New York City Makes a Push to Become a Life Sciences Hotspot
New York City took a step toward its goal of becoming a life sciences hub with a $5 million grant from the mayor’s office to BioLabs@NYULangone, a biotech incubator in Manhattan formed from a collaboration between BioLabs and New York University’s Langone Medical Center. The $5 million grant is part of the first tranche of funding from Mayor Bill Blasio’s LifeSci NYC program, a $500 million initiative to increase the number of life sciences startups in NYC.
The LifeSci NYC program, announced last December, describes itself as ten strategic initiatives designed to spur 16,000 new good-paying jobs and establish New York City as a leader in life sciences research and innovation. According to a press release from the NYC’s Mayor’s office, the $5 million grant to BioLabs@NYULangone will fund a 50,000 square foot incubator workspace that will produce over 1,000 new jobs over the coming decade, while the LifeSci NYC program could spur over 100,000 new jobs over the same time period.
Mayor Bill Blasio introduced the grant by stating that:
With this grant we are investing in New York’s emerging Life Science economy, one that benefits New York workers and encourages collaboration between our great research institutions, innovators and startup businesses. When it comes to science and technology, we will leverage our competitive edge and spur 100,000 good-paying jobs over the next decade – all to make our city more affordable for all.
The incubator will be designed to house 35 startup companies seeking to convert research discoveries into new life sciences businesses producing additional NYC jobs.
The NYC life sciences sector has been described as having 16 percent job growth since 2009, one of the sectors with the highest job growth in the city. With the active involvement of the LifeSci NYC program, it appears that the life sciences industry is likely to continue its growth in New York City over the next decade.
