New York City is trying to attract more biotech through its 10-year, $500 million LifeSci NYC Initiative, whose focus includes providing financial support for life sciences campuses, nonprofit R&D facilities, commercial lab space, and incubator expansion.
We identified one critical need among startups that want to graduate from their incubator stage: “step-out” labs that are flexible enough to expand along with these new companies.
Matthew Malone, a Science and Technology Practice Leader in our New York studio, explains that when startups come out of incubation, they are often leasing space on a lineal-foot basis, which limits their growth and the amount of time they can spend in that space. In addition, he explains, the startups’ funding is usually earmarked toward science, not rent, and the companies’ leadership isn’t always business savvy.
Read more about Taconic Development’s turnkey facility here: https://www.bdcnetwork.com/perkins-and-will-tests-turnkey-laboratory-st-startups-moving-their-incubation-phase