TRADE MISSION NOTES:

Perspectives of a University Startup: Part 1

Jason Kuo, Rheoblast

08/31/10

Several friends have asked why I would spend my personal fund to be a part of this trade mission – after all, isn’t Rheoblast a biotech startup that probably will not start selling its products for another couple years?

My answer is simple: in this economy we need to figure out how to build new companies a little differently from the past, and sometimes that involves learning from other states or countries and looking for resources from unexpected places.

Several Asian countries – most notably in Singapore, Taiwan, and China – have strong government initiatives to encourage investments in biotech. From providing infrastructures such as research parks for low rent to lowering IPO requirements, these governments would go as far as providing matching investment (as opposed to tax credit) to encourage corporations in other industries to invest in biotech.

While I personally have mixed feelings about some of these initiatives, I do find the creativity rather refreshing. These initiatives reflect the governments’ strong desire to create an industry and create good paying jobs, although some might question the appropriateness in the level of private-public partnership. We need to start thinking creatively if we want to create jobs locally.