Forum members get first look at new incubator
Grand opening of Koffman Southern Tier Incubator is expected in coming weeks
About 120 Binghamton University Forum members and other invited guests got a sneak peek Tuesday of the new Koffman Southern Tier Incubator, made possible in part thanks to significant financial support from Ruthanne Koffman ’82, MA ’84, and her husband, Burton “Bud” Koffman.
The Forum event recognized the Koffman family for its generous support of the project and commitment to the community. It also included tours of the facility. A grand opening celebration with political leaders and elected officials is expected to be held in the coming weeks.
“The Koffman name is synonymous with startup companies,” Binghamton University President Harvey Stenger said.
The Koffman family has called the Southern Tier home for more than a century, according to Betsy Koffman, daughter of Ruthanne and Bud Koffman.
“My parents have more often, quietly rather than publicly, been a strong influence in our area,” Betsy Koffman said. “They have followed in the footsteps of their parents who taught them the importance of giving back to their community. They know how critical economic development and collaboration are to grow and sustain our community resources for the survival and revitalization of our area.”
“We believe in the community. We’ve lived here all of our lives. The University has done a great deal for our community,” Ruthanne Koffman added. “We felt it was important to support it. We hope the incubator will bring in new business and jobs to the area.”
The region has a long, storied history of business success, from the early days of shoemaking to the cutting-edge technologies of computers, simulation and aerospace manufacturing.
The Koffman Southern Tier Incubator represents the start of a new chapter in the region’s growth, Stenger said.
“We’re in the big leagues right now,” he said. “We’re going to see some things come out of here that are going to be big for this community.”
The incubator — a broad partnership between Binghamton University, the Binghamton University Foundation, New York state, SUNY Broome Community College, Broome County, the City of Binghamton, the federal government and private-sector and industry partners — is expected to help grow an entrepreneurial ecosystem that nurtures emerging companies, retains and attracts new industry to the region, and provides educational opportunities for students.
“This project is a tremendous example that it truly takes a village,” SUNY Broome President Kevin Drumm said. “We’re looking forward to the wonderful hatchery that will happen here.”
The incubator features more than a dozen suites for business startups, 10 wet labs, 12 dry labs, four co-working collaborative spaces, event spaces, a conference room, administrative office space and other valuable resources, said Dan Mori, incubator director and president and chair of the board of Employment Solutions, based in Elmira.
“In five years, we hope to have graduated between 10 to 20 companies that are sustainable in our community,” Mori said. “The incubator will be the tide that raises all ships. It will bring the renaissance to Binghamton and the Southern Tier.”