The following article appeared on the Wall Street Journal’s Venture Capital Pro platform:
Gormley’s Take: To Build a Biotech Hub, New York Needs to Find Talent
By Brian Gormley – June 22, 2016
New York has been creating lab space for startups in a bid to capture more biotech venture capital and emerge as a top life-sciences hub. Now it has to give biotech VCs more of what they need most: entrepreneurial talent.
Home to top drug companies and medical-research centers, New York would seem a natural breeding ground for biotech. Yet it lags behind cities in California and Massachusetts in attracting the venture dollars.
In fiscal year 2015, the state generated 6 cents in life-sciences venture financing for each dollar received in National Institutes of Health grants, according to a new report from the Partnership Fund for New York City, which invests in startups. By contrast Massachusetts and California generated $1.32 and $1.27, respectively.
Follow this link to read the full story.
Read the Fund’s report here.