Koffman Southern Tier Incubator formally opens new facility in Vestal

VESTAL, N.Y. — The Koffman Southern Tier Incubator at Binghamton University has expanded with the addition of a new facility in Vestal, which it calls Koffman on Plaza.

The Koffman Incubator provides key resources and programs to aspiring entrepreneurs and growing startup companies. The Koffman Southern Tier Incubator, which is located at 120 Hawley Street in Binghamton, opened in 2017.

The new Vestal facility, which formally opened Tuesday, is an extension of the incubator, providing advanced-stage startups with a “professional environment that mirrors the c-suite experience,” Binghamton University said. The facility offers office spaces and continued mentorship from experienced professionals within Koffman’s extensive network.

“We are thrilled to celebrate the opening of Koffman on Plaza, a testament to the Koffman family’s enduring commitment to fostering entrepreneurship and innovation in the Southern Tier,” Bandhana Katoch, executive director of the Koffman Southern Tier Incubator, said in the school’s announcement. “The addition of Koffman on Plaza not only expands our resources but also invigorates our mission to support and grow innovative startups. We are deeply grateful to the Koffman family for their generous support and dedication to our community’s entrepreneurial ecosystem.”

The building at 300 Plaza Drive, which the Koffman family donated, was built in 1967 and previously served as the headquarters for multiple Koffman family businesses.

This two-floor facility offers seven office spaces for startups on the first floor, with large and small options available.

Three offices are currently occupied by startups advancing in the entrepreneurial process. Rent prices start at $825. The lower floor houses existing tenant Smith Brothers Insurance, Binghamton University said.

“As the family discussed what to do with the building, it became clear that we should donate the office to Binghamton University to keep in the spirit of the Koffman Southern Tier Incubator,” Betsy Koffman said in the announcement. “The energy and spirit of entrepreneurs brainstorming and working to create and grow their businesses, people helping each other out and the beautiful space igniting creative ideas, keeps in the spirit of my dad and the rest of the family. My dad would be happy knowing the building has new energy and youth on its side.”