Steve Tang testifies on life sciences importance to U.S. Congress Joint Economic Committee

University City Science Center CEO Steve Tang today highlighted the importance of the life sciences as an economic driver during his testimony at a hearing of the U.S. Congress Joint Economic Committee.

PRESS RELEASE [PDF]: During his remarks, Tang described the history and mission of the Science Center, the nation’s oldest and largest urban research park, and its contributions to the Greater Philadelphia economy. “More than 350 companies have passed through our doors since we were founded in 1963.The 93 that remain in the Greater Philadelphia region account for over $9 billion of sales and 15,000 current direct jobs. These jobs pay an average of $89,000 per year—a remarkable figure, especially in today’s economy,” he explained.

Yet, he noted, “The life sciences industry does more than create well-paying jobs. Scientists and researchers are dramatically improving treatments, therapeutics and ultimately patient care and quality of life.”

Tang pointed to the Science Center’s innovative QED Proof of Concept funding program, which pulls technologies out of the lab and into the marketplace by pairing scientific researchers with experienced business advisors, as an example of regional collaboration. “At the Science Center, we firmly believe that our multi-institutional QED program is a unique and model ‘public-private partnership’ that can be replicated across the nation to help promising ventures cross the ‘Valley of Death’ in funding,” he said. MORE [PDF]

Tang also expressed his support for the proposed tax credit-based Life Sciences Jobs and Investment Act, a measure also supported by Pennsylvania Bio.

To watch his testimony, go here, where he is introduced at 34:40 into the video.

Earlier this month, the Science Center announced that Tang had been named to the U.S. Department of Commerce’s new Innovation Advisory Board, which also includes Natalia Olson-Urtecho of Center City based business development firm EG.

Comcast Roundup: NBC hearings begin today, a Google balance and More

Every Thursday morning at 8:30 a.m. EST, find all the stories you need to know about your friendly telecommunications giant in the Comcast Roundup. Get an e-mail subscription for our Comcast news updates.

DEFINITE READS

• USA Today reports that Hulu executives are likely eager to start experimenting with paid version of the popular video streaming site but must wait for the finalized result of Comcast’s deal with NBC, which owns nearly a third of the site.
• The Washington Post reports that today the congressional hearings on the Comcast-NBC deal have begun.
• paidContent reports on Democratic staff memos that discuss, ahead of today’s congressional hearings on the matter, the impact the merger has to “fundamentally shape the way Web video evolves.”

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Friday Q&A: catching up with Steve Welch, candidate for congress.

If you live in Pennsylvania’s sixth district, Steve Welch wants to have a word with you.

As reported by Technically Philly, The Mitos Group founder and managing partner of University City incubator DreamIt Ventures declared his candidacy as a Republican for Congress this summer and has since been in full-fledged campaign mode trying to build a network of volunteers in his gerrymandered district that stretches from the border of Philadelphia to Reading.

“We’re really focusing on meet and greets in diners and in people’s homes. Often it’s only five to ten people,” Welch says.

The campaign is Welch’s first and it has him relying on the entrepreneurial community of the region while simultaneously trying to build a network of supporters from scratch. So far, he has four full-time staffers (including current representative Jim Gerlach’s former chief of staff Guy Ciarrocchi) and a new Phoenixville office.

“When I set off on this course, I said to my wife: ‘This is me starting another business’,” he says.

Currently, there are four other candidates all ramping up for a May 18th Republican primary. We caught up with Welch to ask him how his life has changed since declaring his candidacy, his response to being snubbed by his competition and, if he won, would he follow in the footsteps of former Delaware Senator Joe Biden and take Amtrak down to the capital.

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Sestak to run for Senate, paves way for Welch

Congressman Joe Sestak (D-Penn.)

Edit: added Welch’s official statement.

According to our good friends at PA2010.com, Congressman Joe Sestak (D-Penn.) will run against incumbent Sen. Arlen Spector (D-Penn.) in the Democratic primary for Senate.

Sestak’s attempted move to the upper chamber should come as no surprise to those following the race, as Sestak has been telegraphing the move for months.

The lack of a Democrat incumbent in the seventh district makes local entrepreneur and Republican candidate Steve Welch‘s quest for the seat much easier. In the previous two elections, the incumbent has won reelection 94 percent of the time.

Welch, who we interviewed two weeks ago, is a co-founder of DreamIt Ventures.

While Sestak hasn’t officially announced his Senate campaign, he has indicated to the press that he will make a “major announcement” this morning at 8:30 a.m on his Web site.

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Friday Q&A: Steve Welch, candidate for Congress

Steve Welch’s business card could be three times the size of a normal person’s.

The Penn State grad founded the Mitos Group, a biotech company that grew to over 40 employees before it was sold to a Fortune 500 company when Welch was 29. Welch then co-founded DreamIt ventures, an early-stage incubator based in the University City Science Center. And, most recently he just fathered his second child.

But 32-year-old Welch, the new-father-entrepreneur-angel investor, is looking to add another job title to his resume: congressman.

Earlier this month, he launched his candidacy for the 7th congressional district of Pennsylvania with a video on his Web site.

Welch will become the Republican challenger to Democratic representative Joe Sestak. Sestak ultimately may not be his opponent, as he is said to be considering a showdown for the Democratic Senate seat against newly-minted Democrat Arlen Specter.

If elected, he would be the second youngest congressman, behind 28-year-old Aaron Schock (R- Minn.).

True to his past, Welch sees small business as the way out of the recession for the country and for Philadelphia. Welch says the level of spending and government impact on the free market is one of the primary reasons he is running. When we spoke, his second child was still on the way, and the thought that he would be born into debt was a motivation to act.

For the past year, Welch was an Eisenhower Fellow, which allowed him to travel the world taking notes on the best tactics for encouraging small business development.

“In my heart of hearts, I love seeing a need in the marketplace and rushing to fill that need. It’s the greatest rush in the world,” says Welch.

One plan he is fond of, he said, was the tactic of the government matching local early stage investments. That way, firms can decide what is the best investment, and the government can increase the flow of early stage capital with little to no additional labor or bureaucracy.

“We want the best in the world to land in Philadelphia,” he says, “that’s the greatest way to ensure long term success in this region.”

We chatted with Welch about small business in Philadelphia, and the effect of organizations like DreamIt and Ben Franklin Technology Partners.

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