Mayor Michelle Wu Announces New Business Recruitment Partnership as Part of 'You Can't Beat Boston Initiative' To Recruit and Retain Business

Mayor Michelle Wu announced the launch of a new business recruitment partnership as part of You Can't Beat Boston, a public-private initiative designed to bring together leading companies, institutions, and public partners to attract global investment and support economic growth across the City and region. The new fund will be seeded by M&T Bank with support from the Boston Foundation. This announcement was made by Mayor Wu today at the U.S. - Spain Business Summit organized by ICEX, a state-owned agency that promotes the internationalization of Spanish Companies, and the Economic and Commercial Offices of the Spanish Embassy in New York and Chicago, powered by the Richi Foundation, M&T Bank, SMCU, and the City of Boston. The summit focused on strengthening business ties between Spain and the United States, particularly Massachusetts, and between Spain and the Boston innovation ecosystems.

"Leading companies—from Uniqlo and Hasbro to Dechra and Lovable to homegrown tech and life sciences leaders like Vertex, Gingko Bioworks, WHOOP, Klaviyo—are choosing Boston because it's the best city to raise families and a place where talent, ideas, and innovation thrive," said Mayor Michelle Wu. "Through this partnership, we will bring together Boston's leadership across sectors to recruit even more companies, attract more investment, and drive economic growth. I'm grateful to our partners, M&T Bank and the Boston Foundation, for helping seed and launch this important initiative, and we look forward to working together to sustain these efforts long-term."

The new fund is launching with initial seed funding of several million dollars from M&T Bank and will strengthen Boston's position as a premier global hub for talent and innovation while supporting local and international companies seeking to scale in the City. The effort will create new pathways for innovation, investment, and job creation while expanding opportunities for residents and businesses.

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Through the You Can't Beat Boston initiative, the City and its partners will:

• Champion global investment and inclusive economic growth
• Serve as the central point of contact for businesses considering growing in Boston
• Build and maintain relationships with existing businesses to support retention and growth
• Establish a strong foundation for international businesses to launch and scale in the City
• Develop and execute comprehensive marketing strategies for Boston

"M&T Bank has a long history of investing in communities and helping businesses scale, grow and thrive," said Jeff Carpenter, M&T Bank's Regional President in Massachusetts. "Through this initiative, we are proud to support both local and global companies as they establish and expand their presence in Boston while reinforcing Massachusetts as a destination for innovation, ideas and investment."

"In a changing world, it is vital for Boston's public, private and philanthropic communities to work together to ensure that we are providing opportunities for everyone who calls this city home," said Lee Pelton, President and CEO of the Boston Foundation. "We thank our partners at M&T Bank and the City of Boston for their shared commitment to strengthening Boston's connection to global innovation and its reputation as a hub for opportunity and growth."

The "You Can't Beat Boston" fund is a direct recommendation of the City's Business Recruitment Taskforce, which convened in 2024 to advise the City on strategies to advance business recruitment and retention in Boston.

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"I am very pleased that the City has created a new business recruitment fund, seeded by M&T Bank and the Boston Foundation," said Pam Eddinger, President of Bunker Hill Community College and member of the City's Business Recruitment Taskforce. "The creation of this fund reflects our recommendation to convene a new public-private entity that brings partners together to advance collective efforts for business recruitment and growth. This result reflects the deep listening and collaborative thinking of the taskforce and informed this new approach."

"The Greater Boston Chamber of Commerce congratulates Mayor Michelle Wu on the new innovation and economic growth fund launching in partnership with M&T Bank, The Boston Foundation, and the Spanish government. This new strategic economic development initiative will accelerate the growth of companies while championing our workforce across the biotechnology sector in both Boston and Spain, sharpening our region's competitive edge," said James E. Rooney, President & CEO of the Greater Boston Chamber of Commerce.

In addition to providing seed funding, M&T Bank convened public- and private-sector leaders and engaged partners including the Finance Ministry of Spain and the Richi Foundation to help bring the initiative to life and strengthen global collaboration.

The announcement of this new fund and You Can't Beat Boston initiative builds on the momentum of the Spanish Government opening a new trade office in Massachusetts and launching a new $200M million venture capital fund. Together, these new initiatives reinforce the City's position as the global hub for talent and the premier destination for business growth and innovation. This strong partnership also builds on the City's ongoing efforts to convene leadership across sectors to recruit more companies, attract more investment, and drive economic growth.

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