The city that never sleeps is itching to become the city that could cure insomnia. With Boston and San Francisco maintaining their dominance as the premier hubs for developing drugs, New York City has orchestrated a scheme to entice biotech — identifying the lack of space in these desired clusters as a key impediment to growing startups.
Back in 2016, NYC mayor Bill de Blasio made a $500 million commitment to the sector over 10 years as part of his broader plan to boost job creation. As part of this initiative, called LifeSci NYC, $10 million has been set aside to support nascent biotechs by allocating them lab space.
“One of the major issues the city has faced with life sciences has been finding space,” a spokesman for New York City Economic Development Corp (NYCEDC) told Endpoints News. “There has been significant additions to incubation space with [email protected], JLabs, and Launch Labs, but we’re now facing what happens to those companies once they’ve successful graduated from these spaces. The Expansion Space Funds was one of the solutions – we wanted to help them by directly investing into the companies who are taking on the additional cost to create new space in the City to grow.”