Koffman Southern Tier Incubator now open
University and community leaders celebrated the grand opening of the Koffman Southern Tier Incubator in June.
The new $19 million facility at 120 Hawley St. in downtown Binghamton boasts 35,000 square feet of offices, high-tech labs, wet labs, dry labs and common areas, as well as co-working spaces.
“We thank Gov. Andrew Cuomo and all of our state, local and federal officials who shared this vision and worked to make this $19 million building a reality,” Binghamton University President Harvey Stenger said. “Additionally, the Incubator namesake, the Koffman family of Binghamton, has made a significant donation to support future programming and operations. This will ensure the building can create and maintain a healthy entrepreneurial ecosystem that will become a hotbed for startup activity, ultimately creating more companies in the Southern Tier.”
New York state provided nearly $13 million in support for the project; $7 million was awarded via the Regional Economic Development Council and $6 million was an award from NYSUNY 2020 to SUNY Broome’s Bridge to Entrepreneurial Excellence program.
“A game changer for Broome County and communities throughout the region, the Koffman Southern Tier High Technology Incubator will provide endless research and development opportunities for 21st century businesses, while creating an environment for entrepreneurs to thrive and grow,” Cuomo said.
The remaining funds to build the Koffman Incubator came from the Broome County Industrial Development Agency, the Federal Economic Development Agency and the Binghamton University Research Foundation. In-kind services were also provided by Broome County and the City of Binghamton.
The seeds for the incubator were planted in 2012, when Binghamton University teamed up with SUNY Broome, Broome County, the City of Binghamton and state and federal officials to imagine a facility in the city’s urban core that would provide an infrastructure for companies focusing on energy, electronics and health. The incubator will be a magnet for companies targeting these fields. It will also draw commercial enterprises focusing on other advanced manufacturing processes, products and services.
The facility will include wrap-around financial, legal and regulatory resources and services. The Small Business Development Center and the Trade Adjustment Assistance Center are housed within the incubator as well.
The building was designed by Ashley McGraw Architects, and the general contractor was Fahs Construction Group.
Dan Mori, director of business incubation at Binghamton University, was recently named the 2017 Entrepreneur of the Year by the Greater Binghamton Chamber of Commerce. He promotes economic development through the attraction and development of start-up companies, leveraging the resources of the University and the new incubator. Mori has been joined downtown by Aubrey Nawrocki, a newly hired business development assistant.
For more details about the incubator, visit the web.