CHALLENGES
Advanced technology is the fastest growing sector of the New York City economy, but still represents only 8% of its economic output. Without targeted public and private investments to fund emerging companies in industries such as life sciences, fintech and advanced manufacturing, other places will outperform New York, attracting talent and investment away from the local economy.
OPPORTUNITIES
New York City has enormous assets that can be leveraged to build new industry clusters in high tech sectors, and the region is already home to the second largest tech sector in the U.S. by venture capital investment. The Partnership works to leverage the resources of the city’s biomedical research institutions, world-class universities, philanthropic foundations, financial institutions, and global corporations to ensure that the city is a global innovation hub for emerging industries.
$48.7B
record high venture capital investment in city’s startups in 2021
$2.3B
Partnership Fund portfolio tech companies have raised $2.3B and created over 3,500 jobs
Our Work in Innovation
INVESTMENTS
Partnership Fund for New York City
The Partnership Fund for New York City is the $130 million investment arm of the Partnership for New York City, dedicated to mobilizing private sector resources and expertise to advance New York City’s standing as a global center of economic opportunity, upward mobility, and innovation. The Fund invests in entrepreneurs and innovators in the for-profit and nonprofit sectors who contribute to building a more vibrant and inclusive New York City economy. As an “evergreen” fund, realized gains are continuously reinvested. A key focus of the Fund is the application of new technology that serves the public interest.
Learn moreADVOCACY AND PARTNERSHIPS
Innovation Programs
Our Innovation Labs are a cornerstone of the Partnership Fund’s “Technology in the Public Interest” strategy, which advances the application of new technologies to address urban challenges, including helping government agencies deliver services more effectively.
We establish Innovation Labs in critical sectors where transformative technology solutions can have the greatest impact on city infrastructure and public services and the New Yorkers who rely on them:
- The Transit Tech Lab launched in 2018 in partnership with the Metropolitan Transportation Authority (MTA) 2019, the program expanded to include NJ Transit, the NYC Department of Transportation, and the Port Authority of NY and NJ.
- The Environmental Tech Lab launched in 2023, in partnership with New York City’s Department of Environmental Protection, to address new challenges posed by climate change and the need to build a sustainable future for our water and wastewater systems.
- The Buildings Tech Lab launched in 2024, in collaboration with the New York City Department of Buildings, to accelerate innovation in construction, safety, and sustainability in New York City’s built environment.
The FinTech Innovation Lab is one of our early-generation Lab programs, launched in 2010 in partnership with Accenture. Each year, the Lab helps early- and growth-stage fintech companies refine and test their value propositions through mentorship and collaboration with over 40 top financial services and venture capital firms.
Learn moreLeadership in Action
The Partnership leads and supports many cross-sector industry groups focused on investing in new businesses, providing mentorship to entrepreneurs and innovation in healthcare.
- FINRA Fintech Industry Committee
- Hospital for Special Surgery Innovation Advisory Council
- Tamer Fund for Social Ventures Investment Board
- Jacobs Technion-Cornell Institute Runway Visiting Committee
- New York City Life Sciences Advisory Council
