Off-shore wind technology, including wind turbine blades, are being deployed at the New Bedford Port.
Fourth Economy supported the successful designation of Ocean Tech Hub as part of the EDA’s Regional Technology and Innovation Hubs (Tech Hubs) program.
In October of 2023, the Tech Hub program identified 31 regions across the country with the potential to become globally competitive in the technologies and industries of the future. Since that time, Fourth Economy has partnered with Rhode Island Commerce to conduct a market analysis to further support the Ocean Tech Hub initiative.
The Ocean Tech Hub is a consortium-based initiative designed to accelerate the commercialization of ocean technology in Rhode Island and Southeastern Massachusetts.
Our work with the tech hub included four key steps:
Development of a comprehensive definition and analysis of the ocean technology market
Identification of the opportunities for market growth
Prioritization of key market segments
Identification of the steps for capturing global share of the overall ocean technology market
Specifically, our analysis included identification of market expectations, trends, drivers, barriers and opportunities, analysis of public and private investment and R&D data, supply chain analysis, in-depth interviews, and a market analysis of the global ocean technology sector.
New Bedford Research and Robotics building plans.
Fourth Economy excels at working with communities that are focused on emerging or intersectional economic sectors. This project adds to our portfolio of working with emerging technology and industry sectors, including the blue economy, ocean technology, green industries, agricultural technology, advanced manufacturing, electric vehicles, AI, and other emerging industry clusters. We are excited to see the Ocean Tech Hub grow technology innovation and create new good-paying jobs.
Interested in taking the next step in understanding or capturing the economic opportunities of emerging technologies and emerging industries in your community? Email us a [email protected] to continue the conversation.