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Forgive me for being daft here, but what are VC funds?

"Considering (a) the size of the industry world-wide, (b) the ties among the actors in the industry (in Boston the industry revolves mostly around graduates from Harvard and MIT and their connections), (c) the role of financial markets (with their specialized funds), and (d) the quality of human capital necessary in biotech, it is highly unlikely that governments could ever create a successful biotech cluster anywhere. Markets allocate resources towards the best biotech entrepreneurs, and most of them already are in Boston or San Francisco."

Biotech is one of those things that every Massachusetts politician takes credit for. If Al Gore invented the internet then the Democrats of the state invented biotech.

Venture Capital Funds

memphis will be a biotech center in 5 years

Thanks! Should have known that considering I work in financial services.

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