California Business Minute™

Hi, I am Tim Johnson and welcome to the California Business Minute.

This past month, the website FierceBiotech released its results of its 4th annual
Top 5 economic development report which ranks the top five states in the nation for
new initiatives that will spark biotech activities.

According to the report, FierceBiotech has been very complimentary of the Golden
State’s efforts.

“Over that time California has been the clear trendsetter, creating a
$3 billion bond program to support stem cell research in the face
of a federal policy that was clearly designed to choke scientific work
related to embryonic stem cells. California was smart. It matched
bond money to institutional support for research work, triggering
an intense building program that is creating new facilities and luring
researchers from around the country. And it inspired a host of other
states to get active in the game, setting the bar 10-figures high. To
compete, economic development groups around the country had to
start thinking big.”

But unfortunately, with changes at the federal level altering the rules of ESC
research (stem cell research) this year’s survey shows that the bond program is
no longer the benchmark for comparison, hence dropping California completely off
the list for this year.And misery loves company, and unfortunately for Florida,
they too join California in dropping off the top five.

This year’s top five are: Minnesota, Massachusetts, New York, (Ontario, Canada)
and Colorado. 

Strange, a report focused on ranking the US Biotech industry includes Canada. 

I am Tim Johnson and this has been the California Business Minute.