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TECHNOLOGY GEOGRAPHY Los Angeles Looking For Respect As Biotech Hotbed.(INTERNET & TECHNOLOGY)
Byline: Antonio A. Prado
How could the world's 11th largest economy have a biotech industry that nobody's ever heard of?
Los Angeles and its surroundings have more biotech firms and more people working in the sector than other tech hubs like San Diego, Silicon Valley or Boston.
But even with all of its potential, the six-county region centered around Los Angeles lacks the stature of its rivals.
That means it doesn't attract enough investors, says a report by Larta, an industry group known formerly as the Los Angeles Regional Technology Alliance.
"The region excels at fostering the development of small, privately held companies," said Victor Hwang, chief operating officer of the state-sponsored nonprofit group. "But it fails dramatically at moving companies to higher stages of growth."
That's why you don't hear many high-profile biotech success stories coming out of Southern California, Hwang said.
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