also been recognized as a Technology Power Player by the Boston Globe for the past four years and among Boston’s Most Influential People by Boston Magazine in 2025.
Paley holds an MBA from Harvard Business School (That’s out east, but we’ll let it slide) and a bachelor’s degree from Dartmouth College.
He lives in Lexington with his wife, Shirley, and two children. His commitments include serving on the Board of Directors of the YMCA of Greater Boston. He and Shirley focus their philanthropic efforts primarily on the alleviation of food insecurity in Massachusetts.
A few pats on the back from his bosses
Governor Maura Healey basically said: This guy has been building and backing businesses his whole career, and now he’s going to help the state do the same.
Lieutenant Governor Kim Driscoll added heft to this supportive stance with: Paley actually knows what it takes to launch something real, and that’s exactly the kind of firepower Massachusetts needs to stay the best place to do business. If you want to see their actual quotes, you’ll find those here.
Paley will start his new role in September. He succeeds Yvonne Hao, who stepped down as Economic Development Secretary earlier this year. Ashley Stolba, who has served as Interim Secretary of Economic Development since Hao’s departure, will return to a senior leadership position at EOED. Under the leadership of Governor Healey and Secretary Hao, the office developed and passed the $4 billion Mass Leads Act to grow Massachusetts’ leadership in life sciences, climatetech, and AI while supporting business growth and job creation, secured major federal wins including ARPA-H, the Northeast Microelectronics Hub, and CHIPS and Science Act awards, and launched the Massachusetts AI Hub.
Ya, we stole that last paragraph almost word-for-word from the official press release. Dinner time.
Eric Paley swearing-in-day Q&A
Inc413 will be keeping tabs – in a good way. We never hate.
Below, you’ll find the full Q&A transcript from his swearing-in day impromptu interview. Bookmark it, because a year from now we’ll be circling back to encourage Paley to keep visiting Amherst, The Big E, and supporting the ecosystem that makes Western Mass rock.
Q: Hi Secretary Paley, how’s your summer been?
It’s been pretty fantastic.
Q: What brings you to the State House today?
I’m being sworn in as Secretary of Economic Development, so it’s a big day for me.
Q: Who’s with you for this exciting moment?
I have several family members, then I have my longtime business partner and dear friend, Dave Frankel.
Q: What was your previous role?
I’ve been a venture capitalist at a fund called Founder Collective. It’s a seed-stage VC.
Q: What’s something you learned from that that you’ll bring into this position?
It doesn’t come down as much to capital as it comes down to talent.
Q: Do you have a favorite small business you’ve supported this summer?
What pops to mind is Brattle Square Florist.
Q: How will you stay connected with business owners as Secretary?
I plan to travel across the state and meet with small businesses, large businesses.
Q: What about with the general community?
I’m hoping to be pretty active publicly on social media so that people can engage me, they can understand what I’m up to.
Q: Any towns you’re excited to visit as Secretary?
I spent a summer in Amherst and I’m excited to get back there.
Q: How does Massachusetts support businesses better than other states?
The talent here is unmatchable. It’s the best in the country. It might be the best in the world. And so I think the first and foremost way we support businesses is by continuing to invest in our community, in our talent, attracting great talent in the state, through our universities, through our hospitals, and through our phenomenal business ecosystem.
Q: What issues do you hope to tackle early on in your tenure?
I’m focused on the biotech community, AI, and clean tech.
Q: As summer wraps up, what are you looking forward to in the fall?
Yeah, I’m looking forward to getting started. It’s been a little bit of a period between being announced and taking on the role. I’ve met with my team numerous times, and they’re fantastic.
Q: And what are some recommendations for things to do around the state this fall?
The Big E is coming up. That should be pretty exciting. Obviously, Halloween in Salem is always incredible.
Q. What is a piece of advice you want to share with people hoping to start or grow a business in Massachusetts?
Believe in yourself. Build a community of people around you who are supporting your efforts both financially but also with advice; people you really trust.
Q: And what are ways that Massachusetts supports business owners?
We have something called a business front door that allows you to come onto the state’s website and to our office’s website and actually ask your questions about what you’re trying to achieve with your business in the state.
Q: Sports play a big role in the economy. Have you been out to Fenway this year?
I made it to Fenway both to watch games and see the Sox winning, and also for several concerts. I think there’s no better concert venue than Fenway Park. It’s fantastic.
Q: Do you think the Sox will make it to playoffs?
Definitely. I’m a big believer.
Q: What are some things your office does that people may not know?
We also manage all the infrastructure of the economy around consumer protection and licensure.
Q: What made you want to get involved in public service?
I actually studied government as an undergrad, and then right after school became an entrepreneur, and I thought my career had diverged. A lot of the skills I learned were applicable, but I always thought I’d be in public service, and I didn’t know that I’d ever find a way back. But when I realized this would be the one unique opportunity to really make a difference, it became a no-brainer. Massachusetts is a science and research hub.
Q: Massachusetts is a science and research hub. What are ways the state prioritizing this industry?
The governor just announced a new program called Drive to help drive forward our economy around research and also science.
Q: How do you see AI impacting the future of businesses?
With every entrepreneur and every worker understanding how to make AI a powerful tool for their own enablement and productivity, so they can keep leveling up.
Q: And you’ll be tasked with implementing the Mass Leads Act. What excites you about that opportunity?
There’s a huge support initiative around AI. The next phase of life sciences support that is enabled through that act. There’s clean energy support in that bill, and then there’s all kinds of support for small businesses for towns across the state.
Q: How are you planning to celebrate being sworn in?
I’m just going to spend tonight celebrating with my family, having a great dinner together. My mother-in-law is a fantastic cook and we’re going over to her house for dinner.
Q: What is one thing you want to tell the people of Massachusetts about you?
That I’m here to serve them. I know that’s my reason for being here. That’s my goal. And I think we can do a lot together. We believe in the people of this state, the talent in this state, the resourcefulness to make a difference. I believe in that deeply, and I hope you’re in that with me.
