BINGHAMTON, NY (WIVT/WBGH) – The Koffman Southern Tier Incubator is the Greater Binghamton Chamber Business of the Week.
Opened in April 2017, 29 new businesses from a variety of industries have graduated from the Koffman.
Its mission is to take promising ideas and fledgling enterprises and connect them to support networks, mentorship and financing options.
The Koffman was launched as a partnership between Binghamton University and SUNY Broome and also has offices for the local Small Business Development Center and Trade Adjustment Assistance Center.
It has received funding support from the federal Economic Development Administration, Empire State Development, NYSERDA, The Agency and others.
Eric Krohn is the Director of Business Incubation Programming.
Krohn says statistics show that only 1 in 10 new businesses survive into their 5th year without some form of professional support.
“When startups go through an incubator or accelerator course or something like that, the percentage actually goes up to 7 out of 10 companies succeed. So, that’s really what this building is here to do. Help startups succeed and increase economic progress in Broome County.”
Within the Koffman is a Clean Energy Incubator, specifically tailored green energy production and storage startups.
Last year, the Koffman received federal funding to launch the Soft Landings program which works with international firms looking to establish a foothold in the US and who can use mentoring on some of the cultural and legal differences regarding doing business in this country.
We have an ongoing series of stories about some of the startups currently working with the incubator, titled Koffman Innovations.
It airs on the first Wednesday of every month and past segments can be found here.
For information about the programming available and costs associated with becoming a member, including a virtual member, plus application information, go to thekoffman.com.