Tuesday, July 28, 2009

Building a Successful Biotech Incubator: Proximity to Academic Hubs and Capital Remains a Crucial Factor in Hatching a Thriving Cluster

Gail Dutton included these quotes about Colorado in her July 1st feature in Genetic Engineering & Biotechnology News:

Colorado is succeeding in this endeavor. Since committing the state to bioscience in 2003, bioscience investments through 2008 totaled $1.3 billion, ranking Colorado number 11 in the U.S. for bioscience venture capital investments, according to the just-released Colorado BioScience Association study. This was accomplished through state funding for proof-of-concept activities and through proceedings to strengthen bioscience infrastructure with increased university competency and business networks.

In 2003, Colorado decided to make the biosciences a key driver of the state’s future economy. Since then, its universities have increased bioscience research capabilities and added classes to support biosciences. Colorado is capitalizing on its strengths in medical devices by expanding the biotechnology sales and use tax credit to medical-device companies, maintaining a dedicated bioscience staff for the Governor’s Office of Economic Development and International Trade, and making a long-term commitment by funding ongoing development projects, including medical campuses, technology parks, and superclusters. A Biosciences Executive Corps also has been created to mentor start-up companies, along with entrepreneurial support networks.

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