SUNY Broome Receives $6 Million Funding for Incubator

SUNY Broome will receive $6 million in NYSUNY 2020 funding for the Southern Tier High Technology Incubator, a partnership between the college and Binghamton University, Gov. Andrew Cuomo announced today.

The funding will help establish the SUNY Bridge to Entrepreneurial Excellence at the incubator, located in downtown Binghamton. The initiative will nurture a vibrant start-up community for student-led ventures.

“This is truly fantastic news for the Greater Binghamton region. Our Student Incubator will help keep some of our young, creative entrepreneurs in the area and there's no telling what this will mean for the future of our community,” said SUNY Broome President Dr. Kevin E. Drumm. “We thank Governor Cuomo, SUNY and everyone involved in awarding us and also our great partner, Binghamton University, for this shot-in-the arm to our local economy and the future of our community.”

Combined with private sector interest, this NYSUNY 2020 grant realizes an economic impact of $33 million, with an overall estimated impact of $132 million for the incubator project as a whole, creating an additional 906 jobs over a nine-year period. On top of these efforts, SUNY-BEE will enable the addition of 18 more companies over nine years, each creating a total of five jobs for a total of 114 additional jobs and an estimated $33 million in economic impact.