Economic development leaders in the region are proposing a “research triangle” approach to linking academic research with entrepreneurship throughout the Southern Tier. On Wednesday, the Southern Tier Regional Economic Development Council added plans for a region-wide incubator with locations in the Binghamton, Ithaca, and Corning areas to help with economic development. Officials say the idea behind the strategy of the research incubator is to take advantage of the proximity of 60,000 students in higher education institutions in the region, where $1.5 billion is spent on research each year. The purpose of the hubs would be to have a collaboration for research-based start-up companies, and to create a regional marketing platform to attract capital from out-of-state investors. The hubs would be located at Binghamton University, Cornell University, and the Ceramics Corridor Innovation Center in Steuben County. The Southern Tier’s proposed research incubator is part of Governor Cuomo’s plan for each of the state’s 10 regional economic development councils to nominate an existing or newly created technology incubator in a competition for millions of dollars in state aid. Five plans will be chosen in the next two fiscal years, and businesses located in the incubators will be exempt from state sales and businesses taxes.
