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Cuomo proposals cheered by business interests: The governor’s announcements include Johnson & Johnson project plus $750 million for economic development

Crain's New York  ·  January 23, 2017
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The first of Gov. Andrew Cuomo’s six State of the State speeches was met with enthusiasm from city and state business leaders, especially for a life-sciences initiative and funding for regional development councils.

The state will provide $17 million to Johnson & Johnson Innovation to open a 30,000-square-foot incubator in 2018 called JLabs @ NYC, located at the New York Genome Center in SoHo. Johnson & Johnson Innovation is a unit dedicated to connecting entrepreneurs with the New Brunswick, N.J.-based company’s health care businesses.

Partnership for New York City President and CEO Kathryn Wylde said Cuomo’s announcement Monday “shows New York is able to attract a major pharmaceutical company to invest in commercialization of scientific discoveries out of major medical research institutions.”

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