NYC Bets on Global Scale-Ups with New International Landing Pad Network

Forbes reports that New York City is pivoting its economic development strategy. The city is now prioritizing the attraction of established international growth companies, referred to as "scale-ups," over a focus on early-stage startups. To formalize this shift, the New York City Economic Development Corporation (NYCEDC) has launched the International Landing Pad Network (ILPN). This initiative has enlisted four operators—Plug and Play, Supermomos, SOSA, and The Clean Fight—to support over 50 global companies. These companies operate in high-growth sectors, including AI, climate technology, medtech, and life sciences. This network is a key component of the Adams Administration’s “Race for Space” program, which aims to address post-pandemic office vacancy. City leaders are leveraging vacant office spaces as an opportunity, planning to repurpose them as "launchpads" for incoming international firms. By situating these scale-ups in available commercial real estate, the initiative seeks to transform vacancies into economic momentum. This approach differentiates New York from other cities focusing on "early-stage hype" and aligns with recent positive trends in the city's real estate market, which is experiencing its highest leasing activity since 2019.