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 life science 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 experts in the life sciences industry 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, supercharging the region into a powerful commercial life sciences hub."
Included as part of Governor Hochul's historic FY 2023 Enacted Budget, the Long Island Investment Fund will focus on projects that will support and grow the regional economy, enhance communities, and have lasting economic impacts across Long Island. 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 business competition will be designed in the mold of and to 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 roster rooted on Long Island — and will be key to elevating the region's commercial life science ecosystem."
The life sciences industry has become a powerful growth engine for New York State, turning key regions of the state into dynamic life science hubs that includes organizations and institutions dedicated to various stages of research, development, technology transfer and commercialization. Long Island is home to established life sciences companies and institutions that have been crucial to the progress of unlocking 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. 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 sciences innovation in part due to the State's strategic investments to grow a stronger life science ecosystem on Long Island and across the State. The Long Island Investment Fund's life science business competition will not only catalyze economic growth in the region, but it will also advance our ability to research and develop innovative technology that will strengthen New York's leadership in the global innovation economy."
LIREDC Co-Chairs Linda Armyn, Chief Strategy & Marketing Officer at Bethpage Federal Credit Union, and Dr. John Nader, President of Farmingdale State College said, "The Long Island Investment Fund's life sciences competition will further enhance the region as an established hub for the industry and ensure that Long Island is where groundbreaking and innovative life sciences companies start and operate. We are grateful for Governor Hochul's leadership and her support of the growing life sciences industry on Long Island."
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 driving innovation and nurturing new small businesses on the cutting edge. The Long Island life sciences business competition will harness our region's intellectual capital and leverage the tremendous resources at our local research institutions to spur competition, grow our economy, and 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 substantial investments into Long Island's science and technology hubs. These allocations from the Long Island Investment Fund will undoubtedly drive our local economies by attracting thriving companies and industries to promote job growth and community investments in our region. I thank Governor Hochul for her commitment to transformative economic growth on Long Island, and I look forward to supporting these ongoing initiatives as they come to fruition and deliver meaningful results to Long Islanders."