Goldy Asleep On Small Business Biotech? Badgers Seize the Moment?
It's a sign of tough times for promising technologies. The biotech startup VitalMedix, which is developing a drug to protect bodies from severe blood loss, is leaving Minnesota for Wisconsin to take advantage of a state tax-credit program.
"Any start up has to look for the most fertile ground for investment," President Jeffrey Williams said. "Right now Wisconsin has a better opportunity than does Minnesota."
But is this announcement also the sign of a bit of a border war? VitalMedix is the latest Minnesota company to move across the border to Wisconsin. Rapid Diagnostek, formerly of St. Paul, left for Wisconsin last year and other companies are considering a move, according to the Milwaukee Journal-Sentinel.
"An additional curve ball to try to hit (in Minnesota) is that we're a biotech company," William said. "The Twin Cities is the birthplace of medical-device technology. There have been some very successful investors in medical device technology. But they look at this ... and it's a different deal to try and understand."
The current business environment seems to be a tough one for both the State of Minnestoa and the U to figure out. My neighbor is a small business man and he informs me that IF he had the money he would expand his business and add a person.
The trick here is to figure out tax incentives that REQUIRE job creation. Giving some incentives simply puts more money in the pocket of the people running the show. This is a hard nut to crack but we really need to get on it. Minnesota jobs depend on it.
Time to get real?