The quest to grow a thriving bioscience sector in New Mexico will require a variety of complementary strategies.
The need for capital is one of the biggest obstacles for building a bioscience business. Potential funding sources include state-funded grants and investor seed capital. Allowing out-of-state entities to serve as lead investors for the State Investment Council’s Co-Investment/Regional Funds would help expand the pool of money available to fuel bioscience growth.
States with a thriving bioscience industry typically have earmarked tax incentives to encourage investment in the sector. These incentives can be in the form of tax credits for investors or tax breaks for companies. In addition, targeted tax reform strategies can help spark further growth for bioscience.
Bioscience research thrives in collaborative environments. Many states with successful bioscience industries have dedicated clusters based around a physical bioscience center and/or statewide service organization that helps to promote collaborative research and business development. Physical clusters benefit researchers and business talent alike by providing affordable facilities and shared support services. Reducing overhead allows the company to focus on bioscience innovation.
Many states have designated a director of bioscience within an economic development organization to provide sector-specific leadership. As the number of entities grow, oversight and leadership play a critical role for maintaining the vision of the bioscience industry.