WHY GO TO SMALL CITIES?
A lower cost of living, especially the ability to buy more house for the money, is an additional advantage of the smaller
cities. This is particularly the case when compared to the extremely high housing costs associated with tradi-tional biopharma
industry hubs like Boston, San Francisco, New Jersey, and the Washington DC suburbs (Fairfax County, VA and Montgomery County,
MD.) It is increasingly difficult for our clients to attract young, entry-level talent to these traditional locations, principally
due to the prohibitively expensive housing markets there. States like South Dakota and Florida, which have no state personal
income tax, provide additional relocation benefits to biotech transferees by enabling them to keep more of what they earn.
Increasingly, quantitative cost factors will trump other more quali-tative and subjective site selection variables within
the boardrooms of major biopharma companies. Venture capital lenders, many burned by the dot-com crash, are asking small biopharmas
and start-ups, "Do you really need to pay high rents or exorbitant relocation bonuses in costly markets like California's
Bay Area, Boston's Route 128, or Washington, D.C.'s suburbs?
John H.Boyd is founder and president of The Boyd Company, Inc., 301 N.Harrison St. Suite 415, Princeton, NJ 08540, 609.890.0726, fax:609.588.0518, firstname.lastname@example.org