10.02.14

SCHUMER BREAKS GROUND ON FIRST-EVER HIGH-TECH INCUBATOR IN BROOME COUNTY; WILL HELP DEVELOP NEW HIGH-TECH COMPANIES, CREATE & SUPPORT HUNDREDS OF GOOD-PAYING JOBS SCHUMER HELPED SECURE $2 MILLION FOR BINGHAMTON UNIVERSITY INITIATIVE

First High-Tech Incubator In Region Will Provide 40,000 Square Feet of Space for Companies To Grow In Downtown Binghamton; Will Be A Magnet For Entrepreneurs Around The State Incubator Is A Partnership Between Binghamton University, SUNY Broome, County IDA & Local Govt Schumer Fought for Months on Behalf of Incubator Proposal & Helped Secure $2 Million in Federal Funds To Get Important Project Off The Ground Senator Wrote to Federal Officials & Set Up Meetings Between Feds & S

Today, U.S. Senator Charles E. Schumer joined with local officials at a groundbreaking for Broome County's first ever hightech business incubator, to be located right in the heart of Downtown Binghamton. This incubator, which is a partnership between Binghamton University, SUNY Broome, Broome County IDA and the local government - and set to be completed in September 2016 - will provide 40,000 square feet of space for up to 12 companies focusing on research and development in energy, microelectronics, and healthcare in Binghamton. It will include specialized laboratories and other features associated with industrybased science and technology research, development and manufacturing. Schumer noted his efforts to help get this project off the ground, including securing $2 million in federal funds after he brought federal officials to Binghamton to discuss plans with project leaders. Schumer said that this incubator will help grow and support hundreds of jobs, and be a magnet for entrepreneurs from around the region, state and country.

 

"From day one, I've been a supporter of this hightech incubator because of the tremendous potential it has to create goodpaying jobs right here in Downtown Binghamton," said Schumer. "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 topnotch research performed at our area's academic institutions and turn it into new companies and jobs. This incubator will bring together the best Binghamton and Broome County has to offer when it comes to research, academia, economic development and the manufacturing industry, and I am pleased to be breaking ground on this alongside such an amazing group of people who worked so hard to make this transformational project a reality."

 

Schumer said that the groundbreaking for the incubator is a major milestone in this $19 million project, of which the federal Economic Development Administration (EDA) grant he helped secure is a significant part. Schumer noted that the incubator will include access to a universitybased skilled workforce and university staff charged with relationship building between industry and academia; availability of university multiuser facilities;  human resource matching programs such as internships and coops; and university technology transfer and commercialization offices. Schumer also noted that the incubator is set to be able to provide space for up to 12 companies, but could grow to house up to 24 companies over the next 5 years.

 

Additionally, incubator tenants will have the benefit of being able to utilize colocated resources, including onsite legal, accounting, banking and other service partners. The incubator facility will be constructed and owned by STHTI, Inc., a nonprofit affiliate of the Binghamton University Foundation. The facility will also be designated for STARTUP NY and will serve as an anchor in the "Hotspot" research triangle with Cornell University. Schumer said that the incubator will be a magnet for entrepreneurs and startups from the region as well as from out of state, with the ultimate goal of forging further partnerships and creating new companies and jobs as a result of the collaboration between private industry and the government. In addition, Broome County has committed to relocating its business incubator to the facility, which will catalyze additional opportunities for developing companies.

 

Schumer worked hard to secure $2 million in funding from the EDA. In January 2013, Schumer brought top officials from the EDA to Binghamton to visit the thenprospective site of the incubator and meet with local stakeholders and project leaders to receive a full briefing on the jobcreating project's funding plans. Schumer urged the EDA to support Binghamton's push for funding from the EDA's Public Works Program and noted that federal funding for this project would help with the development of a shovelready site and the construction of this 40,000 squarefoot hightech business incubator in downtown Binghamton.

 

Schumer continued to fight for months after this initial meeting on behalf of the partnership between Binghamton University, SUNY Broome the Broome County IDA, and the local government. In July 2013, Schumer announced that the EDA committed, after his push, to awarding this $2 million Public Works Grant to the Southern Tier High Technology Incubator. Schumer highlighted that this project, in addition to helping grow and support hundreds of local jobs, would also help to support the longterm economic recovery and job creation efforts in New York's flood ravaged Southern Tier.

 

Schumer was joined at the groundbreaking by Binghamton University President Harvey Stenger; New York Senator Tom Libous; New York Assemblywoman Donna Lupardo; New York Assemblyman Clifford Crouch; SUNY Broome President Kevin Drumm; Broome County Executive Debbie Preston; and Binghamton Mayor Rich David.

 

Funding for the incubator will come from a variety of sources, of which the $2 million EDA grant is a crucial part. In December 2012, the State of New York committed $7 million to the project from the Regional Economic Development Council and the project has a $2 million commitment from the Broome County IDA. SUNY Broome has also committed $6 million through their NY SUNY 2020 grant and the SUNY Research Foundation has committed $2 million to the project. The EDA grant Schumer helped secure served as a critical piece of the puzzle in the funding of the hightech incubator. Between this investment and additional private investment, the incubator project will leverage $19 million total to make this project a reality.

 

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