Koffman Incubator expands to Vestal facility

VESTAL, N.Y. (WIVT/WBGH) – The Koffman Southern Tier Incubator has added a new facility for some startups that have outgrown their current space or need more of a C suite environment.

The incubator’s board cut the ribbon at Koffman on Plaza today. Located at 300 Plaza Drive in Vestal, the high-end office space was donated to the incubator by the Koffman family, whose original endowment helps to sustain the incubator.

This two-floor facility has seven office spaces for startups on the first floor, with larger options than those available at the incubator on Hawley Street downtown. The atrium features natural light, lots of plants and even a koi pond.

Executive Director Bandhana Katoch says it offers advanced-stage startups with a professional environment for meeting potential partners, customers and investors.

“Businesses, just like humans, don’t live in isolation. Businesses are not built in isolation. Businesses need ecosystem, need resources, need community, which can fill all the spaces as well as the space here. We have made sure to create a welcoming environment for the new companies as well as the community members,” said Katoch.

The building, which was built in 1967, housed the various businesses of Bud Koffman and his family for many years.

His daughter Betsy Koffman is the President of the incubator’s board of directors.

She says donating the building to the incubator means its legacy of innovation and entrepreneurship will live on.

“My dad would be so proud of all the different activities, programs, fundraising, companies’ activities. He couldn’t imagine that it would be so wonderful and successful. Through all the fabulous people who help each other out. The program directors, the executive director, it’s a great moment for the area,” said Koffman.

Three of the offices are already occupied by startups with rents starting at $825 per month. The lower level is occupied by Smith Brothers Insurance.

Katoch says the next goal for the incubator is to create a prototyping center and shared equipment facility within its downtown building.

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