Eleven new companies join START-UP NY through UB
UB now affiliated with 35 of the 73 total companies in program
UB will see new business coming on or near its campuses soon, and the business will be tax-free.
Eleven companies will join SUNY Tax-free Areas to Revitalize and Transform Upstate New York (START-UP NY) through their affiliation with UB, the Governor’s Office announced Wednesday. The 11 companies will either relocate, expand or startup on or near UB’s campuses and are expected to invest $8.7 million into the Western New York area and create 164 jobs within five years.
“I am proud that the University at Buffalo continues to be a leader statewide in this innovative economic development program created by Gov. Cuomo,” said President Satish K. Tripathi in a statement. “By leveraging our intellectual capital and infrastructure, we are working with business and industry, community leaders and others to foster a robust and diverse economy in Western New York.”
START-UP NY is an incentive-based program created by Gov. Andrew Cuomo in 2013 that allows new or expanding companies affiliated with universities to not pay New York State business, corporate, income sales and property taxes.
The 11 new companies, all biotechnology and information technology based, will collaborate with faculty and students and offer students internships, scholarships or jobs.
UB is now affiliated with 35 of the 73 companies in START-UP NY, meaning they will work exclusively with UB as opposed to other colleges in the area. Those 35 companies plan to create 1,437 more jobs and invest $33.4 million into Western New York – making UB the most active college in the program, according to The Buffalo News. All 73 companies as a whole currently plan to invest $104 million and create 2,400 new jobs.
Of the 11 companies announced Wednesday, LED Spirit Inc., a company that developed LED lighting that does not use a printed circuit board and can be used outdoors, is the business that expects to invest the most money ($6.8 million) and create the most jobs (37), according to a UB press release.
Six of the companies joining START-UP NY announced Wednesday are winners of the 43North business plan contest. The contest is the largest competition of its kind and was created by Cuomo’s Buffalo Billion initiative – which pledges to invest $1 billion into Buffalo economy over 10 years. 43North awarded $5 million to 11 companies in October.