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I'M GONNA CALL TODAY'S ECONOMIC DEVELOPMENT AND UNIVERSITY RELATIONS COMMITTEE MEETING TO ORDER.
THE CALL OF TODAY'S MEETING IS TO CONVENE A ROUND TABLE OF REPRESENTATIVES FROM CAMBRIDGE AND GREATER CAMBRIDGE STARTUP, THE ECOSYSTEM TO PROVIDE INSIGHT INTO CURRENT CONDITIONS, EMERGING NEEDS IN SPECIFIC WAYS THE CITY CAN STRENGTHEN ITS SUPPORT FOR STARTUPS AND ENHANCE THE LOCAL INNOVATION ENVIRONMENT.
THE FIRST ORDER OF BUSINESS IS A ROLL CALL OF MEMBERS PRESENT.
COUNCILOR ZUBIE PRESENT, COUNCILLOR FLAHERTY.
THAT'S THREE MEMBERS PRESENT TO RECORDED AS ABSENT THE FIRST ORDER OF BUSINESS, OH, OH, I'M SORRY.
PURSUANT TO CHAPTER TWO OF THE ACTS OF 2025, ADOPTED BY MASSACHUSETTS GENERAL COURT AND APPROVED BY THE GOVERNOR, THE CITY IS AUTHORIZED TO USE REMOTE PARTICIPATION AT MEETINGS OF THE CAMBRIDGE CITY COUNCIL IN ITS COMMITTEES.
PLEASE NOTE THAT THE CITY OF CAMBRIDGE AUDIO AND VIDEO RECORDS THIS MEETING AND MAKES IT AVAILABLE TO THE PUBLIC FOR FUTURE VIEWING.
THIRD PARTIES MAY ALSO BE AUDIO AND VIDEO RECORDING THIS MEETING.
IN ADDITION TO HAVING MEMBERS OF THE COUNCIL PARTICIPATE REMOTELY, WE HAVE ALSO SET UP ZOOM TELECONFERENCE FOR PUBLIC COMMENT.
EACH SPEAKER WILL HAVE THREE MINUTES, AND SIGNUP IS AVAILABLE UNTIL THREE 30.
IF YOU WOULD LIKE TO PROVIDE PUBLIC COMMENT, PLEASE VISIT THE CITY COUNCIL SECTION OF THE CITY'S WEBPAGE.
INSTRUCTIONS FOR HOW TO SIGN UP TO SPEAK ARE POSTED THERE.
ONCE YOU HAVE COMPLETED SIGNUP, UH, THE SIGNUP PROCEDURE, YOU WILL RECEIVE A LINK TO THE ZOOM MEETING.
YOU CAN ALSO EMAIL WRITTEN COMMENTS FOR THE RECORD AT THE CITY CLERK AT CITY CLERK@CAMBRIDGEMASS.GOV.
TO WATCH THE MEETING, PLEASE TUNE INTO CHANNEL 22 OR VISIT THE OPEN MEETING PORTAL ON TODAY'S WEBSITE.
WITH THAT, ALL OF TODAY'S VOTES, IF ANY, WILL BE BY ROLL CALL MADAM CHAIR, YOU ALSO HAVE MA UM, MAYOR SIDIKI AND COUNCILLOR SABRINA WHEELER ONLINE.
I'M VERY EXCITED ABOUT THIS PROGRAM TODAY, UH, WHICH WAS, UM, HAS BEEN INCUBATING SINCE JANUARY AND WAS INSPIRED AND NURTURED BY FRIENDS TANGO, AARON TANG AND SAM PERRY.
I THANK ALL OF YOU FOR BEING HERE, UH, UM, AND ESPECIALLY, UH, TO PARTY SFRI AND TO OUR CITY MANAGER, IAN WONG FOR LEADING THIS CONVERSATION.
CAMBRIDGE HAS LONG BEEN A CENTER FOR INNOVATION PIONEERING MR. MRNA VACCINES, THE INTERNET, THE POLAROID CAMERA, AND SYNTHETIC PEN PENICILLIN.
I LOOK FORWARD TO HEARING FROM INDUSTRY LEADERS TODAY ABOUT HOW WE CAN BEST DO THAT.
THANK YOU SO MUCH, AND I WILL PASS THE MICROPHONE TO CITY MANAGER.
UH, THANK YOU SO MUCH, COUNCILLOR ZUI, UM, FOR CALLING THIS MEETING.
AND, AND I THINK THIS WAS REALLY PRESCIENT.
UM, YOU KNOW, WE'VE BEEN ACTUALLY HAVING MORE AND MORE OF THESE CONVERSATIONS BOTH WITHIN THE CITY OF CAMBRIDGE, UM, BUT ALSO, UM, WITH BOSTON, WITH THE STATE.
UM, AND, AND I THINK IT'S BEEN OVER THE LAST SIX MONTHS, A REFLECTION CERTAINLY ON MY PART THAT, UM, AS I'VE LOOKED BACK AT, AT SORT OF THE FOUR YEARS I'VE BEEN HERE, UM, BUT THEN SORT OF 10 YEARS OF THINKING ABOUT HOW THE CITY HAS BEEN HAVING CONVERSATIONS ABOUT ECONOMIC GROWTH AND DEVELOPMENT.
THERE REALLY HAS BEEN QUITE A DISTANCE BETWEEN KENDALL SQUARE AND CITY HALL.
UM, THERE WAS A LOT OF WORK THAT HAPPENED, UH, BETWEEN THE CITY AND, AND THE, THE DEVELOPMENT COMMUNITY AND THE ENTREPRENEURSHIP COMMUNITY AND THE UNIVERSITIES TO ESTABLISH KENDALL SQUARE AND TO CREATE THIS ECOSYSTEM.
BUT IN MANY WAYS, IN THE LAST DECADE, UM, THAT ECOSYSTEM HAS BEEN HEALTHY, IT'S BEEN STRONG, AND WE HAVE JUST LET IT KIND OF RUN ITSELF.
UM, EVEN TO THE EXTENT THAT, YOU KNOW, IN, IN THIS COUNCIL CHAMBERS, I THINK THERE'S ACTUALLY BEEN, UM, SOMETIMES, UM, WE SEE THE OUTPUT OF ALL THE ECONOMIC GROWTH THAT'S BEEN HAPPENING IN THIS COMMUNITY.
THAT'S THE RESOURCES THAT WE'VE PUT INTO AFFORDABLE HOUSING.
IT'S WHAT'S ALLOWED US TO BUILD SCHOOLS.
UH, IT'S ALLOWED US TO PUT IMMENSE AMOUNTS OF MONEY INTO RENTAL ASSISTANCE, HUMAN SERVICE PROGRAMS, UNIVERSAL PRE-K.
UM, A LOT OF THE SERVICES, STABILITY INFRASTRUCTURE IN THE CITY OF CAMBRIDGE IS BUILT OFF OF THE ECONOMIC ACTIVITY THAT'S HAPPENING IN KENDALL SQUARE AND, AND THE BUSINESS GROWTH THAT, THAT THE COMMERCIAL GROWTH THAT'S HAPPENED IN THE CITY, UM,
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IN THE LAST TWO YEARS, WHAT WE'VE SEEN IS THAT GROWTH IS BEING THREATENED, UM, BOTH BY FEDERAL ACTIONS AND, AND WE WE'RE SEEING SOME OF THAT IN THE NEWS EVEN TODAY IN TERMS OF WHAT'S HAPPENING AT NIH, UM, BUT ALSO JUST THE, THE ECONOMIC CLIMATE IS DIFFERENT.UM, AND THAT'S BEEN A CONVERSATION THAT THE CITY ADMINISTRATION AND THE CITY COUNCIL HAVE BEEN HAVING AS WE'VE LOOKED AT OUR BUDGETS, UM, AND, AND NEEDING TO ACCEPT THAT BUDGET GROWTHS HAVE TO, UM, HAVE TO SLOW A LITTLE BIT, THAT WE NEED TO, UM, WE NEED TO PRIORITIZE MORE.
UM, AND LIKE EVERY OTHER MUNICIPALITY WE'VE HAD TO, TO TIGHTEN UP A LITTLE BIT AND TO LOOK AT ALSO THE BROADER VACANCIES THAT WE'RE SEEING IN OUR COMMERCIAL SPACE AND HOW WE'RE GOING TO FILL THOSE.
UM, SO I THINK IT'S, IT'S THE RIGHT TIME FOR US TO BE HAVING THIS CONVERSATION AND THINKING ABOUT, UM, A BROADER ECONOMIC DEVELOPMENT STRATEGY THAT THE CITY OF CAMBRIDGE WOULD BE ENGAGED IN.
WHAT'S THE ROLE OF THE CITY TO PLAY, UH, IN THIS COMMUNITY? AND I THINK IT ALSO HAS BEEN A WAKE UP CALL.
YOU KNOW, OVER THE LAST COUPLE OF WEEKS WE SAW BOSTON TECH WEEK, AND IT WAS AN AMAZING SET OF EVENTS, LIKE JUST INCREDIBLE TO SEE HUNDREDS OF EVENTS HAPPENING.
UH, AND WE'RE HAVING THIS CONVERSATION ABOUT ECONOMIC GROWTH, THE INNOVATION ECONOMY WITH THE STATE, WITH THE CITY OF BOSTON.
WHAT AMAZED ME IS IF YOU, IF YOU WENT TO THE WEBSITE AND YOU WERE SCROLLING UP AND DOWN AND LOOKING AT WHERE THE EVENTS WERE, AT LEAST 30% OF THE EVENTS WERE IN CAMBRIDGE.
AND SO WHEN WE TALK ABOUT THE ENGINE OF ECONOMIC GROWTH FOR THE STATE, THIS CONVERSATION ABOUT HOW WE, HOW WE SUPPORT THE INNOVATION ECONOMY, A HUGE CHUNK OF IT IS IN THIS COMMUNITY.
UM, AND SO I THINK THANK YOU COUNCILLOR ZUI FOR, FOR PUSHING US AND, AND, AND HAVING THIS, AND I THINK THANK YOU FOR OUR GUEST FOR BEING HERE.
AND WHAT I THINK IS SO EXCITING ABOUT, UM, THE FOLKS WE HAVE HERE, ALL OF YOU REALLY REPRESENT, UM, THE ENTREPRENEURS AT THE VERY BEGINNING OF THE ECOSYSTEM.
AND I THINK THAT IS WHAT MAKES THIS COMMUNITY SO SPECIAL.
SORT OF THE REASON WHY GOOGLE AND TAKEDA AND ASTRAZENECA, THEY ALL WANT TO BE HERE, IS NOT JUST BECAUSE OF THE UNIVERSITIES, BUT IT'S THE PIPELINE OF TALENT THAT'S COMING OUT.
AND THEN IT'S THE ENTREPRENEURIAL ENERGY THAT'S BEING HARNESSED AND THAT ALL OF YOU'RE ENCOURAGING.
SO I THINK THIS IS SORT OF WHERE WE WANT START THE CONVERSATION ABOUT, UM, THE INNOVATION ECONOMY.
AND WE'RE REALLY EXCITED TO HEAR FROM YOU.
YOU'RE ON THE GROUND FLOOR, UM, AND I THINK THESE ARE SORT OF JUST STARTING CONVERSATIONS, BUT WE WANT TO HEAR FROM YOU WHAT'S GOING WELL, WHAT ARE OUR STRENGTHS? WHERE DO YOU SEE RISKS? AND, AND, AND, YOU KNOW, WHERE DO YOU SEE DARK CLOUDS GATHERING AND WHAT'S THE ROLE? I THINK THIS IS WHERE TO GET MORE CONCRETE SINCE WE'RE IN CITY HALL, BUT WHAT'S THE ROLE OF THE CITY TO HELP SUPPORT EACH OF YOU TO SUPPORT THIS ECOSYSTEM? UM, WHAT WOULD MEANINGFULLY HELP THIS ECOSYSTEM BE HEALTHY AND GROW? SO I THINK THAT'S THE CONVERSATION WE'RE EXCITED TO HAVE.
UM, AND MAYBE WE SHOULD JUST START WITH INTRODUCTIONS.
SO, UM, MAYBE I'LL TURN IT OVER TO EMILY, BUT WOULD LOVE TO JUST HAVE YOU SPEAK A LITTLE BIT ABOUT, UM, YOU KNOW, THE ENGINE, THE ORGANIZATION THAT YOU'RE WITH, UM, HOW YOU FIT INTO THIS ECOSYSTEM, AND, AND WE'RE JUST THRILLED THAT YOU'RE ALL HERE.
UM, WE ARE BOTH A NONPROFIT AND A PUBLIC BENEFIT COMPANY.
UM, WE RUN AN INCUBATOR AND AN ACCELERATOR, I WOULD SAY THAT WE'VE SORT OF BENEFITED FROM THE ECOSYSTEM THAT WAS CREATED BY LAB CENTRAL AND CIC.
AND, UM, WE WERE SPUN OUT OF MIT ABOUT 10 YEARS AGO TO FILL A UNIQUE GAP THAT MIT SAW AROUND, UM, REALLY CAPITAL INTENSIVE, REALLY, UM, HARD, TOUGH TECHNOLOGIES THAT NEEDED A REALLY LONG TIMEFRAME TO DEVELOP.
SO, QUANTUM FUSION, GEOTHERMAL, UM, REALLY, REALLY NASCENT INDUSTRIES THAT WE SOUGHT TO INCUBATE AND DEVELOP THROUGH THE IDEA OF A, A WHAT WE CALL A PATIENT, UM, SET OF RESOURCES OR AN INNOVATION ORCHARD.
OUR FIRST SPACE, UM, THAT WE ARE STILL OPERATING CURRENTLY IS AT 5 0 1.
DID NOT HAVE MUCH, UH, LAB SPACE.
THE LAB CENTRAL TEAM HELPED US DEVELOP THAT.
UM, PROBABLY ABOUT THE SIZE OF THIS TABLE WAS THE LAB THAT WE HAD.
AND SO FROM THE EARLY INSTANCE, WE KNEW THERE WOULD BE A MUCH BIGGER SPACE.
WE NOW HAVE OUR HEADQUARTERS AT SEVEN 50 MAIN STREET.
UM, IT'S ABOUT 160,000 SQUARE FEET PREDOMINANTLY, UM, CHEMISTRY LABS, BIOLOGY LABS THAT ARE CONVERGENT WITH THE MECHANICAL ENGINEERING MACHINE SHOP ADDITIVE MANUFACTURING SPACES.
SO THAT CONVERGENCE IS VERY IMPORTANT TO US.
UM, AND THE NONPROFIT MISSION PIECE MEANS THAT WE CAN, UM, WE CAN SERVE OUR
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MISSION OVER PROFIT, AND THAT WHEN TEAMS FIT BETTER AT LAB CENTRAL OR CIC OR GREENTOWN LABS, WE HAPPILY SEND THEM THERE.UM, SO THAT ONLY PEOPLE WHO HAVE THAT UNIQUE NEED OF THE CONVERGENT ENGINEERING AND WET LAB SPACE.
UM, THAT'S AN, I'D SAY WHAT'S GOING REALLY WELL IS, UM, ALL OF THE PARTNERSHIPS WE HAVE IN THE ECOSYSTEM, THE CONNECTIVITY TO ACADEMIA.
UM, WE HAVE A LARGE PART OF OUR MISSION IS TECH TRANSLATION, SO SUPPORTING SUPER NASCENT TECHNOLOGIES OUT OF ACADEMIA AT THE EARLIEST STAGES.
AND SO PROXIMITY TO ACADEMIA AND, AND, UM, CO-FOUNDERS THAT ARE STILL AT A UNIVERSITY IS VERY IMPORTANT TO THE STARTUPS THAT WE WORK WITH.
AND THAT'S, I'D SAY, WHAT'S GOING REALLY WELL AND OUR ABILITY TO SUPPORT THEM.
AND I SHOULD PROBABLY STOP THERE AND GIVE MAGGIE THE MICROPHONE.
UH, I, I REALLY APPRECIATE, UM, BOTH THAT WE'RE HERE AND HAVING THIS OPPORTUNITY.
I THINK, UM, IT'S, IT'S A PRETTY IMPORTANT TIME TO BE HAVING THIS DISCUSSION, SO THANK YOU FOR, FOR SUPPORTING IT.
UM, AND THEN ALSO I REALLY APPRECIATE THE WAY YOU PHRASED IT, EMILY, WITH, UM, YOU KNOW, THAT WE ARE ABLE TO THINK ABOUT MISSION OVER, UH, REVENUE BECAUSE, UM, PEOPLE OFTEN, UH, PIT THESE GROUPS AGAINST EACH OTHER, UH, AS IF WE ARE COMPETING GREENTOWN ENGINE, OURSELVES, CIC, UM, AND WE ARE THE ONES WHO ARE ACTUALLY IN THERE, DON'T THINK OF OURSELVES AS COMPETITORS.
WE WANT WHAT IS BEST FOR THE COMPANY.
THAT'S ALWAYS OUR NUMBER ONE DRIVER.
SO IF THAT MEANS IT'S A DIFFERENT LOCATION OR RESOURCES OR ANYTHING, THAT'S WHAT WE ALWAYS THINK WITH.
UH, AND IT IS, UM, A LUXURY AND A PRIVILEGE TO BE ABLE TO DO THAT.
UM, ESPECIALLY AS A NONPROFIT AND A PUBLIC BENEFIT COMPANY.
UH, LAB CENTRAL HAS BEEN AROUND SINCE 2013.
UM, WE HAD THE BENEFIT, AS EMILY SAID, OF HER BENEFIT OF LAB CENTRAL AND CIC.
WE HAD THE BENEFIT OF CIC, UM, WHERE WE WORKED VERY CLOSELY WITH THEM AS ONE OF OUR FOUNDING PARTNERS, UM, ON HOW TO SET UP AN ECOSYSTEM THAT SUPPORTED COMPANIES, UM, WITH OUR ADDED ELEMENT OF LAB SPACE.
SO OUR FOCUS IS EARLY AND MID STAGE BIOTECH COMPANIES.
UH, ONE OF OUR LOCATIONS IS SPECIFICALLY FOR COMPANIES THAT HAVE RAISED LESS THAN $10 MILLION.
AND THEN WE HAVE ANOTHER LOCATION THAT IS MORE OF THE GRADUATES FROM THOSE SPACES.
AND WE HAVE TWO LOCATIONS, UH, WITH HARVARD, ONE AT THE HARVARD BUSINESS SCHOOL CAMPUS, AND ONE AT THE MEDICAL LONGWOOD CAMPUS.
AND THEN WE PARTNER WITH BAYER ON THEIR COLAB SPACE, ALSO IN KENDALL SQUARE.
UM, WE HAVE ABOUT 200,000 SQUARE FEET TOTAL THAT WE PARTNER OPERATE, UM, AND THEN WE HAVE OVER 120 COMPANIES AT ANY GIVEN TIME THAT WE ARE WORKING WITH TO HELP SUPPORT THEIR GROWTH.
UM, WE PARTNER WITH ALL OF THE BIG PHARMAS, ALL OF THE BIG EQUIPMENT COMPANIES, THE VCS, UM, THE HOSPITALS IN ORDER TO FIND THE RESOURCES TO SUPPORT THESE COMPANIES AS THEY GROW AND, AND BRING THEIR THERAPIES TO PATIENTS.
UM, OVER THE YEARS, WE'VE BROUGHT IN OVER $20 BILLION TO THE STATE.
UM, AND THAT WAS THROUGH THE INITIAL INVESTMENT OF A $5 MILLION GRANT FROM THE MASS LIFE SCIENCE CENTER, TO WHICH WE'VE RECEIVED TWO OTHERS OVER THE COURSE OF, UM, TIME.
AND THEN LAST YEAR WE RECEIVED A JUST UNDER $2 MILLION GRANT FROM MASS TECH, WHICH ENABLED US TO START THE AI BIOHUB, UH, WHICH IS SOMETHING THAT I'M EAGER TO TALK ABOUT
AND, UM, I ALSO ECHO EMILY IN THAT, UM, PARTNERSHIPS ARE AMAZING, THE SUPPORT, UH, ENGAGEMENT THAT WE HAVE WITH THE COMMUNITY, UM, ALSO WITH THE CITY OF BOSTON, ALSO AROUND THE WORLD.
UM, WE HAVE PARTNERSHIPS WITH MANY, MANY COUNTRIES AROUND THE WORLD, AND WE BRING IN COMPANIES AND SCIENTISTS AND FOUNDERS FROM AROUND THE COUNTRY AND AROUND THE WORLD, WHICH IS PART OF OUR MISSION IN THE ECONOMIC DEVELOPMENT SPACE FOR THE STATE OF MASSACHUSETTS.
UM, I WILL PAUSE ON WHAT'S NOT GOING WELL AND, AND LEAVE THAT FOR THE NEXT DISCUSSION.
I'M THE ASSOCIATE DIRECTOR FOR THE OFFICE OF GOVERNMENT AND COMMUNITY RELATIONS.
MIT, SORRY, IF YOU COULD JUST SPEAK DIRECTLY INTO THE MICROPHONE.
UH, ANISA BATIA, UH, I'M WITH MIT'S OFFICE OF GOVERNMENT AND COMMUNITY RELATIONS.
UM, WE WEREN'T NECESSARILY PLANNING ON SPEAKING TODAY, BUT WE'RE THRILLED TO BE HERE.
UH, MIT HAS A COMMITMENT TO AN ENTREPRENEURIAL CULTURE, BOTH ON AND OFF CAMPUS.
UM, YOU'VE HEARD FROM SOME OF OUR WONDERFUL, UH, PARTNERS AND, UH, PROJECTS.
UH, I, I ALSO WANNA GIVE A SHOUT OUT TO THE LEMELSON MIT PROGRAM, CAMBRIDGE PATHWAYS TO, UH, INNOVATION OR INVENTION, UM, THAT
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CONNECTS YOUTH AND YOUNG ADULTS TO THE PROCESS OF INVENTION.IT OFTEN PARTNERS WITH THE MAYOR'S, UH, SUMMER YOUTH EMPLOYMENT PROGRAM, AND, YOU KNOW, THERE ARE, THERE ARE A MULTITUDE OF PROGRAMS THAT WE HAVE.
AND THEN ON THE, UH, REAL ESTATE DEVELOPMENT SIDE OF THINGS, WE'VE CREATED NEARLY 600,000 SQUARE FEET OF INNOVATION OFFICE SPACE IN CAMBRIDGE.
UH, THAT'S SOMETHING THAT WE'RE, WE'RE VERY PROUD OF.
I THINK MANY OF THE THINGS THAT HAVE ALREADY BEEN SAID ABOUT THE STRENGTHS WE WOULD AGREE WITH, AND UNDERLINE THAT, YOU KNOW, THE COMMUNITY OF INCUBATORS AND ACCELERATORS, UH, STARTUPS, BIG COMPANIES, THAT ABILITY TO HAVE THOSE BUMP IN MEETINGS WHERE IDEAS AND CONVERSATIONS PERCOLATE.
I MEAN, THAT'S SOMETHING THAT IS JUST SO UNIQUE AND SPECIAL ABOUT THIS AREA.
UM, I, I THINK EVERYONE IS PROBABLY EXPECTING WHAT I WOULD SAY THE CHALLENGES THAT THE CLOUDS THAT WE HAVE BEEN SEEING, UM, THE CHALLENGES THAT WE'VE BEEN DEALING WITH IN TERMS OF CUTS TO RESEARCH FUNDING, THE IMPACTS THAT WE'VE SEEN ON CAMPUS.
WE HAVE ABOUT, UH, 500 FEWER GRADUATE STUDENTS, UH, ENROLLED, UM, EXCLUDING SLOAN AND, AND SOME OTHER PROGRAMS THAT OPERATE ON A DIFFERENT SCHEDULE.
BUT THAT'S SOMETHING THAT WE HAVE BEEN, UH, DEALING WITH FOR SOME TIME, AND WE'RE CONCERNED ABOUT THE CUTS TO RESEARCH AND WHAT ARE GOING TO BE THE CASCADING EFFECTS THAT COME FROM THAT.
TOM LUCY WITH HARVARD UNIVERSITY FROM THE OFFICE OF GOVERNMENT COMMUNITY RELATIONS AS WELL.
UM, I KIND OF AGREE WITH WHAT EVERYONE HAS SAID SO FAR.
WE'RE WE'RE, WE'RE GLAD THIS CONVERSATION'S HAPPENING.
I WAS GLAD TO HEAR THE CITY MANAGER SAY THAT YOU'RE WORKING WITH BOSTON AND, AND STATE OFFICIALS.
UM, THERE ARE A LOT OF DARK CLOUDS.
UH, IF FOLKS DIDN'T READ THE GLOBE ARTICLE THIS MORNING ON NIHI, I HIGHLY RECOMMEND IT BECAUSE IT'S TALKING ABOUT A FULL STRUCTURAL CHANGE, NOT ONLY OF, UM, THE AMOUNT OF MONEY THAT'S GONNA BE GRANTED FROM THE FEDERAL GOVERNMENT, BUT HOW THEY'RE GONNA DO IT AND HOW, HOW THEY'RE LOOKING AT IT.
UM, MUCH MORE POLITICAL THAN BEFORE.
UM, SO I, I THINK AS A GROUP, IT'S GOOD TO GET THIS KICKED OFF AND TO GET US IN ONE ROOM AND THINKING ABOUT IT, BECAUSE YOU MIGHT NOT SEE IT NOW, BUT LIKE THE PACE OF THE SPINOFFS THAT WE'RE GOING TO HAVE WITH THE TECHNOLOGY THAT TAKE THE NEXT STEP OFF OUR CAMPUS WILL BE IMPACTED IF THINGS STAY THE SAME.
UM, JUST FOR SOME NUMBERS, YOU KNOW, IN PREVIOUS YEARS, YOU KNOW, WE WERE AVERAGING 170 STARTUPS LAUNCH FROM OUR RESEARCH INNOVATIONS PER YEAR.
UH, 6,000 VENTURES HAVE BEEN LAUNCHED THROUGH THE HARVARD, HARVARD EYE LAB SINCE 2011.
UM, 72 LIFE SCIENCE STARTUPS LAUNCHED THROUGH HARVARD'S LIFE LAB SCIENCE SINCE IT OPENED IN 2016.
AND MOST OF THEM STAY HERE IN CAMBRIDGE IN GREATER BOSTON.
SO, UM, YEAH, WE, WE ALSO HAVE ALL THESE CENTERS THAT, THAT TEAM UP WITH THESE GROUPS THAT FUND STARTUPS THAT A LOT OF PEOPLE DON'T SEE HAPPENING AT HARVARD, BUT IT'S THERE AND IT'S HAPPENING.
UM, SO JUST GLAD TO BE HERE, GLAD TO BE PART OF THE CONVERSATION.
COUNCILOR FLAHERTY, HE IS IN THE ZOOM AS WELL AS VICE PRESENT, PRESENT.
SO YOU HAVE TWO OF US HERE, SO WE'LL TRY AND PARSE IT OUT SO WE DON'T OVERTAKE.
UM, I'M ALSO A CAMBRIDGE RESIDENT, SO I'M EXCITED TO BE HERE.
SO THAT'S ACTUALLY, I THINK I'M MORE EXCITED ABOUT THAT.
UM, SO I THINK EVERY, I THINK MOST PEOPLE KNOW WHAT CIC IS.
WE'VE BEEN IN, WE'VE BEEN IN CAMBRIDGE, STARTED, UM, THERE ON ONE BROADWAY IN 1999.
I THANK TIM YESTERDAY FOR PUTTING IT IN THE LAST CENTURY SO THAT, SO THAT WE CAN USE 19 WHEN WE SAY IT, IT SOUNDS LIKE REALLY, REALLY SUBSTANTIVE.
UM, WE HAVE ABOUT 270,000 SQUARE FEET IN KENDALL SQUARE.
UH, CURRENTLY HAVE ABOUT A HUNDRED, UH, CLIENTS WITHIN THERE.
AND WE ARE, YOU KNOW, DESIGNED TO REALLY HELP HELP COMPANIES COME IN FROM ONE CHAIR TO 200 AND HELP THEM HELP THEM GROW AND ARE SEEING, UM, WE'RE ACTUALLY SEEING THAT THE FLEXIBILITY THAT WE OFFER RIGHT NOW IS REALLY BEING, UH, BEING APPRECIATED IN TAKING, UH, AND IS, UH, DRIVING A LOT OF OUR BUSINESS BECAUSE OF SO MUCH UNCERTAINTY
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RIGHT NOW.AND HAPPY TO BE HERE AND HAVE, BE PART OF THE CONVERSATION.
I'M A GENERAL PARTNER AT Y COMBINATOR, UM, Y COMBINATOR'S BIG, UH, STARTUP ACCELERATOR.
UM, FOR CONTEXT, WE HAVE ABOUT, UH, $10 BILLION IN FUNDS UNDER MANAGEMENT, UM, AND A FUND ABOUT, UM, I THINK 7,500 COMPANIES AT THIS POINT FUND ABOUT 800 COMPANIES A YEAR.
UM, WE ACTUALLY STARTED ON GARDEN STREET IN HARFORD SQUARE, UM, ABOUT 20 YEARS AGO.
AND, UM, RELOCATED TO SAN FRANCISCO SHORTLY AFTER.
UM, AND I BELIEVE I'M THE FIRST PARTNER THAT'S BEEN HIRED, UM, OUTSIDE OF SAN FRANCISCO SINCE THEN.
BASICALLY, UM, I RAN A COMPANY HERE CALLED RY LABS THAT WENT THROUGH IC AND THEN WAS BUILT IN BOSTON OFFICE WAS AT 6 75 MASS AVE AND 6 78, SO LITERALLY RIGHT ACROSS THE STREET AND NEXT DOOR.
UM, AND, UM, WE THINK A LOT ABOUT HOW TO, UM, FIND THE BEST FOUNDERS AND FUND THEM.
I THINK THINGS THAT ARE GOING VERY WELL HERE ARE, UM, I WOULD SAY CAMBRIDGE PRODUCES A VERY LARGE FRACTION OF THE BEST FOUNDERS IN THE WORLD, UM, BY SOME MEASURE, ALMOST ALL OF THEM.
UM, AND I THINK IT'S SOMETHING LIKE HALF OF THE VENTURE SIZE COMPANIES THAT MATTER, BASICALLY OF THE LAST DECADE WENT TO COLLEGE HERE IN CAMBRIDGE WITH AT LEAST ONE FOUNDER, UM, MOSTLY AT HARVARD AND MIT.
UM, ALMOST ALL OF THEM, I THINK ON THE DOWNSIDE CHOOSE TO BE IN SAN FRANCISCO.
I'LL, I WON'T PRETEND LIKE WE'RE NOT SOME PART OF WHY THAT HAPPENS, BUT, UM, MOST OF THOSE ARE ALSO NOT YC COMPANIES.
AND, UM, I THINK THERE'S A, A WHOLE MIX OF FACTORS FOR WHY THAT HAPPENS.
BUT I THINK IF I HAD TO BRING IT DOWN TO, TO ONE THING, I GUESS THERE'S LIKE A, THERE'S A SENSE WHETHER IT'S TRUE OR NOT, THAT BOSTON IS, UM, SORT OF AN INDUSTRY CROWN AROUND BIOTECH AND IS NOT AS MUCH OF AN INDUSTRY TOWN AROUND THE OTHER SECTORS IN WHICH, UM, THE VAST MAJORITY OF VENTURE DOLLARS ARE CURRENTLY GOING TO.
I DON'T THINK THAT'S ACTUALLY TRUE IF YOU LOOK AT THE NUMBERS, BUT IT IS THE SENSE.
AND, UM, I WOULD BE REALLY EXCITED TO THINK ABOUT HOW WE CAN CHANGE THAT SENSE, UM, UH, EITHER FROM FINDING WAYS TO PROMOTE THE COMPANIES THAT ARE DOING REALLY WELL HERE ACROSS LOTS OF DIFFERENT SECTORS.
UM, AND ALSO, UM, THINKING ABOUT WAYS TO MAKE IT REALLY FUN FOR YOUNG PEOPLE, ESPECIALLY TO STAY, LIKE, I THINK WE SHOULD THINK REALLY HARD ABOUT WHY MOST 22 YEAR OLDS DO NOT WANNA STAY VERSUS WANNA BE IN SAN FRANCISCO OR NEW YORK.
AND IT IS NOT JUST ABOUT ECONOMIC OPPORTUNITY.
I THINK THERE'S A LOT OF OTHER FACTORS TOO.
UM, SO I THINK I KNOW MOST OF YOU, UM, THANK YOU FOR CONVENING, UH, COUNSELORS, CITY MANAGER, ASSISTANT CITY MANAGER, DIRECTOR.
UM, I AM A LIFELONG, UM, CANTE BRIDGE IN CURRENTLY LIVING IN SOMERVILLE, BUT, UH, STARTED HERE IN WHEN I WAS ONE, I THINK MOVING FROM BELMONT.
UM, AND, UM, THIS IS A REALLY SPECIAL PLACE.
I HAVE A FEW, UM, COMMENTS TO MAKE THAT MAYBE I'LL, I'LL TRY TO MAKE MORE LATER.
BUT, UM, JUST A COUPLE THINGS.
PEOPLE MAY NOT REALIZE THAT CAMBRIDGE IS, UM, BY FAR THE LEADER WORLDWIDE AND THEY STRUCTURE AS TO SUPPORT ENTREPRENEURS.
UM, THE WORLD'S LARGEST, UM, STARTUP SPACE, SHARED STARTUP SPACE FOR LIFE SCIENCES IS IN THE ROOM.
THE WORLD'S LARGEST DEEP TECH ACCELERATOR IS IN THE ROOM.
UM, THE WORLD'S LARGEST ROBOTICS STARTUP SPACE, BY THE WAY, WANTED TO BE IN CAMBRIDGE, LOOKED IN CAMBRIDGE AND ENDED UP IN BOSTON.
COULDN'T, COULDN'T MAKE THEM THE REAL ESTATE ECONOMICS WORK, WHICH I THINK EMILY WILL TOUCH ON LATER.
UM, UH, GREENTOWN LABS WAS IN CAMBRIDGE, WHICH IS NOW THE WORLD'S LARGEST, UH, CLEAN TECH STARTUP SPACE.
AND IT MOVED TO SOMERVILLE, UM, ALSO FOR REAL ESTATE ECONOMICS REASONS.
UM, AND, UH, IF YOU TAKE TOGETHER CIC AND THE ORGANIZATIONS WE CO-FOUNDED AROUND HERE THAT ARE IN THIS GROUP, WE COLLECTIVELY ARE THE WORLD'S LARGEST STARTUP SPACE OF ANY KIND.
UM, AND I'M NOT INCLUDING THE ENGINE, BUT IF, LIKE, I, WE, WE ACTUALLY RAN THE ENGINE FOR A YEAR.
SO IF WE KIND OF, UM, COUNTED THAT, IT'D BE EVEN BIGGER.
UM, SO, UM, WE'RE REALLY DOING WELL.
IF YOU LOOK AT, UM, THE LAST TIME I DID THE MATH, AND I, AND SOMEONE HERE PROBABLY HAS BETTER MATH THAN I, ABOUT HALF OF THE CITY'S BUDGET, UM, CAME FROM PROPERTY TAXES FROM THE KENDALL SQUARE AREA.
SO AS, UH, SOMEBODY WHOSE KIDS WENT THROUGH CAMBRIDGE SCHOOLS, UM, I REALLY APPRECIATE THE ROLE THAT, THAT KENDALL SQUARE AND DENISE'S KIDS ALSO, UM, THE, YOU KNOW, THE ROLE THAT THIS, YOU KNOW, WE, WE HAVE THIS GOLDEN EGG, RIGHT? UM, THAT, UM, IS REALLY BENEFICIAL FOR CAMBRIDGE, BUT UM, IS IT ON KIT? AM I SAYING THAT RIGHT? AS ANKIT SAID, WE'RE ALSO PLAYING AN EQUALLY IMPORTANT ROLE FOR THE WHOLE WORLD.
SO WE HAVE A, A KIND OF A OBLIGATION, I THINK THAT GOES BEYOND OUR SELF-INTEREST.
IT GOES, WE'RE KIND OF STEWARDS OF SOMETHING VERY SPECIAL FOR THE PLANET.
UM, AND WE COULD GO THROUGH A REALLY LONG LIST OF THINGS THAT HAVE COME OUT OF, YOU KNOW, TECHNOLOGIES.
I THINK KATHY DID A NICE JOB LISTING SOME OF THE EARLY
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ONES.UM, JUST THIS MORNING, IF YOU WERE WATCHING YOUR NEWS FEEDS, UH, COMPANY ACTUALLY BASED AT CIC WAS BOUGHT FOR $10.6 BILLION BY GSKA COMPANY CALLED NEW VALENT.
UM, THERE AREN'T A LOT OF TRANSACTIONS LIKE THIS THAT HAPPEN, YOU KNOW, AROUND, THERE ARE A FEW BIG ONES, BUT THIS IS, IT REFLECTS THE, THE SHEER SCALE OF WHAT'S GOING ON.
THIS IS ALL IN THE GOOD, YOU KNOW, WHAT'S GOING ON.
AGAIN, THERE ARE THINGS THAT WE CAN WORK ON.
ANOTHER GOOD THING IS, UM, THE CITY ACTUALLY HAS A REALLY GREAT HISTORY OF COLLABORATION WITH KENDALL SQUARE.
I, I CO-FOUNDED THE KENDALL SQUARE ASSOCIATION WAS ITS FIRST PRESIDENT, AND LATER THAT GROUP WORKED WITH THE CITY, AND PAR WAS PART OF THIS.
UM, AND WE CREATED THIS NOTION OF INNOVATION SPACE ZONING THAT SOME OF YOU ARE PROBABLY FAMILIAR WITH, BUT MAYBE NOT EVERYONE.
UM, BASICALLY IF YOU BUILD NEW OFFICE SPACE OR, OR SPACE OF ANY KIND IN KENDALL SQUARE, UNDER KENDALL SQUARE ZONING, YOU'RE REQUIRED TO SET ASIDE A PERCENTAGE OF THAT FOR STARTUP USE.
UM, IT'S, THE BASELINE IS 5%, AND THEN THERE'S BONUSES THAT I THINK GET YOU TO 10%, IF I REMEMBER.
SO IT'S ROUGHLY THAT, AND THERE'S A DEFINITION THAT I MIGHT HAVE HAD SOMETHING TO DO WITH WRITING THAT BASICALLY REALLY LOCKS IT DOWN.
SO IT REALLY HAS TO BE FOR THESE FLEDGLING COMPANIES AND NOT SORT OF OTHER KINDS OF USERS SHOEHORNED IN AS, AS STARTUPS.
AND I BELIEVE WE'RE THE ONLY PLACE, AT LEAST SO FAR, WE'RE THE ONLY PLACE IN THE WORLD THAT I'VE FOUND THAT DOES THIS ZONING.
AND WE DID IT BECAUSE WE RECOGNIZED THAT THERE IS A, AN A MARKET EXTERNALITY, UM, IN REAL ESTATE, WHICH IS SORT OF INTERESTING, WHERE IF YOU OWN A BUILDING AND THERE ARE A LOT OF COMMERCIALLY OWNED BUILDINGS AROUND, YOU KNOW, BY, YOU KNOW, GOOD OPERATORS LIKE BOSTON PROPERTIES OR THE UNIVERSITIES, UM, THE, YOU'RE, YOU'RE BETTER OFF ALWAYS TAKING A CREDIT TENANT, SOMEBODY THAT LIKE A MICROSOFT OR A GOOGLE THAT YOU KNOW IS DEFINITELY GONNA PAY THEIR RENT, RIGHT? AND YOUR LENDERS, EVERYONE ELSE IS PUSHING YOU TO GO FIND CREDIT TENANTS.
SO WHAT THAT MEANS IS THAT IF, UM, YOU HAVE SPACE AVAILABLE, LET'S SAY YOU ARE RENTING IT FOR $70 A FOOT, AND GOOGLE WANTS IT, AND THE STARTUP WANTS IT, YOU WOULD ALWAYS GIVE IT TO GOOGLE.
IN FACT, IF A STARTUP OFFERED YOU $80 A FOOT, YOU WOULDN'T GIVE IT TO THE STARTUP.
YOU'D STILL GIVE IT TO GOOGLE FOR 70.
IF THE STARTUP OFFERED YOU A HUNDRED DOLLARS A SQUARE FOOT, YOU'D STILL GIVE IT TO GOOGLE FOR 70.
UM, AND THE REASON IS THAT YOU WON'T GET CREDIT FOR THE STARTUP.
YOU, YOUR LENDER WILL SAY, WE'RE IGNORING THAT REVENUE BECAUSE WE DON'T KNOW WHEN THEY'RE GONNA DISAPPEAR.
AND SO THERE'S A, IT'S A MARKET EXTERNALITY ABOUT STARTUPS.
THAT MEANS THAT IF YOU WANT TO BE A STARTUP HUB, YOU ACTUALLY HAVE TO DO SOMETHING IN POLICY TO PROTECT THIS FUNCTION OR IT GOES AWAY.
AND THERE ARE BOOKS NOW WRITTEN THAT REFERENCE THIS AS ONE OF THE POTENTIAL REASONS WHY KENDALL SQUARE AND CAMBRIDGE HAVE DONE SO WELL.
UM, SO I JUST WANTED TO UNDERSCORE THAT THERE'S A HISTORY OF POSITIVE COLLABORATION AND CREATIVE COLLABORATION TO DEFEND AND PROTECT AND GROW THIS UNIQUE THING THAT CAMBRIDGE HAS UNIQUE REALLY IN THE WORLD.
LOOK FORWARD TO MORE CONVERSATION.
I AM A BUSINESS DEVELOPMENT SPECIALIST WITH THE COMMUNITY DEVELOPMENT DEPARTMENT.
MELISSA PETERS, ASSISTANT CITY MANAGER FOR COMMUNITY DEVELOPMENT.
UM, JUST WANT TO THANK YOU ALL FOR BEING HERE.
REALLY APPRECIATE THIS CONVERSATION AND, UM, AS A ZONING AND PLANNING WALK, REALLY KINDA APPRECIATE THE HISTORY OF THAT.
AND, UM, REALLY WHAT WE WANNA HEAR FROM YOU TODAY IS, IS THINGS THAT THE CITY CAN DO TO KIND OF LEAN IN AND HELP CONTINUE TO SUPPORT, UH, WHAT MAKES, UH, THE CITY, UH, THRIVE.
HELLO, ALEXANDRA HUAD, MASSACHUSETTS OFFICE OF BUSINESS DEVELOPMENT.
SO I AM THE GREATER BOSTON REGIONAL DIRECTOR, WORKING VERY CLOSELY WITH PAREE AND THE CITY MANAGER AND OTHER CITIES AROUND THE REGION TO MAKE SURE THAT, UM, YOU KNOW, MASSACHUSETTS STAYS COMPETITIVE.
TALKING ABOUT WHAT'S GOING WELL, WE TALK ABOUT HELPING BUSINESSES START, STAY, AND GROW IN MASSACHUSETTS.
AND I HOPE NONE OF MY OTHER MUNICIPALITIES ARE LISTENING, BUT I THINK THERE ARE LOTS OF STATISTICS ABOUT HOW THIS IS THE BEST PLACE TO START A BUSINESS.
SO EXCITED TO HEAR WHAT HAPPENS.
I WAS ABOUT TO SAY GOOD MORNING.
PARTIES, SAFARI DIRECTOR OF ECONOMIC OPPORTUNITY DEVELOPMENT OVER AT CDD.
THANK YOU AGAIN, UM, TO EVERYONE.
I THINK I'LL JUST ADD A LITTLE BIT OF FACTS FROM, UH, THE THREE, UM, UH, SPACES THAT ARE WITH US TODAY, AS WELL AS IN GENERAL.
SO CAMBRIDGE IS ABOUT 16 COWORKING, UH, COWORKING AND OR INCUBATOR SPACES INCLUDING CIC LAB CENTRAL AND THE ENGINE.
AND AS OF 2025, THESE THREE SPACES ALONE HAD 918 COMPANIES.
SOUNDS LIKE THERE'S MORE NOW, WHICH IS GREAT.
AND I SAY THIS BECAUSE NOW THEY'VE ALL BECOME IN OUR TOP 25 EMPLOYERS, UM, TO JUST SHOW HOW IMPORTANT, UM, THESE THREE SPECIFIC SPACES ARE TO THE CITY.
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NAME IS ABI.I'M ONE OF THE CITY COUNSELORS IN CAMBRIDGE.
ALSO, REALLY APPRECIATE EVERYBODY BEING HERE TODAY.
I THINK ONE OF THE THINGS THAT I'VE SEEN IN JUST BEING IN THIS CITY IS THE NATURE OF ALWAYS PUSHING, ALWAYS HUSTLING TO DO MORE, TO INNOVATE, TO FIND THE NEW WAYS TO DO THINGS.
AND AS SOMEONE WHO'S FAMILIAR WITH THE HARVARD INNOVATION LABS, GLAD THAT YOU BROUGHT THAT UP.
'CAUSE THAT IS DEFINITELY ALSO A PLACE THAT I THINK OF WHEN IT COMES TO THIS ECOSYSTEM AS WELL.
UM, DEFINITELY, UM, REALLY WANNA TAKE ON YOUR POINT OF LIKE THIS IDEA OF HOW WE CAN BRING YOUNG PEOPLE, UM, AND TALK ABOUT AFFORDABILITY TO HELP ALSO KEEP THIS ECOSYSTEM ALIVE BECAUSE IT'S THE IDEAS AND PEOPLE THAT BRING A LOT OF THIS INTO OUR CITY.
UM, ANOTHER THING THAT I WOULD LOVE TO ALSO JUST LISTEN TO A BIT MORE AND HOPE THAT WE CAN TOUCH UPON, ALTHOUGH IS NOT MAYBE NECESSARILY THE CENTRAL PART OF THIS CONVERSATION, IS HOW WE CAN, UM, SUPPORT OUR SMALL BUSINESSES IN THE CITY.
AND SORT OF AN OPPORTUNITY TO BUILD THIS RELATIONSHIP BETWEEN THE ENTREPRENEURIAL SPACES THAT KNOW HOW TO GO BIG, BUT ALSO RECOGNIZE THAT THERE ARE ON THE GROUND SMALL BUSINESSES TOO, THAT ARE DOING BEAUTIFUL WORK IN OUR CITY.
AND FIND WAYS TO LIKE DO INNOVATIVE THINGS, UH, BETWEEN THE TWO AS WELL TO HELP BOTH THIS ECOSYSTEM AND THE SMALL BUSINESS ECOSYSTEM AS WELL.
UH, THANK YOU, UM, MARK MCGOVERN, CITY COUNSELOR.
UH, NOT A MEMBER OF THIS COMMITTEE, BUT HAPPY TO BE HERE.
UM, AND THANK YOU ALL FOR BEING HERE.
UM, I LO AS MUCH AS I LOVE THE TAX REVENUE THAT GETS GENERATED, RIGHT? 'CAUSE IT DOES ALLOW US TO DO ALL KINDS OF THINGS THAT, THAT PEOPLE, UH, UH, ENJOY IN OUR CITY AND MAKE A DIFFERENCE FOR PEOPLE.
UM, MY, AS A NATIVE KENTE BRIDGE IN MY CAMBRIDGE PRIDE GETS, YOU KNOW, SWELLS WHEN WE TALK ABOUT THE ACTUAL WORK THAT'S BEING DONE IN THE DISCOVERIES THAT ARE, THAT ARE HAPPENING HERE.
AND, UM, AS MUCH AS I APPRECIATE OUR BIG BROTHER ACROSS THE RIVER, WE ARE CAMBRIDGE, WE ARE NOT A PART OF BOSTON.
SO LET'S MAKE SURE WE TOUT THAT, UH, YOU KNOW, THE, THE COMPANIES THAT ARE HERE IN, IN, IN, IN OUR MUNICIPALITY, UM, AND REALLY WANT TO THINK ABOUT HOW WE KEEP YOU HERE, RIGHT? AND THEN HOW WE DO BALANCE.
I THINK, YOU KNOW, AS OTHER PEOPLE HAVE MENTIONED, YOU KNOW, NOT EVERYONE IS A, IS A HUGE COMPANY THAT CAN AFFORD KENDALL SQUARE.
UM, WE'VE HAD SOME DISCUSSIONS IN CAMBRIDGE RECENTLY ABOUT, UH, WET LABS AND DO WE BAN THEM IN CERTAIN PARTS OF THE CITY? AND I'D LIKE TO TALK ABOUT WHAT THAT WOULD MEAN TO YOUR, THE COMPANIES THAT YOU ALL WORK WITH.
AND, UM, AND THINK ABOUT HOW WE CAN BE HELPFUL IN, UH, GENERATING AND, AND KEEPING, YOU KNOW, NOT ONLY YOUR STARTUPS, BUT WHEN THING, WHEN THEY START TO GROW SO THEY DON'T GO TO SAN FRANCISCO OR GO SOMEWHERE ELSE, BUT, YOU KNOW, HOW DO WE KEEP THEM HERE SO THAT THEY GROW INTO THE FUTURE, UM, UH, ECONOMY AND, AND BUSINESSES OF, OF, OF OUR CITY.
SO, UH, THANK YOU ALL FOR BEING HERE AND, UM, WE APPRECIATE YOU.
I THINK WE HAVE A, A ONE OR TWO PEOPLE THAT HAVE SIGNED UP TO GIVE PUBLIC COMMENT.
SUZANNE BEIER, YOU'RE UNMUTED.
THANK YOU, UH, SUZANNE BEIER FIVE FULLER PLACE, AND THANK YOU, UH, COUNCILLOR SO MUCH FOR PUTTING TOGETHER THIS IMPORTANT MEETING.
AND, UM, I JUST, UH, SUPPORT SO STRONGLY ALL OF THESE EFFORTS.
AND I'M ALSO SEEING HERE, I'M ON THE FACULTY AT HARVARD, TOM, LUCY, AND THE, THE TERRIFIC WORK THAT HE IS DOING.
WHAT I WANT TO RAISE HERE IS SOMETHING WHICH IS RELATED AND IN MANY RESPECTS, COMPLIMENTARY.
UM, I WOULD SAY THAT LEONARDO DA VINCI, UM, WAS NOT ONLY A GREAT SCIENTIST, BUT HE WAS ALSO A GREAT ARTIST.
SO THE LINKING OF ARTS AND THE SCIENCES IS BY CORE AT THE CENTER OF REALLY ALL THAT'S GOING ON.
AND HISTORICALLY, CAMBRIDGE'S ECONOMIC VIABILITY REALLY DEPENDED ON THE ARTS AND MANUFACTURING.
EARLY ON IN EAST CAMBRIDGE, WE WERE DOING AMAZING WORKS OF GLASS, IN PART UTILITARIAN, LARGELY UTILITARIAN, BUT WHETHER WE'RE TALKING ABOUT LAMPS OR OTHER THINGS, WE WERE EXPORTING BROADLY.
AND AS YOU KNOW, WE HAD A MAJOR CATTLE INDUSTRY AND, UM, PIG INDUSTRY AND
[00:35:01]
A LOT OF THE LEATHERS WERE BEING USED TO CRAFT REALLY FINE THINGS FROM CARRIAGES TO GLOVES.AND, UM, WE'VE BEEN A CENTER FOR THE FOOD CUISINE ARTS FROM JOYCE CHEN TO JULIA CHILDS.
AND THERE'S BEEN A LOT OF THIS KIND OF WORK ALSO HAPPENING ON HARVARD'S CAMPUS AND I'M SURE MIT AS WELL, BUT CO-JOINED THOSE ELEMENTS.
AND THEN OF COURSE, WE'VE BEEN A CENTER FOR FILM, UM, AND FOR DRAMATIC PRODUCTIONS.
AND SO I'M WONDERING IF, IF THERE ISN'T A WAY WITHIN THE CITY THAT WE CAN BOTH CELEBRATE AND PROMOTE THIS WITH A SERIES OF KIND OF INTERNATIONAL, UM, EVENTS HERE.
UM, COMPETITIONS, I I STRONGLY BELIEVE IN COMPETITION, UM, THAT WOULD BRING TOGETHER THE SCIENCES AND THE ARTS AND NOT, AND THIS IS NOT GONNA BE, I THINK NECESSARILY WELL, WELL TAKEN, BUT I THINK IN TERMS OF THE ARTS, NOT JUST DEPENDENT OR NOT JUST FOCUSED ON WHAT IS BEING MADE LOCALLY, CAMBRIDGE IS INDEED AN INTERNATIONAL CITY.
AND IF WE WERE TO HAVE LIKE CELEBRATIONS OF LIGHTS OR WHATEVER BRINGING TOGETHER CENTRAL SQUARE IN EAST CAMBRIDGE AND HARVARD SQUARE AND QUARTER SQUARE DO A REALLY REMARKABLE EVENT, I THINK IT WOULD BE GREAT FOR THE BROADER COMMUNITY, AND I THINK IT WOULD BE GREAT SORT OF NATIONALLY AND INTERNATIONALLY AND BRINGING MORE PEOPLE HERE AND THEN SUSTAINING, SUPPORTING AND PROMOTING EVEN MORE CREATIVITY THAT BRINGS TOGETHER THESE TWO REALMS. SO THANK YOU VERY MUCH AND I APPRECIATE WHAT YOU'RE DOING.
UM, SO I THINK, UM, I THINK MAYBE, MAYBE WE'LL COMBINE THESE NEXT TWO QUESTIONS AND THEN WE'LL GO TO COUNSELORS FOR SORT OF DISCUSSION.
UM, AND I THINK WE STARTED GETTING INTO IT.
SO I THINK, I THINK THE THREE QUESTIONS WE WERE TRYING TO GET THROUGH IS, YOU KNOW, WHAT'S GOING WELL IN THE INNOVATION ECONOMY IN CAMBRIDGE? WHAT ARE STRENGTHS THAT WE'RE SEEING? I THINK ACTUALLY WE GOT A LOT OF THAT IN THE INTRODUCTIONS.
UM, AND WE STARTED A A LITTLE BIT INTO THIS, BUT, BUT MAYBE IF WE COULD GO AROUND AND TALK ABOUT WHAT ARE THE CHANGES THAT WE'RE SEEING OVER THE LAST COUPLE OF YEARS? WHAT ARE THE RISKS, UM, THAT I THINK HAVE STARTED COMING UP AND WHAT ACTIONS FROM THE CITY COULD MEANINGFULLY HELP? OKAY, I CAN START, UM, I'LL BACK YOU UP.
SO AT OUR CORE, AND EVERYONE, A A NUMBER OF PEOPLE HAVE SAID THIS, OUR MISSION WAS TO BRIDGE THE GAPS BETWEEN SCIENTIFIC TECHNOLOGICAL ACTIVITY AND ENTREPRENEURIAL ACTIVITY.
UM, TO CREATE A SPACE FOR THESE TOUGH TECHNOLOGIES TO GROW AND STAY IN MASSACHUSETTS.
WE ARE AN ECONOMIC DEVELOPMENT NONPROFIT.
UM, AND SO WHEN I THINK ABOUT OUR CORE CONSTITUENTS, WHEN I THINK ABOUT OUR BUSINESS, WHICH IS TOUGH, AND THERE ARE CLOUDS AROUND THAT, AND THEN THE WAY THAT WE SUPPORT OUR CORE CONSTITUENTS, I'D SAY THAT THE LANDSCAPE FOR NONPROFITS WHO ARE WHAT WE WOULD CALL PUBLIC INFRASTRUCTURE FOR THE INNOVATION ECONOMY IS VERY HARD TO RUN A BUSINESS.
INCUBATORS ARE TOUGH BUSINESSES IN GENERAL.
WE ARE IN A VERY EXPENSIVE MARKET, AND I BELIEVE WE ALL PAY MARKET RENT.
YOU THEN PASS OFF THAT RENT AND ALL OF THE OTHER EXPENSES TO THE VERY VULNERABLE COMMUNITY THAT YOU ARE THERE TO SUPPORT.
IN THIS CASE, EARLY STAGE STARTUPS WHO IN SOME CASES HAVE VERY LITTLE FUNDING OR, OR HAVE MOST OF THAT FUNDING WAS GIVEN TO THEM, UM, CONTINGENT ON IT DE-RISKING THE TECHNOLOGY.
SO IT IS, ALTHOUGH TOO MANY PEOPLE, UM, OUTSIDE OF THIS COMMUNITY, IT LOOKS LIKE IT'S MONEY FREE FLOWING.
IT IS ACTUALLY VERY SPECIFIC TO A TECHNOLOGY DEVELOPMENT PIPELINE.
SO, UM, WE AS NONPROFIT SUPPORT STRUCTURES HAVE A HARD TIME FUNDING OUR BUSINESS OPERATIONS, WHICH IS A PROBLEM.
AND WE APPLY FOR, UM, FOR LOCAL, STATE, FEDERAL GRANTS.
BUT I'D SAY THE NUMBER ONE THING THAT WE DEAL WITH IS EXPENSIVE RENT.
THAT IS PROBABLY THE, THE NUMBER ONE COMPLAINT WE WOULD ALSO HEAR FROM OUR CUSTOMERS AND OUR STARTUPS IS THAT THE MOST EXPENSIVE THING OUTSIDE OF MAYBE THE HUMANS THAT THEY PAY TO RUN THEIR BUSINESS IS THE RENT.
UM, I THINK THE SECONDARY THING WE THINK QUITE A BIT ABOUT, UH, FOR STARTUPS IS SPEED.
SO FOR A STARTUP, I'D SAY SPEED IS IN A COUPLE DIFFERENT THINGS.
ONE WOULD BE, YOU KNOW, THE NUMBER WE GRADUATE OUT OF THE ENGINE OR THAT BECOME ALUMNI AND MOVE ON TO THEIR NEXT FACILITY.
THEY NEED TO DO THAT FAST AND THEIR ABILITY TO GET A PERMIT.
WE HAVE A STARTUP THAT HAS BEEN, UM, IT'S NOT
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IN CAMBRIDGE, BUT A REALLY SIMILAR SPACE THAT HAS BEEN WORKING TO GET A PERMIT TO STAND UP THE SPACE THAT THEY RENTED OVER TWO YEARS AGO, AND DO WORK IN THAT SPACE IN THAT TIMEFRAME.THEY WENT TO NORTH CAROLINA, RAN A PILOT, GOT ALL THE DATA, CAME BACK, THEY STILL DON'T HAVE A PERMIT.
AND SO THAT, THAT SPEED OF PERMITTING IS A REALLY BIG DEAL.
AND THEIR INVESTORS SAID, WHY NOT STAY IN NORTH CAROLINA? WHY COME BACK? UM, BUT MANY OF THEM WANT TO GO FROM, YOU KNOW, A COUPLE OF BENCHES OR A SMALL SUITE AT ONE OF OUR INCUBATORS TO A SPACE A QUARTER OF A MILE DOWN THE STREET AND ARE END UP IN A NEGOTIATION WITH A GOOGLE.
AND, UM, AND SO THERE'S A LOT OF EMPTY REAL ESTATE.
I HAVE A LOT OF MEETINGS WITH, UH, REAL ESTATE DEVELOPERS OF, OF WHAT IT COULD LOOK LIKE IF THEY DEVELOPED A SPACE FOR US.
UM, BUT THERE ISN'T THIS SORT OF AGILITY IN TAKING SMALL TENANTS, TAKING ON A LITTLE BIT OF, OF RISK, ALLOWING THEM TO GROW IN YOUR SPACE.
UM, AND SO I THINK, YOU KNOW, THERE'S A NUMBER OF THINGS THAT OUR STARTUPS NEED, BUT WHERE THE CITY COMES IN WOULD BE AROUND, UH, LOOKING AT RENT, LOOKING AT IT, PERMITTING, LOOKING AT, UH, USE OF DIFFERENT SPACES AND, AND ZONING.
UM, AND THEN THINKING ABOUT, UM, RAPID PERMITTING AND, AND SPEED IN THAT AREA BECAUSE, YOU KNOW, YOU DON'T HAVE TO COMPLETELY CHANGE A SYSTEM FOR A STARTUP, BUT FOR THEM TO STAY HERE, THEY, THEY'RE MAKING FAST DECISIONS WITH CASH THAT, THAT, AND THEY ARE OPERATING AT SPEED.
AND SO FOR THEIR, TO MATCH THEIR BURN RATE BECAUSE THEY ACTUALLY ALL WOULD REALLY LIKE TO STAY CLOSE TO WHERE THEIR APARTMENT IS TODAY AND WHERE THEIR LIKE YOUNG TEAM LIVES, WHICH IS IN MANY, UM, CASES IN CAMBRIDGE.
AND THEY'RE, MOST OF THEM ARE LOOKING TO, UM, WOBURN OR, OR BEVERLY OR THESE PLACES WHERE THEY'RE BEING GIVEN REALLY EXCEPTIONAL DEALS.
YEAH, I CAN, UM, ECHO THAT I THINK WITH A FEW EXAMPLES.
UM, I THINK THE, THE CLAUSE THAT WAS PUT INTO THE, UM, PERMITTING YEARS AGO WAS SOMETHING THAT ENABLED LAB CENTRAL TO GET THE SPACE WHERE WE ARE AT OSBORNE TRIANGLE.
UM, THAT WAS SOMETHING THAT, UM, MATCO WANTED TO FURTHER DEVELOP THAT SPACE, AND IN ORDER TO DO THAT, THEY NEEDED TO ALSO HAVE INNOVATION SPACE.
IT'S, IT'S ALSO WHAT ENABLED US TO OPEN 2 38 MAIN STREET, UM, WHICH IS RIGHT ACROSS FROM TWO CIC LOCATIONS.
UM, THEY NEEDED TO RENT TO AN INNOVATION SPACE IN ORDER TO GET THEIR PERMITS.
SO AT THE TIME THAT WAS REALLY INCREDIBLE FOR US.
BUT OVER TIME, THE, THE RENTS START TO INCREASE AND THEY HAVE LESS INCENTIVE THAN THEY HAD BEFORE.
AND SO WHILE, YOU KNOW, LOOKING AT 2 38 AS A GREAT EXAMPLE, THAT SPACE IS NOT FILLED OUT, UM, BY TENANTS AND SOME OF THEM HAVE SHUT DOWN.
UH, YET WE ARE CONSTANTLY SHOWN ON THE TOURS AS, HERE'S HOW GREAT YOUR SPACE COULD BE.
HERE'S THE VIBRANCY OF KENDALL SQUARE, HERE'S WHAT'S HAPPENING.
BUT WHEN I HAVE CONVERSATIONS WITH LANDLORDS, THERE'S NO INTEREST IN TALKING ABOUT THE RENT.
UM, I HAVE THE SAME ISSUE AT OSBORNE TRIANGLE, UH, WITH OUR LANDLORDS THERE.
UM, SURPRISINGLY THEY'RE MORE OPEN, ALTHOUGH THEY'RE OUT OF CHICAGO, UH, THEY'RE MORE OPEN BECAUSE THEY SEE US AS A LONG-TERM INVESTMENT.
AND SO, UM, THEY HAVE BEEN, UH, MORE OPEN TO HAVING DISCUSSIONS AROUND RENT RELIEF.
UM, LAST YEAR WE ACTUALLY REDUCED THE RENT FOR ALL OF OUR RESIDENTS, AND THAT WAS WHILE WE WERE NOT MAKING OUR NUMBERS MEET.
AND WE DID THAT VERY INTENTIONALLY AND VERY SPECIFICALLY BECAUSE WHAT WE SAW HAPPENING WAS WITH ALL OF THE FROZEN GRANTS AND THE PULLBACK AND VENTURE FUNDING, THESE EARLY STAGE COMPANIES WERE NOT ABLE TO GET INTO THE SPACE OR GROW IN THE SPACE TO FURTHER THE MILESTONES FOR THEIR EXPERIMENTS.
AND IF THEY CAN'T FURTHER THOSE MILESTONES, THEY CAN'T GET CONTINUED FUNDING.
MANY OF THEM ARE ON TRANCHED FUNDS.
AND SO WE HAD TO MAKE A VERY HARD DECISION AND SAY WE HAD SOME REALLY POSITIVE LUCRATIVE YEARS, AND SO WE'RE GONNA USE FUNDS THAT WE HAVE THE SORT OF RAINY DAY FUNDS, AND WE ARE GONNA ACTUALLY REDUCE THE RENT.
SO FOR ALL OF OUR BENCHES, WE REDUCE THEM FROM 4,600 A MONTH TO $3,000 A MONTH.
WE REDUCED THE PRICES OF OUR SUITES AS WELL.
SO WANTING TO SUPPORT THESE COMPANIES TO GROW, WE IMMEDIATELY SAW RETURN FROM THAT WITH COMPANIES ABLE TO MOVE IN THAT HADN'T BEEN ABLE TO WITH COMPANIES ADDING SCIENTISTS THAT WERE PREVIOUSLY HAVING TO MAKE DECISIONS ABOUT PAYING RENT VERSUS RUNNING EXPERIMENTS.
UM, THAT HAS MOVED OUR OCCUPANCY NUMBERS FROM 60% TO 90%.
IT LOOKS REALLY GOOD, BUT THE REALITY IS THAT WE'RE NOT MAKING THE MONEY
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THAT WE HAD MADE BEFORE.SO WE ARE UP ON OCCUPANCY, BUT THE REVENUE IS NOT UP.
UM, ONE OF OUR OTHER WAYS OF GETTING REVENUE, WHICH PEOPLE MAY NOT BE FAMILIAR WITH, IS THROUGH OUR PURCHASING SYSTEM.
SO BECAUSE WE HAVE THE PERMITS FOR ALL OF THESE COMPANIES, AND THANK YOU TO CAMBRIDGE PERMITTING FOR HAVING WORKED VERY HARD WITH US IN THE EARLY YEARS TO ALLOW THAT, UM, WE ARE RESPONSIBLE FOR EVERYTHING THAT COMES IN THE BUILDING, EVERYTHING THAT GOES DOWN THE DRAIN.
AND SO, UM, WE NEED TO KNOW EVERY SINGLE THING THAT IS ORDERED.
WE NEED TO KNOW THE QUANTITIES, WE NEED TO KNOW WHETHER OR NOT IT'S HAZARDOUS, ANYTHING LIKE THAT.
AND SO WE CHARGE A VERY SMALL PERCENTAGE ON TOP OF EVERY ORDER THAT OUR COMPANIES MAKE.
THEY INITIALLY BALK AT THIS BECAUSE THEY FEEL LIKE, HOW ARE WE AS A NONPROFIT GOUGING THEM ON PRICING UNTIL THEY REALIZE THAT WE HAVE NEGOTIATED DISCOUNTS FROM OUR SPONSORS AND THROUGH BULK ORDERING THAT WE'RE GETTING 60 TO 80% DISCOUNTS OFTEN ON THE THINGS THAT THEY'RE ORDERING.
SO WE SEE WHEN THEY LEAVE, THEY START ORDERING IN MASSIVE QUANTITIES BECAUSE THEY KNOW THAT ONCE THEY LEAVE, THEY DON'T HAVE THAT DISCOUNT ANYMORE.
BUT WHEN OUR, OUR OCCUPANCY IS REDUCED, THERE'S LESS ORDERING GOING ON, OUR SPONSORS ARE NOT MAKING THE MONEY THAT HAD INCENTIVIZED THEM TO SPONSOR US, SO EVERYONE IS HURTING.
SO FOR US, THE FLYWHEEL THAT WE, YOU KNOW, TALK ABOUT IN INCREASING THE OCCUPANCY AT LEAST HAS INCREASED THE ORDERING.
THEY ARE CONTINUING TO INVEST BECAUSE WE ARE VERY, VERY DEPENDENT ON THE SPONSORS IN ORDER TO, TO CONTINUE OPERATING.
SO I, I LOVE THE IDEA OF EXPLORING INCENTIVES AROUND THE REALTORS, UM, AND THE DEVELOPMENT DEVELOPERS ON, YOU KNOW, ARE THERE TAX INCENTIVES TO ENCOURAGE THEM TO WORK WITH US ON OUR, ON RE OUR RESETTING OUR RENT BASIS.
UM, WE SIGNED LEASES AT THE TOP OF THE RENTS AND WE WERE ABLE TO DO THAT BECAUSE WE KNEW THAT WE HAD COMPANIES WHO COULD AFFORD TO PAY.
AND SO WE ARE COMPETING AGAINST SUBLEASES THAT ARE $40 A SQUARE FOOT, UM, WHILE WE'RE PAYING RENTS THAT ARE A HUNDRED PLUS A SQUARE FOOT.
AND SO WE HAVE COMPANIES THAT WANNA LEAVE IN THE CONTEXT OF, OF WANTING TO STAY IN CAMBRIDGE.
I HAVE, UH, SIX NIECES AND NEPHEWS WHO WENT THROUGH CAMBRIDGE SCHOOLS, UM, A HUGE FAN OF CAMBRIDGE.
I WANT LAB CENTRAL TO STAY HERE, BUT I GET OFFERS ON A WEEKLY BASIS FROM THE SEAPORT AND FROM SOMERVILLE, FROM LANDLORDS WHO WOULD LIKE LAB CENTRAL TO RELOCATE BECAUSE THEY HAVE MASSIVE AMOUNTS OF EMPTY SPACE AND THEY SEE US AS A CATALYST FOR THEIR AREA.
AND THOSE BECOME MORE AND MORE ENTICING WHEN THEY'RE SAYING THAT THEY WILL GIVE US FREE RENT FOR THREE YEARS AND THEY WILL PAY FOR THE BUILD OUT OF THE SPACE.
IT MEANS I HAVE TO BREAK A LEASE, WHICH WOULD COST MILLIONS OF DOLLARS, BUT WHEN I DO THE NUMBERS ON A LONG RUN BASIS, I'M GONNA START EATING INTO THOSE RAINY DAY FUNDS THAT I'M USING RIGHT NOW TO OFFSET RENT FOR THESE STARTUPS.
AND IT BECOMES MORE INTERESTING TO HAVE THOSE CONVERSATIONS.
I DON'T WANNA HAVE THOSE CONVERSATIONS THAT NOT, THAT'S NOT WHERE I WANT THE FOCUS OF MY TIME AT ALL.
BUT WHEN I HAVE A BOARD WHO IS MOST INTERESTED IN THE LONG TERM SUSTAINABILITY OF LAB CENTRAL, THAT BECOMES A CONVERSATION THAT I HAVE TO HAVE.
AND SO THAT'S WHERE I REALLY WANT TO WORK WITH CAMBRIDGE ON HOW WE CAN MAKE SURE THAT WE STAY HERE, THAT OUR COMPANIES STAY HERE, THAT WE PROVIDE THEM THOSE SAME INITIATIVES.
SO AGAIN, I'M JUST REALLY APPRECIATIVE OF THE CONVERSATION AND, UM, COMING UP WITH SOME IDEAS.
I'VE HIGHLIGHTED A LITTLE BIT WHAT WE'RE, UH, WHAT MIT HAS BEEN DEALING WITH IN TERMS OF THE CHANGE IN RESEARCH ACTIVITY ON CAMPUS.
UM, THAT'S A LOT OF THESE ISSUES ARE THINGS WE'RE ALSO, UH, THINKING ABOUT AND TRACKING IN THE, THE REAL ESTATE MARKET.
UM, WE'VE, WE HAVE BEEN DEALING WITH OUR OWN, UM, BUDGET CHALLENGES AND OUR OWN EVALUATION OF OUR LEASES WHERE WE HAVE DIFFERENT OFFICE SPACES AND MAKING SOME DIFFERENT CHOICES ABOUT, YOU KNOW, WHAT OFFICES CAN COME BACK TO CAMPUS AND, YOU KNOW, DOING THAT PENCILING OUT AS WELL.
UM, I THINK THAT'S, THAT'S WHAT I HAVE TO ADD, RIGHT? THANK YOU.
YOU KNOW, JUST TRYING TO BUILD OFF, YOU KNOW, WHAT CAN THE CITY DO TO HELP.
UM, SOME OF THEM AREN'T AS OBVIOUS.
UM, AND IT SOUNDS SILLY, BUT WE'RE IN THE COMPETITION FOR PEOPLE FROM ALL OVER THE WORLD AND ALL OVER THE COUNTRY AND WE'RE TRYING TO BRING THE BEST AND BRIGHTEST HERE.
SO WE CAN'T WIN ON THE WEATHER, RIGHT?
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UH, HOUSING IS WHAT IT IS.UM, I DON'T SEE A BIG CHANGE THERE IN TERMS OF THE AMOUNT OF HOUSING AND THE PRICE OF HOUSING.
SO WE HAVE TO BRING OTHER THINGS TO THE TABLE.
AND AS TIM SAID, THERE'S A LOT WE HAVE HERE AND THAT WE CAN BUILD ON, BUT IT DOES NEED TO BE CURATED AND WE CAN DO BETTER.
UM, THE OTHER THING I WOULD MENTION TOO IS, UM, WITH YOUR CITY DEPARTMENTS, A LOT OF PEOPLE DON'T THINK ABOUT THE FIRE DEPARTMENT WHEN IT COMES TO THE UNIVERSITY.
THEY'RE AN IMPORTANT DEPARTMENT FOR US BECAUSE WE HAVE ALL THOSE RESEARCH LABS.
SO YOU HAVE A CLASS ONE DEPARTMENT WITH ALL THE RIGHT TRAINING THAT AREN'T SCARED TO WALK INTO A LAB.
UM, AND IT'S NOT AN ENVIRONMENT THAT THEY'RE, THEY'RE, THEY'RE COMFORTABLE IN THAT ENVIRONMENT AND WORKING WITH, UH, THE FOLKS THAT RUN OUR LABS.
AND THEN PEOPLE BROUGHT UP THE SCHOOLS.
WE DO A LOT OF PROGRAMMING IN THE SCHOOLS.
UM, 'CAUSE AS WE'RE ATTRACTING PEOPLE, WE WANT CAMBRIDGE TO HAVE A GREAT SCHOOL SYSTEM.
SO TAKE THAT BARRIER AWAY FROM FOLKS NOT WANTING TO BE HERE IF WE HAVE GREAT SCHOOLS AND WE SHOULD BE HELPING THE CAMBRIDGE KIDS ACCESS THE JOBS THAT WE HAVE AND THE JOBS IN THESE COMPANIES AND SO FORTH.
SO IT'S A, IT'S A WIN-WIN FOR EVERYBODY.
SO I THINK SOME INVESTMENT, UM, AND YOU DO DO A GOOD JOB IN THE SCHOOLS AND YOU KNOW, WE TALK WITH DAVID MURPHY AND HIS TEAM ALL THE TIME.
THEY DO GOOD WORK, BUT WE COULD ALWAYS DO MORE.
SO, UM, THANKS, I APPRECIATE THIS QUESTION.
I, UM, WILL AMPLIFY WHAT EMILY AND, AND MAGGIE HAVE SAID AND JUST MAYBE PUT IT IN A LITTLE THINKING ABOUT IT IN TERMS OF THE IMPACT.
SO AT CIC, WE HAVE A THOUSAND CLIENTS RIGHT NOW AND, YOU KNOW, 400 OF THOSE WILL GO ON TO, TO, TO OUTSIDE OF OUR, OUR DOORS.
AND THEY ARE WHAT MAKE THE REAL ESTATE VALUABLE.
THEY ARE WHY KENDALL SQUARE IS ABLE TO CONTRIBUTE TO SUCH A TAX BASIS.
AND SO I REALLY WOULD ENCOURAGE THE CITY TO, WE ARE NOT NONPROFIT, BUT I USE THE WORD WE ARE MISSION PROFIT
SO WE ARE, WE ARE, UH, WE ARE DEFINITELY VERY MUCH MISSION BASED ORGANIZATION AS WELL.
AND WE, UH, WE SHOULD BE LOOKED AT AS A FUNNEL.
UM, THE, THE REASON THAT, UH, THAT THESE BIG BUILDINGS WERE ABLE TO BE BUILT AND THEY WERE ABLE TO BE, YOU KNOW, TO REALLY IMPACT THE NEIGHBORHOOD THAT IS AROUND KENDALL SQUARE IS FROM, FROM THESE, THESE, UM, COMPANIES THAT, THAT ARE NURTURING THESE COMPANY, NURTURING THESE STARTUPS AS THEY COME.
AND I THINK THERE'S PROBABLY A LOT OF SIMILARITIES.
I HEARD SMALL BUSINESSES EARLIER, THERE'S PROBABLY A LOT OF SIMILARITIES IN LIKE, WHEN YOU'RE THINKING ABOUT WHAT DOES THAT MEAN AND WHAT IS IT TO BE, TO DO BUSINESS HERE? AND I'M SURE YOU HEAR THINGS ABOUT PERMITTING FROM SMALL BUSINESSES, JUST LIKE YOU HEAR ABOUT LAB.
UM, AND I, I THINK REALLY LOOKING AT IT IN TERMS OF HOW YOU MAKE IT ALMOST LIKE THINKING OF IT LIKE A WHITE GLOVE EXPERIENCE OF RETENTION, RIGHT? IF YOU RETAIN A STARTUP AND THEY COME HERE, THAT'S RETENTION.
SO THINKING ABOUT IT IN THAT MANNER AND ALLOWING YOURSELVES TO THINK ABOUT, WELL, WHAT WOULD THAT, WHAT WOULD THAT PROCESS LOOK LIKE FOR THEM? AND WHAT IS A PERFECT PROCESS? LIKE WHAT'S THE BEST CASE SCENARIO? AND THEN HOW DOES THAT COMPARE TO NORTH CAROLINA? BECAUSE WE UNDERSTAND THAT IT MIGHT ALWAYS NOT BE THE SAME, BUT IF WE'RE AIMING FOR SOMETHING, IT SHOULD BE SOMETHING THAT AT LEAST IS MANAGEABLE.
SOMEBODY PAYING RENT FOR TWO YEARS, IF THEY CAN'T DO IT, THEY'RE OUTTA CASH.
YOU'VE LOST THEM, YOU'VE LOST THEIR IDEA, IT'S GONE.
IF THEY'VE GOT SCIENCE, IT'S BURNED UP.
SO, UH, IT JUST WOULD REALLY FOCUS ON LOOKING AT THIS AS THE, THE PIPELINE THAT IS THE FUTURE BUSINESSES AND RECOGNIZE THAT IT MAY NOT BE THE NORMAL, UH, IT MAY NOT FOLLOW THE NORMAL, UM, PROFIT AND LOSS, UM, YOU KNOW, ANALYSIS THAT YOU'RE DOING.
IT IS A MUCH LONGER TERM GAME AND IT HAS OBVIOUSLY PAID OFF FOR CAMBRIDGE SO FAR AND WE WANT IT TO KEEP DOING.
SO, UH, I GUESS I'LL MAKE A FEW POINTS HERE THAT ARE LIKE, MAYBE LIKE SOMEWHAT HARSH, BUT HOPEFULLY WILL BE HELPFUL.
LIKE, I THINK ONE OF THE CHALLENGES WITH BUILDING A TECHNOLOGY COMPANY HERE IS THAT, UM, THERE'S ALL THESE GREAT PEOPLE, THERE'S ALL THESE GREAT RESOURCES LIKE LAB CENTRAL, CIC AND SO ON.
I THINK THAT'VE BEEN AMAZING FOR THIS, UM, ECOSYSTEM.
AND ON THE OTHER HAND, IT FEELS LIKE YOU'RE LIVING IN LIKE A QUAINT ENGLISH TOWN AND NOT LIKE A MODERN TECHNOLOGY CENTER, RIGHT? LIKE, WHY DON'T WE HAVE WAYMO'S HERE? WHY DON'T WE HAVE DELIVERY ROBOTS? WHY CAN'T I LIKE GET A ZIP LINE TO DELIVER MY GROCERIES VIA DRONE IN TEXAS? AND I CAN'T HEAR, WHY AREN'T THERE SCOTERS HERE? LIKE, WHY IS THERE NOT HAPPY HOUR HERE? LIKE, IT, IT DOESN'T MAKE ANY SENSE AS LIKE, AS LIKE A 22-YEAR-OLD THINKING ABOUT WHICH ARE THE PLACES THAT ARE AT THE FRONT OF TECHNOLOGY.
[00:55:01]
NOT SAYING ALL THOSE THINGS ARE GOOD.LIKE THOSE THINGS CAN HAVE DOWNSIZES.
I KNOW SCOTERS CAN BLOCK WHEELCHAIRS AND I KNOW THAT LIKE DELIVERY ROBOTS COULD LIKE OCCASIONALLY RUN OVER SOMEONE OR WHATEVER.
BUT LIKE, THOSE THINGS HAPPEN EXTREMELY RARELY.
AND THE FACT THAT A CITY'S NOT EVEN WILLING TO EXPERIMENT WITH THOSE THINGS OR IN ANY SERIOUS WAY EXPERIMENT WITH THEM GIVES THE TAKEAWAY TO YOUNG PEOPLE THAT THIS IS NOT A PLACE THAT'S AT THE FOREFRONT OF TECHNOLOGY.
THAT'S NOT TRUE IN BIOTECHNOLOGY.
I THINK JASON'S ACTUALLY TALKED QUITE A BIT ABOUT HOW IN THE PAST CAMBRIDGE LED THE WAY IN ESTABLISHING THE RULES FOR HOW YOU COULD DO THE VERY FOREFRONT OF BIOTECHNOLOGY.
AND THAT'S A BIG PART OR AT LEAST A COMPONENT IN WHAT ALLOWED IT TO THRIVE HERE.
AND, AND I THINK WE HAVE TO JUST LIKE REALIZE THAT, AGAIN, MAYBE BEING HARSH, LIKE ACCEPTING WHAT A BUNCH OF LIKE RANDOM OLD PEOPLE WHO LIVE IN WEST CAMBRIDGE WANT IS NOT GOING TO BE CONDUCIVE TO, SOME OF THEM ARE HUGE
BUT LIKE THAT MAY NOT BE CONDUCIVE TO WHAT 22 YEAR OLDS WHO ARE GONNA START A HUNDRED BILLION DOLLAR COMPANIES WANT.
AND IF WE WANT 22 YEAR OLDS TO START A HUNDRED BILLION DOLLAR COMPANIES, WHICH I THINK WE ALL WANT, UM, THEN WE HAVE TO ACT LIKE THIS PLACE IS ACTUALLY A TECHNOLOGY CENTER.
WE HAVE TO DO THE TYPES OF THINGS THAT AUSTIN'S WILLING TO DO SOMETIMES, WHICH MIGHT SCARE US, RIGHT? LIKE TESLA HAS ROBOTAXIS THAT ARE UNSUPERVISED IN AUSTIN, HAVEN'T KILLED ANYONE.
SEEMS LIKE THEY WORK PRETTY WELL.
WHY DON'T WE HAVE THEM HERE? WAYMO HAS BEEN OPERATING IN SEVEN CITIES, WORKS GREAT, IT WORKS AWESOME.
I NEVER WANT TO USE AN AN UBER AGAIN.
WHY DON'T WE WANT, WHY DON'T WE HAVE 'EM HERE? IT REALLY DOES NOT MAKE SENSE TO NOT EVEN EXPERIMENT.
I'M NOT SAYING WE DELETE THE ALTERNATIVES, BUT TO NOT EVEN EXPERIMENT, UM, DOES NOT SEEM LIKE A CITY TO A 22-YEAR-OLD THAT IS CONDUCIVE TO TECHNOLOGICAL INNOVATION.
AND SO ONE SUGGESTION WOULD BE FOR THE CITY TO JUST LIKE LEAN INTO THOSE THINGS AND LIKE IGNORE SOME OF THE HATERS.
AND THAT DOESN'T MEAN YOU, YOU, YOU OPEN THE FULL FLOODGATES RIGHT AWAY, BUT LIKE CREATE ROOM FOR SOME EXPERIMENTATION.
UM, SECOND SUGGESTION, I THINK VERY TACTICALLY AROUND THIS LIKE NEXT SET OF GROWTH THAT'S HAPPENING, UM, IF I LOOK AT THE CURRENT BATCH OF Y COMBINATOR, THE SPRING BATCH THAT'S OCCURRING RIGHT NOW, UM, THE VAST MAJORITY OF DOLLARS ARE ACTUALLY GOING TO HARD TECH COMPANIES AND NOT SOFTWARE COMPANIES.
IT'S LIKE AN INTERESTING NEW DEVELOPMENT.
UM, AND MY UPCOMING GROUP IN THE SUMMER, 40% OF COMPANIES ARE HARD TECH COMPANIES.
IT'S ACTUALLY THE HIGHEST EVER BEEN FOR ANY GROUP IN Y COMBINATOR.
UM, THIS SHOULD BE SOMETHING THAT BENEFITS CAMBRIDGE.
UH, 'CAUSE SAN FRANCISCO BENEFITS MOSTLY FROM B2B SOFTWARE COMPANIES.
B2B SOFTWARE COMPANIES ARGUABLY ARE PRETTY SCREWED NOW WITH CODING AGENTS.
AND SO WHAT CAN WE DO THEN THAT MAKES IT SO THOSE HARD TECH COMPANIES CHOOSE TO BE HERE? UM, ONE OF THE THINGS WE COULD DO IS LIKE BASICALLY LIKE SHENZHEN STYLE SPECIAL ECONOMIC ZONES.
LIKE WE CAN MAKE IT INCREDIBLY EASY IF WE WANTED TO AS A CITY TO SO THAT CERTAIN THINGS CAN HAPPEN HERE, RIGHT? LIKE THERE'S CURRENTLY ZERO HUMANOID ROBOT COMPANIES IN CAMBRIDGE.
I'M NOT SAYING THAT'S ENTIRELY LIKE A ZONING THING OR A PERMITTING THING, BUT WE COULD PROBABLY DO SOMETHING TO MAKE IT SO THIS HUMANOID, OKAY, THERE'S ONE.
THERE'S LIKE ONE, BUT LIZ, THERE'S NONE THAT'VE RAISED THAT $10 BILLION VALUATIONS.
UM, UNLIKE THERE'S MANY, MANY, MANY IN SAN FRANCISCO THAT HAVE, AND I WOULD LOVE, I I, MOST OF THAT TECHNOLOGY IS DEVELOPED AT MIT OR HARVARD, MOSTLY AT MIT I'M PRETTY SURE LIKE CAMBRIDGE PORT SHOULD BE FULL OF THOSE.
AND I'M NOT SAYING THAT'S LIKE OBVIOUSLY SOMETHING THE CITY CAN SOLVE, BUT IT, THERE'S PROBABLY A SET OF THINGS THAT'S A HYBRID OF LIKE PERMITTING RULES AND LIKE AGGRESSIVE DEREGULATION IN SUBSETS OF THE CITY THAT CAN MAKE IT A MUCH MORE CONDUCIVE PLACE TO DO THAT VERSUS WHERE THEY ALL GO, WHICH IS LIKE THE, THE CRAPPY SUBURBS OF SAN FRANCISCO OR LIKE AUSTIN, UM, WHICH IS WHERE THE VAST OR PITTSBURGH I GUESS WHICH IS WHERE THE VAST MAJORITY OF THEM ARE.
UM, OTHER THING UM, ONE OF THE RECENT DEVELOPMENTS IN SAN FRANCISCO IS A LOT OF YOUNG PEOPLE ARE CHOOSING TO BUILD THEIR COMPANIES OUT OF APARTMENTS AND HOUSES AND MANSIONS.
FOR THE FIRST TIME IN A VERY LONG TIME, THERE WAS THIS WHOLE LIKE WORK-LIFE BALANCE WOKE THING FIVE YEARS AGO.
NOWADAYS THE TOP FOUNDERS ARE BASICALLY LIKE 9, 9, 7 WORKING OUTTA THEIR APARTMENTS AND BUILDING COMPANIES OUT OF THEM.
I'M NOT SAYING IT'S A GOOD THING, BUT IT IS JUST KIND OF THE REALITY.
UM, WE IN, UH, MASS IN, IN CAMBRIDGE HAVE LOTS OF REALLY COOL HOUSING THAT COULD TOTALLY BE USED FOR THIS.
I DON'T THINK IN CAMBRIDGE, THE ZONING ACTUALLY EXPLICITLY PERMITS THAT, UH, DIS PERMITS THAT.
SO I THINK TECHNICALLY YOU ARE ALLOWED TO BASICALLY JUST LIKE SET UP A STARTUP OUTTA YOUR APARTMENT.
UM, IT WOULD BE GREAT TO SEE THE CITY ACT, TO SEE THE CITY ACTIVELY PROMOTE THIS.
IT WOULD BE GREAT TO SEE PEOPLE BE LIKE, YOU KNOW WHAT YOU SHOULD DO? YOU SHOULD GO TO, UH, WHAT'S THAT FANCY STREET IN WEST CAMBRIDGE? RENT ONE OF THOSE SICK MANSIONS FOR $20,000 A MONTH, AND THEN YOU SHOULD SET UP YOUR STARTUP IN THERE AND YOU SHOULD HIRE 20 PEOPLE AND SET UP DESKS DOWNSTAIRS.
I BET LIKE IF WE MADE A BIG DEAL OUT OF THAT, A LOT OF PEOPLE WOULD BE SUPER INTO IT.
AND AS MUCH AS I AGREE THAT LIKE RENTS ARE HIGH AND ALL THAT STUFF, UM, FOR LIKE YOUNG 22 YEAR OLDS FROM MIT WHO CAN LIKE SNAP THEIR FINGERS AND RAISE $10 MILLION, IT'S NOT THAT HIGH.
AND LIKE IT'S HALF OF NEW YORK AND A THIRD OF SAN FRANCISCO COMPARED TO WHAT THEY WOULD GET.
UM, AND SO, UH, I THINK WE COULD DO MORE TO MAKE IT SO THAT THEY FEEL LIKE A PART OF THIS ECOSYSTEM AND LIKE A PLACE WHERE WHAT THEY'RE DOING IS ACTIVELY PROMOTED.
UM, AND THEN LESS SUGGESTION, UM, THIS IS LIKE THE OBVIOUS ONE FOR ANYONE WHO KNOWS ME OR FOLLOWS ME ON TWITTER,
[01:00:01]
WE SHOULD MAKE LIKE LOTS MORE HOUSING.LIKE THERE SHOULD BE SKYSCRAPERS DOWN MASS AVE.
UM, LIKE LITERALLY IT SHOULD BE LIKE MIDTOWN MANHATTAN DOWN MASS AVE.
UM, THERE'S NO REASON THAT IT'S NOT.
UM, I DON'T, I I KNOW THAT NOW IT'S A LOT EASIER TO THAT IN CAMBRIDGE, BO HAN'S.
A BIG PART OF MAKING THAT HAPPEN, WHICH IS AMAZING.
UM, I WOULD LOVE TO SEE THE CITY LIKE, MAKE IT EVEN EASIER.
LIKE WE, WE LITERALLY, THIS, IT'S THE BIGGEST THING THAT'S SCREWING OVER SAN FRANCISCO IS THAT THEY ARE ALLERGIC TO BUILDING AND WE COULD JUST EAT THEIR LUNCH IF WE JUST MADE IT EXTREMELY EASY TO MAKE SKYSCRAPERS DOWN MASS AVE.
UM, OKAY, THAT'S MY, THAT'S MY SOAPBOX.
SOME OF YOU KNOW, I JUST THREW IN THE TOWEL TRYING TO BUILD A HOUSING ON MASS AVE
UM, A NUMBER OF YOU TRIED TO HELP.
UM, THE MAT DOESN'T WORK IN CAMBRIDGE.
UM, SO CITIES DO SUPPORT INNOVATION IN OTHER, OTHER CITIES AROUND THE WORLD, SUPPORT INNOVATION IN INTERESTING WAYS.
AND IT, IT MIGHT BE INSTRUCTIVE TO LOOK AT WHAT SOME OTHER PLACES DO AS SORT OF IDEAS FOR WHAT CITY OF CAMBRIDGE MIGHT THINK ABOUT NEW YORK CITY, UH, DECIDED RECENTLY THAT IT WANTS TO, YOU KNOW, KIND OF COME INTO SOME OF THE AREAS THAT WE'RE IN.
AND, UH, ONE OF THE AREAS IS LIFE SCIENCES THAT'S GONNA BE ANNOUNCED SOON.
THEY ALREADY ANNOUNCED THEIR PROJECT IN CLEAN TECH AND, UM, THEY SELECTED CIC WITH $120 MILLION CITY FUNDED GRANT TO BUILD WHAT WILL BE A LARGER VERSION OF GREENTOWN LABS.
AND, UM, SO CITIES DO THAT, YOU KNOW, THEY WRITE CHECKS AND THEY SAY, LET'S, LET'S GO BUILD THIS, IT THAT'LL BE ESSENTIALLY A NONPROFIT OPERATED BY US AS A, LIKE A PROFESSIONAL SERVICES PROVIDER.
UM, CITIES ALSO USE A, A STRUCTURE THAT, YOU KNOW, MANY OF YOU'LL BE FAMILIAR WITH CALLED TAX INCREMENT FINANCING.
WHEN YOU ARE EXPECTING AN ACTIVITY IN YOUR CITY TO GENERATE A LOT OF TAX REVENUES IN THE FUTURE, AND YOU USE THOSE FUTURE TAX REVENUES THAT YOU'RE GONNA GET SOME OF THAT YOU INVEST BACK TO SORT OF CREATE THE THING TO MAKE IT HAPPEN.
AND OBVIOUSLY SOME OF YOU'RE EXPERTS IN THIS.
I, I KNOW THAT I'M SORT OF SHARING FOR THE FULL AUDIENCE.
UM, AND SO THERE'S AN ARGUMENT FOR THAT HERE IN THE SENSE THAT IF YOU LOOK AT THE COMPANIES COMING OUT OF THESE ORGANIZATIONS, THEY'RE GENERATING ENORMOUS TAX REVENUES.
AT ONE POINT I DID A QUICK ANALYSIS, ROUGHLY HALF OF THE SQUARE FEET IN KENDALL SQUARE WAS COMPANIES THAT STARTED AT CIC.
UM, AND SO YOU YOU CAN KIND OF MAKE AN ARGUMENT IN SOME FASHION THAT, UM, AND I THINK THAT WAS AN OLD ANALYSIS.
NOW I WOULD INCLUDE THESE OTHER ORGANIZATIONS AND IT IT WOULD PROBABLY BE, YOU KNOW, EVEN MORE.
UM, SO I THINK YOU COULD MAKE AN INTERESTING ARGUMENT THAT THERE'S SOME, YOU KNOW, KIND OF RETURN ON INVESTMENT, MORE OF A KIND OF A BUSINESSY FRAME.
UM, IF THAT'S HELPFUL, UM, TO POTENTIALLY DOING SOME OF THE THINGS THAT EMILY IS, IS TALKING ABOUT.
UM, THE STARTUP SPACE ZONING, I THINK DID, DID PART OF ITS JOB.
WELL, IT, IT, IT'S WHY WE'RE STILL THERE.
WHY WE'RE, IT'S NOT JUST GOOGLE AND MICROSOFT SOMETHING WHICH ARE GREAT ORGANIZATIONS, BUT THEY WOULD'VE TAKEN, YOU KNOW, KIND OF ALL OF THE SPACE BY THE WAY.
THEY GO UP AND DOWN THE OUT OF TOWN COMPANIES SHOOT UP IN THEIR USE OF SPACE DURING GOOD TIMES, AND THEN THEY DROP LOTS OF SPACE IN BAD TIMES, WHICH IS WHY FACEBOOK DROPPED SEVERAL BUILDINGS AND GOOGLE'S GOT VACANT BUILDINGS AND SO FORTH.
AND SO THEY, YO-YO KENDALL SQUARE, THE LOCAL BUSINESSES ACTUALLY DON'T, YO-YO IN THE SAME WAY.
THEY'RE VERY STEADY BECAUSE THEIR HEADQUARTERS ARE HERE.
THEIR, THEIR, THEIR LEADERSHIP IS HERE.
IT'S A, WHAT IS IT? A, A, A WEIGHT THAT THAT STABILIZES OUR ECONOMY WHEN ECONOMY, WHEN YOU HAVE ALAR LARGER FRACTION OF LOCALLY BASED BUSINESSES.
SO I, I THINK THERE'S AN OPPORTUNITY TO THINK ABOUT MAYBE A PART TWO.
AND, AND WE DIDN'T TALK ABOUT THIS IN ADVANCE, SO WE JUST SORT OF CAME HERE, HEY, THERE'S A PROBLEM.
BUT I WANTED TO SORT OF, IF POSSIBLE, MOVE IT TO LIKE, WHAT COULD WE DO PRACTICALLY, UM, A PART TWO FOR INNOVATION SPACE ZONING WHERE YOU COULD CONCEIVABLY IMAGINE DOING SOMETHING.
I HEARD EMILY SAY SOMETHING ABOUT TAXES, OR MAYBE IT WAS YOU, MAGGIE, UM, WHERE, UM, NOT ONLY YOU KIND OF REQUIRED TO CREATE THIS SPACE, BUT MAYBE YOU DON'T PAY PROPERTY TAX ON YOUR INNOVATION SPACE, WHICH MAKES IT, YOU KNOW, MORE EXPLICITLY SPACE THAT THE LANDLORD COULD OFFER FOR LESS.
AND THE, THESE LANDLORDS TYPICALLY EVEN THE UNIVERSITIES ARE BORROWING FROM BANKS AND THEY, THEY HAVE TO, THEY'RE HELD TO THE SAME STANDARDS AS, AS COMMERCIAL LANDLORDS.
SO IT'S NOT JUST SORT OF LIKE, DOES MIT WANT TO DO THIS? THEY HAVE TO GO TO THE BANK AND GET PERMISSION AND SO FORTH.
SO THIS SUPPORT FROM THE CITY COULD ACTUALLY MAKE A BIG DIFFERENCE IF THAT WERE SOMETHING THAT WERE POSSIBLE.
AND IF YOU THINK ABOUT A CITY AS A BUSINESS ITSELF, THE THE TAX RATES ARE, ARE SORT OF THE PRICE, RIGHT? YOU CHARGE A PRICE TO BE IN THE CITY AND THEN YOU GET, YOU KNOW, OVER TIME, UM, YOU KNOW, THE PERSON GETS BENEFITS, THEY PAY, THEY, THEY PAY TO BE THERE.
UM, MANY BUSINESSES HAVE THE EQUIVALENT OF A KIND OF A FREE OFFER, UM, YOU KNOW, THE FIRST MONTH FREE, YOU KNOW, RIGHT? THEY LIKE
[01:05:01]
YOU, YOU SIGN UP FOR SOMETHING AND IF YOU LIKE IT, YOU KNOW, YOU, YOU MOVE TO THE PRO VERSION LATER, RIGHT? AND, UM, YOU COULD THINK ABOUT OFFERING CHEAPER STARTUP SPACES, THE SAME THING.OTHER WORDS, WHEN YOU'RE A STARTUP, WHEN YOU'RE NEW, UM, YOU CAN COME TO CAMBRIDGE AND IT'S A BIT CHEAPER.
UM, AND YOU KIND OF PUT YOUR ROOTS DOWN.
AND THEN AS YOU GROW AND ULTIMATELY HOPEFULLY YOU BE, DO BECOME THE AKAMAI OR THE GOOGLES OR WHAT HAVE YOU, THEN YOU'RE KIND OF PAYING FULL FREIGHT.
AND, UM, SO JUST A THOUGHT THAT THIS IS A SORT OF A NATURAL THING THAT MIGHT FIT WELL, BOTH WITH HOW THE LOGIC OF BUSINESS AND ECONOMIES WORK, BUT ALSO WITH THE HISTORY OF HOW CITIES, YOU KNOW, ACTUALLY FINANCE STUFF ALL OVER THE WORLD.
UM, I'M WORKING ON PROJECTS IN A DOZEN COUNTRIES.
UM, THERE PEOPLE ARE BUILDING INNOVATION HUBS LIKE THESE THAT HAVE BEEN MENTIONED TODAY JUST ABOUT EVERYWHERE.
AND THEY'RE ALMOST ALL FULLY FUNDED BY GOVERNMENTS.
IT IT COULD BE LOCAL, REGIONAL, OR NATIONAL.
UM, BUT THERE'S A BILLION DOLLAR PROJECT IN KOREA, A $400 MILLION PROJECT IN JAPAN, MULTIPLE, A HUNDRED MILLION DOLLAR PROJECTS IN SAUDI ARABIA, ET CETERA.
AND CAMBRIDGE HAS BEEN IN THIS ENVIABLE POSITION OF NOT HAVING TO REALLY DO IT RIGHT BECAUSE IT'S JUST, WE'RE GREAT AND WE'RE DOING SO WELL, BUT MAYBE THERE'S AN OPPORTUNITY FOR CAMBRIDGE TO KIND OF LEAN IN ON WHAT WE'RE STRONG AT.
USUALLY IT'S EASIER TO WIN BY DOUBLING DOWN ON WHAT YOU'RE STRONG AT THAN TRYING TO DO SOMETHING THAT YOU'RE NOT AS STRONG AT.
ANYONE WANTS TO TALK ABOUT HOUSING? I'LL STAY AFTER CLASS.
I ORIGINALLY COULDN'T CONNECT IT TO ZOOM, SO I CAME IN PERSON.
UH, THANK, THANK YOU SO MUCH FOR COMING.
YEAH, PLEASE, UM, INTRODUCE YOURSELF AND WELCOME.
UM, SO YEAH, SO I'M JASON KELLY, I'M THE CO-FOUNDER AND CEO AT GINKGO BIOWORKS.
UH, WE WERE, WE'RE A BIOTECH COMPANY, HARD TECH, ROBOTICS AND LABORATORIES.
UH, WE STARTED THE COMPANY OUT OF MIT ACTUALLY, I THINK THE ORIGINAL ADDRESS WAS MY APARTMENT HERE IN CENTRAL SQUARE.
UH, AND, UH, WE DID Y COMBINATOR SUMMER 2014.
UH, WE WERE ACTUALLY THE FIRST BIOTECH TO EVER DO Y COMBINATOR, RIGHT? UM, WHEN SAM ALMAN, UH, MR. FAMOUS, UH, HAD TAKEN OVER AS PRESIDENT OF YC AND HE WANTED TO SHOW THAT THIS MODEL SILICON VALLEY KIND OF TECH MODEL COULD APPLY TO HARD TECH AND DEEP TECH.
UM, AND SO WE KIND OF HAD ONE FOOT IN SILICON VALLEY, RAISED ALL OUR CAPITAL OUT THERE, RAISED $900 MILLION PRIVATELY.
UH, AND, BUT WE WERE BASED HERE, UH, AND OUR, OUR LABS ARE NOW OVER, ACTUALLY OVER IN THE SEAPORT.
UM, SO I THINK WE, I HAVE SORT OF THIS LIKE, TOUCH ON THOSE TWO COMMUNITIES AND I WOULD, I WOULD ECHO A LOT OF WHAT ANGE SAID.
I MEAN, BO BOSTON, CAMBRIDGE AREA.
WE'RE, WE'RE BASICALLY, WE HAVE EVERY ADVANTAGE THAT SAN FRANCISCO HAS AND THEY'RE PRODUCING A-A-G-D-P THAT'S LIKE A HUNDRED OR A THOUSAND X WHAT WE ARE.
UH, AND, AND SO WE'RE, I REALLY THINK STARTUPS AND INNOVATION ECONOMY, THIS, THIS IS WHERE WE SHOULD GET ALL OUR MONEY.
LIKE IT, IT'S JUST EASY MODE HERE.
WE HAVE ALL OF THE STARTUP FOUNDERS.
UM, AND SO I DO THINK UNLOCKING THAT IS, IS TO ME, IS REALLY A BIG PIECE OF THE PUZZLE HERE.
UH, I WILL BRING UP THIS STORY OF, UH, 'CAUSE I WANNA ALSO HIGHLIGHT SOMETHING AKA MENTIONED ABOUT SORT OF EXPERIMENTING AND, AND BRINGING IN NEW TECHNOLOGY, BEING POSITIVE AROUND THAT.
UH, SO WHY DO WE HAVE THE BIOTECH INDUSTRY, RIGHT? IT'S OUR BIGGEST INDUSTRY IN THE AREA HERE.
UH, AND IT ACTUALLY AMAZINGLY HAPPENED IN THIS ROOM, THE ROOM WE ARE SITTING IN 50 YEARS AGO, THERE'S A CAMBRIDGE CITY COUNCIL HEARING, UH, ABOUT, UH, RECOMBINANT DNA, WHICH IS A NEW TECHNOLOGY.
IT WAS LIKE THE AI OF ITS TIME.
UH, AND, UH, THERE'S A, A TOWN HALL BIG DISCUSSION ACTUALLY, PROFESSORS FROM HARVARD, MIT ON BOTH SIDES OF THE ISSUE.
I KNOW THAT THERE'S ACTUALLY AN EVENT HERE ON THE WEEKEND, LIKE CELEBRATING THIS AND A, A, A PLAY ABOUT IT.
UM, SO WHAT DID CAMBRIDGE DO ULTIMATELY SET THE RULES, SAID HERE IS HOW WE'RE GOING TO REGULATE HAVING RECOMBINANT DNA RESEARCH HAPPENING IN CITY LIMITS.
AND IT WAS THE FIRST CITY IN THE WORLD TO SET THE RULES.
EVERYONE ELSE COPIED THE RULES LATER, BUT IMPORTANTLY, IN THAT WINDOW OF TIME, BIOGEN MOVED HERE, ULTIMATELY SET THEIR HEADQUARTERS HERE INSTEAD OF IN EUROPE.
ALL THESE COMPANIES STARTED TO MOVE HERE BECAUSE IT WAS LIKE REGULATORY SURETY.
IT DIDN'T MATTER WHAT THE RULES WERE, JUST THAT THERE WERE RULES.
UH, AND SO I WOULD REFRAME A LITTLE BIT ON IT'S POINT ABOUT LIKE, YEAH, I THINK, I THINK AUSTIN AND SAN FRANCISCO, THEY SORT OF HAVE THIS ATTITUDE LIKE, TECH'S ALWAYS GOOD EXPERIMENT, EXPERIMENT, EXPERIMENT.
I ACTUALLY DON'T THINK THAT'S THE CULTURE THAT WILL WIN OVER PEOPLE IN CAMBRIDGE.
I DON'T ACTUALLY THINK THAT'S WHO WE ARE HERE.
I THINK WHAT WE ARE ARE PEOPLE WHO WILL BRING TECHNOLOGY RESPONSIBLY INTO THE WORLD.
AND IT, AND IT ISN'T THAT WE WANT TO BE THE CRAZY EXPERIMENTALISTS, IT'S THAT THE COUNTRY LOOKS TO US.
AND REALLY THE WORLD LOOKS TO US ABOUT HOW TO DEPLOY TECHNOLOGY RESPONSIBLY.
WE AREN'T THE PEOPLE THAT HATE TECHNOLOGY.
WE HAVE MASSACHUSETTS INSTITUTE OF TECHNOLOGY PRACTICALLY SEE IT OUT THE WINDOW OF, OF CAMBRIDGE CITY ALL HERE.
WE LOVE TECHNOLOGY, BUT WE ARE ALSO RESPONSIBLE ABOUT IT.
WE'RE NOT JUST TOTAL LIKE GUNG-HO SAN FRANCISCO.
AND, AND SO I THINK WHEN IT COMES TO THESE HARD TECH THINGS, NOW THAT AI IS COMING INTO THE REAL WORLD, AI IS COMING INTO YOUR DOCTOR'S OFFICE.
[01:10:01]
YOUR KIDS' SCHOOL.UH, IT'S DRIVING ON THE ROAD NEXT TO YOU.
ALL THESE THINGS, YOU KNOW, THESE ARE THINGS THAT MATTER TO PEOPLE.
AND WHAT WE SHOULD SAY HERE IS WE WILL SET THE RULES SO THAT THE REST OF THE COUNTRY KNOWS HOW TO APPROACH THIS STUFF.
I THINK THAT'S THE THING PEOPLE IN CAMBRIDGE COULD GET BEHIND PERSONALLY.
I, I THINK THAT SPEAKS TO WHAT WE'RE ALL ABOUT.
UH, AND SO, UH, ANYWAY, THAT WOULD BE MY, MY PLUG ON THIS.
I DO THINK THAT WOULD MAKE A BIG DIFFERENCE.
SO, BUT IT IS ABOUT LIKE, YOU KNOW, HOW DO WE HAVE, FOR EXAMPLE, UH, NOT JUST LET WAYMO IN, BUT HOW DO WE HAVE LIKE THE FIRST, UH, I DON'T KNOW, PUBLIC WAYMO'S, RIGHT? LIKE OUR VERSION OF BUSES, YOU KNOW, RIGHT? LIKE PUBLIC BUSES.
WHY DON'T WE HAVE PUBLIC AUTONOMOUS VEHICLES? IS THAT POSSIBLE? WE COULD FIGURE THAT OUT.
HOW DO WE HAVE THE FIRST, UH, AI, UH, TUTORS IN CLASSROOMS? HOW DO WE HAVE AN OPEN AREA WHERE WE ALLOW HUMANOIDS TO LIKE PLAY WITH OUR DOGS IN THE PARK? YOU KNOW? RIGHT? LIKE ALL OF THESE, THESE THINGS, LIKE ALL ALL ARE FREE, TOTALLY FREE, UH, AND, UH, BUT WOULD SET A VIBE AND THEN WOULD PULL A LOT OF THESE COMPANIES, THESE HARD TECH COMPANIES, SUPER EXCITING TO, TO KNOW THAT LIKE 40% OR 50% OF THE YC COMPANIES, THAT'S CRAZY.
LIKE HARD TECH WAS NOT, LIKE, WHEN I DID YC, EVERYBODY WAS LIKE, WHY'D YOU DO A PHD? WHAT ARE YOU LIKE A LOSER? YOU KNOW? RIGHT? LIKE, ALL YOU'RE SUPPOSED TO DO IS DROP OUTTA SCHOOL, RIGHT? YOU KNOW? SO TO HAVE ALL OF THESE, LIKE SCIENCE AND TECHNOLOGY COMPANIES COMING UP IS, IS REALLY AN OPPORTUNITY, LET ME TELL YOU, UH, FOR THIS AREA, BECAUSE THAT IS WHAT WE ARE GOOD AT.
SO I, I THINK WHERE YOU CAN, UM, CREATING THE SENSE THAT, THAT THOSE BUSINESSES, IT'S, IT'S, IT'S, IT IS YOU, YOU COULD ONLY BUILD IT HERE.
THAT'S WHAT WE DID WITH BIOTECH.
THERE WAS NO OTHER PLACE TO GO.
SO SET SOME RULES LIKE THAT FOR SOME OF THESE OTHER EMERGING AREAS WHERE THE ONLY PLACE THAT THEY COULD BE IS HERE AND EVERYONE WILL DO IT HERE.
UH, AND YOU HAVE ALL THE FOUNDERS ANYWAY.
SO, UH, THAT'S MY 2 CENTS, UH, AND EXCITED TO BE HERE TODAY.
UM, I'LL JUST SAY, SO CAMBRIDGE IS ARGUABLY THE BEST PLACE IN THE STATE TO START A BUSINESS.
BUSINESSES DO RUN INTO MORE CHALLENGES ON THE STAY AND GROW PART.
UM, EVERYONE ELSE HAS HARPED ON RENT.
YOU DON'T NEED TO REHASH THAT.
THE OTHER THING I HEAR ABOUT A LOT IS LOOKING FOR A PILOT PARTNER.
EMILY'S STORY WAS SORT OF LIKE THE WORST VERSION OF THAT STORY I'VE EVER HEARD
UM, SO YOU KNOW, WHEN YOU'RE ALREADY LOOKING AT A HIGH RENT AND YOUR PILOT PARTNERS ARE IN NORTH CAROLINA OR WITH A LOT OF THESE SUSTAINABLE FUELS, THEY'RE DOWN IN TEXAS.
WELL, HEY, RENT'S A LOT CHEAPER IN TEXAS AND YOUR PILOT'S IN TEXAS.
SO I THINK FROM MY PERSPECTIVE IN TALKING TO THE COMPANIES COMING OUT OF THESE ESOS OR WANTING TO DO SOMETHING SIMILAR AT THAT SORT OF INFLECTION POINT, THOSE ARE THE BIGGEST CHALLENGES I HEAR ABOUT.
I'M GONNA OPEN, UH, THE CONVERSATION UP TO MY COLLEAGUES AND I KNOW, UM, COUNSELOR HANZI HAD A QUESTION.
UM, CHAIR
UM, SO, UH, I GUESS MY TAKEAWAY HERE IS THAT WE SHOULD START ZONING FOR FUSION.
UM, SO WE GET STARTED ON THAT.
UM, SO I HAD SOME VERY SPECIFIC, LIKE SMALL TANGIBLE THINGS THAT I WANTED TO KIND OF LIKE ASK ABOUT.
UM, WE HAVE A LOT OF VACANCY, RIGHT? IT FEELS LIKE TO ME ALL OF BINNEY STREET IS GONNA BE EMPTY, RIGHT? AND THAT'S LIKE, YOU KNOW, WALKING DISTANCE FROM MIT AND ALL THE OTHER KENDALL SQUARE COMPANIES AND CIC, UM, WHAT WOULD IT TAKE TO JUST FILL UP BENNY STREET, RIGHT? LIKE, SHOULD RENT NOT BE DROPPING LIKE IT'S EMPTY SPACE? ANYONE HAVE ANY THOUGHTS? I THINK A, A GOOD EXAMPLE OFF OF BENNY, BUT 40 THORNDYKE, UM, WHICH IS A BLOCK FROM WHERE I LIVE IN EAST CAMBRIDGE.
AND IT IS A MAGNIFICENT BUILDING IF YOU'VE BEEN IN IT.
I'VE TOURED IT, I'VE BEEN IN IT MANY TIMES.
IT'S, IT'S INCREDIBLE WHAT THEY'VE DONE WITH THE SPACE.
UM, I'VE TALKED WITH THEM, MADE INTRODUCTIONS TO THEM TO WITH KATE OVER AT MASS CHALLENGE.
WHEN MASS CHALLENGE WAS LOOKING FOR SPACE, THAT WOULD'VE BEEN AN IDEAL THING.
WHEN I TALKED TO THE LANDLORDS AND THE DEVELOPERS THERE, IT WAS A NO GO.
UM, BECAUSE OF ALL OF THE ISSUES WITH LENDERS AND CREDIT EXACTLY TO THE POINT OF WHAT TIM IS TALKING ABOUT.
BUT IF, IF, IF A GROUP LIKE THAT WOULD LET IN THE MASS CHALLENGE, AND I'M NOT TRYING TO, YOU KNOW, POACH FROM PETER TO PAY PAUL, BUT I'M IN CAMBRIDGE, SO I'M, YOU KNOW, FOR CAMBRIDGE, UH, THAT'S, THAT'S AN ORGANIZATION THAT WOULD BE A CATALYST IN OUR CITY IF WE HAD HAD MASS CHALLENGE COME OVER HERE.
AND THERE ARE LOTS OF OTHER ORGANIZATIONS LIKE THAT, THAT I TALK TO ALL THE TIME THAT ARE FROM OVERSEAS THAT ARE INTERESTED IN HAVING FOOTPRINTS
[01:15:01]
HERE, BUT ARE MET WITH THE SAME CHALLENGES THAT MASS CHALLENGE HAD WITH TALKING TO FORTI THORNDYKE.AND SO WHEN YOU LOOK AT BINNEY STREET, YOU KNOW, I DON'T KNOW SO MUCH ABOUT THE MASS AB HOUSING PIECE.
I WROTE IT DOWN 'CAUSE I'M REALLY, REALLY CURIOUS ABOUT IT.
UM, THERE ARE A LOT OF EMPTY SPACES THAT IF WE COULD JUST ALLOW THAT FOR A CERTAIN AMOUNT OF TIME, IT WOULD DRIVE A LOT HERE IN CAMBRIDGE.
IT IS NOT UNLIKE THE POPUPS THAT WERE HAPPENING IN THESE EMPTY VACANT SPACES.
THERE'S A WAY TO DO THAT AND DO IT ON A LONGER TERM BASIS, BUT I DON'T, I DON'T THINK PEOPLE ARE THINKING OR TALKING ABOUT IT IN THAT WAY.
UM, SO I THINK THAT MAYBE SOMETHING FOR US TO TALK ABOUT.
I THINK, UM, YOU KNOW, ESPECIALLY 'CAUSE WE HAVE ALL THESE VACANCIES AND IT KEEPS US FROM DOING ALL THE EXCITING SOCIAL SERVICES THAT WE WANT AS A CITY.
UM, AND IF WE COULD GET THOSE FULL, THAT WOULD BE GREAT.
UM, SO I WANTED TO TALK ABOUT LIKE, THE BORING PART OF IT, RIGHT? SO LIKE, IT'S KIND OF INTERESTING TIME 'CAUSE WE'RE JUST EXTENDING, YOU KNOW, HOPEFULLY, UM, YOU KNOW, LATE NIGHT, YOU KNOW, ACTIVITIES IN THE CITY FOR THE WORLD CUP AND EVERYTHING LIKE THAT.
IF THAT GOES WELL, IS THAT THE SORT OF THING THAT YOU WOULD LOG TO SEE MADE PERMANENT? IS THAT WHAT WE'RE TALKING ABOUT? ALL RIGHT.
UM, SO I KNOW THAT THIS WAS BROUGHT UP OF LIKE, IS THIS A PLACE YOU WANNA START STARTUPS AND THAT KENDALL SQUARE, LIKE, IT'S LIKE VERY LIKE OFFICE PARKY.
I THINK THAT ONE IDEA THAT WAS BROUGHT UP BEFORE IS LIKE CHANGING THE SIGN ORDINANCE, JUST SO YOU CAN SEE WHO'S IN A BUILDING.
WHAT DO YOU GUYS THINK ABOUT THAT? ALL RIGHT, SO THAT'S LIKE VERY SMALL, RIGHT? LIKE JUST LETTING THERE BE SIGNS IN KENDALL SQUARE MIGHT BE SUPPORTED.
UH, YOU SHOULD KNOW THAT I HAVE A LOT OF FOMO BECAUSE I WAS CLASS OF 2019 AT MIT AND THEN CLASS OF 2022 WAS LIKE MICHAEL, UH, TROLL, WHO LIKE FOUNDED CURSOR, WHICH IS LIKE THE FASTEST COMPANY TO A BILLION DOLLARS.
THEN HE MOVES OUT TO SAN FRANCISCO AND I'M LIKE, YOU KNOW, UM, LIKE WE SHOULD GET THEM TO STAY AND PAY THEIR TAXES HERE.
UM, SO, UM, I'M ALSO WONDERING, SO WE HAVE THIS OFFICE OF TOURISM, RIGHT? AND I THINK WE DO BROAD BASED LIKE TOURISM OF LIKE TRYING TO GET PEOPLE INTO THE CITY.
LIKE WHAT CAN WE GET IN TERMS OF LIKE, YOU KNOW, THERE ARE ALL THESE EMPTY SPACES IN BENNY STREET AND MAYBE, YOU KNOW, FOR SOME SMARTER ACCELERATORS WE NEED TO FIGURE OUT LIKE WHAT THAT FUNDING LOOKS LIKE.
BUT I'D LOVE TO GET THE PEOPLE WHO CAN PLAY MARKET RATE.
IS THERE SOMETHING WE COULD DO WITH THE OFFICE OF TOURISM OR GETTING, YOU KNOW, OTHER ELECTED OFFICIALS OR LIKE, YOU KNOW, LIKE THE GOVERNOR OR SOMEONE ELSE THAT COULD HELP US JUST SAY LIKE, HEY, THERE'S THIS, ALL THESE EMPTY SPACES RIGHT NEXT TO MIT, LIKE COME MOVE HERE AND, YOU KNOW, PAY CAMBRIDGE TAX DOLLARS.
JUST, YOU JUST HAVE TO SPEAK INTO THE MIC PLEASE.
YEAH, I MEAN, WE GET DAILY, HUGE GROUPS OF PEOPLE FROM ALL OVER THE WORLD AND I THINK MY, MY, UH, COMPATRIOTS DO AS WELL.
UM, I I THINK PEOPLE UNDERSTAND HOW ATTRACTIVE IT IS IN MASSACHUSETTS.
I THINK THAT PROBABLY SOME OF THE ISSUES THAT WE TALKED ABOUT BEFORE, THE COST OF LIVING HERE IS, IS MAYBE THE MAIN THING THAT DAMPENS IT IS THEY'RE SAYING, OKAY, YOU KNOW, DO THEY COME HERE, THEY GO TO AUSTIN OR SOMETHING LIKE THAT.
IF I GET STAT'S QUESTION THE MOST OF THE EMPTY SPACE ON BENNY STREET AND ELSEWHERE, IS THAT LAB SPACE ZONED OR, OR SET UP OR WHAT DOES, WHAT DOES IT ACTUALLY LOOK LIKE IN THERE? MOSTLY? THERE'S A LOT OF BOTH.
UM, FOR YOU CHAIR, I'LL ANSWER THAT.
UM, BUT SPECIFICALLY BENNY IS MOSTLY A LAB.
YEAH, I MEAN, I GUESS LIKE THERE'S, THERE'S LIKE A MACRO PROBLEM HERE TOO, WHICH IS THAT EARLY STAGE DRUG DISCOVERY IS GETTING HOSED BY CHINA AND, UM, THERE'S UNCLEAR EXACTLY WHAT THE CITY'S ROLE IN RESOLVING THAT WOULD BE.
ALTHOUGH I BET, UH, JASON HAS SOME IDEAS ALONG THOSE LINES.
BUT LIKE, ARGUABLY WE'RE JUST GENERALLY WAY TOO OVEREXPOSED TO EARLY STAGE, UH, LAB SPACE IN PARTICULAR IN THE CITY AS OPPOSED TO THE, THE FULL REST OF THE SPECTRUM OF LIFE SCIENCES.
LIKE, UM, I KNOW A LOT OF THE CLINICAL OPERATIONS, FOR EXAMPLE, HAPPEN IN, UM, HOSPITALS, RIGHT? SO FOR CLINICAL TRIALS AND WHATNOT, THOSE HOSPITALS ARE IN BOSTON, NOT IN CAMBRIDGE FOR THE MOST PART.
UM, I THINK IT WOULD ACTUALLY BE REALLY INTERESTING TO LIKE OFFER THAT UP TO MG B AND SEE IF THEY WANNA RUN CLINICAL TRIALS OR, OR, UH, HOSPITAL OPERATIONS THERE.
'CAUSE WHILE THERE IS LIKE A DOWNTURN IN THE EARLY STAGE BIOTECH SECTOR, AND I'M SURE JASON HAS MORE NUANCE THOUGHTS ABOUT THIS, I THINK THE, THE KIND OF CLINICAL TRIAL OPERATIONS AS A RESULT OF CHINA COMING IN ON EARLY STAGE DISCOVERY IS BOOMING IN THE US AND SO, UM, UH, I THINK IT'S SOMEWHERE THERE'S COMPLICATED GEOPOLITICS THERE, BUT THAT MIGHT BE ANOTHER DIRECTION.
UM, JUST TO CHIME IN, I LIKE THIS CONVERSATION.
UM, YES, WE KNOW ABOUT THE CHINA ISSUE.
I WILL SAY WHILE BINNY IS BUILT AS LAB RIGHT NOW, IT IS NOT ZONED FOR LAB.
AND THE NICE THING ABOUT CAMBRIDGE ZONING IS THAT R AND D IS FLEXIBLE SO THAT WE CAN KEEP UP WITH THE EVER-CHANGING INNOVATIONS.
UM, THAT BEING SAID, IT IS PROBABLY HARD FOR A DEVELOPER TO CONVERT A LAB INTO, I DON'T KNOW, ROBOTICS OR SOME NEW USE, UM, WHEN THEY HAVE NO GUARANTEED TENANTS.
SO I THINK THAT IS SOME OF THE DIFFICULTY.
I'LL GIVE SOME CREDIT TO SOME OF OUR DEVELOPERS.
[01:20:01]
THEY ARE RETHINKING SPACE THOUGH RIGHT NOW.UM, ALEXANDRA AND I WERE IN A MEETING A FEW ABOUT A MONTH AGO, UM, WITH, UH, YOU KNOW, PEOPLE UNDERSTANDING THAT AI AND LIFE SCIENCE COULD BE A COMBINATION ROBOTICS AND LIFE SCIENCE COULD BE A COMBINATION.
HOW ARE WE CHANGING OUR SPACE KNOWING THAT WE'RE GOING TO HAVE TO BRING IN THESE NEW TECHNOLOGIES? YEAH.
UH, ON THE CHINA BIOTECH FRONT, YEAH.
IT'S A REAL PROBLEM FOR THE AREA.
ACTUALLY HAD AN OP-ED IN THE BOSTON GLOBE THIS MORNING ABOUT THIS.
AND, AND I THINK WE SHOULD, UH, NUMBER ONE FORCEFULLY BE SUPPORTING, UH, DEFENSIVE MEASURES.
SO THERE'S THINGS LIKE THE COINS ACT THAT FEDERALLY AND BIO SECURE THAT ARE BASICALLY MEANT TO STOP US CAPITAL INVESTING IN CHINESE STARTUPS.
I THINK WE SHOULD TRY TO KEEP THAT CAPITAL HERE AND KEEP THE, THE JOBS DOMESTICALLY.
I THINK THAT'S JUST IMPORTANT FOR ALL OF US TO SUPPORT AND TELL OUR LEGISLATORS TO SUPPORT, UM, AT THE FEDERAL LEVEL.
UH, SEPARATE FROM THAT, ON THIS POINT ABOUT THE SPACE, YEAH, WE HAVE A LOT OF EXTRA, EXTRA SPACE AT INCO AND, UM, I'VE GONE THROUGH THIS CALCULUS.
THERE'S, UM, THE, THE LAB BUILDINGS ARE BUILT OUT, UH, TO SUPPORT SORT OF LIKE, KIND OF THE EQUIVALENT OF LIGHT MANUFACTURING.
SO YOU COULD TRANSITION THEM TO DO MORE ROBOTICS.
AND I, AND I WOULD HIGHLIGHT, I WOULD SAY PEOPLE DON'T APPRECIATE IT, BUT I THINK THE MASSACHUSETTS AREA IS REALLY THE ROBOTICS HUB FOR THE COUNTRY, RIGHT? LIKE, YOU KNOW, LIKE WE HAVE BOSTON DYNAMICS, WE HAVE AMAZON ROBOTICS, LIKE THERE'S A HUGE TALENT POOL, UH, HERE, A VERY SPECIALIZED ROBOTICS FOLKS.
UM, SO WE SH THIS SHOULD BE HAPPENING HERE.
UM, SO DEFENSE OVERLAPPING WITH ROBOTICS LABS, OVERLAPPING WITH ROBOTICS.
THAT REALLY SHOULD BE OUR CUP OF TEA RIGHT NOW.
AND I THINK YOU COULD REPURPOSE SOME OF THAT LABORATORY SPACE TO ALSO SUPPORT, UM, ROBOTICS AND THEN I THINK ULTIMATELY EVEN AN ECOSYSTEM OF MANUFACTURERS FOR THAT ROBOTICS, RIGHT? LIKE, THAT SEEMS CRAZY 'CAUSE WE OUTSOURCED ALL THIS STUFF, UH, TO CHINA.
BUT I I I THINK IF WE'RE GONNA BRING IT BACK, MASSACHUSETTS IS A GOOD PLACE TO BRING IT BACK TO, IN MY OPINION.
WHAT KIND OF INCENTIVES ARE IN PLACE TO SUPPORT, UM, TRANSITIONING OFFICE SPACE TO RESIDENTIAL? I KNOW IT'S EXTREMELY DIFFERENT, DIFFICULT ARCHITECTURALLY FOR A NUMBER OF REASONS, BUT I'M SEEING MORE OF THOSE INCENTIVES TAKING PLACE IN BOSTON AND SEEING THOSE CONVERSIONS STARTING TO HAPPEN.
AND SO I WAS JUST WONDERING WHAT CAMBRIDGE IS DOING OR THINKING ABOUT IN THAT REGARD.
UM, YOU KNOW, I I'D SAY THE CHALLENGE IS MOST, MOSTLY STOCK.
UM, MOST OF OUR CHALLENGES IN TERMS OF VACANT OFFICE SPACE IS FAIRLY NEW.
AND SO THOSE BUILDINGS ARE ESPECIALLY DIFFICULT TO DO A CONVERSION.
YOU KNOW, THE, THE MOST ATTRACTIVE OFFICE SPACES DO A CONVERSION ARE MUCH OLDER BUILDINGS, UM, MANY MORE WINDOWS.
THERE'S NOT AS MUCH OF A GIANT STEEL CORE WITH, UM, YOU KNOW, WITH ALL THE WINDOWS ON THE SIDE.
UM, I THINK WHAT I HEAR IN, IN MANY WAYS, AND I THINK THIS IS ACTUALLY, UM, PART OF THE CONVERSATION, WE ON THE CITY SIDE AND, AND ABSOLUTELY WHAT THE CITY COUNCIL NEED TO HAVE IT IS ABOUT WHETHER THERE'S A MORE INTENTIONAL ECONOMIC DEVELOPMENT STRATEGY.
AND, AND A LOT OF THE IDEAS DO SIT AROUND TAX INCENTIVES, GRANTS, YOU KNOW, OTHER CITIES ARE MAKING THESE DRAMATIC INVESTMENTS.
AND, AND I DO THINK, YOU KNOW, OVER THE LAST, YOU KNOW, THE LAST COUPLE OF MONTHS AND THEN, AND THEN OVER THESE LAST TWO YEARS, WHAT I HAVE FELT IS WE ARE KIND OF IN THIS ODD POSITION WHERE WE AS A CITY HAVE DONE SO MANY THINGS RIGHT IN THE PAST THAT WE HAVE THIS REALLY STRONG ECOSYSTEM, BUT, BUT WE'VE BEEN COASTING ON IT AND WE AREN'T MAKING THESE INVESTMENTS AND OTHER COMMUNITIES ARE PUTTING OTHER CITIES AND OTHER STATES ARE PUTTING ENORMOUS AMOUNTS OF FUNDING INTO DEVELOPING THE ECOSYSTEM THAT WE CURRENTLY HAVE.
AND I THINK THAT IS, THAT IS THE CONVERSATION THAT WE NEED TO BE THINKING ABOUT.
YOU KNOW, THESE ARE ALSO INVESTMENTS IN FUTURE GROWTH, FUTURE TAX DOLLARS.
UM, I THINK THE CHALLENGE IN, IN OUR COMMUNITY IS, AND I THINK IT IS RIGHT, THAT WE ARE OFTEN THINKING ABOUT WHO'S THE MOST VULNERABLE IN OUR COMMUNITY, AND THAT IS WHERE WE'RE FUNNELING SO MANY OF OUR RESOURCES.
UM, AND I THINK THAT WILL ALWAYS CONTINUE, BUT THOSE RESOURCES ARE COMING.
WE'VE HAD THAT PRIVILEGE TO BE ABLE TO MAKE THOSE INVESTMENTS BECAUSE WE HAVE HAD SUCH SUCCESS AND WE NEED TO BE ABLE TO CONNECT THOSE DOTS AND, UH, AND BE CONSIDERING, UM, A LITTLE MORE FLEXIBILITY IN, IN HOW WE'RE TACKLING SOME OF THESE ECONOMIC ISSUES.
AND I THINK I LOVE THE, THE, THE SORT OF GREATER FLEXIBILITY THAT, THAT WE'RE HAVING IN THIS CONVERSATION.
THESE ARE IDEAS THAT I THINK WE HAVEN'T DEBATED, UM, IN, IN CITY HALL MUCH.
I WAS THINKING, YOU KNOW, UH, COUNCILOR ZIM, WHEN YOU MENTIONED WE SHOULD ZONE TO ALLOW A FUSION POWER PLANT, I DON'T KNOW, YOU KNOW, LIKE THEY'RE ALREADY BUILDING ONE OUT, UH, YOU KNOW, OUT IN DANVERS I THINK, BUT WE HAVE ONE IN GAIN, BUT WE HAVE A NUCLEAR POWER PLANT IN, IN MIT AND, AND I THINK THE THING THAT STRUCK ME WHEN
[01:25:01]
YOU SAID THAT IS I DON'T KNOW IF WE COULD ZONE FOR THAT TODAY.YOU KNOW, LIKE, I THINK, I THINK THIS IS SORT OF THE BROADER CONVERSATION ABOUT CITIES AND THE ABILITY TO DO HARD NEW THINGS THAT, THAT SEEMS SCARY.
AND I THINK THAT'S THE CONVERSATION THAT WE ACTUALLY NEED TO BE THINKING ABOUT.
UM, SO, SO ANYWAY, YEAH, I, UM, THAT FUSION LAB WAS IN CAMBRIDGEPORT.
UH, THEY, THEY MOVED TO DENVER'S, UH, OR NOT FORT DEVON, THEY MOVED TO FORT DEVON FROM CAMBRIDGEPORT.
UH, ANYWAY, SO THIS HAS BEEN, IT'S BEEN SO GREAT TO HEAR FROM YOU.
AND I'M HEARING WE NEED TO THINK ABOUT RENT RELIEF, TAX INCENTIVES, SPEEDING UP PERMITTING, MAKING THE CITY MORE AFFORDABLE, BEING MORE FUN, UH, UM, MAYBE GIVING UP OUR LIKE LITTLE WHITE HATS, UH, PROVIDING THE WHITE GLOVE EXPERIENCE.
YOU, YOU'VE PROVIDED SOME, UH, CREATING ROOM FOR EXPERIMENTATION.
I KNOW TANGO AARON TANG WAS SAYING, UH, WE'RE TOO RATIONAL HERE ON THE WEST COAST.
UH, WE NEED TO LOOSEN UP A LITTLE BIT.
SO I THINK, UH, I HOPE THIS IS THE BEGINNING OF THE CONVERSATION AND I FEEL, AGAIN, THIS IS A VERY ESSENTIAL CONVERSATION BECAUSE IT IS THESE INNOVATIVE PROGRAMS, THESE COMPANIES THAT YOU ARE HELPING TO SPAWN THAT FUND OUR ECONOMY AND ALLOW US TO PROVIDE THE EXTRAORDINARY SERVICES THAT WE HAVE.
BUT MY, MY QUESTION FOR YOU BEFORE I PASS THIS ON TO OTHER COLLEAGUES IS, UM, I FELT LIKE THE BOSTON GLOBE WAS WRITTEN FOR THIS PROGRAM TODAY.
UM, THIS MORNING THEY WERE FEATURING MIT'S, UM, MARTIN TRUST CENTER FOR MIT WELL, ENTREPRENEURSHIP, WHERE THE APPLICATIONS FOR THE ACCELERATOR PROGRAM HAVE DOUBLED SINCE 25.
A FIFTH OF THE MIT UNDERGRADUATES, 800 OF THEM ATTENDED THE STARTUP JOB FAIR.
UH, SALLY KOBLE, THE MIT PRESIDENT SAYS THAT, UM, MESS, UH, CAMBRIDGE IS A GREAT OPPORTUNITY TO, WE LIKE AI AND PLUS X AI PLUS X.
THAT'S VERY CLEVER, RIGHT? UM, SO I'D LOVE TO HEAR MORE ABOUT THE ROLE OF, AND THEN THERE WAS A BIG STORY ALSO ABOUT, UM, GE AND, UH, GE RENOVA AND HOW THEY'RE GIVING MITI THINK 50 MILLION AND THEY'RE ENGAGING GE RENOVA HAS LIKE 70 OR 80, UH, MIT UM, INTERNS THAT WILL BE WORKING FOR THEM, HELPING TO MAKE ENERGY MORE ACCESSIBLE.
UM, SO WHAT I'M REALLY EAGER, THIS IS A LONG WAY TO SAY, I'M EAGER TO HEAR SORT OF MORE ABOUT WHAT MIT AND HARVARD AND, AND THE HOLT SCHOOL ALSO HAS ITS INNOVATION PRIZE.
THEY'RE, THEY'RE ALSO TRYING TO STIR UP INNOVATION HERE.
ARE THERE THINGS THAT WE SHOULD KNOW MORE ABOUT? ARE THERE THINGS A CITY CAN BETTER SUPPORT AT OUR UNIVERSITIES RELATING TO INNOVATION? I, I REALIZE YOUR FOCUS IS, UM, YOU'RE TELLING US WE NEED TO BET TO DO A BE THIS UNIVERSITIES ARE DOING A GREAT JOB.
WE NEED TO DO A BETTER JOB OF KEEPING KEEPING THE INNOVATORS HERE, RIGHT? SO WE'LL WORK ON THAT.
BUT WHAT ELSE SHOULD WE KNOW ABOUT THAT'S GOING ON AT THE UNIVERSITIES? UH, THAT AND, AND IS THERE SOME WAY WE CAN SUPPORT THE WORK? I, I THINK I'D LIKE SOME TIME WITH THAT QUESTION AND GET BACK TO YOU.
UM, 'CAUSE I'D WANT TO TALK TO PEOPLE MORE DIRECTLY INVOLVED WITH THE RESEARCH.
SO MAYBE THIS WILL BE THE FIRST OF SOME CONVERSATIONS.
'CAUSE I THINK THERE'S AN AWFUL LOT TO DISCUSS.
UM, NEXT, I KNOW, UM, COUNSELOR MCGOVERN HAS A QUESTION.
UM, JUST REAL QUICKLY TO, UM, THIS HAS BEEN GREAT AND I THINK THAT THIS IS, SHOULD BE SERVING AS A HUGE LOUD WAKE UP CALL, UM, FOR US.
UM, YOU KNOW, WE HAVE, UH, WE WERE THE ONLY GAME IN TOWN FOR SO LONG THAT WHAT WE GOT USED TO IS HOW TIGHT CAN WE SQUEEZE THE JUICE OUTTA THAT ORANGE, RIGHT? WITHOUT GIVING ANYTHING BACK.
AND WE'VE BEEN ABLE TO DO THAT.
UM, I KEEP COMING BACK TO THE KATHY, I WAS SITTING NEXT TO COUNCILOR ZUZI.
I WAS SITTING NEXT TO YOU AT THE HIGH SCHOOL GRADUATION.
THE, UH, VALEDICTORIAN WHO USED THE QUOTE, COMFORT IS THE ENEMY OF PROGRESS.
WE HAVE BEEN COMFORTABLE FOR FAR TOO LONG, AND THAT'S NOT HOW WE'RE GONNA MOVE FORWARD AS A CITY IN, IN, IN THE LONG TERM.
AND, UM, SO THIS IS REALLY ENLIGHTENING AND REALLY IMPORTANT CONVERSATION AND WE REALLY, YOU KNOW, REALLY NEED TO BE THINKING DIFFERENTLY ABOUT REINVIGORATING WHAT HAS BEEN THE LIFEBLOOD OF THIS CITY'S ECONOMY FOR, FOR SO LONG.
AND ONE MORE THING TO ADD, COUNCILLOR
[01:30:01]
UZI, UH, TO THE LIST AMONG, YOU KNOW, BEING FUN AND ALL THOSE OTHER THINGS IS BEING WELCOMING.LIKE WHEN WE TALK ABOUT HOUSING, WE JUST TALKED ABOUT HOUSING FOR HOURS LAST NIGHT WHEN WE TALK ABOUT HOUSING AND PEOPLE COME UP TO PUBLIC COMMENT AND SAY, THESE NEW PEOPLE MOVING INTO THE CITY ARE DESTROYING THE CITY.
YOU KNOW, THEY, YEAH, THEY DO SAY IT.
AND YOU KNOW, THESE PEOPLE ARE PAYING ALL THIS MONEY FOR RENT AND THEY'RE DOING THIS.
THAT'S NOT REALLY WELCOMING TO YOUNG PEOPLE TO SAY, WE WANT YOU HERE.
RIGHT? AND SO WE REALLY DO NEED TO THINK ABOUT HOW WE TALK ABOUT THESE ISSUES BECAUSE IF THE MESSAGE I WAS GETTING WAS, GEE, YOU WANT ME TO SPEND A RIDICULOUS AMOUNT OF MONEY ON RENT IN A CITY THAT I'M HEARING, YOU KNOW, MAYBE DOESN'T WANT ME TO BE HERE OR ROLLS UP THE ROLLS UP THE SIDEWALKS AT SEVEN O'CLOCK AT NIGHT, I'M GONNA DO THAT SOMEWHERE ELSE, RIGHT? UM, WE SEE THIS WITH SPORTS, RIGHT? AND FREE AGENTS.
IT'S HARD TO, YOU KNOW, WE CAN'T WIN THE WEATHER.
YOU KNOW, A LOT OF FOLKS WHO DON'T WANT TO COME HERE BECAUSE AUSTIN'S NOT EXCITING.
CAMBRIDGE ISN'T, YOU KNOW, IT'S JUST, WE'RE STILL TOO PAROCHIAL AROUND THAT STUFF.
SO I'M REALLY INTERESTED IN THINKING ABOUT HOW WE CAN THINK ABOUT BEING A MORE WELCOMING COMMUNITY TO THE PEOPLE WHO ARE WORKING IN YOUR COMPANY AND IN YOUR SPACE AND, AND NOT BE AFRAID OF THAT PROGRESS AND NOT BE AFRAID OF THAT CHANGE.
AND REALLY NOT JUST WELCOME THE BUSINESSES, BUT THE PEOPLE AS WELL.
SO I LOOK FORWARD TO THAT CONVERSATION.
UH, COUNSELOR LUPPI, THANK YOU THROUGH YOU, MADAM CHAIR.
I, THIS HAS BEEN A REALLY INTERESTING CONVERSATION TO LISTEN TO AND DEFINITELY APPRECIATE THE HUSTLE ENERGY THAT I FEEL USUALLY IN AN ENTREPRENEURIAL SPACES.
UM, AND I, I THINK ONE THING I'M TAKING AWAY TOO, SIMILAR TO COUNSELOR MCGOVERN IS THE PIECE OF IT WE HAVE TO CONSIDER TOO, BEING CONNECTIVITY.
LIKE HOW DO WE MAKE SURE THAT PEOPLE ARE NOT FRACTURED IN THEIR INNOVATION BUBBLES IN THE SENSE THAT EVEN JUST BEING A HARVARD STUDENT IN THE PAST, KNOWING THAT THERE WERE SOMETIMES DISCONNECTS BETWEEN HARVARD AND MIT, LIKE WHAT ARE WAYS THAT WE CAN STRENGTHEN THE ECOSYSTEM THAT WE HAVE NOW BY MAKING EVEN MORE CONNECTIONS, UM, AMONGST WHAT WE DO SO THAT WE CAN EVEN MOVE TOGETHER, UM, MORE COLLABORATIVELY.
I, I KNOW ANOTHER THING THAT I'M THINKING ABOUT TOO IS WHEN YOU LOOK AT SAN FRANCISCO AND THEY DEFINITELY HAVE BUILT A CULTURE OF, YOU KNOW, SOFTWARE TECH AND IT'S, IT'S KIND OF NOW THIS LIKE TREND FOR YOUNG PEOPLE.
UM, SIMILAR TO KIND OF WHAT WE HAVE HERE IN THE SENSE THAT, MY QUESTION TO YOU ALL, HOW DO YOU GUYS NAVIGATE THE CHANGING TECH SPACES IN GENERAL? BECAUSE I SEE SAN FRANCISCO AS THIS LIKE LARGER HUB FOR SOFTWARE TECH.
WE'RE THIS LARGE HUB FOR BIOTECH.
HOW DO YOU NAVIGATE HOW THE CHANGING LANDSCAPE IS ON TECHNOLOGY? WHEN YOU MENTION AI AND YOU MENTIONED HARD TECH, YOU MENTIONED, HOW DO YOU GUYS NAVIGATE THAT IN THE ECOSYSTEM THAT YOU WORK IN? UM, AND HOW DO YOU THINK THAT SHAPES HOW WE EVEN HAVE THESE CONVERSATIONS WITHIN CITIES? I GUESS MAYBE I CAN JUMP IN ON THIS TO SOME DEGREE.
UM, WOULD LOVE TO HEAR WHAT OTHER PEOPLE THINK AS WELL.
BUT I THINK IN GENERAL, I, I THINK ABOUT HOW ECOSYSTEMS HAVE FORMED AS AROUND POSITIVE FEEDBACK LOOPS.
SO, UM, PEOPLE TEND TO GO WHERE THE OTHER BEST PEOPLE ARE THAT TENDS TO DRAW INVESTORS TO GO WHERE THOSE PEOPLE ARE.
THEN PEOPLE GO TO WHERE THEY ARE, THAT BRINGS CUSTOMERS FOR THEM TOO.
AND IT HAS THIS SORT OF POSITIVE FEEDBACK ELEMENT TO IT.
I THINK THAT'S A LOT OF WHY THE BIOTECH ECOSYSTEM WORKED HERE FOR A VERY LONG TIME TOO.
UM, AND I GUESS I WOULD JUST THINK ABOUT MAYBE HOW A, A CITY CAN PLAY A ROLE IN JUMP STARTING SOME OF THOSE POSITIVE FEEDBACK LOOPS.
I ACTUALLY DON'T THINK THAT THE RIGHT WAY TO THINK ABOUT SAN FRANCISCO IS AS UM, PARTICULARLY UNIQUELY GOOD AT SOFTWARE.
IT'S A PLACE WHERE YOU HAVE A LOT OF ADVANTAGES TO THE SOFTWARE COMPANY BECAUSE MOST SOFTWARE COMPANIES GET OFF THE GROUND BY SELLING TO OTHER SOFTWARE COMPANIES.
AND THERE JUST HAPPENS TO BE A LOT OF 'EM THERE.
UM, IT ALSO HAPPENS TO BE A PLACE IN WHICH THERE'S GREAT ADVANTAGES FOR HARDWARE COMPANIES AND MANY OTHER ADVANTAGES JUST BECAUSE IT'S LIKE A PLACE THAT PERMITS IDEAS THAT ARE NOT OBVIOUSLY GOOD.
IT'S A PLACE WHERE THERE'S LOTS OF YOUNG PEOPLE WHO WANNA LIVE.
IT'S A PLACE WITH REALLY GOOD FOOD.
UM, IT'S BEAUTIFUL WEATHER OBVIOUSLY AND WHATNOT.
AND UM, YOU CAN'T CONTROL ALL OF THOSE FACTORS.
BUT TO THE EXTENT WE CAN CONTROL SOME OF THOSE FACTORS, IT ONLY TAKES A VERY SMALL NUMBER, I THINK OF REALLY GREAT COMPANIES EMERGING TO KICKSTART THOSE POSITIVE FEEDBACK LOOPS.
UM, I GUESS LIKE ONE THING WE PROBABLY DON'T DO ENOUGH OF HERE IN PART 'CAUSE LIKE, YOU KNOW, OUR CULTURE HERE IS RELATIVELY RESERVED, WHICH I THINK YOU ARE, YOU ARE RIGHT TO SAY EVERYONE IS RIGHT TO SAY THAT THAT IS INHERENT PART OF OUR CULTURE IS WE DON'T ACTUALLY CELEBRATE THE WINNERS VERY MUCH.
LIKE, I DON'T KNOW ABOUT VALENT GETTING BOUGHT FOR $10 BILLION.
UM, SUNO JUST RAISED AT LIKE A $7 BILLION EVALUATION.
AND I DON'T THINK I SAW ANY, AT LEAST ANY LIKE, VIRAL POSTS FROM ANY LIKE CAMBRIDGE OR BOSTON LEADERSHIP ABOUT IT.
AND LIKE, I THINK AN EXAMPLE OF SOMETHING THE CITY COULD PROBABLY DO IS ACTUALLY LIKE EVERY COMPANY THAT RAISES AT LEAST $10 MILLION SHOULD HAVE LIKE A HIGHLY PRODUCED VIDEO BY CITIES OF CAMBRIDGE AND BOSTON AND LIKE MAKE A BIG FRICKING DEAL OUT OF IT.
LIKE THERE SHOULD BE A MILLION VIEWS
[01:35:01]
ON A VIDEO FOR LIKE EVERY COMPANY THAT RAISES OVER $10 MILLION.AND THAT DOESN'T HAVE TO COST THAT MUCH.
AND WE PROBABLY SHOULDN'T SEE IT AS SOMETHING WE COMPETE WITH BOSTON TO ACHIEVE.
UM, WE PROBABLY SHOULD WORK WITH THEM ON THAT.
LIKE THE MAYOR AND GOVERNOR AND STUFF ALL HAVE BIG PLATFORMS TOO.
UM, AND IT'S PROBABLY ONE OF THOSE THINGS WHERE WE JUST HAVE TO BE LIKE A LOT LOUDER ABOUT THE WINDS THAT DO A GREAT, LIKE LILA SCIENCES MIGHT END UP BECOMING LIKE THE FUTURE OF SCIENTIFIC DISCOVERY.
AND LIKE I BET MOST PEOPLE EVEN IN THE CITY HAVEN'T HEARD OF IT.
UM, WHICH SEEMS INCORRECT, UH, AS LIKE THE, THE RIGHT WAY WE SHOULD BE TALKING ABOUT THESE SUPER INNOVATIVE COMPANIES.
UM, JUST A COUPLE QUICK THOUGHTS.
UM, SO I, I THINK THE FORMULA THAT HAS MADE CAMBRIDGE WORK THUS FAR, UM, STARTS WITH THE UNIVERSITIES.
UM, THE DATA SHOW THAT OTHER THAN I THINK THE CATHOLIC CHURCH, THE UNIVERS UNIVERSITIES ARE THE LONGEST LIVED, YOU KNOW, ORGANIZATIONS ON THE PLANET THEN, YOU KNOW, CAMBRIDGE UNIVERSITY IS LIKE 900 YEARS OLD OR SOMETHING LIKE THAT.
AND PARTICULARLY THE TOP UNIVERSITIES HAVE THIS PATTERN.
AND SO CAMBRIDGE IS BLESSED BY HAVING TWO OF THE WORLD'S, YOU KNOW, TOP MAYBE THREE OR FOUR UNIVERSITIES, RIGHT? AND SO THAT'S LIKELY THAT THAT'S SORT OF WHAT IT STARTS.
PEOPLE COME HERE TO STUDY THERE YOU DID AS WELL.
AND THAT KIND OF BRINGS THIS WONDERFUL INFLOW.
UM, THE COMMU THE COLLABORATION AND, AND COMMUNICATION.
I THINK IN THIS TECH SECTOR, THE STARTUP SECTOR IS REALLY GOOD.
LIKE WE ALL KNOW EACH OTHER AND PEOPLE TALK A LOT AND EVERYONE SHOWS UP AT VENTURE CAFE AND YOU KNOW, THOSE SORTS OF THINGS.
SO THAT PART'S WORKING, UM, JUST AS A LITTLE BIT OF, WE ARE ALWAYS SAYING THAT THE CITY SHOULD DO MORE.
UM, BUT JUST, I SPEND TIME IN OTHER CITIES LIKE CAMBRIDGE AND WE'RE ACTUALLY PROBABLY DOING THE, THE BEST IN TERMS OF THE CITY, UH, THE TOWN GOWN KIND OF COLLABORATION AROUND THIS, WHICH IS KIND OF CRAZY TO SAY 'CAUSE THERE'S A LOT OF OPPORTUNITY.
BUT THE OTHER CAMBRIDGE CITY COUNCIL IN THE UK BASICALLY THAT, THAT CAMBRIDGE IS LANDLOCKED, THE UNIVERSITY CAN'T GET ANY DEVELOPMENT PR PRACTICALLY DONE AROUND THE UNIVERSITY.
UM, IT'S A MEDIEVAL CITY, VERY FEW OPPORTUNITIES.
SAN FRANCISCO HAS GOT REALLY STRONG LEADERSHIP NOW, FINALLY, WHICH IS GREAT.
UM, BUT THE CHALLENGES THAT THE CITY HAS ARE MONUMENTAL CAMPAIGN COMPARED TO THE CHALLENGES THAT WE HAVE HERE AROUND HOMELESSNESS AND ECONOMIC DISPARITIES THAT WE JUST DON'T HAVE.
SO WE'RE IN, WE'RE, IF YOU GO AROUND THE WORLD, YOU'LL FIND, YOU KNOW, THIS IS REALLY A GREAT PLACE.
WE HAVE THE, THE, WE'VE GOT THE UNIVERSITIES, WE'VE GOT THE WEATHER, WE'VE GOT SAFETY, WE'VE GOT THIS TALENT BASE, AND WE'VE GOT THIS THOUSAND YEAR ENGINE OF THE UNIVERSITY THAT'S LIKELY TO KEEP THAT GOING.
SO IT'S A LITTLE BIT OF A DON'T SCREW IT UP TYPE OF SITUATION.
UM, BUT ALSO JUST RECOGNIZE THAT WE'RE IN A POSITION ALSO WITH THE, THE, THE ECONOMICS OF THE CITY OF CAMBRIDGE OR AMONGST THE BEST OF ANY CITY IN THE NATION.
I THINK, UM, TO TAKE ADVANTAGE OF THE, OF THAT, THAT RESOURCE TO REALLY THOUGHTFULLY THINK ABOUT HOW DO WE BECOME A SERVICE TO THE WORLD AS A, AS A GENERATOR OF, OF INNOVATION.
I THINK THAT, I THINK IT'S SOMETHING THAT UNIQUELY CAMBRIDGE CAN DO.
UM, I I THINK YOU YOUR QUESTION AROUND FOLLOWING TECHNOLOGY TRENDS, I THINK ONE OF THE, YOU KNOW, JASON MADE THE POINT ABOUT PHDS IN Y COMBINATOR.
I THINK ONE OF THE THINGS THAT IS CREATED HERE MORE THAN ANYWHERE ELSE IS INCREDIBLE, UH, SCIENTISTS AND TECHNOLOGISTS WHO HAVE A PHD WHO ALSO WANNA BECOME AN ENTREPRENEUR.
AND THAT, I MEAN, UNIQUELY THE ENGINE WAS THOUGHT ABOUT FILLING THAT GAP FOR PEOPLE WHO'VE CREATED A TECHNOLOGY AND ARE LOOKING FOR A MARKET AND NEED A LITTLE BIT OF A LONGER TIMEFRAME.
I THINK LAB CENTRAL DOES A A GREAT JOB AS WELL OF NOT FOLLOWING A TREND.
THEY, THEY'RE, UM, AI BIOHUB IS A GREAT EXAMPLE OF, UM, INCORPORATING WHAT IS A TREND INTO WHAT WE DO.
I THINK RIGHT NOW ALL OF US ARE HAVING CONVERSATIONS ABOUT AI AND, AND MY STANCE IS USUALLY IT'S WE SUPPORT TOUGH TECH AND AI.
AND SO IF A, IF A TOUGH TECH COMPANY IS, IS DOING THAT AS WELL, WE HAVE THOSE RESOURCES, BUT IT ISN'T, UM, NECESSARILY CONSTANTLY FOLLOWING A TREND.
IT IS, I THINK ALL OF OUR RESOURCES ARE FLEXIBLE AND ABLE TO ALLOW THIS GROUP OF INCREDIBLE TECHNOLOGISTS WHO ARE LEANING INTO ENTREPRENEURSHIP, UM, TO BE ABLE TO STAY HERE IN THIS COMMUNITY WHERE THEY GREW UP, WHERE THEY INVENTED THEIR TECHNOLOGY, WHERE THEY HAVE AN EVEN BIGGER COMMUNITY OF TALENT THAT THEY CAN DRAW ON THAT THEY'RE COMFORTABLE WITH.
AND SO I THINK NOT FOLLOWING EVERY TREND HAS ACTUALLY REALLY HELPED CREATE, UM, CREATE A PLACE FOR THESE TECHNOLOGISTS TO FEEL LIKE THEY HAVE A HOME AND THEY CAN STAY HERE LONGER AND THEY CAN BUILD A BIGGER COMPANY THAT IS HARDER TO MOVE WITH THE NEXT CHECK.
SO I HAD A, YOU KNOW, WANTED TO ASK FROM YOU GUYS AS WELL.
LIKE, I KNOW THAT WE'RE HERE ABOUT LIKE WHAT THE CITY CAN DO AND YOU KNOW, I'M READY, YOU'VE CONVINCED ME, YOU KNOW, WE'LL DO BILLBOARD AD BUYS IN SAN FRANCISCO SAYING YOU THOUGHT SAN FRANCISCO WAS EXPENSIVE BEFORE ANTHROPIC IS GONNA, IPO MOVE TO CAMBRIDGE, YOU KNOW, UM, SO LIKE I'M READY TO DO THAT.
BUT LIKE, YOU KNOW, I THINK THAT THERE'S A GAP IN THE WAY THAT I SEE STARTUPS HERE, WHICH
[01:40:01]
IS LIKE, YOU KNOW, IT'S A GREAT PLACE TO START WHILE, AND YOU KNOW, SO MANY PEOPLE START HERE AND THEN IT'S A GREAT PLACE IF YOU'RE LIKE A REALLY BIG COMPANY, RIGHT? LIKE NOVARTIS AND TAKEDA AND ALL THESE ARE HERE, BUT LIKE, YOU KNOW, KATHY BROUGHT UP WITH LIKE, YOU KNOW, COMMONWEALTH FUSION OR A NUMBER OF OTHER EXAMPLES, LIKE, THE SCALING DOESN'T HAPPEN HERE, RIGHT? AND THAT SEEMS LIKE A VERY SPECIFIC LIKE SERIES A SORT OF PROBLEM, SERIES B SORT OF THING.UM, AND I FEEL LIKE THAT'S ME OF MORE OF LIKE WHERE YOU GUYS COME IN RATHER THAN US.
LIKE, YOU KNOW, WE TALKED A LOT ABOUT LIKE HOW COULD WE MAKE IT CHEAPER FOR STARTUPS THAT ARE JUST GETTING STARTED.
LIKE WHAT CAN YOU KNOW, WE OR YOU GUYS DO FOR LIKE SERIES A, SERIES B SORTS OF COMPANIES? UH, I WOULD SAY THAT WE ARE SUPPORTING, I MEAN JASON COULD TALK ABOUT HOW THEY SCALED.
I THINK WE SUPPORT THE EARLIEST OF STAGES WHERE WE ACTUALLY WANT TO BE ABLE TO KEEP THEM IN, IN A SHARED ENVIRONMENT WHERE THEY CAN, THEY DON'T NEED TO OWN THE RESOURCES AND THE REAL ESTATE FOR AS LONG AS POSSIBLE.
I THINK WHAT'S MISSING TODAY, UNLESS YOU WANNA GO FROM CAMBRIDGE TO WOODBURN OR CAMBRIDGE TO DEVONS, AND I THINK DEVONS IS ACTUALLY A GREAT PLACE FOR COMMONWEALTH FUSION, IS THAT MIDDLE GROUND.
SO, YOU KNOW, OUR LANDLORD TODAY WILL SHOW ME UNIVERSITY PARK SPACES AND I'LL SAY, GREAT, CHOP IT UP INTO 20,000 SQUARE FEET SPOTS AND LET THEM MOVE FROM THE ENGINE OR LAB CENTRAL HERE.
AND SO IT'S, I IT'S GRADUATION THAT ISN'T, YOU KNOW, THE THE SOFT WARM PLACE OF AN INCUBATOR WHERE WE TAKE CARE OF EVERYTHING TO MOVING AN HOUR AWAY ALL ON YOUR OWN.
AND SO THAT MIDDLE GROUND AND THERE'S, I DRIVE DOWN SYDNEY STREET EVERY DAY.
THERE'S ALL OF THESE POCKETS WHERE IT FEELS LIKE THERE'S EMPTY BUILDINGS THAT EVERYONE'S WAITING FOR THE NEXT BIG GOOGLE AS OPPOSED TO FINDING THE NEXT GRADUATION SPACE WHERE THEY'RE STILL INCUBATING AND IT'S MAYBE A SERIES A AND, YOU KNOW, SEVERAL MILLION DOLLARS, BUT NOT ENOUGH TO, TO GET YOUR OWN 150,000 SQUARE FOOT WAREHOUSE.
SO, YOU KNOW, I THINK YOU GUYS HAD A REALLY INTERESTING REAL ESTATE SCALING WHERE YOU WERE TAKING OVER CHUNKS OF SPACE AT A TIME.
AND, AND SCALING DOES NOT LOOK LIKE, UH, INCUBATOR TO DEVON'S FOR MOST OF THESE TEAMS. YEAH, YEAH.
I MEAN, WE GREW UP, WE MOVED OUT TO THE SEAPORT 15 YEARS AGO AND THERE WAS JUST NOTHING THERE.
'CAUSE IT WAS CHEAP, SORRY TO LEAVE CAMBRIDGE, BUT, UM, UH, AND THEN JUST KIND OF GREW ALONG THE WAY.
UM, I I WOULD SAY I, I WOULD BE LESS WORRIED, LIKE SLIGHTLY LESS WORRIED ABOUT THAT.
UH, TO ME THE REAL GAP IS, IT'S LIKE ONCE YOU HAVE SAY 40 PEOPLE AT A COMPANY, IT'S, YOU CANNOT MOVE IT.
SO, SO LIKE, IF YOU WANT TO UNDERSTAND THE STARTUP GAME, I THINK WHAT ALL CAMBRIDGE NEEDS TO DO IS GET COMPANIES TO BE 35 PEOPLE OR SOMETHING AND THEN THEY WILL BE HERE FOREVER.
RIGHT? AND, AND SO, SO, AND I ALSO THINK THERE'S KIND OF A, WELL I I SHOULD SPEAK MORE TO LIKE THE ABILITY TO STEAL PEOPLE FROM SAN FRANCISCO, BUT I, I THINK THAT TO ME IS LIKE THE, IS REALLY OUR CHALLENGE.
WE JUST DON'T GET ENOUGH COMPANIES THROUGH AT THE BEGINNING TO THAT SCALE AND THEN STUCK HERE.
WE ACTUALLY LOSE THEM WHEN THEY'RE LIKE FOUR PEOPLE AND THEY GET INTO Y COMBINATOR.
AND SO THE, SO I I DO THINK AFTER THAT IT'S ACTUALLY PRETTY GOOD.
AND, AND THEN I'LL MAKE ONE OTHER LITTLE PITCH.
I MEAN, I LOVE THE YOUNG PEOPLE THING.
UH, BUT MY OTHER PITCH ON THE AREAS, IT'S, IT IS LIKE THE MOST FAMILY FRIENDLY URBAN ENVIRONMENT IN AMERICA, PERIOD.
LIKE, TELL ME ANOTHER CITY THAT'S BETTER TO RAISE KIDS IN THAN CAMBRIDGE, SOMERVILLE, BOSTON.
AND SO, SO THAT'S ACTUALLY GREAT AT A CERTAIN, I I GIVE THIS PITCH TO FOUNDERS ALL THE TIME.
LIKE, LISTEN, EVENTUALLY YOU'RE GONNA HAVE A KID AND YOU'RE STUCK IN SAN FRANCISCO.
UH, AND SO, SO LIKE THAT, UH, SO ANYWAY, YOU KNOW, I THINK THAT'S ANOTHER THING.
LIKE WE'RE ACTUALLY PRETTY GOOD AT THAT PHASE.
IT'S JUST WE GOTTA GET TO THAT SCALE WITH THEM HERE.
SO ONE THING THAT HAS BEEN SLIGHTLY PROPOSED TO US TOO IS, UM, LIKE INNOVATION SPACE, I GUESS 2.0 IS WE'VE DONE WELL WITH LIKE KEEPING INNOVATION SPACE FOR LIKE YOU GUYS, BUT THEN WHEN THEY'RE READY AND THEY'RE MID, BUT THEY'RE NOT LIKE 150 K, COULD WE ADAPT THE INNOVATION SPACE TO ALLOW FOR THOSE TYPES OF SPACES? AND SO I'M GETTING NOD.
SO THAT SOUNDS LIKE, OH, TIM'S NOT HAPPY AND WE'RE NOT SAYING, BUT YOU CAN ADD AN ADDITIONAL CATEGORY.
BUT IF YOU LET THEM PUT MIDSIZE COMPANY SPACE IN THE SAME ALLOTMENT, THAT'S WHERE THEY'LL GO BECAUSE THE CREDIT'S BETTER AND YOU WILL LOSE THE SPACE YOU'VE GOT.
SO I, I, YEAH, SO I THINK IT'S MAYBE A YES, LIKE YES AND, BUT I THINK THE, YEAH, I THINK THAT THAT IS ONE PROPOSAL THAT HAS COME TO US AS WELL.
UH, I THINK THAT TO ECHO JASON'S POINT, UM, I A HUNDRED PERCENT AGREE WITH HIM.
IN FACT, I'LL GO FURTHER AND SAY, I THINK WE HAVE TO START TREATING COMPANIES SCALING UP AND MOVING OUT TO UBER OR WHATEVER AS ACTUALLY A WIN AND NOT A LOSS.
LIKE I KNOW THAT'S LIKE, MAYBE NOT WHAT EVERYONE IN THE CITY COUNCIL WOULD WANT 'CAUSE OF TAX REVENUE AND SO ON.
I KNOW IT'S LIKE A COMPLICATED ISSUE 'CAUSE YOU'D RATHER THEY PHYSICALLY SCALE WITHIN CAMBRIDGE CITY LIMITS.
BUT I ACTUALLY THINK THAT PART OF WHAT MAKES THE BAY AREA WIN IS LIKE THE DISTANCE FROM SAN FRANCISCO TO REDWOOD CITY.
IT'S THE SAME AS THE DISTANCE FROM HERE TO WOODBURN IN, IN TERMS OF TRAFFIC,
[01:45:01]
LIKE IN, IN SAN FRANCISCO TO REDWOOD CITY IS LIKE A QUARTER OF THE BAY AREA, RIGHT? IT'S LIKE SAN FRANCISCO TO LIKE, SUNNYVALE IS LIKE FOREX THAT, RIGHT? AND THAT IS A MASSIVE ECOSYSTEM THAT CAN THEREFORE SUPPORT A VERY WIDE VARIETY OF COMPANIES.I THINK WE, WE HAVE TO LIKE DEFINE WIN VERSUS LOSS VERY SPECIFICALLY, RIGHT? LOSS IS WHEN THEY CHOOSE TO MOVE TO NORTH CAROLINA OR THEY, UM, COMMONWEALTH FUSION SCALES UP THEIR POWER PLANT, AND I THINK IT WAS VIRGINIA, UM, OR THE TWO PERSON MIT TEAM YEAH.
GETS FUNDED BY ME OR WHOEVER AND MOVES TO SAN FRANCISCO.
I I THINK THOSE ARE LIKE, WE SHOULD HAVE LIKE A, LIKE A BILLBOARD, NOT BILLBOARD, LIKE AN INTERNAL TRACKING DASHBOARD WITH THOSE METRICS.
AND, AND I THINK ACTUALLY LIKE MOVING TO WATERTOWN OR WHATEVER, I THINK WHAT WE HAVE TO DO IS NOT ONLY NOT SEE THAT AS A LOSS, BUT WE SHOULD LIKE EXPAND THE HORIZON OF WHO WE SEE AS IN OUR ECOSYSTEM AND ACTIVELY PROMOTE THEM.
LIKE I WANT TO SEE CAMBRIDGE CELEBRATING, UM, WHAT'S THE NAME OF THAT ROBOTICS COMPANY THAT'S BASED IN WATERTOWN THAT'S ACTUALLY DOING REALLY WELL.
AND LIKE, AND DYNO THERAPEUTICS WAS FOUNDED BY A BUNCH OF, UM, HARVARD GUYS THAT ARE NOW BASED IN WATERTOWN.
LIKE THOSE ARE PART OF THIS ECOSYSTEM.
LIKE I CAN BIKE TO THAT OFFICE FROM MY PLACE ON A BIKE PATH THAT CAMBRIDGE PAYS FOR.
UM, AND IT'S A GOOD BIKE PATH.
UM, AND, AND SO I, I THINK THIS IS LIKE A POTENTIAL FAILURE MODE AGAIN OF OUR MESSAGING WHERE HONESTLY I THINK WE SHOULD GO ALL THE WAY OUT TO LIKE AT LEAST, UH, WHEREVER BOSTON DYNAMICS IS, WHATEVER THAT TOWN IS LIKE, AT LEAST ALL THE WAY OUT UNTIL THERE.
AND THEN SIMILARLY NORTH AND SOUTH, WE, WE GOTTA FIGURE OUT A NAME FOR THIS AREA AND THEN LIKE BRAND THAT AS ONE ECOSYSTEM, UM, AND CELEBRATE ALL THE ACROSS IT.
YOU MEAN ALL THE WAY OUT TO WALL.
I WANNA, I WANNA DIG IN A LITTLE BIT MORE ABOUT YOUR QUESTION AROUND INNOVATION SPACE AND WHAT QUALIFIES AND THEN WHAT TIM WAS REFERRING TO ON THE DANGER OF OPENING AND EXPANDING THAT IDEA.
I THINK, UM, THE DEFINITION OF WHAT QUALIFIES AS BEING IN INNOVATION AND BEING AN INNOVATION COMPANY AND BEING A STARTUP COMPANY, THAT HAS CHANGED.
AND I KNOW WHEN WE STARTED, OUR LITMUS TEST WAS A COMPANY THAT HAD RAISED LESS THAN 7.5 MILLION A COUPLE YEARS AGO.
WE WENT BACK TO MLSC AND SAID 7.5 IS NO LONGER.
AND I'M SEEING THAT INCREASE BECAUSE COMPANIES JUST ARE NOT ABLE TO DO WHAT THEY COULD BEFORE WITH THAT SAME, THE DOLLARS.
AND SO WHEN I LOOK AT THE SPACE THAT WE HAVE AT 2 38 MAINE, WHICH IS UNDER OUR PUBLIC BENEFIT SPACE, SO WE WERE PAYING TAXES ON THAT, BUT WE'VE ACTUALLY CONVERTED THAT SPACE THAT WAS INTENDED FOR THE GRADUATES WHO HAD RAISED OVER 20, 25, $30 MILLION, CLOSED THEIR B AND C AND HAD MOVED ON FROM LAB CENTRAL.
WE'VE ACTUALLY TAKEN SOME OF THOSE LARGER SUITES AND NOT PHYSICALLY SUBDIVIDED THEM, BUT SUBDIVIDED THEM IN CONCEPT BECAUSE WE HAD COMPANIES WHO HAD RA HAVE RAISED OVER THE 10 MILLION.
SO THEY HAVE TO LEAVE LAB CENTRAL BECAUSE THEY'VE RAISED OVER THAT AMOUNT, BUT THEY CAN'T GO ANYWHERE.
THEY CAN'T AFFORD TO, THEY CAN'T INVEST AND THEY WANNA STAY IN CAMBRIDGE.
AND SO WE REPURPOSE THAT SPACE SPECIFICALLY FOR THEM, BUT WE'RE ACTUALLY PAYING TAXES ON THAT AS IF IT'S REGULAR COMPETITIVE SPACE, EVEN THOUGH THEY'RE NOT PAYING THOSE RENTS AND THEY'RE NOT USING IT FOR THOSE PURPOSES.
I THINK THE, THE SPACES THAT WE DO HAVE THERE THAT ARE THE LARGER SUITES, THOSE COMPANIES STILL ARE NOT VIABLE.
THEY'RE STILL NOT AT A POINT WHERE THEY CAN, YOU KNOW, THEY'RE NOT 40 OR 50.
THEY'RE IN THE 25 TO 35 RANGE AND THEY'RE ON A B ROUND OR A C ROUND, BUT THEY'RE NOT CLOSING THE WAY THEY USED TO, YOU KNOW, SO WE'RE, WE'RE STARTING TO SEE IPOS POP UP AGAIN, BUT WE'RE STILL NOT SEEING THE FUNDRAISING WHERE IT WAS.
AND SO THAT'S WHERE I, I WOULD BE REALLY INTERESTED IN EXPLORING AN ADDENDUM TO THAT ORIGINAL INNOVATION SPACE DEFINITION TO MAKE IT, YOU KNOW, PERHAPS YOU DON'T GET THE SAME INCENTIVES THAT YOU GET IF YOU'RE AT THAT SUPER SMALL STAGE, BUT THERE'S A NEXT STAGE OF SUPPORT FOR THAT BECAUSE THAT'S WHERE WE'RE STARTING TO LOSE COMPANIES THAT ARE GOING ELSEWHERE BECAUSE WE CAN'T SUPPORT THEM IN THAT, THAT MIDDLE GROUND.
UM, SO I'D, I'D LOVE TO DIG INTO THAT CONVERSATION MORE.
PLEASE JUST TALK TO US BEFORE YOU FIDDLE WITH THAT.
BECAUSE I MEAN, THE, THE THING IS THAT IF I'M A LANDLORD, IF I PUT ON THE LANDLORD HAT I, I'D MUCH RATHER A 2000 SQUARE FOOT COMPANY THAN TEN TWO HUNDRED SQUARE FOOT COMPANIES.
I WAS GONNA SAY, I MEAN, CENTRAL SQUARE ZONING WILL COME UP AND I THINK IT'S MOSTLY A HOUSING FOCUS, BUT IT IS STILL A MIXED USE DISTRICT.
AND SO MAYBE AS WE THINK ABOUT THAT OFFICE SPACE THERE,
[01:50:01]
THAT CAN BE A THOUGHT, UH, OR MAYBE NOT, BUT JUST THROWING THAT OUT THERE.UM, AND THEN I JUST WANTED TO LIKE, PUSH BACK A LITTLE BIT MORE, WHICH IS LIKE, I, IT STILL DOESN'T FULLY CONNECT WITH ME IN THAT LIKE, YOU KNOW, I AGREE.
LIKE WE LOVE WATERTOWN, RIGHT? UM, AND LIKE BITNEY STREET AND KENDALL SQUARE IS SITTING EMPTY, RIGHT? AND IT JUST MAKES ME FEEL LIKE THERE'S SOMETHING THAT WE'RE NOT DOING.
LIKE, YOU KNOW, CIC IS GREAT AND YOU GUYS ARE DOING VERY, VERY EARLY STAGE.
DO WE NEED LIKE A CGC, LIKE THAT'S FOR GROWTH, YOU KNOW? AND LIKE CAN LIKE BOOK OUT BENNY STREET BUILDINGS AND THEN RENT THEM OUT AT 20,000 SQUARE FEET.
I THINK YOU GUYS SHOULD CALL IN THE DEVELOPERS AND ASK THEM TO EXPLAIN THE MATH BECAUSE THIS IS A MATH AND FINANCING ISSUE.
IT'S, IT'S LIKE A STRUCTURAL ISSUE FOR THEM.
IT'S NOT THAT THEY DON'T WANNA DO IT, OR THEY'RE NOT CREATIVE OR THEY HAVEN'T THOUGHT OF THAT.
UM, THE, IT'S, IT'S REALLY, YOU'VE, YOU'VE TOLD A, A LENDER THAT YOU'RE GONNA GET GOOGLE AT, YOU KNOW, A HUNDRED DOLLARS A FOOT.
AND IF YOU GO BACK AND SAY, I'M, I'M NOW FORECASTING I'M GONNA GET, YOU KNOW, $40 A FOOT 'CAUSE I'M GONNA DO WHAT, WHAT, UM, THE COUNSELOR IS SUGGESTING.
UM, THEN SUDDENLY YOU'RE, IT LOOKS LIKE YOUR PROJECT IS UNDERWATER AND YOU MIGHT GET FORECLOSED ON.
YOU SAY, NO, NEXT YEAR WE'RE GONNA GET THIS A HUNDRED DOLLARS A FOOT.
I THINK IT'S SOMETHING ALONG THOSE LINES.
SO, BUT THEY, THEY CAN EXPLAIN IT.
BUT WHAT YOU COULD DO IS POTENTIALLY HAVE SOME RULES THAT YOU GUYS CREATE THAT, THAT, IT MIGHT SOUND WEIRD, BUT A DEVELOPER MIGHT ACTUALLY APPRECIATE IF YOU MADE A RULE THAT GETS THEM TO PUT SOME OF THAT SPACE TO WORK BECAUSE THEN THEY CAN GO TO THEIR LENDER AND SAY, I HAVE TO DO THIS.
AND THEY, THEY, THERE ARE THINGS THAT THEY MAY WANT TO DO BUT THEY CAN'T DO BECAUSE THEIR LENDER WON'T LET THEM DO IT.
UM, AND SO THERE COULD BE A REALLY INTERESTING FIX, BUT I WOULD, I WOULD WORK WITH THEM TO TRY TO ARCHITECT.
'CAUSE AND I PROMISE I'M DONE.
I WON'T HAVE ANY MORE QUESTIONS.
UM, BUT I FEEL LIKE THERE'S PROBABLY LIKE A MILLION SQUARE FEET EMPTY OR SOMETHING LIKE THAT.
BUT YEAH, I MEAN,
SO MILLIONS OF VACANT SQUARE FEET OF LIGHT INDUSTRIAL TO OFFICE, LIKE, YOU KNOW, TWO MINUTES FROM MIT LIKE, YOU KNOW, LIKE, I THINK IT, IT HELPS US CONNECT THE DOTS AND FIGURE OUT, LIKE WE COULD DO SOMETHING WITH THAT.
UH, SO WE'RE GONNA CON OH, OH, GO, GO, GO.
IF I CAN JUST CHIME IN QUICKLY.
UM, OF COURSE I, AND PICE AND EVERYONE I WORK WITH TEAM MASSACHUSETTS, WATERTOWN ALSO HAS SPECIFICALLY VERY NICE NEW, BEAUTIFUL BUILDINGS.
AND LIKE TIM SAID, THE LANDLINE IS SITTING AROUND WAITING FOR AN ANCHOR TENANT.
SO IT'S JUST FULLY EMPTY BECAUSE NO ONE WILL TAKE 30 OR 40 OR WHATEVER PERCENT.
SO THIS ISN'T A, A, IT'S NOT A BENNY STREET UNIQUE PROBLEM IN THE COMMONWEALTH.
I WANNA THANK ALL OF YOU FOR THIS CONVERSATION.
UM, AND IT'S THE BEGINNING, IT'S NOT THE END.
UH, AND WITH THAT I'M GONNA, WE, WE HAVE TO CLOSE OUT 'CAUSE THERE'S ANOTHER PROGRAM IN THIS SPACE AT FIVE O'CLOCK, BUT THE CITY MANAGER HAS A FEW WORDS IN SUMMARY.
NO, JUST WANTED TO ECHO A BIG THANK YOU TO ALL OF YOU.
I THINK IT'S BEEN LIKE AN INCREDIBLE DISCUSSION AND GIVEN US A LOT TO CHEW ON.
AND SO I THINK AGREE, COUNCILLOR EY A BEGINNING, NOT, NOT SORT OF AN END.
AND I THINK THERE'S A LOT FOR US TO, TO KIND OF BUILD OFF OF IN A LOT OF DIFFERENT DIRECTIONS.
UM, AND I JUST WANNA THANK ALL OF YOU FOR BEING HERE AND, AND YOU KNOW, WE'VE BEEN TALKING A LOT ABOUT WHAT IT MEANS TO HAVE THIS ECOSYSTEM THAT'S BEEN THRIVING FOR THE LAST COUPLE OF DECADES AND HOW WE CONTINUE TO MAKE INVESTMENTS AND THINK ABOUT THE HEALTH OF THAT ECOSYSTEM.
AND, AND I THINK THE REASON WHY YOU'RE EACH HERE IS I THINK YOU REALLY REPRESENT KEYSTONE SPECIES IN THAT ECOSYSTEM.
UM, BECAUSE I THINK YOU'RE PART OF WHAT MAKES IT WORK.
UM, AND, AND I THINK SEEING SORT OF THE WORLD FROM YOUR PERSPECTIVE, SEEING THE RISKS AND THE OPPORTUNITIES IS INCREDIBLY VALUABLE.
AND SO WE'RE, WE'RE EXCITED TO BE MUCH MORE CLOSELY CONNECTED AS WE'RE KIND OF PLANNING OUT THIS, THE REST OF 2026 AND INTO 27 AS WE THINK ABOUT THESE CHALLENGES.
UM, AND WE'RE LOOKING FORWARD TO THOSE CONVERSATIONS.
WITH THAT, WE'LL CLOSE THE MEETING.
I THINK COUNCILOR ZUBE HAS MADE A MOTION TO CLOSE THE MEETING.