Pennsylvania’s efforts to develop and diversify its biotechnology sector have made it the number one state in the nation, pulling in ahead of hotbeds like California and Massachusetts, says Business Facilities magazine.
BF gave Pa. the top slot in its latest edition. In 2007, Pa. notched fifth in the nation for the most educated workforce and was also noted as having the nation’s third-largest number of colleges and universities. The state was also ranked as the seventh largest cyberstate, according to the American Electronics Association (AeA).
The ranking identified more than 20 key criteria, including the amount of state R&D funding and venture capital investments; the level of concentrated occupational employment in biotech; tax exemptions and university grant funding.
Pittsburgh Life Sciences Greenhouse CEO John Manzetti says he isn’t surprised to see the state in the top tier considering the success he has witnessed in the Pittsburgh region. “Anyone in the top 10 can consider themselves a leader in biotechnology and I think we are.
“There’s no doubt that our numbers are spectacular,” he adds. “PLSG is adding three companies a month into our portfolio, which means we’ve unearthed a company or technology where an entrepreneur has an idea to do something. Or we get calls from the outside.”
The Life Sciences Greenhouse Initiative has, since 2001, invested more than $36.5 million in more than 170 projects. Additionally, the Ben Franklin Technology Partners, a statewide network that catalyzes entrepreneurship and technological innovation, leveraged $675 million and created and retained 2,475 jobs.
PLSG has invested $11.5 million directly into 50 local companies and raised $15.2 million in venture funding since its inception. One of its companies, Precision Therapeutics, is on its way to securing $31 million in venture funding this week (see the Pop City story here).
“There are clearly a lot of promising companies out there,”
says Sean McDonald, CEO of Precision Therapeutics. “It’s like what happened in
the IT and robotic sector, we need one of two companies to breakthrough and be
successful and it will grease the way for others coming through. We certainly
are aspiring to that.”
Writer: Debra Smit
Source: John Manzetti, PLSG