That is to say, never take investment advice from the Prosperity Blog…you’ll end up daytrading WaMu stock. However, I thought this story was worth noting, not only because it’s great that biotech companies with strong links to our region did well financially. The interesting part is why they did well: because biotech companies are, by their very nature, a long term investment. Everyone knows that it takes years and years and plenty of patience to coax a new drug through the R&D process and the federal approval process, so they’re looking beyond the current downturn. It’s a great reminder for economic development in our region, to remember to focus on the long term as we work to grow and sustain those industries (like biotech) in which we have or hope to develop a competitive advantage.
For example, it’s a hard time for clean tech startups to get venture funding or credit and low oil prices are a disincentive for alternative energy investment, but we believe that this is the industry of the future so we have to find ways to continue to develop it. As Bob Drewel recently said at the Prosperity Partnership luncheon, “Now is not the time to take a step back on the investments that are going to ensure our future. Now is the time to double down!”