$350M To Be Allocated For Long Island Biz Competition: Gov. Hochul

FARMINGDALE, NY — Gov. Kathy Hochul launched a Life Sciences Business Competition Wednesday as part of a $350 million investment for Long Island.

To support the regional competition and accelerator program, which is geared to healthcare technology and life sciences, Hochul’s Office is allocating $50 million to the initiative.

The Empire State Development, the economic development wing of New York State wants to support the Life Science industry through an upcoming request for proposals, according to Hochul’s Office. The aim is to attract and grow companies in the region.

"New York is proud to lead the way with strategic investments that will create transformative opportunities on Long Island and across the state," said in an announcement. "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 fiscal year 2023 Enacted Budget, the Long Island Investment Fund will focus on projects that will support and grow the regional economy and enhance communities. In addition to the life sciences business competition, the Long Island Fund will allocate $250 million for transformative regional development projects and $50 million for the construction and operation of a workforce development center, Hochul’s Office said in a press release.

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, Hochul’s Office added.

State Sen. Kevin Thomas, who represents part of Farmingdale, in a statement 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 … and I look forward to supporting these ongoing initiatives as they come to fruition and deliver meaningful results to Long Islanders."

LIREDC co-Chairs Linda Armyn, chief strategy and marketing officer at Bethpage Federal Credit Union, and Dr. John Nader, president of Farmingdale State College, are excited about the competition.

"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,” Armyn and Nader said in a joint statement.

Kevin Law, the ESD Board chairman, said the investment will position Long Island 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,” Law added in a statement.