Governor Hochul Launches Life Sciences Business Competition as Part of $350 Million Long Island Investment Fund

August 17, 2022

Originally published in on August 17, 2022.

$50 Million To Support Regional Competition and Accelerator Program Focused on Life Sciences and Healthcare Technology

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.

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."

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