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Our city is located in the heart of a thriving, world-class marine science and technology industry cluster on Buzzards Bay that offers superb partnership and collaboration opportunities for technology and product development.
A regional network
The New England marine science and technology industry is comprised of approximately 500 marine technology firms located in Massachusetts, Rhode Island, Connecticut, New Hampshire and Maine. These companies employ over 55,000 people and total $7.7 billion in annual sales and the sectors most intensive growth is expected in Massachusetts.
Approximately 60% of these companies are located within an hour’s drive of the city and emerging companies such as Fathom Research, LLC and Apex Companies, LLC – Waterways and Alternative Energy Development Division – call New Bedford home.
Competitive advantage
New Bedford is home to the University of Massachusetts School for Marine Science & Technology (SMAST), the Massachusetts Marine Fisheries Institute (MFI) and cutting-edge ocean exploration technology though partnerships with Woods Hole Oceanographic Institute and MIT. More than $120 million in funding for ocean research takes place at Woods Hole, UMass and MIT.
New Bedford is located in the center of the region’s marine technology cluster, between the US Navy’s Naval Undersea Warfare Center in Newport, RI and Woods Hole in Falmouth, MA, and offers companies in this cluster all the rewards of doing business in Massachusetts with considerable advantages:
- Lower cost of doing business (20-40% lower wages than Greater Boston; 50-90% lower industrial and residential real estate costs)
- Productive skilled workforce and access to 50,000 college graduates annually
- Business incubator space available in the Quest Center offering a high-support environment to assist early-stage companies
- Business park sites available with an EPA approved master plan plus fast track 60 day permitting
- 5 million gallon/ day water sewer capacity
- Surrounded by (less than 1 hour travel time) the nation’s leading centers for medical technology (Boston, Providence, Worcester)
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Education and partnerships
The University of Massachusetts Dartmouth School for Marine Science & Technology, located on New Bedford’s Clark’s Cove, is a key partner in this sector. Scientists at SMAST have expertise in ocean modeling and monitoring, fisheries science and management, coastal systems science, ocean acoustics, biogeochemistry, remote sensing, and ocean engineering.
Research is supported by the school’s two-story, 32,000-square-foot-building and docking facilities on Clark’s Cove which provide direct access to Buzzards Bay. SMAST offers marine technology businesses partnering and collaboration opportunities for product development that continue to yield successful results.
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New Bedford marine technology businesses
The New Bedford Business Park is home to 4 marine technology based businesses and New Bedford’s emerging sector business incubator, the Quest Center, has already been chosen by two companies serving the offshore marine technology sector- Apex Companies, LLC and Fathom Research, LLC.
Both chose New Bedford because of its location in the center of southern New England’s thriving marine technology industry cluster and for supportive and affordable business climate provided by New Bedford.
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Financing
Massachusetts has one of the largest concentrations of venture capital in the world. Private investment is enhanced by MassDevelopment’s Emerging Technology Fund which provides financial assistance to technology based manufacturing companies seeking to locate or expand their manufacturing operations in Massachusetts.
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Incentives
Working closely with our state and local partners, we can develop an innovative package of federal, state, and local incentives designed to meet the specific needs of the marine science and technology cluster.
- Investment and R&D Tax Credits
- Job Creation Incentive Payment
- Federal New Market Tax Credits
- Economic Development Incentive Program
- Workforce Training Grants
- Lending and Gap financing Programs
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