“New” New York Initiative to Support and Accelerate the Equitable Growth of Future-Focused Sectors

The Greenlight Innovation Fund will Provide $50M in City Capital for Development of Facilities that Support Innovation Industries

The City will Make Multiple Awards of At Least $3 Million Per Project

New York City Economic Development Corporation (NYCEDC) today announced the launch of The Greenlight Innovation Fund which will provide $50 million in City capital for new spaces that drive commercial innovation in future-focused sectors including the life sciences, green economy, offshore wind, and advanced technology, among others. The new initiative, follows through on a commitment of the “New” New York Panel Making New York Work for Everyone Action Plan, to support and accelerate the equitable growth of future-focused sectors. These innovation industries contribute to New York’s continued economic growth and recovery and address our society’s greatest challenges in sustainability and healthcare.

“As we made clear in our ‘New’ New York action plan, we must continue to invest in forward-focused sectors to shape a more equitable economic future in New York City,” said New York City Mayor Eric Adams. “NYCEDC’s Greenlight Innovation Fund will set the foundation for a new chapter of innovation in our city, helping nonprofits build spaces that will fuel homegrown commercialization and local job creation. With a focus on sectors such as life sciences and the green economy, this new fund will build on investments we’ve already made in forward-looking areas of our economy to create new pipelines and opportunities for New Yorkers.”

The Greenlight Innovation Fund provides City capital funding for projects led by nonprofits that create new spaces for innovation to thrive. The City and NYCEDC will make multiple awards of at least $3 million per project for the acquisition of space, construction or renovation of facilities, or purchase of equipment. These catalytic programs will be home to the individuals, companies, and products that will continue to power New York City’s economy and address society’s greatest challenges, from climate solutions to artificial intelligence and advanced cancer therapies.

The innovation industries of the life sciences, green economy, and tech have experienced tremendous growth over the past decade and are expected to grow faster than New York City’s overall economy in the coming years. While New York City’s gross city product (GCP) has grown at an impressive 61 percent since 2012, the tech sector has grown by 176 percent life sciences by 87 percent and the nascent Green Economy is expected to grow 144 percent by 2030. These future-focused industries also represent a growing share of venture capital funding in New York City, increasing from 16 percent of total funding in 2015 to nearly 40 percent in 2022. 

This Request for Proposals is competitive and will evaluate a project’s feasibility and impact on the equitable growth of innovation industries. The Greenlight Innovation Fund will prioritize programs that do one or more of the following:

• Support the development of catalytic new spaces and programming that support the innovation industries 
• Create new companies and well-paying jobs for New Yorkers in the innovation industries
• Strengthen and diversify industry workforce and entrepreneurs

The “Making New York Work For Everyone” action plan was launched in May 2022 by Governor Kathy Hochul and Mayor Eric Adams to examine the future of New York City and the region’s economy. The panel created a set of 40 proposals intended to make New York City the best place to work and serve as a roadmap for the city’s future.

Respondents to this Request for Proposals may submit Program proposals in three rounds, having submission deadlines of April 12, 2024, October 2, 2024, and April 4, 2025. For more information on requirements and how to apply, click here.

About NYCEDC 
New York City Economic Development Corporation is a mission-driven, nonprofit organization that works for a vibrant, inclusive, and globally competitive economy for all New Yorkers. We take a comprehensive approach, through four main strategies: strengthen confidence in NYC as a great place to do business; grow innovative sectors with a focus on equity; build neighborhoods as places to live, learn, work, and play; and deliver sustainable infrastructure for communities and the city’s future economy. To learn more about what we do, visit us on Facebook, Twitter, LinkedIn, and Instagram.