Long known as the financial capital of the country, if not the world, New York City is now aiming to be something else: a biotech start-up hub.
With real estate expensive and funding to bring companies out of universities wanting, Maria Gotsch, president and chief executive of the New York City Investment Fund, said her group has been working to create a more welcoming environment for start-ups in the city. “We’re looking to stack the deck in New York City’s favor,” she said.
The NYCIF, a privately funded evergreen fund founded by private equity giant Henry Kravis, has pledged $5 million for the Translational Research Fund as part of the larger New York City Bioscience Initiative, spearheaded by the city, to spur life science development in the city. A city-contracted nonprofit, the New York City Economic Development Corp., will manage marketing and organizational support for the fund.
WSJ: Rolling Out The Red Carpet For Big Apple’s Bioscience Start-Ups