The businesses are expected to invest a total of $2.3 million and create 83 new jobs.
In exchange for the job creation, the companies will operate 100 percent tax-free for 10 years, paying no state income tax, business or corporate state or local taxes, sales tax, property tax or franchise fees.
The five include two existing local businesses: Innovation Associates of Johnson City which makes robotic pill-sorters for pharmacies.
It plans to expand its services and product lines.
And Vestal-based ClickCare which provides medical professionals an online means of sharing images and data for better and quicker diagnoses and patient care.
"We're poised to take off, but we don't have the resource, the expertise and the inter-disciplinary help that you need to do that," said CEO of ClickCare, Dr. Larry Kerr.
In order to qualify, the START-UP companies also had to show how they would collaborate with research being conducted at B.U.
By working with faculty and taking on students as interns and employees, B.U. President Harvey Stenger sees START-UP as another advantage that will help lure top-rated students to the university.
"To tell them, 'Hey, this could be you running the company. It could be your idea that you're taking into a start-up suite.' I don't think there's many places in the country that offer that kind of a relationship with graduate and undergraduate students. So, that's very exciting," said Stenger.
The other approved START-UP companies are Charge CCCV which will work to improve the chemistry and quality of lithium ion batteries, Advanced Material Analytics which will develop quality control machines for testing materials and Sonic Blocks which will produce customizable audio and video components for the consumer market.
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