Business incubators are important to Tech Valley’s economic growth. They encourage the development of new businesses, create jobs and support entrepreneurship.
Incubators offer their clients a variety of business services including affordable leases, administrative support, consulting, access to capital and networking opportunities with other incubator clients.
An incubator aims to produce successful firms that will eventually leave the program – typically within three years – financially secure.
Tech Valley is home to close to 20 business incubators focusing on the technology, biomedical and manufacturing industries. The largest – Rensselaer Polytechnic Institute’s Rensselaer Incubator Center – helped launch MapInfo, a software company that now has more 900 employees across the world and revenues of more than $91.7 million in 2008. MapInfo was sold to Pitney Bowes in March 2007 for $408 million and now goes by the name Pitney Bowes Business Insight.
Adirondacks/North Country
Clinton, Essex, Franklin, Hamilton and Warren Counties including the cities of Plattsburgh and Glens Falls and the villages of Lake George, Lake Placid and Speculator.
In the Adirondacks/North Country, incubators range from Imperial Industrial Park in Plattsburgh to the Saratoga Technology Accelerator, which is designed to provide established technology-based companies that are poised to move beyond early-stage operations with the resources and agility they need to succeed. The Warren County Economic Development Corp. (WCEDC) is a not-for-profit organization dedicated to improving the quality of life for Warren County residents by helping businesses grow, prosper and create quality jobs. Meanwhile, the Skidmore-Saratoga Entrepreneurial Partnership helps students engage with the local business community (both for- and not-for-profit) to incubate their ideas, by serving as business consultants, writing business plans, conducting marketing research and strategic marketing plans, engaging in SWOT (Strengths/Weaknesses/Opportunities/Threats) and financial analyses, and incubating their own ideas that have emanated from their coursework in applied marketing and entrepreneurship.
Capital Region
Albany, Rensselaer, Saratoga, Schenectady, Schoharie, Washington Counties including the cities of Albany, Saratoga Springs, Schenectady and Troy and the towns of Bethlehem, Colonie, Guilderland, Greenwich, Mechanicville and Schoharie.
The Capital Region is home to Tech Valley’s largest incubator, the Rensselaer Incubator Center at RPI, which helped launch software company Pitney Bowes Software. Today, the company has more than 900 employees worldwide and had sales of more than $165 million in 2006. The University at Albany's East Campus is home to two university centers: The Center for Functional Genomics (CFG) and the Gen*NY*Sis Cancer Research Center. Other tenants include the Albany College of Pharmacy's Pharmaceutical Research Institute and the New York Neural Stem Cell Center. The Incubator for Nanotechnology Ventures, Emerging Sciences and Technologies provides space and resources to help high-tech companies grow and expand, while advancing The Sage Colleges’ programs in science, technology and business. The Schenectady County Community Business Center and the U-Start Business Incubator at Union College are other well-known incubators in the region.
Hudson Valley
Columbia, Dutchess, Greene, Orange and Ulster Counties including the cities of Hudson, Kingston, Newburgh and Poughkeepsie and the town of New Paltz.
The Orange-Ulster BOCES Incubator is a primary resource for growing good business ideas for both new and existing businesses. The Incubator has traditionally operated as a brick-and-mortar structure that offered services for emerging businesses. Now, the Incubator is expanding and enhancing services to serve micro and small businesses, while seeking a new location. Also, SUNY Ulster has a Business Resource Center (BRC) in Kingston, bringing the convenience of a one-stop shop for business development, education and training to the area, offering business professionals the opportunity to benefit from business counseling and training.
Mohawk Valley
Herkimer, Fulton and Montgomery Counties including the cities of Amsterdam, Gloversville, Herkimer, Johnstown and Little Falls.
The Crossroads Incubator Corporation (CIC), an affiliate of the Fulton County Economic Development Corporation, offers construction and real estate management services to both existing and new developments. CIC currently manages an asset portfolio valued in millions of dollars. CIC’s management responsibilities include the administration of lease agreements, property maintenance, budgets, replacement reserve accounts, financing, capital improvements, rental invoicing and debt service programs. The Montgomery County Business Development Center is a comprehensive resource for business and economic development and planning services throughout Montgomery County. Available services include business development and technical assistance; company and facility sitting; workforce and labor development; and government coordination, including permit processes and Empire Zone incentives.