Broome County’s First Ever High-Tech Business Incubator Expected to Create Hundreds of Jobs over the Next 10 Years Project Supports “Southern Tier Soaring” – The Region’s Successful Upstate Revitalization Initiative Blueprint to Grow the Economy and Create New Opportunities
Governor Andrew M. Cuomo today announced the grand opening of the Koffman Southern Tier High Technology Incubator in downtown Binghamton. The facility, which is the first-of-its-kind in Broome County, will provide an entrepreneurial ecosystem for emerging companies that will create high-tech jobs over the coming years. The project aligns with strategies outlined in the Southern Tier Soaring economic development plan developed by the region, which includes a strong focus on supporting innovative endeavors.
"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," Governor Cuomo said. "By continuing to support innovative projects like this technology incubator and fostering job creation, this administration is committing to ensuring the Southern Tier soars for years to come."
The Koffman Southern Tier High Technology Incubator, which is expected to generate a local economic impact of more than $6 million annually, 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, located at the corner of Hawley and Carroll Streets, includes specialized wet and dry laboratories, as well as a high bay lab office and collaboration space. The laboratories have been 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 incubator will be managed by Southern Tier High Technology Incubator, Inc., a non-profit affiliated with the Binghamton University Foundation. The facility is also home to SUNY Broome’s new Bridge to Entrepreneurial Excellence program.
To support this project, the Southern Tier High Technology Incubator, Inc. secured $7 million in funding from Empire State Development; a $6 million 2020 Challenge Grant from SUNY Broome SUNY; $2 million from the U.S. Economic Development Administration; $2 million from the SUNY Research Foundation; and $2 million from the Broome County Industrial Development Agency. Additionally, the Incubator’s namesake – the Koffman family of Binghamton – made a significant donation to support future programming and operations.
Within nine years, the incubator is expected to create hundreds of new jobs through construction and incubator staff, high-tech startups and anchor tenants, and through new hires at graduated firms that have located within the greater Binghamton community.
Koffman Southern Tier High Technology Incubator Executive Director Sheila Doyle said, "We are thrilled that we could play a vital role in this process by creating the legal and financial foundation on which this incubator could be built, while supporting the mission of not only the University, but the entire community."
Binghamton University President Harvey Stenger said, “We thank Governor Andrew Cuomo and all of our state, local and federal officials who shared this vision and worked together to make this incubator a reality. A significant amount of the financial support for this project came from New York State via the Regional Economic Development Council program and NY SUNY 2020. Both programs are about making strategic investments in our communities and this is definitely a strategic investment that will pay dividends for years and decades to come."
SUNY Broome President Kevin Drumm said, "SUNY Broome and Binghamton University are proud partners on many projects, including the Koffman Southern Tier Incubator. Our student incubator will help the region retain its creative, young entrepreneurs, and help foster the great new businesses and industries of the future."
Empire State Development President, CEO & Commissioner Howard Zemsky said, “The Koffman Southern Tier High Technology Incubator will spur local job creation and help to create a stronger regional economy. Thanks to Governor Cuomo’s leadership, public-private partnerships like these are leading to increased economic opportunities for all New Yorkers."
SUNY Chancellor Nancy Zimpher said, "This collaboration between private and public research is a win-win for the Southern-Tier region, and in particular for our students who will benefit from the influx of new ideas and funding. We applaud the Governor’s efforts to give this needed boost to research and economic development."
Senator Fred Akshar said, "Ten years ago, Binghamton University’s Downtown Center sparked a new era of renewal, economic development and opportunity in Binghamton’s urban center. With today's grand opening, our community builds on that momentum to create new economic opportunities in the heart of downtown Binghamton."
Assemblywoman Donna Lupardo said, "The Koffman Southern Tier Incubator will support the development of a culture of entrepreneurship throughout the region. For years, we’ve been stressing the importance of linking academia, government, and business to spur development; this incubator is a successful example of those partnerships. I’d like to thank the Governor and all of the funding partners for this impressive collaboration that will help entrepreneurs take ideas and turn them into successful businesses."
Broome County Executive Jason Garnar said, "When you look at the list of major companies that got their start in Broome County, it’s easy to be excited about this facility that will create dozens of new businesses."
Binghamton Mayor Richard C. David said, "The Kaufman Downtown Incubator has brought catalytic neighborhood revitalization to Binghamton’s center city. As we grow as the cultural hub of the Southern Tier, this investment in jobs and innovative technology will help retain talented students and entrepreneurs to grow our economy. My thanks to Governor Cuomo for putting this investment and focus in the City of Binghamton."
For more on the Koffman Southern Tier High Technology Incubator click here.
Accelerating Southern Tier Soaring
Today's announcement complements “Southern Tier Soaring the region’s comprehensive blueprint to generate robust economic growth and community development. The State has already invested more than $3.1 billion in the region since 2012 to lay for groundwork for the plan – attracting a talented workforce, growing business and driving innovation. Today, unemployment is down to the lowest levels since before the Great Recession; personal and corporate income taxes are down; and businesses are choosing places like Binghamton, Johnson City and Corning as a destination in which to grow and invest. Now, the region is accelerating Southern Tier Soaring with a $500 million State investment through the Upstate Revitalization Initiative, announced by Governor Cuomo in December 2015. The State’s $500 million investment will incentivize private business to invest well over $2.5 billion – and the region’s plan, as submitted, projects up to 10,200 new jobs. More information is available here.