New York State, particularly in and around New York City, possesses an extraordinary concentration of world-class biomedical research and financial institutions, assets that ought to place the state among the very top locations for a thriving biotechnology industry. But, New York today finds itself with some real issues – the lack of specialized laboratory space, for example – that impede the growth of its native biotech industry. More importantly, New York suffers from a widespread perception among investors, real estate developers, and biotech entrepreneurs that its environment is not conducive to the growth of a vibrant biotech industry. The result is a classic "Catch-22" in which biotech decision-makers don't invest within the state, inhibiting the growth of a critical mass of companies that would itself encourage such investment.