Construction of New York State’s Largest Business Incubator was Supported by $16.6 Million Investment Through the Upstate Revitalization Initiative
Investing in Next-Generation Ideas Supports the Region’s Focused Comprehensive Strategy To Revitalize Communities and Grow the Economy
Picture of INSPYRE Innovation Hub Available Here
Governor Kathy Hochul today marked the official grand opening of the new INSPYRE Innovation Hub by CenterState CEO in downtown Syracuse. The multi-story facility, formerly known as The Tech Garden, is the largest business incubator in New York State. The project included a two-story addition to the existing building, renovations to the facility’s existing space, updates to the on-site mechanical and security systems, a new 5,000-square-foot roof terrace accessible to clients, 3,000-square-foot meeting room private tenant offices for 35 additional resident startups, coworking areas, an expanded hardware space for prototype and product development and a new entrance. The expanded facility serves to anchor Syracuse's City Center Innovation Hub, a core component of the Syracuse Surge economic development strategy and will serve as the gateway to the “Innovation Alley” on Warren Street in Syracuse.
“CenterState CEO’s new INSPYRE Innovation Hub is a critical part of our efforts to make Upstate New York the nation’s next major hub for innovative, 21st century businesses,” Governor Hochul said. “With this new state-of-the-art facility, CenterState CEO will be able to continue its important work to expand the innovation economy in Central New York and set promising, early-stage businesses on a path for success. My administration is committed to supporting projects that spark growth, empower businesses, entrepreneurs and boost the local economy.”
INSPYRE program benefits include access to experts and other founders to meet the diverse needs of Central New York entrepreneurs across a range of industries, providing executive advisors, marketing and fundraising support and industry-focused events, as well as access to platforms such as PitchBook and unique funding opportunities.
INSPYRE will continue to be the central hub for the GENIUS NY program, the world’s largest business accelerator for the uncrewed systems and robotics industry. Since 2017, GENIUS NY has invested nearly $24 million in 42 companies from around the world and the companies who have taken part have raised more than $350 million in follow-on funding and created hundreds of new jobs in New York state.
CenterState CEO Acting President Ben Sio said, “Central New York’s entrepreneurs deserve a facility that enables them to realize their dreams. The INSPYRE Innovation Hub provides expanded resources, programming and amenities to do so. This space builds on CenterState CEO’s years of successful entrepreneurial programming and makes it more accessible to the entire community. Working alongside other organizations in the region’s entrepreneurial ecosystem, INSPYRE Innovation Hub will support innovators of all backgrounds and stages of business as they shape the future of the region. We thank Governor Hochul for her support of the INSPYRE Innovation Hub and commitment to the growth of Central New York.”
Empire State Development is providing up to $16.6 million for the project through the regions’ CNY Rising Upstate Revitalization Initiative. The total project cost was placed at $32 million.
The continued revitalization of downtown Syracuse is also a top priority of the Central New York Regional Economic Development Council, a public-private partnership made up of local experts and stakeholders from business, academia, local government and non-governmental organizations who are redefining the way the region invests in jobs and economic growth by putting in place a community-based, bottom-up approach to access available state resources. INSPYRE Innovation Hub supports major assets in downtown Syracuse like the Marriott Syracuse Downtown Hotel and Convention Center, while expanding the ability of the incubator to accept new clients and help businesses launch in the greater community.
Empire State Development President, CEO and Commissioner Hope Knight said, “The completion of the transformational INSPYRE Innovation Hub means that CenterState CEO can further its successful efforts to create an even more productive ecosystem for entrepreneurs, helping them to grow and develop their innovative business ideas. New York State is committed to the continued renaissance happening in downtown Syracuse, and this incredible new space will serve as an essential piece to those revitalization efforts.”
Read the full press release here.