Part of the investment will include a new life science launch competition, modeled on the highly successful 43North innovation competition, will further support the growth of this sector. New York State will host a quarterly, 13-week regional life science launch competition in which firms in the midst of conducting groundbreaking research and developing emerging technologies would compete for $25,000 grant funding. All the quarterly winners will then compete for one of five $100,000 top business launch prizes at a statewide annual Life Sciences Summit, which will gather top researchers, commercial firms venture funders and policymakers together to strategize next steps for continued aggressive growth of the life science sector.
Developing Research and Entrepreneurial Talent Necessary for Launching and Growing Life Science Businesses
Access to talent and management expertise continues to be needed in order for early stage life science firms to succeed. In order to grow this talent base in New York, Governor Cuomo is establishing programs and partnerships that will attract top flight researchers to work with our academic centers and medical schools on the latest life science innovations. These include:
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· A Life Sciences Internship Program will leverage New York’s network of public/private academic centers to facilitate the placement of students--or recent graduates--enrolled in a life science field of study at a college or university located in New York into paid internships with a partnering life science company.
· A life sciences researcher recruitment program that will work with our academic medical colleges and other academic programs to attract top-flight life sciences researchers.
· Entrepreneurial Advisory Panels in Life Sciences that will match entrepreneurs and innovators with a panel of mentors that will help guide them in their business decisions, increasing the rate of success and growth of new firms in New York State.
· Partnership with the Empire Clinical Research Investigator Program administered by the New York State Department of Health, which provides over $8.5 million annually to teaching hospitals that train physicians as clinical researchers in order to advance life sciences research in New York to attract and retain the best life sciences researchers.
The Governor’s multi-pronged approach will be guided by a new Life Sciences Advisory Board, comprised of leaders in multiple life science disciplines, both from industry and academia. The membership of the board will be announced with the Governor’s 2017 State of the State address.
