R&D is crucial to long-term growth in the biosciences.
Kansas is finding innovative ways to turn ideas into viable financial successes, either through the creation of a business or through the licensing of an idea to a receptor.
The biosciences in Kansas are supported by a number of private and public entities, including the Kansas Bioscience Authority (KBA), the Kansas Technology Enterprise Corporation (KTEC), KansasBio and the Kansas Department of Commerce. In addition to helping firms raise capital, these groups have created some of the most innovative entrepreneur-focused programs and alliances in the nation.
One of the state’s most impressive new programs is KTEC PIPELINE, which identifies talented entrepreneurs in the biosciences and sponsors them through a year of educational, mentoring and networking opportunities. Launched in 2006, the groundbreaking program also provides participants with a $36,000 stipend for discretionary use while exploring startup opportunities.
Kansas recently kicked off Heartland BioVentures – a partnership of the KBA and KTEC – devoted specifically to the formation of startups that are commercializing innovations from research institutions across Kansas and within the Kansas City region. This independent organization will emphasize business formation and acceleration to grow bioscience companies and help them raise capital.
Perhaps the best indication of Kansas’ emergence as a leading bioscience state is the world-class companies that have come here.
In the past few years, Kansas has welcomed the expansion of notable bioscience companies, including
Kansas has also earned a reputation as a great place for emerging companies, thanks to the influx of early-stage stars like
Kansas has a long history of business-friendly policymaking, as evidenced by the state’s dominant agriculture and aerospace industries. That same pro-business mentality has carried over to the state’s life science efforts via policies that address the unique needs of the bioscience industry.
The first example of supportive policymaking came in 2004 with the Kansas Economic Growth Act and the related Kansas Angel Investor Tax Credit Act, which allows a tax credit of 50 percent on investments up to $50,000 in a certified bioscience company.
Policymakers added to the state’s pro-business portfolio in 2006 by eliminating the property tax on new business machinery and equipment, a measure that is already encouraging entrepreneurship and small-business development in the biosciences.
Throw into the mix the state’s list of business-friendly incentives – tax credits for new job creation, sales tax exemption for construction-related materials and industrial revenue bonds, to name just a few – and there’s no better place for a bioscience company to land or expand.