BU Eyes Start-up Wave in Smart Energy

8/9/2012 (Updated 9:23:22 PM)

(Source: Jason Weinstein)

"A fuel cell is an electrochemical device which converts chemical energy to electrical energy," said C.J. Zhong.

C.J. Zhong is a BU faculty member and technical advisor to NSC Technologies on campus. The company develops fuel cells using nanotechnology.

It's exactly the kind of green-energy start-up company Binghamton University sees becoming more common once it's Smart Energy building is up and running by 2015.

"I think we'll see a niche in the Southern Tier around smart energy," said BU President Harvey Stenger.

The school is also looking to open a downtown business incubator to support start-up businesses created by BU technology at about the same time. 

"One of the advantages for doing start-ups for the area is that we hope those companies will stay local," said Dr. Eugene Krentsel, Assistant Vice President for BU's Entrepreneurship and Innovation Parterships.

"No question about it, it will help the economy in terms of jobs. If small business grows it will lead to job creation," said Zhong.

The Smart Energy Building is part of the SUNY 2020 Plan approved yesterday by Governor Cuomo. The Downtown Incubator is a proposal the school is pushing in the next round of Regional Economic Development grants.

"While we provide technologies we hope other partners will join us in the process. That's why location in downtown is very critical," said Krentsel.

Technology and facilities will be important for the success of these start-ups. But there's one factor you can't plan for.

"The whole thing about startups is that it's typically not about technology. It's about people. And people succeed and fail primarily not because of technological issues but primarily because of the issues with the team," said Krentsel.

****In Vestal, Jason Weinstein, FOX 40 News.****