Tag Archives: medical device

medical.research

City of Peoria honors BioAccel

BioAccel has received the City of Peoria’s 2013 Economic Development Award for the development and management of BioInspire, a medical device-focused accelerator program. MaryAnn Guerra, BioAccel’s CEO, and Thomas Rainey, Director of BioInspire, will accept the award on behalf of BioAccel’s staff, Board and advisors at the Peoria Chamber of Commerce’s Annual Awards Celebration, May 22, 2013.

A City of Peoria-funded initiative, BioInspire was launched by BioAccel on September 25, 2012. To date, it has supported the recruitment of six new portfolio companies providing advisory services, funding, individual and common laboratory space and support services at the 6,800-square-foot facility in Peoria. Arizona Medical Systems, Hildeez, Kulira Technologies, Nasseo, Yolia Health and Stimwave Technologies are located at BioInspire.

“The next several years will be exciting as the City continues to execute its Economic Development Implementation Strategy and nurture this public-private partnership to support the region’s bioscience industry,” said Scott Whyte, the City of Peoria’s economic development services director. “As the clients at BioInspire grow and prosper, they will graduate from the resource rich accelerator program into their own commercial space within the City. BioAccel was chosen for this award based on their leadership and execution in assisting us in stimulating the local and regional economy, and planting the seeds for future growth.”

BioInspire’s goal is to create knowledge industry jobs and entrepreneurial wealth by supporting viable new medical device companies.

“Portfolio companies will play a vital role in Peoria’s economic development through their scalable businesses and the products derived from their innovative research. BioAccel provides critical support for that effort by providing proof-of-concept and seed funding, flexible office and lab space, and business and regulator advisory services. This significantly increases their chances of success,” Guerra said.

BioAccel’s interdisciplinary team manages a rigorous client selection process complemented by an expert advisory council that approves final selection of prospective company applications. The Council of Advisors includes senior managers from Medtronic, Covidien, West Valley Bancorp, HLM Partners, the City of Peoria and capital sources among others.

BioAccel was established to stimulate the development of technologies and spin-off companies based on research conducted at other public and private institutions and by local entrepreneurs.

BioAccel is a nonprofit organization dedicated to translating life science discoveries into new business opportunities that drive economic development. Since its founding in 2009, it has invested close to $2.5 million into companies and projects that have secured over $12.6 million in follow on funding thus far. For more information visit www.bioaccel.org.

Funding Startup Companies Jumpstart Economy

GPEC boosts state’s economy by attracting more foreign direct investment

The Greater Phoenix Economic Council’s California 50 program — which aimed to fly 50 Golden State CEOs to Phoenix for an opportunity to tour and explore the region’s business-friendly environment — proved to be so popular that they expanded it to 100 a week after its launch.

But it may be GPEC’s pitch to CEOs even farther away that makes the biggest impact on Arizona’s economy.

“GPEC is focused on a specific region in China, defined by Shanghai and 10 other cities connected by high-speed rail,” says Ron Butler, managing partner at Ernst & Young in Phoenix and co-chair of GPEC’s International Leadership Council. “This region (known as the ‘Z Corridor’) features China’s largest concentration of industries, including solar, medical device, IT, pharmaceuticals, high-tech manufacturing and chemicals. GPEC has made tremendous strides over the past several years in China, particularly with solar and renewable energy companies. Now, the organization is looking to leverage those relationships and expand into other, capital-intensive industries.”

GPEC’s effort is significant, Butler says, because export industries and foreign direct investment (FDI) drive economic growth, create wealth within the region, and tend to be capital-intensive operations that pay higher-than-average wages. Currently, FDI accounts for 73,000 jobs in Arizona and the state saw a 235 percent increase in FDI from 2005-2010, from just over $270 million to more than $904 million.

“By focusing on the Z corridor, a zone known for its solar, high-tech, bio-medical, and chemical industries, GPEC has identified a region that can appreciate what Arizona and — more importantly Arizona workers — can do well,” says Ilya A. Iussa, assistant professor of law at Phoenix School of Law.

But it’s not just investment from China that is giving Arizona an economic boost within the solar and renewable energy industries. In addition to China’s Suntech, the region has seen investments from Spain’s Rioglass and Abengoa, England’s Faist, Germany’s Solon, France’s Saint-Gobain, and Canada’s Cosma International.

“GPEC smartly targets the regions and countries that represent significant growth opportunities, like Canada, China and Western Europe, and works these markets with effective marketing and business development strategies,” Butler says. “Now, with a more concentrated effort underway in China and successful positioning as both a leader in the U.S. solar market and an on-the-record supporter of expanded free trade with China, the Greater Phoenix region is poised for amplified growth in FDI, particularly from China.”

Despite its success, experts says Arizona still has some work to do.

“Our neighboring states and biggest competitors far outrank us in national FDI and export-trade rankings,” Butler says. “California is first for FDI and second for exports, while Texas is second for FDI and first for exports. As such, we must continue evaluating our market for additional FDI and export industry opportunities, and look for ways to increase our competitiveness in these areas.”

Lawmakers have identified one area that needs to be addressed to gain a competitive edge on other states.

“One of the first things we should do is focus on developing a highly educated workforce that will attract companies and businesses looking to move their headquarters,” says Rep. Matt Salmon, R-5. “In addition, it is equally important for us to create a pro-business environment and that comes by reducing harmful regulations that hamper economic growth. Both would increase Arizona’s role in the global economy.”

In order to be increase its global presence and become more competitive with neighboring states like California and Texas, Butler says Arizona must increase the number of export industries operating in the state.

“We can increase our competitiveness for these types of investments,” he says, “with a targeted economic development program for export industries, similar to the Renewable Energy Tax Incentive Program (SB1403), which has brought significant investments to the region and the Qualified Facilities Tax Credit (HB2815), which expanded the successful renewable energy program to include qualified, export-based investments.”