Governor Kathy Hochul in the present day introduced two Requests for Functions as a part of the $350 million Lengthy Island Funding Fund. Empire State Improvement will subject one RFA for the creation of a Life Science Accelerator Program and one for the creation of Workforce Improvement Coaching Facilities. These Lengthy Island Funding Fund RFAs current a chance to supercharge the rising life sciences ecosystem within the area and construct on Governor Hochul’s imaginative and prescient of supporting regional workforce improvement plans that gives in-demand abilities and direct job placement.
“My administration continues its dedication to supporting the groundbreaking innovation and workforce improvement that retains New York State on the leading edge by its many regional strengths, together with Lengthy Island’s life sciences management,” Governor Hochul mentioned. “The Lengthy Island Funding Fund will develop alternative by accelerating improvement of early-stage corporations that can remodel the realm’s trade panorama and concentrating on workforce coaching to fulfill the wants of high-growth employers. By means of these partnerships, we’re serving to to fill essential roles by making ready New York job seekers for careers of the long run.”
Included as a part of Governor Hochul’s FY 2023 Enacted Finances, the Lengthy Island Funding Fund has three parts: $250 million to assist transformative tasks, $50 million to assist an accelerator program with a enterprise competitors, and $50 million to assist workforce improvement. Up to now, greater than $55 million out of $250 million has been allotted on tasks that can assist and develop the regional financial system, improve communities, and have optimistic long-term impacts throughout the area. The 2 $50 million RFAs being introduced in the present day, sponsoring the event of an accelerator program and supporting workforce improvement, reveal an necessary step ahead in delivering on Governor Hochul’s imaginative and prescient to strengthen the area’s future by fostering the expansion of commercialization in Lengthy Island’s life science analysis hall and construct the foundational infrastructure wanted to assist the area’s proficient workforce and desires of regional industries.
Empire State Improvement President, CEO and Commissioner Hope Knight mentioned, “With in the present day’s announcement, New York is laying the groundwork to construct upon State investments to Lengthy Island’s life science ecosystem and regional workforce wants. Below Governor Hochul’s management, the Lengthy Island Funding Fund will put together the area’s workforce of tomorrow and supercharge Lengthy Island as a hub of know-how and innovation.”
Empire State Improvement Board Chairman Kevin Regulation mentioned, “Lengthy Island is the place innovation and alternative intersect. By means of Lengthy Island Funding Fund RFAs introduced in the present day, we’re going to remodel the area’s life science hall and create alternatives for a greater future for residents and companies for generations to come back.”
Lengthy Island Regional Financial Improvement Council Co-Chair Linda Armyn, Chief Technique and Advertising and marketing Officer at Bethpage Federal Credit score Union mentioned, “Strategic investments in our workforce and innovation financial system will drive Lengthy Island’s future ahead. The Lengthy Island Funding Fund RFAs will lay the foundations to develop workforce alternatives for Lengthy Islanders whereas leveraging the area’s mental capital that can maintain our area aggressive within the rising life sciences trade.”
Life Sciences Accelerator Program ($50 Million)
Launched in August 2022Â with a gathering convened by ESD to assemble trade enter for the RFA course of, the $50 million Life Sciences Accelerator Program will assist and foster promising early-stage life science corporations that can entice expertise, innovators, and life science corporations to Lengthy Island. Below this RFA, ESD will choose one applicant by a aggressive course of to create an accelerator program that can assist scalable corporations creating life science corporations with long run development potential. This accelerator program, designed to enhance different New York State accelerator applications, will culminate with a enterprise competitors the place corporations current their product to a panel of professional judges to safe prize cash.
Presently, ESD funds eight accelerator applications throughout New York State: Genius NY, 43North, HUSTLE, 76 West, Luminate, New York State Enterprise Plan Competitors, Commercialization Competitors, and Develop NY, which assist entrepreneurs acquire the abilities they should entry capital, speed up innovation, make essential trade connections, and develop their corporations in New York State. These applications provide complete assist to early-stage corporations which might be contributing technological innovation, financial development, and jobs in particular areas of New York and in some instances all the state.
The Life Sciences Accelerator RFA will start accepting purposes from Wednesday, December 28, 2022 till March 31, 2023 at 5:00 PM EST. candidates can apply right here.
Workforce Improvement Coaching Facilities ($50 Million)
This $50 million allocation will create new financial alternatives for unemployed, underemployed and underrepresented employees, whereas concurrently assembly the labor wants of the state’s highest-growth trade sectors. Below this RFA, ESD will choose a number of candidates to construct, equip and function facilities to coach or retrain in addition to place people from Lengthy Island’s workforce to fulfill the wants and alternatives of regional industries.
ESD has recognized a number of industries focused for development, together with Biotech and Life Sciences, Cleantech and Renewable Power, Craft Beverage, Tourism, Superior Manufacturing, Agribusiness. Tasks with a deal with coaching within the recognized industries and that result in jobs inside these industries will probably be prioritized with desire given to coaching applications that assist socially and economically deprived teams. To be able to be eligible to obtain a grant award, the applicant should agree to fulfill the next cost-match requirement: the LIIF grant will cowl not more than 50% for the full venture price.
The Workforce Improvement Coaching Heart RFA will settle for purposes from Wednesday, December 28, 2022 till March 31, 2023 at 5:00 PM EST. candidates can apply right here.
