The largest business incubator in New York is now open in Syracuse. The INSPYRE Innovation Hub will help all kinds of tech and small businesses get off the ground.
Over the years, what initially was a dilapidated parking garage that had partially collapsed, morphed into The Tech Garden, serving tech entrepreneurs.
“In the past, the Tech Garden focused on tech startups,” said CenterState CEO acting president Ben Sio. “The INSPYRE Innovation Hub is focused on supporting the entirety of the small business ecosystem in our community. So we were really intentional to build a facility that, yes, still caters to tech-based companies, but that has assets and resources, and was welcoming and opening to all small businesses.”
Sio said that the innovation hub was built to serve any business.
“We'll still have a heavy tech presence in the community, but I know of a number of companies that are taking up occupancy here as tenants that are not tech-focused,” he said. “And for the first time, we'll have a dedicated co-working space that any company can come and use, whether they're tech-focused or if they're starting a restaurant.”
The $32 million price tag was paid for in large part by a $16.6 million Empire State Development grant. Dan Kolinski, regional director for Empire State Development, said it’s a good investment, pointing to the growth in venture capital money for new businesses recently.
“It's increased significantly since CenterState began the tech garden. We expect to see that increase significantly again with the INSPYRE hub,” Kolinski said. “So I do think it's a model that can be taken elsewhere and we're excited that we can help build a startup economy in New York state.”
Sio said this hub basically brings together all the resources needed for someone to create a business.
“You can talk to an accountant to get assistance with your bookkeeping,” he said. “You can talk with a banker or a small business lender to understand how I can access financing. And you can also talk with each other, right? The community that we built with the Tech Garden, and that we're hoping to rebuild with the INSPYRE Innovation Hub, for us is one of the most important pieces of this, because you get that support of other people trying to do the same thing. Maybe in a different industry, but trying to do it along with you.”
