Bringing Jobs and Technology in Broome County

By Brandi Devine

August 15, 2012 Updated Aug 15, 2012 at 6:31 PM EDT

Binghamton, NY (WBNG Binghamton) Binghamton University is partnering with Broome County, and the Broome County Industrial Development Agency to create and develop smart energy products as part of BU's 2020 plan.

It's a $20 million project to build a hi-tech Job Creation Incubator.

The purpose would be to take research projects from BU and turn them around into product production.

The proposed site is in the city of Binghamton at Hawley and Carroll streets.

Its purpose is to develop and commercialize smart energy projects in Broome County.

"That kind of technology that will grow out of our labs needs a place to become commercial," said Binghamton University President, Dr. Harvey Stenger.

The project is still in development stages, as funding has not yet been fully approved.

The incubator would rent space to developing companies or entrepreneurs while offering state of the art laboratories and other business development assistance like mentoring.

As for funding, $13 million has been requested over a three year period through the New York State Regional Economic Grants, and the Broome IDA has committed $2 million for site preparation.