The Long Island Regional Economic Development Council is vying for a state grant of $50 million aimed at fostering startup businesses across the region. This competition involves nine other similar organizations throughout New York as part of the 2025 Regional Economic Development Initiative announced by Governor Kathy Hochul earlier this fall.
Executive director Cara Longworth highlighted the council's ambition to support startups within high-tech manufacturing, technology, and energy sectors. Plans include establishing a 50,000-square-foot manufacturing hub on Long Island, although a specific site has yet to be determined. This initiative aims to enhance the region's existing strengths, leveraging notable research facilities like Brookhaven National Laboratory and Cold Spring Harbor Laboratory.
Hochul's announcement included the introduction of a new competition called ACHIEVE, designed to foster collaboration among the regional councils. It offers implementation funding to advance significant projects, which Longworth believes will create valuable investment opportunities for the future of New Yorkers.