Healey taps venture capitalist as next economic development secretary
Photo | Courtesy of State House News Service
Eric Paley is joining Gov. Maura Healey's Cabinet as her new economic development secretary.
Venture capitalist Eric Paley is joining Gov. Maura Healey's Cabinet as her new economic development secretary, the governor announced Tuesday, a job in which he'll lead the administration's efforts to make Massachusetts more competitive and a place for businesses to thrive.
Paley will start in September, succeeding Yvonne Hao, who stepped down at the end of April. Ashley Stolba, the undersecretary of economic foundations who has been handling the duties of the secretary on an interim basis, will return to a senior leadership position at the Executive Office of Economic Development, the governor's office said.
Paley co-founded Cambridge-based venture capital firm Founder Collective, where he's a managing partner. According to a release from the administration, the firm's investment portfolio includes companies such as Uber, The Trade Desk, Omada Health, Cruise Automation, Whoop, Formlabs and Airtable.
Before Founder Collective, he founded and led Brontes Technologies, a tech startup which commercialized 3D imaging technology to enable advanced manufacturing in dentistry.
"Eric Paley has dedicated his career to starting and growing businesses in Massachusetts. Most recently, he has focused on providing startups with the early support and resources they need to succeed. This is exactly the type of leadership, experience and dedication we need in a new Economic Development Secretary," Healey said in a statement.
As a secretary, he'll make $202,447 a year. He'll be tasked with overseeing the implementation of a $4 billion economic development law passed last year, making investments in life sciences, climatetech and artificial intelligence.
"I've been extremely fortunate to benefit from the unique strengths of Massachusetts throughout my career. Massachusetts is overflowing with world-class talent, driven by top-tier research institutions, a thriving business landscape, and boundless entrepreneurial energy. I’m grateful for the opportunity to build on these strengths," Paley said in a statement.
The Boston Globe first reported the news of Paley's appointment, which comes a little more than halfway through Healey's term in office, and as she's gearing up for another run in 2026.
The Globe reported that Hao personally reached out to Paley to suggest he apply for the job. The two know each other from Hao's time leading Somerville startup PillPack, in which Founder Collective was an investor.
Paley has an MBA from Harvard Business School and bachelor's degree from Dartmouth College. He lives in Lexington, and serves on the board of directors of the YMCA of Greater Boston.
Sen. Barry Finegold, co-chair of the Joint Committee on Economic Development and Emerging Technologies, said Healey made a "great selection" in hiring Paley.
"He brings critical skills, discernment, and private sector success to the role of Economic Development Secretary, where a high bar was set by the previous secretary. For Massachusetts to maintain competitive advantages, we need highly credible business leaders with the expertise to determine government's most effective strategies," the Andover Democrat said.
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