Insight provided by Trevor Deane
Over the past few decades, New Hampshire has transitioned away from its manufacturing and agriculture-based economy of the past, and witnessed growth in cutting-edge industries like technology. Currently, New Hampshire ranks sixth in concentration of tech-based establishments within the private sector and ranks eighth in percentage of total payroll contributed by tech companies, per a study by the Computing Technology Industry Association. Employees in this field make up roughly 22% of the state’s labor force. Furthermore, the average tech employee in New Hampshire took home a yearly income of $100,682 in 2016, a 6.4% increase from the previous year. This accurately reflects that the high-tech industry is both lucrative and growing. Moreover, these statistics are indication of a nationwide trend towards technology, software, and IoT based startups.
Despite the small population and relative ruralness, some areas in New Hampshire are bearing fruits from a flourishing high-tech industry. One notable startup, Dyn, Inc., a DNS IaaS (Infrastructure as a Service) company located in Manchester, New Hampshire, managed to achieve success under the leadership and vision of CEO Jeremy Hitchcock. Jeremy accumulated approximately $88 million in funding from venture capitalists and other investors through their Series A and Series B financing in 2012 and 2016 respectively. Dyn currently serves tech super giants including Netflix, Amazon, Reddit, and Twitter. The company was acquired by Oracle in 2016, who plans to utilize Dyn’s cutting edge DNS technology to retain competitiveness as cloud-based computing continues to gain momentum in the market. Jeremy is also one of the state’s most active early-stage investors, as he has established an impressive investment portfolio with other local startups over the past decade.
Jeremy Hitchcock’s success in forging a local business is not an aberration though. Dean Kamen, the engineering-extraordinaire behind DEKA Research and Development, has built his company in the vanguard of fields such as robotics, computing, and science throughout the past decades. As someone who has reached great success in his career, having founded DEKA in 1982, Dean has built his company’s success on consistency and innovation. They have designed a range of widely adopted products such as the Segway, numerous water purification systems, engines, and other ground-breaking devices that have been sold across the globe. Dean is constantly spearheading new ventures and side-projects, and continues to be one of the most impactful entrepreneurs and inventors in the State. Dean is also chairman of the New Hampshire Tech Alliance, which annually rewards local entrepreneurs for their organic success in the local high-tech ecosystem. Most recently, they awarded Jay Jacobs the 2017 prize for his Nashua-based startup Rapid Manufacturing.
Rapid Manufacturing, run by CEO Jay Jacobs, is a 3D printing startup that specializes in sheet metal production for high-tech machinery established in the early 2000’s. He built his company on the ingenious process of utilizing a high-tech laser system to make precision cuts on sheet metal and other critical materials used in robotics. Throughout the past two decades, Jay has constantly innovated and adapted his company to the state of the market, most recently having developed a Wire Cable model useful in the design of prototype robotics. Jay, and the countless other entrepreneurs like him in the state, are proof that New Hampshire is part of the nexus of innovation and development in cutting edge fields. Entrepreneurs like Jeremy, Dean, and Jay are evidence that, in a future destined to be dominated by technology and science, New Hampshire businesses are assisting to inspire the next generation of future innovators, and building industries that will prove to be pivotal to our local and global economy throughout the next century.
*This will be our last article of the season, but check back this September for more!
Trevor Deane is a rising senior from Nashua, NH pursuing a dual major in Economics and Political Science. He is currently an intern for Technology Business Research Inc., a market research firm that advises IT vendors and service providers to enhance their long term decision making. He plans to attend law school upon completion of his undergraduate studies.