CLSI Releases 2016 Report On Economic Impact of Bay Area Life Science Startups
Just under half of the respondents (47 percent) have a woman in the C-suite, significantly higher than the industry at large
CLSI released a report entitled “2016 Economic Impact of Bay Area Life Science Startups” earlier this month at the BIO International Convention in San Francisco. This first-ever report measures the economic contributions of 137 pre-Series A Bay Area life science companies (a 30 percent sample of 450 companies contacted) in terms of funding, jobs, and patents. The report demonstrates that Bay Area life science startups are making significant contributions to the local and state economy with public and private funding, job creation, and innovative discoveries.
The genesis of the report came from a group of organizations that work with Bay Area life science startups – QB3, Stanford Office of Technology Licensing, Silicon Valley Bank and UCSF’s Center for Digital Health Innovation – all of whom saw value in trying to capture the impact of these early-stage companies, a large portion of whom operate largely under-the-radar.
Collected during the second quarter of 2015, the data demonstrates:
- Over half (59 percent) of respondents’ companies are one-to-four years old, and 13 percent are less than a year old.
- Therapeutics comprised the largest (36 percent) segment of respondents, followed by Medical Devices (19 percent), Research Tools (11 percent) and Digital Health (9 percent). Oncology is the leading indication in both Therapeutics and Medical Device companies.
- Respondents have raised a total of $360 million in funding: 77 percent from private sources; 23 percent from public.
- These companies are providing jobs for over 1200 people, either full- or part-time or consultants.
- Respondents have filed 468 patents, with 158 of them granted.
“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,” said Lori Lindburg, executive director, California Life Sciences Institute (CLSI). “These startups need the help of the entire ecosystem – legislators, biopharma, investors, trade associations, and other stakeholders – to commercialize their innovative discoveries.”
Steve Karp, senior advisor to the California Life Sciences Institute (CLSI) who spearheaded the analysis said, “While these startups are on the leading edge of innovation in the industry, they often are not captured in traditional analyses, leaving uncovered the important economic and workforce contributions of our region’s youngest companies.”
The report launch included a panel discussion moderated by Todd Rufo, director of the San Francisco Office of Economic and Workforce Development, and featured key leaders in the Bay Area entrepreneurial life sciences ecosystem, including Lisa Mendoza from Bayer, Amanda Cashin from Illumina, and Lesley Stolz from Johnson & Johnson Innovation JLABS. The panel entitled, “The Bay Area Entrepreneurial Ecosystem: A Microcosm of CA Success,” discussed the factors that underscore the region’s remarkable innovation engine.
An executive summary and full copy of the report can be found at: www.califesciences.org/EIR2016.
To view Lori Lindburg and Todd Rufo discussing the report at the 2016 BIO International Convention, visit: