So are more intangible factors such as the entrepreneurial spirit created by the growth of the high-tech industry, quality of life and the region's financial wealth. There's a lot of risk in the industry, Scott maintains, despite the fact that investment in biotech firms has increased significantly since the mid-1990s. These are huge issues for our industry. Contrary to public opinion, most research is not funded by the government. Outside factors will be very critical in the next five years.
Public opinion is a big factor.
The biotech industry is becoming aware of the perception gap. For the first time this year, the University of Washington and Washington State University are collaborating on biotech legislative issues. WSU, in fact, is in the midst of a campaign to become a major biotech center, especially in the areas of veterinary medicine, food and agriculture and reproductive biology. It has also hired a public relations firm to help it create a PowerPoint presentation to show to Rotary clubs, chambers of commerce and other business organizations. And the national Biotechnology Industry Organization recently launched a six-month television advertising campaign based on the themes of U.S. entrepreneurship, pioneering technology and the biotech industry's research and development of new medicines to treat illnesses.