In an interview with Invest:, Molyna Richards, Executive Director of the Waltham Chamber of Commerce, shared how under her leadership the Chamber secured a $100,000 Small Business Grant from National Grid, directly benefiting 100 local businesses. Amidst economic challenges, the Chamber is navigating funding restraints while still focusing on fostering innovation among its members and planning for growth and diversity in the local business ecosystem.
What are some key highlights and accomplishments from the past year?
A notable highlight is our partnership with National Grid, who selected Waltham Chamber of Commerce as one of eight Chambers to receive their Small Business Grant. This grant amounted to $100,000, allowing us to support 100 small businesses within our community with $1,000 each. This funding greatly benefited businesses in need, whether repainting their premises or developing a new website. This gesture of support from larger organizations to smaller ones is a testament to Waltham’s unique community spirit. We work collaboratively, and this unity is a strength that sets us apart.
What makes Waltham a unique and appealing location for businesses and individuals looking to expand or relocate?
Waltham stands out as a unique location for both businesses and individuals due to its mix of urban and suburban advantages. It combines the close-knit community feel of a suburb with the connectivity and amenities of a larger city. Strategically located near key highways and just a short drive from Boston, Waltham offers easy access to city amenities without the high big city costs, including a diverse dining scene, especially along Moody Street’s “Restaurant Row,” and ample outdoor activities along the Charles River. The City is also the second-largest hotel market in New England, highlighting its appeal to visitors and businesses alike.
The sense of community in Waltham is strong, supported by engaged local leaders, including one of the state’s longest-serving female mayors. This fosters a welcoming, business-friendly atmosphere with the added benefit of affordability compared to nearby Boston. The combination of accessibility, reasonable living and working costs, and a supportive community makes Waltham a compelling choice for relocation or expansion. Furthermore, Waltham’s rich history and vibrant business community enhance its appeal, making it not just an ideal place for business but also for living and recreational activities.
The Chamber has played an active role in promoting tourism in Waltham, what strategies have been implemented?
Last year, we received a grant that allowed us to focus on video marketing, which is a powerful tool today. With this grant, we created 30-second commercials for our members, producing 30 plus commercials. This initiative enabled 30 different companies, including restaurants and historical estates, to have professionally done commercials to promote on social media and their websites, attracting more tourists to the area.
The logic is simple: the more tourists we bring to Waltham, the better our local businesses perform. Tourists visiting landmarks like the Lyman Estate, Stonehurst, or Gore Place are likely to dine at our restaurants. As they explore, they discover more of what Waltham has to offer, from diverse dining options to unique shops, which encourages repeat visits. Additionally, festivals like Phantom Gourmet Food Festival, Steampunk Festival, and River Fest draw people from across New England, further boosting local business visibility and patronage. Essentially, tourism fosters a cycle of discovery and loyalty towards our city, significantly benefiting the local economy.
What trends are noteworthy in Waltham, and which sectors show potential for growth?
We’re observing a period of adjustment as life and business practices evolve post-pandemic. Companies, including large corporations, are reassessing their commitments, wary of making significant decisions without a clear picture of the ‘new normal.’ There’s cautious optimism but also hesitancy, indicating a shift in how businesses approach planning and strategy in an uncertain environment.
The biotech and life sciences sectors in Waltham are experiencing significant growth, thanks to our abundant research and development spaces. The Chamber is actively supporting this growth, especially among our biotech company members. We have a wonderful Board of Directors with many backgrounds that help facilitate support through resources. We have a zoning attorney who helps navigate city regulations, several commercial property managers, representatives from local business, banks, media, universities, and hospital . Thus, the chamber serves as a comprehensive resource, ensuring businesses have the support and connections needed to thrive in Waltham.
What role is the Waltham Chamber of Commerce playing to foster innovation among your members?
Technological advancements have significantly impacted our business landscape, particularly for small businesses. Larger enterprises are generally well-equipped to adapt to these changes, thanks to dedicated teams. However, small businesses, including those with a long history in our community, face challenges in updating their operations and communication methods. At the Waltham Chamber of Commerce, we’re actively supporting our members through these transitions. We’ve initiated various programs to assist our members, from creating commercials to facilitating connections with web developers. Our online platform allows members to communicate, share information, and seek help with technology-related issues. Additionally, we host Multi-Chamber events and business card exchanges to introduce modern networking tools like QR codes for social media like LinkedIn. Our focus is on bringing in experts who can share their knowledge on technology and help our members stay ahead.
Given economic changes, how has this affected your organization and its members?
The economic challenges, especially inflation, have significantly impacted both the Chamber and our members. Rising costs have necessitated a reevaluation of expenses, leading to a decrease in our membership as businesses prioritize their spending. This reflects the broader financial pressures that reduce discretionary spending, including chamber memberships. Despite these issues, sectors like the housing market continue to thrive. Our main challenge lies in adapting to this uncertain climate, finding ways to support our members as we navigate towards a new normal in business operations and financial management.
How are you addressing funding challenges to maintain support for your community?
The reallocation of some funding has necessitated a strategic reassessment of our finances. With the initial installment of promised funds spent under the assumption of receiving the full committed amount, we’re now tasked with recalibrating our budget to accommodate the shortfall. This involves difficult decisions regarding which commitments can still be met and which projects must be scaled back or paused. The challenge extends beyond individual organizations to the broader non-profit sector, all of whom are grappling with similar financial strains.
How is the Chamber tackling labor shortages and what partnerships are in place to improve employment opportunities?
The pandemic highlighted the issue of labor constraints, notably influenced by Massachusetts’ high cost of living. This led to a workforce shift toward more affordable locations like Texas and other southern states. The Chamber and our members are working to overcome these challenges. For instance, the healthcare industry, which is facing significant challenges, the hospitals have initiated programs to attract individuals by offering education at reduced costs. The Chamber’s partnership with universities and hospitals are fostering career series to educate and recruit more individuals into healthcare, despite these challenges. Despite higher minimum wages in Massachusetts, the cost of living remains a barrier. Efforts to fill roles in various sectors, including hospitality, are ongoing.
What strategies are in place for the chamber’s growth over the next few years?
The chamber’s main objective is to boost membership, which is directly tied to financial stability. The current challenge lies in demonstrating the value of chamber membership to potential members and the community. Emphasizing Waltham’s strategic location and vibrant community is key to this effort. The goal is to enhance economic vitality and livability, reminding everyone of Waltham’s appeal. Increasing membership would enable more community activities and events, further promoting Waltham’s qualities. A significant focus is also on diversifying the local business landscape, particularly in retail, to enrich Waltham’s economic and cultural diversity.
