Growing Innovation Sectors, Focusing on Equity

NYCEDC is committed to the success of industries critical to our city’s current and future economy.
A scientist in a lab coat and blue gloves looks through a microscope in a laboratory. Shelves with equipment and another person working are visible in the background. The setting is bright and organized.

The Innovation Industries team at NYCEDC works to ensure that more good jobs across priority industries are available and accessible to all New Yorkers, and that diverse entrepreneurs and minority-owned small businesses are thriving. We achieve this through three principal activities:

  1. Directly investing in innovation spaces and programs
  2. Promoting diverse entrepreneurship & workforce development
  3. Spearheading thought leadership and industry engagement

Our focus on equity and innovation cuts across industries, but is central to three key sectors: life sciences, tech & creative, and the green economy.

Innovation Spaces and Programs

NYCEDC supports business growth and expansion through the development and tenanting of its real estate and capital projects portfolio. This includes 65 million square feet of space, 225 managed properties, and 170 projects across the city. Additionally, NYCEDC manages the activities and operations of several financial incentive programs that support a range of projects for accelerators, incubators, innovation studios, labs, and creative spaces. We achieve this by:

  • Financing the formation of business incubators, accelerators, production facilities, laboratories and work spaces
  • Adopting advanced technologies on city-owned assets
  • Attracting high growth industries with financial incentives
  • Clustering priority industries to forge strong linkages between industry, workers, and workforce services
  • Planning and building commercial, industrial, and mixed-use space
  • Investing in NYCEDC and City-owned assets, public realm improvements, and other local needs to create more complete places
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Diverse Entrepreneurship & Workforce

NYCEDC supports a variety of workforce development and training programs designed to support the city’s growth, foster innovation, and enhance job opportunities across our industry pillars. We achieve this through workforce development and entrepreneurship initiatives that focus on:

  • Industry-specific training: Working closely with employers and educational institutions to provide skills training in our areas such as technology, life sciences, and offshore wind
  • Startup Incubation and Networking Opportunities: Facilitating access to centralized training hubs, mentorship, and networking opportunities for early-stage startups and founders
  • Equity and Inclusion: Providing access to resources, mentorship, and support for diverse and underrepresented founders and small businesses
  • Innovation Challenges: Sponsoring funding for competitions and grants to support early-stage startups led by historically underrepresented groups
  • Workforce and Training Alignment: Ensuring that training and workforce development programs are aligned with the local business ecosystem and dynamic industry demands
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Thought Leadership and Industry Engagement

We work in our priority industries through ongoing thought leadership and industry engagement. Specifically, we achieve this by:

  • Releasing industry-focused vision documents, as well as economic research and impact analysis to support industry development/investment
  • Organizing/attracting conferences and connecting startups to incubators/supporters
  • Designing and funding programs to support industry development goals
  • Providing technical assistance for industry partners
  • Providing business development support for startups and high growth companies looking to relocate or grow in the city
  • Ongoing input and coordination on rulemaking and regulatory standards through our connections with City, State, and federal agencies/decision-makers
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