Regional Priority Project Will Generate More Than 900 Jobs and $25 Million Local Economic Impact, and Attract Innovative New Companies with START-UP NY
Governor Andrew M. Cuomo today announced that Binghamton University has broken ground on the Southern Tier High Technology Incubator, marking the start of construction on a major economic development project in downtown Binghamton. The incubator was endorsed as a priority project by the Southern Tier Regional Economic Development Council and awarded $7 million to support the construction of the $19 million facility, which will provide a unique entrepreneurial ecosystem for emerging high-technology companies and is expected to enable more than 900 jobs within the next nine years.
“We are revitalizing communities across New York by bringing together talent, resources and capacity,” Governor Cuomo said. “The Southern Tier High Technology Incubator will provide a learning platform for students, research opportunities for higher education, and gives businesses the infrastructure and resources they need to continue investing in New York.”
The incubator is being built and will be managed by Southern Tier High Technology Incubator, Inc., a non-profit affiliated with the Binghamton University Foundation. The non-profit was created with the aim of furthering and supporting the educational and scientific purposes of Binghamton University and expanding the University’s research and development capabilities. The facility is also included in Binghamton University’s plan for START-UP NY and will provide businesses that locate to and create new jobs at the incubator with the opportunity to operate tax-free for 10 years.
Binghamton University President Harvey Stenger said, “The collaboration on this project has been incredible. The fact that so many partners stepped up to help support the creation of this incubator speaks volumes about the need for a facility like this in our community to jump-start high-tech ventures as well as catalyze technology transfer from our University to the Southern Tier. I want to thank Governor Andrew Cuomo for his creation and support of the Regional Economic Development Councils and NYSUNY 2020. Without the financial support from each of these initiatives, this incubator could not have happened.”
The Southern Tier High Technology Incubator will provide high-tech infrastructure for up to 12 companies focusing on research and development in energy, microelectronics and healthcare. The 35,000 square foot facility will be built at the corner of Hawley and Carroll Streets and include specialized wet and dry laboratories, as well as a high bay lab office and collaboration space. The laboratories will be outfitted with infrastructure to support companies doing research, a hospital smart room demonstration facility, and development and light manufacturing in areas such as energy, electronics, packaging and health. The facility will also house SUNY Broome’s new Bridge to Entrepreneurial Excellence program.
SUNY Broome President Kevin Drumm said, “It's an honor to partner with a sister SUNY institution as high caliber as Binghamton University is academically. Adding a student incubator component to the high-tech business incubator Binghamton already has planned will bring a new dimension to start-up businesses in the region and we at SUNY Broome look forward to working with the university in launching exciting new businesses for the region.”
Within nine years, the Southern Tier High Technology Incubator expects to have enabled more than 900 jobs, including construction staff, incubator staff, employees at high-tech tenants and anchor tenants, and new hires as firms are graduated from the incubator into the community. Additionally, Binghamton University projects the incubator will have a direct economic impact of $25.1 million on the Broome and Tioga County economies during construction. Following completion of construction in fall 2016, the facility is expected to generate over $6 million in economic impact annually to the local economy.
Empire State Development President, CEO & Commissioner Kenneth Adams said, “Today’s groundbreaking marks both the start of construction of the Southern Tier High Technology Incubator and the beginning of a better future for the Southern Tier economy. Our investments are enabling Binghamton University to build a critical catalyst for spurring local job creation and a stronger regional economy. The results are clear – under Governor Cuomo’s leadership, public-private partnerships like these are working and leading to more economic opportunities for all New Yorkers.”
SUNY Chancellor Nancy L. Zimpher said, “The Southern Tier High Technology Incubator exemplifies Governor Cuomo’s coordinated economic development strategy that partners SUNY campuses and the private sector with the support of Regional Economic Development Councils and the NY SUNY 2020 program. Collaboration at the incubator among start-ups, and SUNY faculty and students will help drive innovation, bring new products to the marketplace, and create exciting high-tech job opportunities that will lead to revitalization across the Southern Tier. I want to thank Governor Cuomo for his leadership on this important project and congratulate President Stenger and President Drumm on this important milestone for their Upstate communities.”
Southern Tier High Technology Incubator, Inc. secured funding through several sources to establish the incubator in a distressed part of downtown Binghamton, including $7 million through Round II of the Governor’s Regional Council initiative, $6 million from SUNY Broome’s NYSUNY 2020 Challenge Grant Program award, $2 million from the Economic Development Administration, $2 million from the SUNY Research Foundation and $2 million from the Broome County Industrial Development Agency. The project is aligned with the Southern Tier Regional Economic Development Council’s plan to create jobs through industry-university collaboration and high-tech infrastructure. Construction of the facility is expected to be complete in the fall of 2016.
U.S. Senator Charles Schumer said, “From day one, I've been a supporter of this high-tech incubator that Binghamton University is spearheading. I was pleased to be able to secure funding to help get this project off the ground and I look forward to seeing this incubator serve as a bridge to take top-notch research performed at our area's academic institutions and turn it into companies and jobs.”
Senator Thomas Libous said, “Binghamton University and START-UP NY’s partnership has already proven to be a magnet for high-tech business development, private investment and new jobs. The Southern Tier High Technology Incubator incorporates SUNY Broome and brings that magnetic effect to the community's doorstep.”
Assemblywoman Donna Lupardo said, “It is great to see this project moving forward. Binghamton University and SUNY Broome will be engaged in an important collaborative effort at this incubator – nurturing student-led ventures, working to bring innovations to the marketplace, and fostering an entrepreneurial spirit that is essential to our area’s economic recovery.”
Assemblyman Clifford Crouch said, “This facility is where academics will directly translate to jobs and businesses right here in the Southern Tier. There is a wealth of knowledge and experience because of Binghamton University and SUNY Broome Community College, and utilizing those tools, combined with the drive of small businesses, will help put the Southern Tier back on the frontier of technology innovation for our local and state economy.”
Broome County Executive Debra Preston said, “One of my top priorities is stimulating job creation and this new facility will do just that. This is a prime location in downtown Binghamton that will aid in the creation of new technology companies and new technology jobs. We are excited to work with Binghamton University to develop this top-notch facility.”
Binghamton Mayor Richard David said, “This facility will be the central catalyst for economic development in downtown Binghamton. Binghamton University and SUNY Broome are driving forces for innovation and community development. Throughout the years, our partnerships have yielded many important improvements in our neighborhoods and urban core.”