Introducing Jim Cordeiro
It is with gratitude that I begin my tenure as CEO of the Marin Economic Forum (MEF). Before coming to the MEF, I co-founded Oceana Technologies and worked as a leading scientist at biotechnology and academic organizations. I served on the board of directors for the Pacifica Education Foundation, leading efforts in fund development, 21st century learning and technology. My diverse skill set and strategic management provide the tools to guide business decisions, oversee and participate in all aspects of our community’s needs and wants. I am active in the biotechnology, entrepreneurial and nonprofit communities.
MEF and its board acts as a source of networking and information about the Marin County economy, and the county’s role and connections in the North Bay. With the support of our Staff, Board of Directors and community, we will continue educating Marin about its economy and communities to strengthen economic vitality.
MEF “working groups” facilitate us finding out more of what is happening on the front lines in Marin’s economy, and what questions are being asked by local businesses and non-profits. We are fortunate that Marin has an existing robust life-science community, from BioMarin to the Buck Institute for Research on Aging, and the North Bay Life Science Alliance (NBLSA).
NBLSA 2016 annual report highlights Growth, Expansion Of Life Science Companies in North Bay Region. The life science Industry segment accounts for more than 10,000 jobs at 90 businesses. With San Francisco hosting the 2016 BIO International Convention in June, we will be well placed to showcase Marin’s accomplishments and advantages, as well as how we fit in the greater San Francisco Bay Area life science cluster.
A good example of a creative approach to economic growth and sustainable development is the Buck Institute Solar Carport Project. The solar project was five years in the making and owes its success to Ralph O’Rear, a MEF board member, who recently retired as the Buck’s Vice President of Planning and Facilities. Best wishes to Ralph O’Rear in his future endeavors.
I am grateful for this opportunity at Marin Economic Forum. We will use this platform to go beyond the basics and embrace the 4 C’s –- super skills for the 21st century: collaboration, communication, critical thinking and creativity.
Life Science in Marin County: The Best Hope
Between June 6 and 10, 2016, thousands of workers and scientists in life sciences are coming to the Bay Area for a global conference called BIO 2016. Over 100 executives from this industry are coming to the Buck Institute to hear more about why Marin County is a place specifically for this industry to grow and thrive. Marin Economic Forum recently produced an annual report on the life-science industry in the North Bay (Marin, Napa, Solano, and Sonoma counties), where Marin County stands out. It does not have the most workers, but has the most identifiable set of businesses (though Genentech has a campus in Vacaville, Solano County is relatively new to the life science industry), and has assets – such as the Buck Institute –to act as an incubator for commercial science and a research center for learning.
Marin County has employers that have over 1,900 workers in these businesses. Marin is home to over 3,200 people live in Marin County that work somewhere in the life science industry. Housing prices and the employment growth in this industry show a correlation since 2010, a sign that a growing economy helps housing prices and wealth. The age of these workers are mainly between 30 and 60 years, mainly due to higher educational requirements for scientists, but it is not exclusive. An important point is that as a life-science business grows, it will need sales people, administration, accounting, clerical, and other jobs that spread beyond science and have a wide array of requisite skills and possible wages and job growth.
As these businesses grow, there are more economic impacts. The multiplier effect for Marin County has grown as Marin County’s recovery from recession has become an expansion. In 2014, Marin Economic Forum showed how one life-science job in Marin County generated over $470,000 worth of business income. One job in life-science supported approximately $473,333 of business revenue in Marin County. As of 2015, due to continued economic recovery, that number grew to approximately $491,000 per job. This seems like a large number and depends on taking the entire county economy into consideration, which is a $22 billion local economy in Marin County alone.
Furthermore, the entire county economy being involved is important. A job in Novato has an effect on the City of Novato, approximately $250,000 per job. But because other workers live throughout the county and the indirect and induced effects (the “ripple” effects of that job) on other industries spreads its wings to all parts of the county economy, there is an additional $241,000 of business income supported outside of Novato. In some cases, a larger amount of the countywide total will affect just Novato; the $250,000 is an average effect. The key is that life-science jobs that come to any part of the county have an ability to affect the county overall.
With the new Star Wars movie out on DVD, which is modeled after the first Star Wars movie (which was made to a certain extent here in Marin County), I thought I would write about the life-science industry in that context. The first Star Wars movie was titled precisely: Episode IV, A New Hope. For decades, Marin County has been striving to find a technology industry that will come and stay for a long time. Ironically, the digital film industry (and film’s supply chain, including sound recording) was seen as that in the early 2000s. We may have found that new hope in life-sciences.