In the short term, we would like to see legislation passed
and funded to establish a West Virginia SBIR and/or STTR
matching program. This program would provide matching
funds of up to $150,000 for Phase I and up to $500,000 for
Phase II SBIR/STTR awardees. These types of programs help
attract and retain researchers in the state who have a concept
that can be commercialized.
We would also like to see the funding of the entrepreneurship
and innovation investment fund. Other states have established
similar funds and seeded them with significant sums of money.
These are investments that lead to results as opposed to costs.
As the state budget continues to improve, we believe this is a
smart investment in our future.
WVE: Why is the bioscience industry important to West
Virginia?
BB: The bioscience industry is creating the future. Discovering
new cures and fighting disease, utilizing organic material to
create new sources of energy and making our food supply
more sustainable are dominant goals of this industry. We are
doing this in West Virginia, but we can do so much more with
broader engagement by a variety of industry stakeholders, such
as funders, government and the science community.
In Numbers
Earlier this year, the Biotechnology Innovation Organization
released its study, “Investment, Innovation and Job Creation
in a Growing U.S. Bioscience Industry 2018.” The findings in
the report spoke highly of West Virginia’s bioscience industry
and the potential it holds. To download the full report, visit
www.bio.org.
7,834 – The number of people directly employed
by WV’s bioscience industry in 2016
>22,000 – The number of industry jobs in WV
14% – The increase in the industry’s employment
base since 2014
>$75,000 – The average annual wage for state
bioscience workers, which is significantly more
than the overall private sector average
>$9 Million – The growth of National Institute
of Health funding to WV research institutions
between 2014-2017
169% – The employment growth in the
agricultural feedstock and industrial
biosciences sector between 2014-2016
179 – The number of state bioscience patents
issued between 2014-2017
WWW.WVEXECUTIVE.COM
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