Why is Biotech in NYC Floundering?

Interesting article in The Scientist about the problems besetting the Biotech sector in NYC.
While acknowledging the city's "lucrative scientific output", the reality is that investments aren't "...yielding as many start-ups as other regions with comparable scientific investment."

Why is this the case?

The answer according to Jonathan Bowles of the Center for an Urban Future, a New York City think tank, "is that 'for a long time [technology transfer offices] put too much emphasis on the blockbuster deal,' ignoring smaller technologies that could have been developed by start-up companies with the help of venture backing"

I find it interest that people are still 'swinging for the fences' and pursuing blockbusters....that strategy really seems somewhat dated in this environment.....