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BIO 2007

Scandinavian Showcasing and Networking event on May 10th

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Innovation Norway Boston Presentation

Innovation Norway in Boston is placed in an area with more than 240 bioscience companies, which is the largest concentration of biotechnology firms anywhere in the world. In addition there is a very high density of academic institutions with a strong focus on technology and research. IN Boston works with and towards these institutions and companies, which gives Norwegian firms an invaluable opportunity and access to these rich resources from New England, Massachusetts and Boston.

The state of Massachusetts can be characterized by internationally strong industry clusters, a significant and growing venture capitalist base, the highest R&D spending in the US, world acclaimed universities, aggressively growth of new ventures and base for global corporations. This is the platform for our networking activities and targeted analysis

According to the Massachusetts Software Council about 2,200 technology companies operate in Massachusetts and employ 130,000 workers. This fact creates a unique basis for networking and research! Health care, along with information technology, knowledge creation, and financial services are regarded as one of four major clusters in Massachusetts, and represents one of the major cornerstones for the state’s strategic plan for competitiveness in the future. With over 580,000 people employed in knowledge-based industries, Massachusetts ranks first in the nation in the percentage of total workforce devoted to professional occupations – engineers, scientists, health professionals, lawyers, teachers, accountants, bankers, consultants and engineering technicians.

Academic Instiutions
Massachusetts has a very high density of academic institutions with more than 64 colleges and universities with Harvard University and MIT being the most well-known. More than 53 of these institutions offer advanced degrees in various biotechnology areas. Harvard, MIT and other Boston-area universities continue to be a very important source of entrepreneurial talent.

Venture Capital
Venture capital is a central source of funding for new companies – and especially so for capital intensive biotechnology firms. Massachusetts has more than 70 venture capital firms, numerous “angel” investment networks, as well as many technology-focused investment banking firms, commercial banks and financial services companies. This strong concentration of VC firms…

Workforce
The following points underline Massachusetts as an area with a highly educated workforce:

Greater Boston consistently ranks nr. 1 in the US for the number of science and engineering graduate students.
The most highly educated workforce in the nation – ranked #1 in the US for college attainment.
Massachusetts is among the top states in overall university R&D strong and dynamic culture of scientific research and innovation
A strong and dynamic culture of scientific research and innovation

Biotech
Massachusetts is the home of more than 240 bioscience companies, which is the largest concentration of biotechnology firms anywhere in the world.

Nanotechnology
Nanotechnology is a broad and interdisciplinary area of research and development that has been growing explosively worldwide in the past years. It is argued it has the potential for revolutionizing the ways in which materials and products are created. Boston is placed among the top clusters of nanotechnology in the US together with Silicon Valley, Southern California and Houston.

US biotech sector
Biotechnology is expected to be an important sector over the next 10-20 years. The US is leading in this field. Increased government funding over the last few years has resulted in significant growth in this sector. IN hence is keen to encourage interesting opportunities in this sector.
The main trends: There is strong dynamics at work among biotechnology, nanotechnology and ICT. One interesting trend is that universities retain the rights and the responsibility for commercializing research results; technology-licensing offices are established at all universities and are responsible for licensing and commercialization.
In the future: Closer ties between research organizations and industry will be all important. The ability to recognize “born globals” and facilitate early internationalization will be paramount. Further we can expect to see biotechnology becoming an important factor in a number of related sectors, such as the health sector (Norway has advantages in certain niches such as health registries and bio banks), marine and agriculture (food), and the industrial sector (bio organisms utilized as production tools).

Innovation Norway
133 Federal St.
Suite 901
Boston, MA 02110

Tel.: 617 369 7870
Fax: 617 369 7820
E-mail:
duboston@invanor.no