Innovation

We push for New York to be at the forefront of the innovation economy, tapping business expertise to determine how the city can be a global leader.

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.

10x

Venture capital investment in the city is up 10 times since 2014

$2.3B

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. 

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INVESTMENTS

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.

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PROGRAMS

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.

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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 RESEARCH

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New York’s Next Big Industry: Commercial Life Sciences

Targeted public and private investment can double the jobs and economic output of the state’s life sciences industry over the next decade.

June 2016

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New York’s Innovation Economy

Today, New York City is bustling with tech startups, supported by a host of investors, incubators and accelerators as well as corporate, government and academic initiatives designed to nurture and promote the sector.

June 2016

Read report

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RELATED NEWS

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New York’s Booming VC Sector Is Banking on ‘Human-Centric’ Startups

October 21, 2019 Crain's New York

Microsoft, Mastercard Fund Initiative to Help Thwart Hackers

September 25, 2019 Bloomberg

Morgan Stanley's Multicultural Innovation Lab Seizes Opportunity

September 19, 2018 Business Insider