Governor Cuomo Announces Collaborative Graduate-Level Grant Program to Develop Life Science Entrepreneurs

Statement

Governor Andrew M. Cuomo today announced a new grant program to develop life science entrepreneurial talent in New York State. This competitive grant will award up to $550,000 to qualified New York graduate schools of business, working in collaboration with medical schools or graduate programs in the life sciences, biomedical engineering or bioinformatics, to plan, develop and implement a new MBA concentration or certificate in life science entrepreneurship. This program is part of Governor Cuomo's $620 million New York State Life Science Initiative, which is designed to spur the growth of a world-class commercial life science sector in New York State.

"New York's rich research pipeline and life science industry offer enormous potential to expand our state's economy," Governor Cuomo said. "By collaborating to create an entrepreneurial management training program, we are preparing life science leaders in our state for tomorrow while developing and retaining talent in this burgeoning industry."

"We are committed to investing in programs to grow talent and provide opportunities for entrepreneurs," said Lieutenant Governor Kathy Hochul. "This grant program will provide graduate schools with funding to develop concentrations and pathways in the life sciences for individuals to gain the skills they need to advance in the industry. The effort is part of our overall investment in life sciences to expand businesses, support research, and strengthen the industry to create good jobs and grow the economy."

This program is an important component in the initiative's goal of developing entrepreneurs with the mix of skills and expertise needed to successfully guide innovative life science startups along the path to commercial viability.

Building a pool of life science entrepreneurs in New York is the goal of this grant program, which includes two stages of funding:
-Stage 1 ($50,000 funding commitment) will fund development of the institution's detailed plan for, and commitment to, the collaborative business education program for life science entrepreneurs.
-Stage 2 (up to $500,000 funding commitment) will provide one-time support of implementation for Stage 1 plans that are favorably reviewed.

Program Requirements

Programs proposed by qualified public or private graduate schools of business must:
-Include an educational program that results in either an MBA concentration or graduate-level certificate in life science entrepreneurship;
-Feature a curriculum focused on the business of technological innovation in the life science industry;
-Identify resources within universities to support talented students as they consider career options;
-Establish substantive institutional partnerships, linking graduate schools of business with medical schools, life science-based graduate programs, biomedical engineering programs, and bioinformatics and data science programs; and
-Establish partnerships between graduate schools and the business community, engaging investors, startups and seasoned life science leaders to participate in curriculum development and implementation.

More information about program expectations and an application form can be found on the ESD website.

In addition to building a pipeline of life science talent that will help meet the industry's demand for business executives in New York, the program is also intended to promote a culture of entrepreneurship within life science-focused academia and encourage college and university-based scientists to direct their research toward commercial applications. The program also aims to encourage talented students to consider careers outside of academia that build on their research backgrounds.

Empire State Development President, CEO and Commissioner Howard Zemsky said, "The growth of the state's life sciences industry depends on a skilled workforce, and this new program will offer the necessary training and opportunities--right here in New York--by offering business schools the added resources and impetus to provide the specialized education needed to build the next generation of life science leaders."

Amy Schulman, a member of Governor Cuomo's Life Science Advisory Board, managing partner at Polaris Partners, and founding and managing partner at LS Polaris Innovation Fund said, "There is a growing pool of research scientists ready to extend their expertise into the business realm and become leaders in New York's growing life science ecosystem. Equipping these researchers with entrepreneurial business skills will be essential to growing the state's life science economy."

Senator Toby Ann Stavisky, Chair of the Senate Committee on Higher Education said, "This grant program to build a life science business program in New York State will allow the bright young people in our state to receive both a world-class education and training in business leadership skills. I believe that a dynamic and collaborative public-private partnership is essential to the growth of higher education in New York."

Assembly Member Deborah J. Glick said, "Around the world, New York is recognized for its top-notch higher education institutions and our commitment to life sciences. The New York Life Science Entrepreneur Development Grant Program will ensure our schools are preparing the next generation of life sciences entrepreneurs to maintain New York's preeminent position."

New York State's $620 Million Life Science Initiative

In the FY 2018 budget, New York State enacted a $620 million initiative to spur the growth of a world-class life science research cluster in New York, as well as expand the state's ability to commercialize this research and grow the economy. This multi-faceted initiative includes $100 million to expand the Excelsior Jobs Program Tax Credit across the life sciences industry, $100 million for a life sciences research and development refundable tax credit program and $320 million in other forms of investment. This includes state capital grants to support the development of wet-lab and innovation space, operating support and investment capital for early stage life science companies that leverages an additional match of at least $100 million from the private sector.

The Life Science sector encompasses the fields of biotechnology, pharmaceuticals, biomedical technologies and life systems technologies and includes organizations and institutions that devote the majority of their efforts to the various stages of research, development, technology transfer and commercialization. Every day, firms in this sector are developing new medical and pharmaceutical breakthroughs that have the potential to save lives, whether through new therapies or the early detection of diseases like autism and cancer. These firms are also making significant advancements in the realms of agriculture and environmental biotechnologies, helping create a cleaner and more sustainable future.

By strengthening incentives, investing in the facilities, and improving access to talent and expertise, New York will significantly increase its share of industry-funded research and development, support the commercialization of existing academic research, and usher in the next generation of advanced technologies. Beyond the advancements in science, this initiative will position New York as a magnet for emerging manufacturing- based enterprises, bolstering regional economies and creating thousands of jobs.

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