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NY Teams Up with GE Ventures, Eli Lilly, Celgene to Create Biotech Startup Fund

Dec. 6, 2013
Partnership will deploy $100 million and seek to launch 15 to 20 breakthrough ventures by 2020.

To further bolster its efforts to position New York as the “preeminent capital for life sciences innovation in the world,” the New York Economic Development Corp. announced on Wednesday the formation of the City of New York Early-Stage Life Sciences Funding Initiative.

With the city putting in $50 million, it will partner with Celgene Corp., GE Ventures and Eli Lilly & Co.

By leveraging the initial capital with matching funds from venture capital partners, the co-investment partnership will deploy a minimum of $100 million and seek to launch 15 to 20 breakthrough ventures by 2020.

Celgene, GE Ventures, and Lilly will receive early visibility on ventures.   

The city is conducting a selection process to identify the anchor venture capital partners who will be selected based on a number of factors relating to the firms’ ability to build a generation of new companies around cutting-edge science, recruit  industrial R&D talent and deploy sufficient follow-on capital over the long-term.

The Initiative was undertaken  after dialog with local universities, entrepreneurs, CEOs, civic leaders and venture capitalists over the last several years. These stakeholders cited a deficit of senior entrepreneurial talent as a major barrier to success in building a robust commercial life sciences ecosystem, the economic department said.

Also on Wednesday city officials announced  the creation of the Mount Sinai Institute of Technology (MSIT), which will establish a new institution designed to transform biomedicine through discovery and development of technology-based solutions to critical unmet healthcare needs. 

MSIT will on engage in academic research, product development and active entrepreneurship in areas including Big Data, cloud computing, social networking, scientific and clinical simulation, tissue engineering, sensors, microprocessors, robotics, mechatronics, drug delivery and nanomedicine and other areas, ultimately conferring graduate degrees in Design, Technology, and Entrepreneurship (Ph.D.) and Biomedical Informatics (M.S.).

All of this activity adds further strength to the city which is the recipient of $1.4 billion in annual National Institutes of Health funding.   

About the Author

Adrienne Selko | Senior Editor

Focus: Workforce, Talent 

Follow Me on Twitter: @ASelkoIW

Bio: Adrienne Selko has written about many topics over the 17 years she has been with the publication and currently focuses on workforce development strategies. Previously Adrienne was in corporate communications at a medical manufacturing company as well as a large regional bank. She is the author of Do I Have to Wear Garlic Around My Neck? which made the Cleveland Plain Dealer's best sellers list. She is also a senior editor at Material Handling & Logistics and EHS Today

Editorial mission statement: Manufacturing is the enviable position of creating products, processes and policies that solve the world’s problems. When the industry stepped up to manufacture what was necessary to combat the pandemic, it revealed its true nature. My goal is to showcase the sector’s ability to address a broad range of workforce issues including technology, training, diversity & inclusion, with a goal of enticing future generations to join this amazing sector.

Why I find manufacturing interesting: On my first day working for a company that made medical equipment such as MRIs, I toured the plant floor. On every wall was a photo of a person, mostly children. I asked my supervisor why this was the case and he said that the work we do at this company has saved these people’s lives. “We never forget how important our work is and everyone’s contribution to that.” From that moment on I was hooked on manufacturing.

I have talked with many people in this field who have transformed their own career development to assist others. For example, companies are hiring those with disabilities, those previously incarcerated and other talent pools that have been underutilized. I have talked with leaders who have brought out the best in their workforce, as well as employees doing their best work while doing good for the world. 

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