Today’s primary drivers of the New Haven economy are Yale University and Yale New Haven Hospital. Together, they employ more than 24,000 people. But for years, leaders at Yale and the city have encouraged the rise of a new industry, biotech, to stimulate job growth and economic dynamism.
Upwards of 50 biotech and medical device companies employ more than 5,000 people in greater New Haven. Venture capital firms and large pharmaceutical companies have invested more than $700 million in startups—and these startups have attracted another $5 billion in equity investments.
Yale, the state, and the city have established programs aimed at helping student and faculty inventors become entrepreneurs. And New Haven itself has become a more attractive place for young scientists and engineers to live.