Ithaca, NY (WBNG Binghamton) A new business incubator in the Southern Tier is set to open this summer.
Three schools in Ithaca are the backbone of the project: Cornell University, Ithaca College and Tompkins Cortland Community College.
"We don't corner the market on good ideas in colleges and universities," said David Skorton, president of Cornell University.
The strategy is to help new companies in early development, mentor them and then keep them in the area.
"That's a big thing that we're trying to get to," said Tom Schryver, of New Adventure Advancement. "This collision between entrepreneurs."
"It's going to be an incredible way of breaking up that log jam of entrepreneurial ideas and turning them into action," said Thomas Rochon, president of Ithaca College.
The partners want this to be done in as cost effective of a way as possible. First come the renovations. An award of a million dollars from the state will go towards renovating the second floor and adding a third.
"Those of us that have resources that can be brought to bare need to point those resources toward a way that we can grow the economy and the community," said Skorton.
You don't have to go to either of the schools to play a part. They want this building to be accessible to any entrepreneur.
"This incubator is going to be the place that they go to that offers them answers and offers them a place to interact with others that have the same dreams," said Rochon.
The planning team said they hope to finished the second floor by this summer with the third floor being complete by 2015.
There will be an application process for companies to join the incubator. They still need to determine just how many the incubator can hold.