The UB Technology Incubator at Baird Research Park began as a partnership between UB, the UB Foundation, and the State of New York in 1988. As one of the nation’s first bioincubators, it offered not only office space but wet labs as well. The UB Technology Incubator was intended to help commercialize the inventions of UB while assisting in the economic development of western New York through the support of non-UB companies. The 40,000 square foot facility was designed to be FDA compliant, a critical step for companies developing either pharmaceutical products or medical devices. FDA compliance has been maintained throughout the facility’s history and is one of the few facilities in western New York to offer such space to emerging companies. The graduates of the incubator represent a variety of technologies including software, engineering, synthetic intelligence, environmental, education, lasers, photonics, pharmaceuticals and others.
As of September 2012, UB has opened its new Downtown Biosciences Incubator at the Clinical and Translational Research Center (CTRC). STOR now operates a 4,000 square foot incubator on the fifth floor of the CTRC, complete with 6 offices, 3 wet labs, meeting space and access to a café and other services. The new incubator will operate under the same services, systems and procedures used at the UB Technology Incubator in Baird Research Park.
Directed Energy seeks to facilitate the emergence and growth of an alternative energy technology and business cluster in Western NY through a virtual incubator program. This NYSERDA-funded program is managed STOR and is a partnership of many technology and business assets in the western end of New York State.
UB STOR supports the creation of new technology-based businesses by providing affordable business services to entrepreneurs. Since its inception in 1988, the program has assisted over 100 tenants and graduates, boasting an 84% survival rate. Aggregate employment by those companies is over 500 people with annual revenues exceeding of $50 million.
The business incubation program provides assistance in four main areas:
- Flexible terms for office and wet laboratory space
- Administrative support services
- General business assistance in the form of coaching, counseling mentoring and networking
- Access to UB resources and facilities
Why join a Business Incubator?
A study done by Inc. Magazine and National Business Incubator revealed that 80% of new businesses fail within the first five years. 52% fail because of management related problems and 48% fail due to lack of capital. When a start-up is affiliated with an incubator, however, they have a much higher prospect of surviving. This statistic is four times higher than the national average for business success. Companies in the life sciences or other areas requiring intensive laboratory-based activity have the greatest difficulty in being successful, making facilities such as the UB Technology Incubator and the UB Biosciences Incubator even more critical.
For more information, review the Introduction to UB Incubators.
The foregoing information is intended only as an overview of the incubator program. Space in the incubator building is made available only under a written agreement (Revocable Permit) that contains all of the terms and conditions for use of the space. Please contact us for a copy of the formal Revocable Permit for Occupancy.