The Innovation Economy
Advanced technology is the fastest growing sector of the New York City economy, but still represents only 5% 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 Fund has created programs and invested in companies that help diversify and accelerate New York City’s economy and is continuing its successful efforts to promote the growth of local industry clusters around fintech, life sciences and advanced manufacturing.
Transit Innovation Partnership
In October 2018, the Partnership and the Metropolitan Transportation Authority launched the Transit Innovation Partnership, a public-private initiative with the mission to make New York the global leader in public transit. The inaugural initiative is the Transit Tech Lab, the nation’s first public transit pilot accelerator.
More than twenty years ago, the Partnership for New York City identified life sciences as an unexploited opportunity for the city to become a commercial hub for one of the world’s fastest growing industries. New York had all the assets for a thriving life sciences industry: world-class academic research centers, cutting edge biomedical research, Nobel prize winning scientists and ranks third in NIH funding. The Partnership Fund, under the leadership of Henry Kravis and Russ Carson, set out on a long path to work with the city’s medical research institutions and local government to create a life sciences industry cluster.
We have been most active in developing the infrastructure to accommodate companies being created by New York scientists, addressing the funding gap by establishing the BioAccelerate Program to provide proof-of-concept funding to researchers at the city’s universities, and making the case for a $1.1 billion commitment from the city and state for the development of New York’s life sciences industry cluster.
FinTech Innovation Lab
Founded in 2010 by Accenture and the Partnership Fund for New York City, the FinTech Innovation Lab New York provides early- and growth-stage fintech companies with access to the world’s leading financial institutions. The Lab was established to help make New York a leader in fintech and grow technology jobs by leveraging the concentration of large financial services institutions and deep domain expertise that exists in New York. Since the New York Lab’s inception, its alumni companies have raised more than $790 million post program and completed over 200 pilot programs, and five of the companies have been acquired.