News Summary
The INSPYRE Innovation Hub has officially opened in Syracuse, New York, becoming the state’s largest business incubator. This facility, which underwent a $32 million renovation, spans 90,000 square feet and includes features like a co-working space, meeting rooms, and a rooftop terrace. The hub is designed to foster entrepreneurship by providing access to resources and networking opportunities. Supported by a $16 million investment from Empire State Development, it aims to revitalize the local economy and support startups in Central New York.
Syracuse, New York – The INSPYRE Innovation Hub officially opened on Thursday, marking a significant advancement for entrepreneurs in the region. Located at 235 Harrison St., the facility stands as New York State’s largest business incubator, representing a substantial investment of $32 million.
The hub, previously known as The Tech Garden, spans 90,000 square feet and features updated mechanical and security systems, alongside a two-story addition to the existing structure. The renovation also included the creation of a new entrance and the addition of a 5,000-square-foot roof terrace that is accessible to clients.
Inside, the INSPYRE Innovation Hub hosts a 3,000-square-foot meeting room and private offices that will serve an additional 35 resident startups. The facility also includes coworking areas and expanded hardware spaces designed for prototype and product development.
The INSPYRE program is designed to offer entrepreneurs valuable networking opportunities and access to various resources that are critical for business growth. CenterState CEO Acting President Ben Sio emphasized that the facility aims to support Central New York’s entrepreneurs in realizing their dreams.
This ambitious project received a significant boost from Empire State Development, which contributed $16 million through the CNY Rising Upstate Revitalization Initiative. The INSPYRE hub is a key component of the “Innovation Alley” initiative on Warren Street, contributing to the aims of the Syracuse Surge economic development strategy.
Since its inception in 2017, the Genius NY program within INSPYRE has invested nearly $24 million in 42 companies worldwide. Participants in the Genius NY program have successfully raised over $350 million in follow-on funding and have created hundreds of new jobs in New York.
The opening event featured key speakers, including New York State legislators, Syracuse Mayor Ben Walsh, and officials from National Grid and M&T Bank. Moreover, M&T Bank has entered into a seven-year sponsorship deal as the founding sponsor of the INSPYRE Innovation Hub, reinforcing the community’s commitment to fostering entrepreneurial success in Central New York.
The completion of the INSPYRE Innovation Hub signifies a major milestone in Syracuse’s efforts to revitalize its economy and support innovation within the region. As the largest business accelerator in the state, the hub is poised to play a crucial role in the entrepreneurial landscape, providing resources and support necessary for startups to thrive and contribute to the local economy.
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Additional Resources
- CNY Central
- Wikipedia: Syracuse, New York
- Local SYR
- Google Search: INSPYRE Innovation Hub
- CNY Business Journal
- Encyclopedia Britannica: Innovation
- Spectrum Local News
- Google News: Innovation Hubs
- Rome Sentinel
- Google Scholar: Innovation Incubators
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