Larimer County Bioscience Initiative

Fort Collins plays an active role in an on-going initiative, the Larimer County Bioscience Initiative (LCBI), that has developed a strategic plan for growing the Bioscience cluster in Northern Colorado. Larimer County has long been an important center for bioscience activity in Colorado.

Research from Colorado State University (CSU) has been commercialized through local companies. For example:

• Larger companies have licensed technologies to new "spin-out" companies.
• Serial entrepreneurs have created a legacy of start-up successes.
• Inventors have created new companies to manufacture, market, and distribute their products.

This activity has been supported by the prominent science at CSU, a great quality of life, and a business climate favorable to entrepreneurs and inventors.

In a Competitive Position to Grow

Colorado is in a competitive position to grow to a level of critical mass in the Bioscience Industry. Recent growth trends in Colorado related to research funding, bioscience company growth and creation, financing, and employment can be strengthened by initiatives like the LCBI. Like the State of Colorado, Larimer County is poised to be an important regional and national center for the biosciences.

Key Success Factors in Bioscience

A study of the strongest national clusters in bioscience has shown seven common key success factors that contribute to a regions ability to become a market force in this industry. Following are the key success factors and Larimer County’s status relative to each one:

1. Engaged Universities with Active Leadership

Vast amounts of research are needed to establish a bioscience presence. Research organizations like universities are therefore a vital asset when they are able to engage the industry and convert their intellectual knowledge into economic activity. Fort Collins has a major asset in the leadership and research productivity in the biosciences at CSU. Further growth in the Bioscience cluster is dependent on CSU being the major driver of new technologies and successfully developing partnerships with the industry.

2. An Active and Coordinated Industry

Building a bioscience cluster requires collaboration among individuals and institutions spanning a range of academic disciplines, governmental institutions (both state and local), and industrial sectors. An established coordination for the Bioscience cluster has not existed in Fort Collins, though there has been an increased effort by CSU and the Colorado BioScience Association (CBSA) to increase industry-focused events. A coordinated and networked industry will generate increased opportunities to influence major items of importance to the industry.

3. Available Capital

Funding bioscience companies will require venture capital (VC) communities with a commitment to early-stage financing and making significant local investments to the industry. Additionally, it is critical that sufficient private equity capital is available to help high quality Bioscience startups for eventual venture capital funding. Currently there are gaps in the bioscience funding situation of Northern Colorado due to a "second rate" perception of Larimer County bioscience startups and a lack of an angel financing network in Larimer County. Despite these two hurdles there still are possibilities for capital through an "underground" angel network, government financing, federal grant programs, and the CSU Research Foundation.

4. Talent Pool

Like any knowledge-based industry, bioscience companies need a supply of qualified, trained workers. These workers would include researchers, as well as management, sales, marketing, and regulatory personnel experienced in the biosciences. Northern Colorado is fortunate to have several high quality community colleges that are interested in meeting the needs of bioscience companies as well as having a high quality of life that will help in recruiting serial entrepreneurs.

5. Specialized Facilities & Equipment

Bioscience companies need access to wet lab space and specialized equipment. These factors make facility costs a very significant expense for new bioscience firms. Most bioscience firms initially lease space rather than purchase it therefore an available supply of facilities offering space and equipment for bioscience companies is critical. CSU facilities include core labs and animal facilities that could be accessed by bioscience companies under the appropriate conditions. This would require a good working relationship between CSU and the companies needing access to these facilities.

6. Supportive Business Climate

The top bioscience regions in the nation offer a regulatory environment that actively encourages both starting and growing bioscience firms. Tax policies that understand and support the long "time to market" for bioscience discoveries are essential. Larimer County will be increasing its effort to nurture entrepreneurial bioscience companies in order to "grow their own" Bioscience cluster. Additionally, Northern Colorado will be recruiting bioscience entrepreneurs by depending on CSU’s strong bioscience reputation and through collaborative partnerships to create a positive marketing brand for the region.

7. Patience & Long-Term Perspective

The Bioscience cluster involves a large amount of complexity which does not lend itself to a quick "time to market". Starting, growing and attracting young Bioscience companies will require a long-term commitment. As the Colorado Bioscience Plan states, "It requires a long-term effort—in short, a marathon team effort, not a single sprint runner."

For more information:

• Download the LCBI’s Strategic Plan entitled "Building Northern Colorado’s BioScience Future" (PDF 138KB)
• Northern Colorado Economic Development Corporation (NCEDC)
• Colorado BioScience

Document Download

Download the entire Target Industry Report (PDF 8MB).