New York State is offering money to attract and grow Long Island companies in the life sciences, health technology and medical device sectors.
A life sciences business competition for the grants was launched Wednesday by Governor Kathy Hochul as part of a $350 million Long Island Investment Fund.
Empire State Development convened a meeting of experts in the life sciences industry to gather initial input for the RFP competition process.
As part of the state’s 2023 Enacted Budget, the Long Island Investment Fund is aimed at projects to support and grow the regional economy, enhance communities, and have lasting economic impacts across Long Island.
“The Long Island Investment Fund’s life sciences business competition will drive economic growth and innovation, supercharging the region into a powerful commercial life sciences hub,” Hochul said.
In addition to the life sciences business competition, the Fund will allocate $250 million for transformative regional development projects and $50 million for the construction and operation of a workforce development center.
The competition will implement a business accelerator to work collaboratively with Long Island universities and research institutions to support life science start-up businesses with potential for permanent high wage job creation and promising technology commercialization.
“The Long Island Investment Fund’s business competition will attract and grow life sciences organizations — adding to an already impressive roster rooted on Long Island — and will be key to elevating the region’s commercial life science ecosystem,” said Empire State Development Board Chairperson Kevin Law.
Long Island is home to established life sciences companies and institutions have been working on innovative technology and modern therapeutics, such as the Feinstein Institutes for Medical Research, Cold Spring Harbor Laboratory, Brookhaven National Labs, as well as Stonybrook University.
Officials hope the $50 million life sciences infusion from the Long Island Investment Fund will further position Long Island and New York State to lead in cutting edge sectors such as innovation, biotechnology, life sciences, and biomedical investments.
