Governor Kathy Hochul today launched the life sciences business competition, a component of the $350 million Long Island Investment Fund. A request for proposal will be the first step for the Long Island Investment Fund’s $50 million business competition, which aims to attract and grow companies in the life sciences, health technology and medical device sectors. Empire State Development convened a meeting of life sciences industry experts to gather initial input for the RFP competition process.
“New York is proud to lead the way with strategic investments that will create transformative opportunities on Long Island and across the state.” Governor Hochul said. “The Long Island Investment Fund’s life sciences business competition will drive economic growth and innovation, growing the region into a commercial life sciences powerhouse.”
Included as part of Governor Hochul’s historic FY 2023 approved budget, the Long Island Investment Fund will focus on projects that will support and grow the regional economy, improve communities and have lasting economic impacts throughout Long Island. In addition to the life sciences business competition, the Fund will allocate $250 million to transformative regional development projects and $50 million to build and operate 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-ups with potential for permanent high-paying job creation and promising technology commercialization. The Long Island business competition will be designed to model and complement other successful New York State business competitions such as Grow-NY and 43North.
Empire State Development Board Chairman Kevin Law said, “Under Governor Hochul’s leadership, Long Island is positioned to be at the forefront of the competitive life sciences industry. The Long Island Investment Fund’s business competition will attract and grow life sciences organizations—adding to an already impressive list of rooted on Long Island—and will be key to building the region’s commercial life science ecosystem.”
The life sciences industry has become a powerful engine of growth for New York State, turning key regions of the state into dynamic life science centers that include organizations and institutions dedicated to various phases of research, development, transfer of technology and commercialization. Long Island is home to established life sciences companies and institutions that have been crucial to the advancement of unlocking innovative technology and modern therapeutics, such as the Feinstein Institutes for Medical Research, Cold Spring Harbor Laboratory, Brookhaven National Labs, and the University Stonybrook. 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, including innovation, biotechnology, life sciences and biomedical investments.
Empire State Development President, CEO and Commissioner Hope Knight said, “New York State is a leader in life science innovation in part because of the state’s strategic investments to grow a stronger life science ecosystem on Long Island and statewide. Life science business competition The Long Island Investment Fund will not only catalyze economic growth in the region, but also advance our ability to research and develop innovative technologies that will strengthen New York’s leadership in the global innovation economy.”
LIREDC co-chairs Linda Armyn, Director of Strategy and Marketing at Bethpage Federal Credit Union, and Dr. John Nader, President of Farmingdale State College said, “The Long Island Life Sciences Investment Fund’s competition will further enhance the region as an established hub for the industry and ensure that Long Island is the place where groundbreaking and innovative life sciences companies start and operate. We are grateful for Governor Hochul’s leadership and her support of Long Island’s growing life sciences industry.”
State Senator Anna M. Kaplan said, “The Long Island Investment Fund is a big deal for Long Island, and I was proud to fight for it to be included in this year’s state budget. We’ve seen how successful business accelerators across the state have been in fostering of innovation and educating young small businesses on the edge The Long Island Life Sciences Business Competition will leverage our region’s intellectual capital and leverage the incredible resources at our local research institutions to drive competition, grow our economy and to keep our region competitive in the growing life sciences industry.”
State Senator Kevin Thomas said, “The launch of this business competition is an exciting way to generate significant investment in Long Island’s science and technology hubs. These distributions from the Long Island Investment Fund will undoubtedly boost our local economies by attracting thriving companies and industries to promote job growth and community investment in our region. I thank Governor Hochul for her commitment to transformative economic growth on Long Island and look forward to supporting these ongoing initiatives as they come to fruition and deliver meaningful results for the residents of Long Island.”