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Incoming federal funding is the “watershed” for the Wannabe Innovation Hub

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Nearly $ 2 Trillion Buildback Better Bill Passed in the House of Representatives A few months of political controversy up to Friday will enact many important policies on climate change, paid parental leave, and social safety nets. I’m expecting.

It also represents a new, potentially significant part of the significant rise in federal investment in the country’s innovation economy, which will have a lasting impact on the explosively growing life sciences industry.

President Joe Biden signed the Infrastructure Investment and Employment Act on Monday, November 15, 2021 at the White House South Lawn.

Travis McCready, JLL’s Executive Managing Director and National Practice Leader of Life Sciences, is an incredibly exciting and cross-generational moment for institutions and collaborators building innovation ecosystems. maybe.Have a baseline of[National Institutes of Health] When [National Science Foundation] The Biden administration has been very active in developing funding to support the innovation economy.

The recently signed Federal Infrastructure Bill and Build Back Better Act have produced broad headlines on large-scale investments in many sectors of the economy, but with both legislation and additional initiatives by the Biden administration, analysts and the economy. Development experts are excited about the possibilities. There is a consensus that the country needs to invest more in R & D, which will benefit laboratory development.

Everyone is looking at the Build Back Better bill, but what makes this a generation-related moment is almost every relevant federal agency seeking to capitalize for innovation, including life sciences. Every state in the United States has shots to strengthen its life sciences and science-based ecosystems and participate in life sciences in unprecedented ways. This money and these funds, if you do, are very important for areas that are not considered as hubs engaged in soil preparation.

The federal government’s $ 9 billion investment in Covid-related technology has already been proven as a catalyst for life sciences and lab real estate. Additional sources of funding include the $ 1 billion Build Back Better Regional Challenge. It will provide up to $ 500,000 in planning grants to up to 60 communities in March next year, creating an innovation ecosystem in up to 30 metros. Name, funds for this program have already been allocated). Submitted by over 500 cities.

NSFi is expected to spend hundreds of millions of dollars in basic research, and the Small and Medium Business Administration, which has just hosted the Innovation Ecosystem Summit, plans to invest more in start-ups and new companies. Senate majority leader Chuck Schumer has suggested that the proposed innovation law and its location-based technology funding could be added to the upcoming National Defense Authorization Act.

Mark Muro, Senior Fellow of the Brookings Metropolitan Policy Program and Policy Director specializing in economic development policy, said there was a moment of very large location-based economic development, including a technology hub. Stated. Awareness of inequality and challenges, and an unprecedented set of programs underway. That basin.

The focus on the potential of ARPA-Health, a new multi-million dollar health and technology research institute included in the Buildback Better Act, manufacturing grants, and fairness in terms of funding sources, is for life science products. A small market aiming to improve. Briundermody, CEO of the University Research Park Association, pointed out a program from the Department of Commerce, and even NASA focused on improving bio-manufacturing capacity, which is currently in high demand among life sciences start-ups.

According to Dermody, you’ll see new technology and bio hubs emerging in non-traditional locations other than Boston and San Francisco. There will be an explosive increase in March next year, and even those who couldn’t raise all the money have a development blueprint.

But even with this generation of investment, some skeptics doubt that a completely new hub will be born in all competition with existing capacities and markets with the educated workforce required by the industry. increase. According to Dermody, this transformative investment can probably be seen as mitigating the risk of an initial investment. It still asks universities and developers to seize opportunities, and the probability of success is still important.

According to Dermody, it would be difficult to start from scratch. The strategy is infill development or expansion of existing locations.

St. Louis

Examples of cities with already momentum include Lincoln, where the University of Nebraska is developing an innovation hub, Nebraska, St. Louis, which has already invested in life sciences and agricultural technology, and CORTEX, an early startup hub. The room also called on St. Louis as a good example of creating a new hub that leverages the resources and talents of existing universities.

It’s about seeing the ability of the starting point and the place to establish itself, he added.

Atlanta isn’t always on the map as a top life sciences destination, but it may be an example of a market with existing strengths such as prestigious universities and Centers for Disease Control and Prevention that can catalyze these funds. Maybe.

Innovation hubs make sense when they are built around existing strengths, says Clark Dean, Managing Director of Transwestern. It is the founder of the company’s Transaction Sciences program. There are many places in the country where you want to become a life science hub and focus on public funding. But I think it’s better for private organizations that don’t need hundreds of millions of dollars to work with the government. The business model surrounding these districts is already functioning.

Tony Zivalich Jr., Vice President of Real Estate at Georgia Institute of Technology, opened his university and city opportunities in life sciences in the same way that Big Tech opened satellite offices in cities across the country, including Atlanta. thinking about.

Overflow and the need for more talent inevitably mean expansion into smaller cities and hubs, and the Georgia Institute of Technology, which has top biomedical engineering programs, makes Atlanta a promising destination. As top-notch researchers have been hired from schools for years, programs that have created more research and startup lab facilities in Atlanta will help maintain talent, ideas, and profits in the city.

According to Zivalich, he was better than ever when it came to stepping up. There is a real estate development pipeline focused on the life sciences field.

Zivalich and the school have already embarked on a kind of expansion project with developer Trammell Crow. The first phase of TechnologyEnterprisePark costs $ 325 million and includes 370,000 science fiction lab spaces that could benefit from federal investment. Zivalich said the local development community traditionally lacks the risk motivation and expertise to undertake the kind of projects that can help the urban life sciences market reach a critical mass.

Zivalich welcomes federal support and has already seen NIH grants do great things to urban researchers. But his needs go beyond the money for lab space. He wants to create affordable living spaces for more traditional infrastructure investments and lab assistants needed for new inflows of lab space, such as walkable streets and transportation connecting different lab buildings and facilities. He said he wants to invest in housing.

Today’s model of innovation in Kendall Square, rather than traditional suburban research parks, requires cities, institutions and developers to focus on where people can work and live.

How can I better connect my campus to the community? Zivalich said. For lab technicians, there are opportunities for these midrange jobs. You don’t need a college degree to go to get it.

The federal investment currently envisioned could be a game changer, but as Zivalich sees, adding a workforce and fairness element makes it more effective and more cities and Metropolitan areas will be able to take advantage of this money. The money spent on new laboratories and bio-manufacturing plants may not make much of a difference if workers need to operate them there.

According to McLady, money only buys time, not the ability to do it.

Sources

1/ https://Google.com/

2/ https://www.bisnow.com/national/news/life-sciences/build-biotech-better-can-federal-funding-help-nascent-life-sciences-hubs-compete-110985

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