Goals, Strategies, and Actions

Goal 1: Entrepreneurial Hub

Form a hub of bioscience entrepreneurs and new enterprises across Arizona

Strategy 1A:

Address capital needs of bioscience firms from startup to expansion through pre-seed funds, seed funds, fund of funds, investments by wealthy individuals, crowdfunding, Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) grants, a resident-based venture industry and out-of-state venture capital, as well as by linking to key target markets outside Arizona

  • Actions
    1a-1
    Create a State Bioscience Portfolio Advisor to help firms locate financing and other services to survive the formative stages until revenues are flowing; and create a Bioscience Catalytic Capital Network to provide information on sources of capital and stage events to link ideas and entrepreneurs with capital
    1a-2
    Form a fund-of-funds risk capital pool
    1a-3
    Develop a directory of pre-seed and seed funding sources and requirements for startup enterprises, as well as a directory of services and functions of organizations within the “Valley of Death”
    1a-4
    Create an integrated system of technical assistance, support, and funding to ensure commercialization services and support for bioscience entrepreneurs
    1a-5
    Initiate Kickstarter and crowdfunding technical assistance for startups
    1a-6
    Expand the pool of wealthy individuals contributing to the three angel funds based in Arizona
    1a-7
    Ensure sufficient seed capital in amounts between $500,000–$1.5 million to build a stronger pipeline of successful bio startups that have passed the proof-of-concept/prototype/pre-seed stage
    1a-8
    Increase outreach, training, and technical assistance to improve securing SBIR/STTR funding
    1a-9
    Examine the feasibility of providing matching grants to Phase II SBIR award-winners to allow recipients to focus on commercialization
    1a-10
    Offer more bioscience business plan competitions with prizes and awards, and increase bioscience entrepreneurial networking opportunities
    1a-11
    Review Arizona Commerce Authority’s Innovation Challenge program to assess whether modifications are needed to meet bioscience industry needs

Strategy 1B:

Accelerate the commercialization of discoveries and advancements from research-performing institutions to industry

  • Actions
    1b-1
    Eliminate barriers to seamless intellectual property flow between research-performing institutions and industry, particularly startups; devolve disclosure, conflict of interest, and faculty entrepreneurship approvals from the Arizona Board of Regents (ABOR) to the campus level
    1b-2
    Work closely with research-performing institutions’ tech transfer and commercialization programs to help bio startups
    1b-3
    Ensure adequate proof-of-concept funds at every university and research-performing institution
    1b-4
    Encourage university tech transfer/commercialization units to expand functions to teaching hospitals and other research-performing institutions, while increasing linkages to organizations focused on entrepreneurship
    1b-5
    Consider the feasibility of in-state licensing of technologies prior to licensing out of state as well as phased-in fees/royalties for Arizona startups
    1b-6
    Increase the number of technology showcase and partnering events to expand knowledge and awareness

Strategy 1C:

Maintain and improve state and local competitive business climate through the implementation of stable and predictable tax and regulatory policies

  • Actions
    1c-1
    Review state’s R&D tax credit and other tax policies, and propose changes to assist the growth of bioscience firms
    1c-2
    Support efforts of local officials to offer tax and regulatory climates conducive to the growth of the biosciences