Koffman Southern Tier Incubator formally opens in Binghamton

BINGHAMTON, N.Y. — The $19 million Koffman Southern Tier Incubator, which seeks to promote entrepreneurship in the region, formally opened in downtown Binghamton on Thursday.

Binghamton University President Harvey Stenger presided over the grand-opening ceremony at the new business incubator at 120 Hawley St.

The Koffman Southern Tier Incubator features 35,000 square feet of offices, high-tech labs, wet labs, dry labs, common areas, and co-working spaces that seek to encourage collaboration between companies, the university said in a news release.

The incubator was built to provide a “supportive environment for entrepreneurs and startup companies. Every inch of the building has been thoughtfully designed to provide working spaces that inspire individuals and companies to create and develop transformational, innovative products and ideas,” the release stated.

New York State provided nearly $13 million in funding for the project — $7 million awarded via the Regional Economic Development Council and $6 million awarded from NYSUNY 2020 to SUNY Broome’s Bridge to Entrepreneurial Excellence program.

The remaining money to build the Koffman Incubator came from the Broome County Industrial Development Agency, the Federal Economic Development Agency, and the Binghamton University Research Foundation, the university said. Broome County and the City of Binghamton provided in-kind services to the project.

Syracuse–based Ashley McGraw Architects, D.P.C. completed the building design work. The general contractor was Fahs Construction Group, which is headquartered in the town of Binghamton.

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Photo credit: Binghamton University