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State Representative Tim Mahoney
100 Rev. Dr. Martin Luther King Jr. Blvd.
651-296-4277
For more information contact: Matt Swenson 651-297-8406
NEWS COLUMN
MINNESOTA'S OPPORTUNITY FOR STRONG ECONOMIC GROWTH
Minnesota's bioscience industry is at a tipping point. Significant, sustained investments in the biosciences and other emerging technology industries, like those proposed in Wisconsin, Massachusetts and Texas, could stimulate our economy and move Minnesota to the forefront of these promising industries. Minnesota is making progress on this front. But if we want to compete on a national level, we have to step up to the plate.
During the 2007 legislative session, under the new leadership of the House Biosciences and Emerging Technologies Committee, Minnesota invested more than $28 million in bioscience initiatives – beyond ethanol subsidies and payments. With the looming threat of viable competition in other states, this initiative came at an important time.
In May, Massachusetts Governor Deval Patrick followed suit, proposing that his state invest $1.25 billion in biotechnology. Right next door, Wisconsin Governor Jim Doyle has proposed a $750 million biotech initiative. Under University of Texas President Mark Yudof's leadership, the university proposed a $2.5 billion competitiveness package in science, technology, engineering and medicine to make Texas a leader in the biosciences.
Minnesota legislators remain committed to putting our state at the forefront of this great opportunity. That's why the House Biosciences and Emerging Technologies Committee and the Senate Business, Industry and Jobs Committee are traveling the state to develop a better understanding of how current state investments in the industry are being used and how future investments can catapult Minnesota's economy forward.
And let's face it; Minnesota's economy needs a jumpstart. With our job growth rate lagging the national average and our unemployment rate higher than the nation's jobless rate for the first time in more than 30 years, we need to rethink how we encourage real economic growth.
The bioscience and other technology industries are just what this state needs. Currently, over 420 bioscience companies employ more than 35,000 people in Minnesota. These employees typically earn more than $65,000 per year, which is $26,000 more than the national average.
These are good-paying jobs. But what's more, they spawn further job growth. Every primary bioscience job, such as a research scientist, creates 5.7 additional jobs in the state. These jobs range from lab technicians who assist with research and development to truck drivers who deliver the final products.
As we look toward the future, the bioindustry can revitalize our rural economies. Bioscience is not just the stuff done in hospitals and university laboratories; it is an integral part of growing businesses from the plant floors to the dairy barns of Minnesota. Ethanol plants are the most visible example of Minnesota biobusinesses creating new and value-added products to help our rural communities thrive.
Minnesota must strategically invest in small and emerging science and technology businesses, especially in Greater Minnesota, to grow our state's economy. The state should invest in the following ways:
§ Provide training and support to entrepreneurs and small business owners to diversify our workforce and support businesses who see the most significant job growth.
§ Provide incentives for venture capital investments in emerging companies in order to bring good ideas to the marketplace where consumers will benefit.
§ Provide incentives and support for researchers at public and private institutions to turn promising research into growing companies so the public sees the benefit of government-sponsored research.
§ Provide incentives for additional research and development in Minnesota that will uncover treatment for Alzheimer's or a cure for cancer.
The House Biosciences and Emerging Technologies Committee will be studying these issues throughout the remainder of the interim and working to craft a strong package that will stimulate Minnesota's job base.
If you have ideas about how Minnesota can support science and technology companies, please contact me at by phone at (651) 296-4277 or by email at rep.tim.mahoney@house.mn.
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