SUNY Broome’s Collaboration Lab, or Co-Lab, is located on the top floor of the Southern Tier High Technology Incubator in downtown Binghamton, at the corner of Hawley and Carroll streets.
SUNY Broome received $6 million in NYSUNY 2020 funding to help establish the Collaboration Lab at the incubator, which is a partnership between the college and Binghamton University.
“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 President 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.”
The Co-Lab space is equipped to best inspire innovative brainstorming, collaboration and the launch of outcome-oriented projects and services.
Co-Lab is endorsed by the Southern Tier Regional Economic Development Council and is connected to START-UP NY and the governor’s Innovations Hotspot initiative. New student companies that are formed in the Co-Lab space are eligible to participate in START-UP NY and be eligible for exemption from all state taxes.
Overall, the Southern Tier High Technology Incubator is expected to have an overall economic impact of $132 million, creating 906 jobs over a nine-year incubator. On top of these efforts, the Co-Lab will enable the addition of 18 more companies over nine years, each creating an estimated five jobs, adding up to a total of 114 jobs and an estimated $33 million in economic impact.
“This will help our current students, as well as students from other colleges,” President Drumm said. “You never know where the next great idea is going to come from.”