Goal 3: Elevate Arizona’s Startup Ecosystem
Arizona’s bioscience ecosystem will nurture and empower bioscience entrepreneurs and startups, providing the resources and support needed to launch, scale, and retain more bioscience ventures. Even in a time of decreased federal support, traditional research institutions will continue to play a critical role in bioscience innovation. However, startups are increasingly taking on more of the bioscience developmental risk that in the past was born by large corporations. Thus, a strong entrepreneurial community will benefit individual startups and be a flywheel to catalyze reinvestment and growth of the ecosystem. The end goal of this ecosystem development work will be demonstrated if new bioscience startups are increasingly created, sustained, and retained in Arizona, and ultimately attract the attention and investment in Arizona of more global-scale bioscience firms.
Strategy 3.1:
Diversify the investment base for Arizona’s entrepreneurial ecosystem to increase access to capital for emerging bioscience companies. Recommended actions include:
- Engage high-wealth angel investment groups and family offices
- Solicit funding for private funding pools
- Evaluate avenues for state bioscience funding
- Assess national and international funding networks
- Draw global bioscience companies to Arizona via acquisition of promising Arizona companies
Strategy 3.2:
Scale innovation and commercialization programs that offer tailored programming and mentorship in specific bioscience fields or technologies. Recommended actions include:
- Assess existing commercialization and entrepreneurship programs for opportunities to specialize
- Create bioscience-specific cohorts
- Recruit highly skilled mentors for bioscience entrepreneurs
- Develop catalog of realigned and tailored bioscience programs
Strategy 3.3
Build a statewide bioscience incubator network aligned to regional specializations and needs. Recommended actions include:
- Validate knowledge of regions’ bioscience specializations and health needs
- Identify potential sites for incubator networks
- Raise capital for site development, equipment, supplies, and programs
- Determine revenue model