As part of the BIO International Convention held in San Francisco on June 7, the California Life Sciences Institute (CLSI) released the results of its study of the impact of life science startups in the Bay Area. The inaugural report measures the overall economic contributions of 137 different life science startups in the Bay Area in terms of jobs, funding and patents. The report indicated that early-stage life science startups have a profoundly positive impact on local and statewide economies.
Several organizations working closely with CLSI-- QB3, Silicon Valley Bank, Stanford Office of Technology and Licensing and UCSF’s Center for Digital Health—sought to show the value that early-stage companies have on the local ecosystems that is often unseen.
The report detailed, amongst other things, that the 137 life science startups cumulatively raised $360 million in funding, 77% of this funding coming from private sources and 23% public. CLSI also explained in their report that the 137 startups have provided 1,200 individuals with new jobs. The report also stressed the higher percentage of female senior executives in these startups, with 47% of the startups having female senior executives, compared to a significantly lower national average amongst older companies.
“While forced to navigate significant funding and regulatory challenges, our region’s earliest life science startups are still having a strong positive impact on our local and state economy,” explained CLSI Executive Director, Lori Lindburg.
The full findings of the report were shared at the Convention followed by a panel discussion which featured leaders in the Bay Area entrepreneurial community. The panel explored the factors which continue to play a role in California’s thriving entrepreneurial ecosystem.
“While these startups are on the leading edge of innovation in the industry, they are often not captured in traditional analyses,” explained Steven Karp, Senior Advisor to CLSI. The CLSI official asserted that this new report finally reveals the important contributions of early-stage companies in the region.