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.
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.
Venture capital investment in the city is up 10 times since 2014
Partnership Fund portfolio tech companies have raised $2.3B and created over 3,500 jobs
Our Work in Innovation
ADVOCACY AND PARTNERSHIPS
Transit Innovation Partnership
The Transit Innovation Partnership (TIP) is a public-private initiative launched by the Metropolitan Transportation Authority and the Partnership for New York City with a mission to make New York City the global leader in smart public transit. An advisory board of leaders from academia, business, civic organizations, and government brings together diverse stakeholders to design public-private programs that bring technology and process innovation to the transit system.Learn more
Partnership Fund for New York City
The Partnership Fund, the Partnership’s economic development arm, invests in nonprofit and for-profit companies that spark innovation across the five boroughs. With over $170 million invested, the Fund continues to identify and promote the growth of local industry clusters with strategic focus in life sciences, fintech and advanced manufacturing.Learn more
FinTech Innovation Lab New York
Founded in 2010 by Accenture and the Partnership Fund for New York City, the FinTech Innovation Lab provides early- and growth-stage fintech and insurtech companies with access to the world’s leading financial institutions. The Lab was established to help solidify New York City as a global leader in fintech and leverage the strength of the city’s financial sector expertise to create new tech jobs.Learn more
Leadership 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.
RELATED RESEARCHView all
Jobs and investment in New York’s life sciences industry reached record highs during 2020 and will contribute meaningfully to the city’s economic recovery from COVID-19.
April 2021Read report