MOST STATE BIOs HAVE GROUP PURCHASING PROGRAMS that offer discounted products and services, especially beneficial to lab-intensive R&D organizations — from lab supplies and liability insurance to hazardous waste disposal, and more. Secondly, BIOs are connecters and provide business-to-business referrals steering early-stage companies to professional services, such as regulatory, legal, finance, and risk management providers, as well as to suppliers and contract manufacturers for product development, investors for funding, and large companies for partnership. Associations serve as conveners too by offering educational programs and access to thought leadership. Lastly, BIOs offer commercialization support from reviewing pitch decks to providing business intelligence and even partnering on behalf of startups at key investor/partnering meetings.
STEPHEN RAPUNDALO, President and CEO, MichBio.