Tuesday, September 02, 2014 - 10:08:43 AM

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Local Schools Readying for Start-Up NY

(Source: Jason Weinstein)

After getting regulations from the state last week regarding Start Up New York, public colleges and universities are working on their plans to lure businesses to campus under the program which turns those campuses into tax-free zones for new industry. According to BU, the interest has been widespread.

"We have local start-ups, we have local big companies, we have local regional big companies as well as some other out-of-state larger companies. And there's been some interest from international companies," said Dr. Per Stromhaug, Executive Director of BU's Entrepreneurship and Innovation Partnerships.

One of those out-of-state businesses is Boston-based Storm Insights, an emerging technology market intelligence firm. It hopes to relocate to BU's campus on January 1st.

"I hope as much as possible to hire from the community. I don't think there's any reason given the skill base that's there that we'd have to try to bring in people from other places," said Adrian Bowles, President of Storm Insights, Inc.

SUNY Broome also says it's close to bringing at least one business on campus under the program.

"We've got three right now. One we've had very serious conversations with and we're ready to start putting a plan together," said Dr. Kevin Drumm, President of SUNY Broome.

Some established local companies have questioned the value of the program, saying they're paying the freight for these new businesses. The state estimates the program will cost 323 million dollars through March of 2017.

However, that state projection does not include anticipated benefits the new businesses will bring.

"There are multiple companies in different parts of the world that either would like to relocate or they're looking to open a branch in the US, for example. This is a very good opportunity for that," said Stromhaug.

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