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In an age of instantaneous communication between people thousands of miles apart from one another, it might not seem that important for companies to be in the same place as the sources of their funding. But if the growing number of venture capitalist (VC) firms in New York City that focus on biotechnology is any indication, it appears critical that everyone – financial institutions, venture capitalists, and startup life sciences firms – needs to be in the same place.
"Access to capital is important," says Daniel Lubin, managing director of Radius Ventures, a life sciences-focused VC firm with $100 million of committed capital [See Radius Ventures sidebar]. "That's New York City's edge – the proximity to the financial markets." Venture capitalists aren't passive investors, explains Lubin. "We are influential, we play a role in governance, and we take positions on the boards of the companies we invest in. ...
