BIO Convention Proves a Microcosm of Economic Activity

The Milken Institute recently released its annual State Technology and Science Index, and Utah ranked 8th overall in this national “knowledge economy” assessment. The report evaluates states on dozens of criteria. The main categories include the ability to attract research funding; entrepreneurial Infrastructure; human capital; and policy effectiveness. Utah received the number one ranking in the Technology Concentration and Dynamism sub-category.

To see the dynamic nature of Utah’s knowledge economy at play, one needed to go no farther than the state’s exhibit booth at last week’s BIO International convention. The Utah pavilion was a “scale model” of what’s described in the Milken report.

BIO is the largest biotechnology and life sciences meeting in the world. Held in San Diego, it took a mile’s walk to get around the entire convention center area that held the displays from major industry players, countries and states.

Utah’s booth – orchestrated by the Governor's Office of Economic Development and EDCUtah – was not the largest by any means, but it proved a substantive place for attendees to visit. There were representatives from two dozen Utah biotech companies, government, and higher education. Some of Utah’s top angel and venture capital leaders were also present. More than 600 attendees stopped by over the course of the show.

“A ranking such as that from Milken reflects the incredible economic conditions in Utah,” said Jason Perry, Director of the Utah Governor’s Office of Economic Development. “The technology industry really is an integral part of Utah’s strong and dynamic economy. Our presence at BIO exemplified that.”

“I was proud to be a part of Utah’s face to the biotechnology community,” Devin Thorpe, USTAR managing director of Technology Outreach, said. “Anyone who stopped by our booth could hold a serious and detailed conversation with experts. You could get some business done, in contrast to some of the more glitzy booths we shared the floor with.”

One of the corporate exhibitors agrees. Rick Mandahl, VP of Business Development for UNIConnect, said, “This was an exceptional opportunity for Utah technology companies. We’ve conducted a number of very good meetings here. We’ve made a lot of new contacts, and we’ve gotten deeper into the organizations of several large pharma companies. It’s been a great show.”

“All in all, in our booth, you saw a vigorous interplay of entrepreneurial activity spurred by parties from the public and private sectors,” Thorpe said. “The combination of academia, industry and government working together shows why Utah draws high marks from Milken.”

The Utah Science Technology and Research initiative (USTAR) is a long-term, state-funded investment to strengthen Utah's "knowledge economy” and generate high-paying jobs. Funded in March 2006 by the State Legislature, USTAR is based on three program areas. The first area involves funding for strategic investments at the University of Utah and Utah State University to recruit world-class researchers. The second area is to build state-of-the-art interdisciplinary facilities at these institutions for the innovation teams. The third program area involves teams that work with companies and entrepreneurs across the State to promote science, innovation, and commercialization activities. For more information, go to www.innovationutah.com.