PRESS RELEASE
PARTNERSHIP FOR NEW YORK CITY
New York, New York
October 27, 2011
press release (PDF 215K)The New York City Council and the Partnership for New York City Showcase
Bioscience Advancements that will Spur Economic Development
City Council Speaker Christine Quinn addresses the NYC Emerging Technologies Summit on the importance of bioscience to future economic growth
Tomorrow, twenty of New York City’s most promising scientists will present their work on new bioscience and health care products to potential investors and strategic partners from the city’s business community at a program organized by NYC Tech Connect, a joint venture of the New York City Council, the Partnership for New York City, and the New York City Investment Fund.
These connections between business and science will take place at the third NYC Emerging Technologies Summit. City Council Speaker Christine Quinn will address the summit on the importance of bioscience to diversifying the city’s economy. The New York City Economic Development Corporation, Alexandria Real Estate Equities and Merck & Co., Inc. are co-sponsors.
New York City is home to more top academic medical and research institutions than any other city in the country, making it the logical place for the expansion of the nation’s bioscience industry. For too long, local discoveries were exported, to be manufactured and turned into businesses in other states. That is beginning to change. NYC Tech Connect is working to help scientists stay in the city and generate jobs and businesses within the five boroughs.
The NYC Emerging Technologies Summit gives scientists from ten universities and research institutions the opportunity to present their technologies to an auditorium of angel investors, venture capitalists, and corporate investors. All of the innovations being presented are designed to improve diagnosis or treatment of medical problems.
Examples include a breakthrough in personalized bone grafts and new treatments to fight cancer. Two of the presenters are 2011 recipients of the New York City Investment Fund’s BioAccelerate NYC prize, which awards scientists $250,000 to commercialize innovations in bioscience.
Participating research institutions include: Columbia; CUNY, Albert Einstein College of Medicine; Hospital for Special Surgery; Memorial Sloan-Kettering Cancer Center; Mount Sinai School of Medicine; New York University; The Rockefeller University; SUNY – Stony Brook; and Weill Cornell Medical College, which is hosting the event.
The institutions involved have received a combined $2.2 billion in annual research funding; produce 848 inventions annually; and gross $484 million in annual licensing revenue.
"There is no better place than New York City for the bioscience industry to thrive and grow," said Council Speaker Christine C. Quinn. "The NYC Emerging Technologies Summit will showcase some of the city's most promising research and demonstrates how New York City's biotech industry led by the strength of our great research institutions can help grow the city's economy and create new jobs for thousands of New Yorkers."
"We are proud to support the NYC Emerging Technologies Summit, which highlights the world-class research emerging from New York City's academic and clinical labs," said Kyle Kimball, NYCEDC Chief Financial Officer. "By connecting investors with these incredible innovators, this summit will not only contribute to the development of life-saving technologies, but also lead to the creation of new businesses and jobs here in New York City."
“Bioscience represents one of the most important growth sectors in the city’s economy,” said Kathryn Wylde, President & CEO of the Partnership for New York City. “It is crucial that we promote New York City as a place where scientists can not only conduct research, but start and build a bioscience company.”
“New York City-based scientists are working to revolutionize the healthcare industry,” said Maria Gotsch, President & CEO of the New York City Investment Fund. “This one-stop experience allows the venture community to gain access to the scientists that are looking for funding to turn their innovations into businesses that will thrive here instead of someplace else.
“This level of collaboration amongst these world-class institutions is critical to developing the hard sciences entrepreneurial ecosystem in New York City that will result in more bioscience startups growing and thriving here,“ said Shari Coulter Ford, Executive Director of NYC Tech Connect.
“We welcome and support the bioscience sector in New York City,” said Council Member Fernando Cabrera. “The NYC Emerging Technologies Summit is an incredible opportunity for researchers, scientists and corporate investors to come together and bring new ideas into the marketplace.”
“Keeping up with the latest in emerging technologies will help keep New York City on the forefront of innovation,” said Council Member Karen Koslowitz. “The ideas being presented at today’s summit will serve to diversify our city’s economy and help ensure the continued economic growth of our city.”
With a mission to maintain the city’s position as a global center of commerce, culture and innovation, the Partnership for New York City ( www.pfnyc.org) is an organization of the leaders of New York City’s top corporate, investment, and entrepreneurial firms. They work in partnership with city and state government officials, labor groups, and the nonprofit sector to promote the interest of the city and its neighborhoods. The Partnership carries out research, policy formulation, and issue advocacy at the city, state, and federal levels, leveraging the resources and expertise of its CEO and Corporate partners. Through its affiliate, the New York City Investment Fund, the Partnership directly invests in economic development projects in all five boroughs of the city.
The New York City Investment Fund (www.nycif.org) is the vision of Henry R. Kravis, founding partner of Kohlberg Kravis Roberts & Co., who serves as its Founding Chairman. The Investment Fund has raised over $110 million to mobilize the city's world financial and business leaders to help build a stronger and more diversified local economy. It has built a network of top experts from the investment and corporate communities who help identify and support New York City's most promising entrepreneurs in both the for-profit and not-for-profit sectors. The Fund is governed by a Board of Directors co-chaired by Russell L. Carson, General Partner of Welsh, Carson, Anderson & Stowe; and Richard M. Cashin, Managing Partner of One Equity Partners.
NYC Tech Connect launched in January 2011 as a public-private partnership funded jointly by the New York City Investment Fund, the Partnership for New York City and the New York City Council. The mission is to foster the development of a stronger entrepreneurial ecosystem in NYC in the hard sciences. Through collaboration with universities and other strategic partners, NYC Tech Connect provides programs, expertise and resources designed to accelerate the development of entrepreneurs and their resulting technology startups.