Thought Box project to incubate LI start-ups

An alliance of technology and business advocates has thought up a concept they say could vault Long Island into the entrepreneurial ranks of San Diego and Silicon Valley.

The Thought Box 1 project in December received a $3 million state economic development grant for construction of a business incubator that backers said would draw technology start-up companies and their employees to the Island.

"It's Thought Box '1' because we're hoping to have a Thought 2, 3 and so on," said Kevin Law, president of the Long Island Association business organization, which supports the project. "It's a way to put a whole bunch of talents under one roof."

The facility would serve as an information technology hub and an office for 400 to 500 employees of several companies, said Mark Fasciano, co-founder of the Jericho-based venture capital firm Canrock Ventures and principal backer of Thought Box 1.

The "industry cluster" effect -- sharing space, resources, ideas and energy -- would boost productivity and creativity, he said. "You can't build these companies without strong, young, energetic talent."

Supporters said they hope to locate Thought Box 1 near the Hicksville Long Island Rail Road station. They envision a 450,000-square-foot residential and commercial facility with affordable housing and amenities to attract entrepreneurs. Property near the Babylon LIRR station and two other sites also are being considered, Fasciano said.

Fasciano said he hopes to have a site developed and tenants moved in by year's end.

Oyster Bay Town officials said they have not received a zoning or planning department application for the Hicksville proposal. The town supports new businesses, but cannot comment on a project without knowing the specifics, town spokeswoman Phyllis Barry said.

Town leadership has routinely opposed high-density, mixed-used and transit-oriented projects as a threat to what Supervisor John Venditto calls the suburban quality of life.

But locating Thought Box 1 by an LIRR station would make it more convenient for workers without cars and those traveling from New York City, Fasciano said.

Austin Shafran, spokesman for the Empire State Development organization, which awarded the grant, said in a statement that he envisions the project as "a hub of entrepreneurial activity in a downtown environment with transit, affordable house, offices, labs, recreation and commercialization services all in one place."