Biotech start ups thrive in places like Kendall Square or the San Francisco Bay Area because of the massive amount of infrastructure and talents focused in one little spot. However a new hub of biotechnology may be opening up soon in New York thanks to a massive government and private infusion of money to create jobs, labs and support facilities for young new startups to launch. Over the last two days, the state and city of New York have set aside 1.15 billion dollars for the development of the the life science industry in the state.
The goals set by the state are high. They plan to create over 9,000 life science positions and 7,000 jobs in field associate with life science as well as a slew of construction and investment positions. In order to achieve this they are setting aside and building new incubators and shared spaces to help make New York a fantastic place for start ups to spin up to full sized companies.
New york has been a hub of financial start ups and activity for years but now wants to get into the biotech industry as well. “We have a real competitive advantage [in life sciences], but it’s one that we’ve underplayed our hand on historically,” De Blasio said at Tuesday’s press conference. “It’s time to change that.”