Building on the life sciences industry’s tremendous growth, New York City is investing $500 million in ten strategic initiatives across three key areas.
Invest $100 million in a new Applied Life Sciences Campus.
Fund a world-class facility that drives bioengineering innovation, research and development (R&D) partnerships, and entrepreneurial training.
In January 2018, the New York City Economic Development Corporation issued a Request for Expressions of Interest for an Applied Life Sciences Hub.
Provide $50 million to expand the network of nonprofit R&D facilities.
Make targeted investments in New York City’s existing academic medical centers and research institutions to create new workspaces for research with a high potential for commercialization and job growth.
Commit $300 million in tax incentives to attract investment in commercial lab space for life sciences businesses.
Mitigate construction costs to help unlock affordable lab space for companies looking to grow in New York City.
Invest $10 million in expanding the network of incubators for life sciences start-ups.
Invest in up to five new incubator and innovation centers located near existing research centers to help provide affordable space for the next generation of life sciences start-ups.
Modernize land-use policies to encourage new space for life sciences firms.
Clarify that lab space for life sciences R&D is permitted in most commercial zones. Leverage upcoming rezonings to include life sciences sites where needed.
In December 2016, New York City’s Department of Buildings (DOB) and the Department of City Planning (DCP) issued a memo clarifying permissible life sciences uses in the City’s commercially zoned districts.
Invest $7.5 million in creating internships and life sciences curricula.
Connect students with opportunities at life sciences companies and institutions every year. Provide funding to support the development of new programs for local colleges and universities.
Commit $20 million in matching funds to support early-stage businesses.
Spur the growth of new companies by providing working capital in the form of City and private sector funding.
Provide $7.5 million to create a Life Sciences Management Corps.
Provide financing to life sciences start-ups to help them secure experienced entrepreneurs so they can launch and grow their businesses in New York City.
Provide $3.8 million to expand training programs for entrepreneurs.
Expand upon and improve Bio and Health Tech Entrepreneurship Lab (ELabNYC) with new curricula in areas such as corporate commercialization and project management. Grow the SBIR Impact program, which helps life sciences firms compete for funding through the National Institute of Health’s Small Business Innovation Research program.
Launch the Mayor’s Life Sciences Advisory Council.
Convene a council of experts from academia, industry, philanthropy, and finance who will provide strategic guidance, help forge industry partnerships, and promote New York City as a global center for life sciences.
In May 2017, the New York City Economic Development Corporation announced the official formation of the Mayor’s Life Sciences Advisory Council.