The Board of Supervisors today approved a $250,000 contract with the Los Angeles County Economic Development Corp. to develop a plan to boost jobs and capacity in the regional bioscience industry.
The LAEDC will lead what a spokesman characterized as a diverse coalition of biosciences-related stakeholders.
“The work the Bioscience Coalition is undertaking will answer the question, ‘How we can — as an economic region — create the well-paying jobs of tomorrow while also ensuring that more of our residents are able to access these jobs?,”‘ said LAEDC CEO Bill Allen.
The group hopes to leverage the network of university/medical center training and research resources in the region and identify specific sites for developing a cluster of bioscience companies.
Focusing development in a cluster fosters growth, producing a “powerful and reinforcing cycle of job creation, wage growth, investment and economic prosperity,” according to the LAEDC.
Supervisor Mark Ridley-Thomas, who has pushed for more bioscience development, said Los Angeles needs to keep more talent here at home.
“Los Angeles County is uniquely positioned to become a national leader in the bioscience industry,” Ridley-Thomas said. “Right now, however, much of our local research and talent is exported to other regions, such as San Diego, San Francisco and Boston.”
The LAEDC said it would determine how to better put those resources to work.
“The goal of this action plan is to create skilled jobs and build capacity by leveraging our region’s resources in innovation, R&D, talent development, physical and real estate assets, and all stages of financing,” the LAEDC says.
Biotechnology is a growing field developing ways to combat rare diseases, improve the environment, reduce world hunger and create a cleaner energy footprint.
Community Development Commission Executive Director Sean Rogan has big ambitions for the project.
“We have an opportunity to do for bioscience in Los Angeles County what the tech industry did for Silicon Valley,” Rogan told the board.
In addition to the LAEDC, the coalition will include:
— BioAccel, a nonprofit organization working with early-stage bioscience and technology companies to find start-up funding and provide training and mentorship;
— Biocom, a regional life science association of more than 700 member companies;
— Collaborative Economics, which focuses on economic and workforce development;
— CommonWeal, which engages networks of entrepreneurs and investors;
— Keck Graduate Institute; and
— several supporting organizations that bring consulting, real estate and economic development expertise and staffing.
