Biotech and pharmaceutical companies in the New York metropolitan area represent a significant and growing economic component of the New York metropolitan area, the most populous combined statistical area in the United States and one of the most populous megacities in the world. In December 2014, the State of New York announced a US$50 million venture-capital fund to encourage enterprises working in biotechnology and advanced materials; according to Governor Andrew Cuomo, the seed money would facilitate entrepreneurs in bringing their research into the marketplace.