Posted: 2:30 pm Wednesday, August 7th, 2013
By Jeff Ostrowski
Florida trails not only the usual suspects — California, New York, Massachusetts, Texas and Washington — but also such lesser lights as Colorado, Georgia and Utah. That’s in spite of the state’s $1.5 billion investment in biotech labs over the past decade, not to mention a failed $135 million subsidy to animation firm Digital Domain Media Group.
In a report released today, Sal Nuzzo of the Florida Chamber Foundation calls the lag a “significant challenge” for Florida.
“Venture capital companies lead to higher-wage jobs, better communities, and a better standard of living,” Nuzzo said.
California companies brought in 54 times as much VC in the past year as Florida, Massachusetts nearly 13 times as much, according to our analysis of the latest MoneyTree data from PricewaterhouseCoopers and the National Venture Capital Association.
“The technology has to come first, and then the venture firms cluster around it,” said Sherry Snyder, a biotech entrepreneur who runs Biocatalyst and Xcovery in West Palm Beach.
Palm Beach County biotech entrepreneurs long have griped that the area’s lack of VC hinders the area’s transformation into a scientific hub.
About the Author
Occupation: Reporter My sports/favorite activities: I drop everything to surf. When there are no waves (which is often in South Florida), I cycle, run, swim and lift weights. Old age has forced me to retire from hoops, softball and Ultimate Frisbee. Goal: Stay in shape, stay uninjured, complete a sprint triathlon and maybe run a 5K in under 20 minutes again. When I'm not training: I live in Lake Worth with my wife and two children.