Governor Maura Healey has appointed Eric Paley, a prominent venture capitalist from Lexington, as the new economic development chief for Massachusetts. Paley, a co-founder and managing partner of Founder Collective, will assume his role in September, replacing former Economic Development Secretary Yvonne Hao. With over 25 years of experience in venture capital and entrepreneurship, Paley has invested in notable companies such as Uber, The Trade Desk, Omada Health, and Airtable. Governor Healey praised Paley’s dedication to fostering startups and his leadership qualities. Paley expressed gratitude for the opportunity to leverage Massachusetts’ strengths, including its top-tier research institutions and entrepreneurial spirit. State Sen. Barry Finegold endorsed the appointment, highlighting Paley’s private sector success. Paley, a Harvard Business School and Dartmouth College alumnus, serves on the Board of Directors of the YMCA of Greater Boston and focuses his philanthropy on alleviating food insecurity in Massachusetts. Lieutenant Governor Kim Driscoll welcomed Paley to the team, emphasizing his expertise in supporting businesses statewide.
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Gov. Healey taps Lexington venture capitalist Eric Paley as new economic development chief
A veteran venture capitalist from Greater Boston has been tapped to become Gov. Maura Healey’s next economic development czar, her office announced Tuesday. Eric Paley, a co-founder and managing partner of Founder Collective, with offices in Cambridge and New York City, replaces former state Economic Development Secretary Yvonne Hao, who stepped down at the end of April. Paley will start in his new post in September, the Healey administration said. Paley, who’s spent a quarter century as a venture capitalist and entrepreneur, boasts a varied investment portfolio that includes such high-profile names as Uber, The Trade Desk, Omada Health, and Airtable, the administration said in its statement. “Eric Paley has dedicated his career to starting and growing businesses in Massachusetts,” Healey said in a statement. “Most recently, he has focused on providing startups with the early support and resources they need to succeed,” Healey said. “This is exactly the type of leadership, experience and dedication we need in a new economic development secretary,” Paley, who will be stepping away from his duties at the Founder Collective to take on the new post, said he’s “been extremely fortunate to benefit from the unique strengths of Massachusetts throughout my career.” “Massachusetts is overflowing with world-class talent, driven by top-tier research institutions, a thriving business landscape, and boundless entrepreneurial energy,” he continued. “I’m grateful for the opportunity to build on these strengths.” In Massachusetts, prospective cabinet secretaries do not have to go through a legislative confirmation process to assume their posts. Even so, the news of Paley’s appointment won the endorsement of at least one key lawmaker. State Sen. Barry Finegold, D-2nd Essex/Middlesex, said Paley “brings critical skills, discernment, and private sector success” to his new post. “Gov. Healey has made a great selection with the appointment of Eric Paley,” Finegold, the Senate chairperson of the Legislature’s Joint Committee on Economic Development and Emerging Technologies, continued. “For Massachusetts to maintain competitive advantages, we need highly credible business leaders with the expertise to determine government’s most effective strategies,” Finegold concluded. Paley, of Lexington, holds an MBA from Harvard Business School and a bachelor’s degree from Dartmouth College. He serves on the Board of Directors of the YMCA of Greater Boston. Paley and his wife Shirley have two children. And the couple “focus their philanthropic efforts primarily on the alleviation of food insecurity in Massachusetts,” the administration said in its statement. Healey has made growing the state’s economy one of the cornerstones of her first term. Last year, the Arlington Democrat signed a nearly $4 billion economic development package into law that pumped more taxpayer money into the state’s life sciences and climate technology industries. “We’re excited to welcome Eric to Team Massachusetts. He knows what it takes to launch a successful venture, and that expertise will be essential for supporting businesses of all sizes across the state,” Lt. Gov. Kim Driscoll said in the administration’s statement.