For companies looking to expand near universities, New York state has a pretty good offer: stay in the area and don’t pay taxes for 10 years, while making use of campus research facilities and industry experts.
Since 2013, more than 200 companies have made use of START-UP NY, an incentive program that offers growing businesses the chance to operate tax-free while investing in communities near college campuses. It’s resulted in more than 4,000 jobs and over $200 million in investment in companies’ respective communities, according to the state.
“This unique model of partnering innovative companies with our world-class colleges and universities not only creates new jobs, but also leverages hundreds of millions of dollars in private investment to stimulate regional growth,” Gov. Andrew Cuomo said in a press release last year.
At Binghamton University, the number of companies in the program has reached 14 as of 2018. Most are housed on campus at the Innovation Technology Center (ITC)’s Start-Up Suites, while the rest operate from the Koffman Southern Tier Incubator (KSTI), a year-old incubator in downtown Binghamton.
To be eligible for the program, businesses must operate inside New York or be willing to relocate to the state. Once approved, businesses enjoy the benefits of research facilities within the universities, development resources and experts in industries relevant to their field.
Shailesh Upreti, founder and president of Charge CCCV (C4V), said his company has made extensive use of the program benefits since its founding in 2014.
“[These facilities] are of extreme value to us for development as well as diagnostic, and we have been a regular user of the lab for last several years,” Upreti said. “We could have never achieved the same pace elsewhere, and we are very grateful to [New York state] as well as Binghamton University for providing us with such a great support and incentives.”
Companies currently participating in START-UP NY are:
- Advanced Material Analytics
- Innovation Associates
- Charge CCCV (C4V)
- Sonic Blocks
- LightSpin Technologies
- i3 Assemblies
- Senecka Spine
- GeoWeb 3D
- DB Therapeutics
- AvantGuard Technologies
By Camila Araujo ’19