Stony Brook University’s business incubator program will receive up to $375,000 over three years to expand its offerings and connect tenants to nearby research institutions such as Brookhaven National Laboratory, state officials announced Thursday.
The money was awarded competitively by Empire State Development from dozens of applications received from across the state, according to Kenneth Adams, Empire State's president.
University officials said Thursday the money would aid about 45 small businesses that are housed in four incubator buildings and 15 or so that receive services.
The university’s funding application calls for mentoring tenants and giving them access to other development programs and activities going on at BNL, Cold Spring Harbor Laboratory and the Broad Hollow Bioscience Park at Farmingdale State College, among others.
Three of the university’s incubators are located on the Stony Brook campus: the Long Island High Technology Incubator, Center for Excellence in Wireless and Information Technology, and the Advanced Energy Research and Technology Center. There also is an incubator in Calverton.
State officials also said small businesses that graduate from Stony Brook’s incubators would be given serious consideration for the START-UP NY program, where companies and their employees don’t pay taxes for 10 years if they locate on a college campus in the state.