New York City invests $20M into biotech 'innovation space' at the Brooklyn Navy Yard
New York City is investing $20 million in biotech this year in the form of a 50,000-square-foot “innovation space” at the Brooklyn Navy Yard, complete with offices, research laboratories and events and programming space to grow biotech startups and companies.
Mayor Eric Adams said during his State of The City Address last Thursday that there will be an “emphasis” on making more opportunities for women and people of color to further diversify the industry. The City first reported the news.
“We will start by opening a first-in-the-nation incubator at the Brooklyn Navy Yard, where biotech startups will transform the way we eat, build, and protect our environment,” Adams said during his State of the City address. “And as we work to create more jobs, we will also help New Yorkers train for the jobs that are in high demand right now – jobs in tech, renewable energy, and nursing.”
Materials startups hoping to get a leg up in New York City will also get a boost. Adams said the New York City Economic Development Corporation would release a request for expressions of interest in the search for an operator to open a separate space with a lab and a business accelerator program focused solely on early-stage materials science companies.
Potential leaders of the hub will be asked to explain how they will both partner with already-existing companies and build a diverse workforce, according to a draft proposal reviewed by The City.
The $20 million is just a small piece of the $1 billion that former mayor Bill de Blasio committed to the LifeSci NYC initiative launched in June of 2021, The City reported. Other partners in the project include the city’s Economic Development Corp, Empire State Development, the Brooklyn Navy Yard Development Corporation, the Partnership Fund for New York City and Newlab.