Three weeks ago Michigan had a pavilion at the BIO 2005 International Convention in Philadelphia. Like all trade shows, the purpose of BIO 2005 was to give players in the bio-tech biz a chance to meet each other and see what deals might be done. To this end, the state of Michigan put together a joint exhibit of eighteen bio-tech companies and twelve public agencies to hawk the merits of doing business in the Winter-Water-Wonderland.
Yeah, there's nothing unusual about an economic development agency having a booth at an industry trade show. But it's time to scratch your heads, folks, when nearly half the exhibitors are public organizations, especially when they include the likes of the Michigan Economic Development Corporation, a taxpayer-funded boondoggle with two dozen executive vice presidents receiving six-figure salaries to look busy about the business of business. If the bounty of great wealth and great jobs of bio-tech is really everything that it is cracked up to be, why does it need all this government-sponsored boosterism?
Remember the personal computer revolution that started a quarter-century ago and remade our economy? How much help did that boom need from the taxpayers? None.
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