Through the last decade, states have grown increasignly competitive for a piece of the biotech pie. Despite the risks, governors and legislators have gotten creative with incentives to attract econimic development to their state.
When it comes to bioscience economic development, there are three core elements that are necessary to achieve the critical mass of companies within a specific region that is generally referred to as a biotech hub.
These elements, in no particular order are: capital, talent, and resources.
Governors, mayors and legislators are well aware of the tremendous financial benefits that are associated with this high-wage, fast growing industry. However, there are just a handful of mature and thriving hubs in America – or the world, for that matter. While virtually every state and major metropolitan area in America has a strategy for attracting existing companies while nurturing startups, there’s no guarantee investments will pay off.
Virginia is a prime example of a state (or Commonwealth, to be precise) that has fully invested itself in this space. While not an early player in the game, Virginia has come a long way by leveraging its resources and bringing together the core elements of successful biotech hubs.
Mark Herzog, executive director of the Virginia Biotechnology Association recently discussed the success and challenges facing the burgeoning bioscience industry in his state. Give it a read.