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Governor Ho-Chol Launches Life Sciences Business Competition As Part Of $350 Million Long Island Investment Fund

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Governor Kathy Hochul today launched the competition for a life sciences business that is part of the $350 million Long Island Investment Fund. The request for proposals aims to attract and grow companies in the Life sciences, health technology, and medical device sectors, with Long’s $50 million investment in Life Sciences in his Island Investment Fund for his business competition. This is the first step. Empire State Development has convened a meeting of life sciences industry professionals to gather initial information on the RFP competition process.

“New York is proud to lead the way in strategic investments that create transformative opportunities for Long Island and the state as a whole.” Governor Hochul said. “The Long Island Investment Fund’s life sciences business competition will drive economic growth and innovation, propelling the region into a strong commercial life sciences hub.”

Included as part of Governor Ho-Chol’s historic 2023 enactment budget, the Long Island Investment Fund supports projects that support and grow local economies, strengthen communities, and have lasting economic impact across Long Island. focus on In addition to the life sciences business competition, the fund will allocate $250 million for innovative community development projects and $50 million for the construction and operation of the Workforce Development Center.

The competition will work with Long Island universities and research institutes to implement business accelerators to support life sciences start-ups with the potential to create lasting, high-paying jobs and commercialize promising technologies. increase. The Long Island Business Competition is designed to build on and complement other successful New York business competition models such as Grow-NY and 43North.

Empire State Development Commission Chairman Kevin Law said: “Under Governor Ho-Chol’s leadership, Long Island is positioned to be at the forefront of the highly competitive life sciences industry. It adds to our impressive roster and will be key to improving the commercial life sciences ecosystem in the region.”

The life sciences industry has become a powerful growth engine in New York State, transforming key regions of the state into dynamic life sciences hubs containing organizations and institutions dedicated to various stages of research, development, technology transfer, and commercialization. increase. Long Island is home to established life sciences companies and institutions that are key to unlocking innovative technologies and modern therapies, including the Feinstein Institute for Medical Research, Cold Spring Harbor Laboratory, Brookhaven National Laboratory, and Stony Brook University. there is an institution. His $50 million investment in life sciences from the Long Island Investment Fund positions Long Island and New York State to lead cutting-edge sectors such as innovation, biotechnology, life sciences and biomedical investment. increase.

Empire State Development President, CEO and Commissioner Hope Knight said: “New York State is a leader in life sciences innovation thanks to the state’s strategic investments to grow a stronger life sciences ecosystem on Long Island and across the state. It will also improve our ability to research and develop innovative technologies that will strengthen New York’s leadership not only in the region, but in the global innovation economy.”

Linda Armyn, Chief Strategy and Marketing Officer, Bethpage Federal Credit Union, Co-Chair of LIREDC, and Dr. John Nader, President of Farmingdale State College, said: “The Long Island Investment Fund’s life sciences competition further strengthens the region as an established hub for the industry and highlights Long Island as the place to start and operate ground-breaking and innovative life sciences companies. We are grateful to Governor Hochul for her 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 the state budget this year. , has seen success in nurturing new cutting-edge small businesses. Long Island’s life sciences business competition leverages our region’s intellectual capital and the vast amount of local research institutes. We will leverage our resources to foster competition, grow our economy, and maintain our region’s competitive edge 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 hub. These allocations from the Long Island Investment Fund will drive increased employment and investment in our communities.” I would like to thank Governor Hochul for his commitment to Long Island’s transformational economic growth and I would like to thank Governor Hochul for these efforts. We look forward to seeing our continued initiatives come to fruition and bring meaningful results to the people of Long Island.”