Weekly Policy Update: CBSA Shares Survey Insights
By: Colorado BioScience Association Date: 03/05/2021
The CBSA Policy + Advocacy team works to engage state and federal policymakers on issues that are critical to our members and Colorado’s life sciences ecosystem. Last month, CBSA conducted a survey to better understand the needs and priorities of our community. Over the course of one week, we surveyed 88 people from Colorado’s life sciences ecosystem and will use the survey results and insights to inform our advocacy efforts this year.
- COVID-19 – Collect updated information about Colorado life sciences companies that are developing and/or delivering COVID-19 solutions;
- PPP Loans – Learn how many Colorado life sciences companies have pursued (and received) Paycheck Protection Program (PPP) loans and what obstacles companies continue to face in accessing small business relief;
- Federal R&D Funding – Solicit information about the specific federal research and development (R&D) funding opportunities Colorado life sciences companies have pursued in the past year and details about their experience with the funding agency or office;
- State Tax Credits – Gather feedback about current state tax credits and exemptions to better understand which programs are the most valuable to Colorado’s life sciences ecosystem.
Key Themes + Takeaways
- COVID-19 – Many Colorado life sciences companies are contributing to the global fight against COVID-19. In fact, one third of survey respondents are researching, developing, or delivering a COVID-19 diagnostic, therapy, vaccine, or technology.
- PPP Loans – There is a strong need for relief programs that support pre-revenue life sciences companies in Colorado. Learn more.
- Federal R&D Funding – During the last year, many Colorado life sciences companies applied for federal funding to support the R&D of health innovations to combat COVID-19 and other life-threatening and debilitating diseases. Nearly 25% of the companies that pursued federal funding were awarded a contract.
- Federal R&D Funding – Colorado life sciences companies reported varied experiences pursuing federal grant dollars through different agencies, but certain trends emerged about the level of satisfaction with sponsor-agency interactions. Learn more.
- State Tax Credits – Colorado life sciences companies find the most value in the state’s Advanced Industries Investment Tax Credit. Other tax credits and exemptions that are valued by our community include the Enterprise Zone Investment Tax Credit and the state’s net operating loss deduction.
CBSA has already shared the survey results with Senator Bennet’s office, given their particular interest in our community’s experience pursuing federal grant opportunities over the last year. We will continue to use this data and feedback as we engage other members of the congressional delegation and state legislators to advance our priorities.
Thank you to all the members of our ecosystem who participated in the survey. Your feedback is instrumental in supporting our advocacy moving forward.