All across the nation, there has been a flux of activity in the biotechnology industry. But in the wake of the dot-com demise, venture capitalists have shied away from previously made investments inmore fledgling sectors of the economy, making startup capital scarcer than ever.
The Virginia Biotechnology Research Park, founded in Richmond in 1995, is a community of nascent and established bioscience companies, nonprofits, research institutions and state laboratories – an arrangement intended to foster success in a highly competitive industry.
While Virginia’s park is in many ways a decade ahead of other newly founded parks, it still faces the same challenges when accessing funds in today’s slow economy, said David Lohr, the park’s director of business development.
The constant quest for resources is one of several issues Robert Skunda, president of the Virginia biotech park, will address at The Venture Forum on Wednesday. (See details, Wednesday events, This Week.)
He will also speak about the bioscience community’s recent endeavors and the evolution of the industry within the commonwealth.
Four early-stage companies from the park will also be on hand, discussing the triumphs and challenges of running a budding biotech business.
Lohr hopes the event can promote awareness of the park’s more than 45 bioscience companies and organizations, and what they face when looking for seed money or angel donors.
