Binghamton University approved for START-UP NY
April 8, 2014Tweet
Empire State Development (ESD), New York State’s economic development agency, has approved Binghamton University’s application to participate in START-UP NY, Gov. Andrew Cuomo’s innovative initiative to offer new or expanding companies and business ventures the ability to operate completely tax free in areas on or connected to SUNY campuses.
Binghamton University has identified space on campus as well as in the community that could accommodate new or expanding businesses hoping to take advantage of the state’s offer to operate 100 percent tax-free for 10 years. Eligible start-ups that partner with Binghamton University would face no state income, business or corporate taxes. They would also be exempt from sales and property taxes.
“This is an extraordinary opportunity for industry to partner with higher education in order to spur economic growth in New York state,” said Binghamton University President Harvey Stenger. “We want to collaborate with companies whose products and technologies align with our University’s research and academic missions.”
The University is targeting technology businesses with expertise in the areas of health sciences, smart energy and microelectronics integration and packaging.
There are start-up suites at the University’s Innovative Technologies Complex that will soon accommodate new START-UP NY companies. Across the entire campus, 21 offices are earmarked for start-up companies. Binghamton University and the Binghamton University Foundation are also building the Southern Tier High Technology Incubator in downtown Binghamton, which will provide nearly 20,000 square feet of space that can host up to 10 new high-tech businesses. Cuomo launched START-UP NY to encourage new companies to choose the Empire State in part because of its massive research capacity. According to ESD, New York has nearly 120,000 experts and millions of square feet of available space. In addition, it has tremendous higher education institutions that are a draw for industries looking to collaborate with faculty members pursuing some of the most groundbreaking research taking place in the world.
Binghamton University’s ability to partner with new or expanding companies under the START-UP NY program can begin immediately. Stenger said the University is poised to work with new companies ready to take advantage of the tax-free incentives and the University is ready to help guide these companies to successful endeavors that will create jobs and spark economic growth in the Southern Tier and across the state.