In Part One of our analysis, we examined some of the strategies that support a thriving bioscience industry. Let’s continue our evaluation of those strategies.
A thriving industry is only as strong as its workforce. The biosciences require a skilled workforce and experienced business leadership for incoming companies. There should be a focused strategy for attracting and retaining recent graduates and talent of all levels.
Bioscience clusters are the most effective means for attracting a skilled workforce. These clusters attract investors by bringing together talented leaders, from startup CEOs to seasoned industry executives and board members. Clusters incentivize the companies and their workers to collaborate in growing their businesses. Building a pipeline of emerging leaders through mentorship and collaboration opportunities within the community helps to keep the industry relevant.
Speed is of the essence when it comes to backing an industry that is poised for rapid growth. Establishing turnkey facilities with streamlined permitting processes can speed the time it takes for companies to bring their products to market. Reduced regulatory barriers can benefit companies looking to relocate or new startups, help accelerate growth and boost the economy as a whole.
In some states, bioscience-specific tax incentives have resulted in significant growth in jobs and business growth. These incentives can be provided at both the state and local levels. Municipal engagement has a fundamental role to play in creating successful bioscience communities. The more bioscience-friendly communities there are throughout the state, the more for growth in the industry as a whole.