Koffman Southern Tier Incubator at Binghamton University celebrates grand opening of new facility

The Koffman Southern Tier Incubator at Binghamton University, a business incubator and startup workspace, has officially opened a new facility in Vestal. Named Koffman on Plaza, this expansion aims to provide advanced-stage startups with an environment that mimics a C-suite office experience, enhancing their professional growth and development.

A grand opening and ribbon-cutting ceremony for Koffman on Plaza took place on Tuesday. The new facility will serve as an extension of the incubator, offering office spaces and continued mentorship from professionals within the Koffman's extensive network.

"Entrepreneurship is a critical piece of Binghamton University's mission to provide opportunities to our students, faculty and partners in the local community," said Binghamton University President Harvey Stenger. "The generosity of the Koffman family has been essential in expanding our efforts for business innovation. My thanks go out to the Koffmans for their continued support. I eagerly anticipate the opportunities this will bring to our local economy and the broader Binghamton community."

The facility, located at 300 Plaza Drive, was donated by the Koffman family. Originally built in 1967, the building previously served as the headquarters for multiple Koffman family businesses. It now offers seven office spaces for startups on the first floor, with a mix of large and small options. Currently, three offices are occupied by startups, with rents starting at $825.

Betsy Koffman, representing the family, expressed their vision for the building: "As the family discussed what to do with the building, it became clear that we should donate the office to Binghamton University to keep in the spirit of the Koffman Southern Tier Incubator. The energy and spirit of entrepreneurs brainstorming and working to create and grow their businesses, people helping each other out and the beautiful space igniting creative ideas keep in the spirit of my dad and the rest of the family. My dad would be happy knowing the building has new energy and youth on its side."

"We are thrilled to celebrate the opening of Koffman on Plaza, a testament to the Koffman family's enduring commitment to fostering entrepreneurship and innovation in the Southern Tier," said Bandhana Katoch, executive director of the Koffman Southern Tier Incubator. "The addition of Koffman on Plaza not only expands our resources but also invigorates our mission to support and grow innovative startups. We are deeply grateful to the Koffman family for their generous support and dedication to our community's entrepreneurial ecosystem."

Koffman on Plaza features offers seven office spaces for startups on the first floor, with a mix of large and small options. "As a state, we have continued to prioritize investing in small businesses," said New York State Senator Lea Webb. "As a representative of our area, I know all too well how important small businesses are to our community. They are the backbone of our economy, providing not only opportunities for entrepreneurship but also jobs and much more. Today's important celebration and opening of Koffman on Plaza is a testament to the entire team at Binghamton University, and of course, this wouldn't be possible without the generosity of the Koffman family."

Since its inception in 2017, the Koffman Southern Tier Incubator, located at 120 Hawley Street in Binghamton, has been dedicated to fostering innovation and entrepreneurship. The incubator currently supports over 60 member companies and has graduated 35 companies, creating over 660 jobs. It provides resources, mentorship and office space to early-stage ventures.

Owned and operated by the Southern Tier High Technology Incubator Inc. (STHI), a nonprofit affiliate of the Binghamton University Foundation, both the Koffman and the newly renovated Koffman on Plaza are managed by Binghamton University's Office of Entrepreneurship and Innovation Partnerships. The facilities benefit from a broad collaboration that includes Binghamton University, the Binghamton University Foundation, New York State, SUNY Broome Community College, Broome County, the City of Binghamton, the federal government and private-sector partners.

Sheila Doyle, executive director of the Binghamton University Foundation, emphasized the significance of the expansion.

"The Koffman family has once again invested in the community's entrepreneurial ecosystem, ensuring the Southern Tier has a sustainable, next-generation economy," said Doyle. "The expansion to 300 Plaza Drive will offer additional startup and programming space, building on the success of our downtown Binghamton site. We are deeply grateful to the Koffman family for their generous support of this significant Binghamton University priority."

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