PHOENIX – Arizona’s bioscience industry continues to grow, but a small venture-capital stream and declining research funding pose challenges, according to a new report by the Flinn Foundation, a Phoenix-based organization that supports research and business activity in the sector.
Despite increases in wages and number of businesses, Arizona saw a lower percentage of national bioscience investment in 2015 than in 2002 – when the organization began tracking these economic indicators – although the industry’s share of venture capital increased slightly from 2014. Most of that money went to expanding or late-stage companies instead of startups.
