Southern Tier Incubator
Binghamton University, SUNY Broome and the regional economic development community are building an incubator at 120 Hawley Street in downtown Binghamton to help grow an entrepreneurial ecosystem that nurtures emerging companies.
The incubator and building site are included in Binghamton University's START-UP NY tax-free program, giving tenants up to 10 years of state tax relief. In addition, the incubator is participating in the Southern Tier Hotspot tax-free initiative.
The incubator will provide the infrastructure needed for companies focusing on energy, electronics and health. It will include specialized laboratories and other features associated with industry-based R&D, including testing and evaluation and prototyping. The incubator will have business resources, and tenants will be connected to research and educational programming at Binghamton University and SUNY Broome.
Value-added benefits include access to a university-based skilled workforce; university-owned multi-user facilities; human resource programs such as internships and co-ops; and university technology transfer and commercialization offices. Private-sector investment houses will be encouraged to have a presence at the incubator as well.
The Binghamton University Foundation formed The Southern Tier High Technology Incubator Inc. as a not-for-profit to build and own the incubator on a site leased from the Broome County Industrial Development Agency. The project has secured $19M in funding, including $7M from the REDC Round II CFA; $6M to SUNY Broome from SUNY 2020; $2M from the Federal Economic Development Agency; $2M from the Broome County Industrial Development Agency; $50,000 from the Southern Tier Economic Partnership; $2M from private-sector partners; and in-kind contributions from Binghamton University, SUNY Broome and industry partners.
November 2015The Agency - November 2015 Issue Volume 2
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