A total of 39 early-stage companies have joined the New York program which creates tax-free zones for businesses that collaborate with a university and create local jobs.
Start-up NY, an initiative by New York governor Andrew Cuomo to boost the state’s ecosystem, has added 39 new businesses to its network that have promised to deliver 817 jobs and invest more than $30m over the next five years.
The additions boost the program’s total number of companies to 202, which have committed to creating at least 4,490 jobs and invest more than $251m over the next three to five years throughout New York.
Start-up NY pairs early-stage businesses with universities and colleges, creating tax-free zones around the institutions where the companies are tax-exempt for a period of ten years.
The newly announced companies have joined forces with Alfred State College, Binghamton University, Clinton Community College, Dutchess County Community College, Farmingdale State College, Fulton-Montgomery Community College, and Hudson Valley Community College.
Partnerships have also been formed with Jamestown Community College, Long Island University, Medgar Evers College, New York University, Orange County Community College, Plattsburgh State University, Schenectady County Community College, Suny Downstate Medical Center, Suny Oswego, Ulster Community College; University at Albany, University at Buffalo and Villa Maria College.
Cuomo said: “This program continues to attract companies with visionary goals to every region of our state and is playing a key role in revitalising those communities.
“This unique model of partnering innovative companies with our world-class colleges and universities not only creates new jobs, but also leverages hundreds of millions of dollars in private investment to stimulate regional growth.”
