printWhen 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 [2] recently discussed the success and challenges [3] facing the burgeoning bioscience industry in his state. Give it a read [3].