The Innovation Economy
Advanced technology is the fastest growing sector of the New York City economy, but still represents only 5 percent of its economic output. The Partnership champions private and public sector initiatives that reinforce the city’s strengths as a hub for innovation and a magnet for global talent.
The Partnership supports sustained initiatives that promote growth in the innovation sector:
The Partnership Innovation Council
New York City and state present particularly formidable legal, regulatory and political obstacles to companies that are introducing new business models and disruptive technologies. The Partnership has launched an Innovation Council that will work to identify and resolve legal and regulatory challenges that threaten the continued growth of the tech sector.
The Partnership Fund
The Partnership Fund for New York City is continuing its successful efforts to promote the growth of local industry clusters around fintech, health IT and life sciences and launch new efforts around smart cities technology and advanced manufacturing.
New York City tech employment is up 47 percent since 2009, compared to 15 percent growth for overall employment.
ACHIEVING DIVERSE ECONOMIC GROWTH
The Partnership Fund has created programs and invested in companies that help diversify and accelerate New York City’s economy. Here are some examples of work being done:
- Accelerating technology-based entrepreneurship
- FinTech Innovation Lab, Digital Health Accelerator
- Investing in promising innovations
- New Lab, Celmatix, trueEX
- Encouraging commercialization of research and the growth of life science companies
- The Partnership Fund created a $15 million loan program to encourage bioscience companies to move to The Alexandria Center, the city’s first commercial science park.