Local Agencies Partner to Form
Innovation, Acceleration Center
ONEONTA
Otsego Now, the umbrella organization of the Otsego County Industrial Development Agency and the Otsego County Capital Resource Corporation, is set to launch the county’s first Innovation and Acceleration Center, the primary focus of which will be bringing a booming tech and manufacturing industry to the region.
According to a recent press release, during the COVID-19 Pandemic, the IDA witnessed a devastating economic loss due to the lack of tourism. The hospitality industry currently makes up 25 percent of the industry sector in Otsego County. When the tourist sector was forced to shut down, the county’s sales tax dropped 30 percent and bed tax dropped by 50 percent. Roughly 60,000 tourists stopped coming to Otsego County. After witnessing this, the IDA identified manufacturing as a growth sector to the local and surrounding economy.
The Otsego Innovation and Acceleration Center—which partners with the New York State Small Business Development Center, SUNY Oneonta, Hartwick College, Custom Electronics Inc. and Ioxus—will act as a one-stop incubator for emerging new businesses by giving them the resources they need to succeed.
“Having a local innovation center will help start-ups and small businesses find the needed resources, as well as provide them with opportunities for mentorship from other local businesspeople, allowing for good networking and passing on of lessons learned,” said Chad Hall, senior vice president of sales and operations for Ioxus. “Small businesses provide the country with approximately 85 percent of the intellectual property generated in the country, and helping those businesses start and grow locally will help the area with job growth and workforce training for many years to come.”
The IDA will provide advice to entrepreneurs on financing options to help grow their business, additionally assisting them with the office space, networking, and marketing services necessary to connect entrepreneurs to their market, and the resources they need to officially “set up shop” within Otsego Now’s office building at 189 Main Street in Oneonta.
The New York State Small Business Development Center will be offering business training courses, and mentorship will be a key part in the success of these startups’ research and development phases. Opportunities for mentorship will come from SUNY Oneonta and Hartwick College, both of which have a history of bringing innovation to Otsego County. These educational institutions will provide testing of products for prototyping as well as access to manufacturing equipment and lab space.
“Custom Electronics, Inc. is very pleased to join the Otsego County Accelerator Center as an anchor manufacturer to bridge the gap between small innovators and full-scale manufacturing. The center hopes to accommodate start-up entrepreneurs, domestic companies and foreign companies that want to set up manufacturing in the United States,” said Michael Pentaris, Custom Electronics chief executive officer.
The Otsego Innovation and Acceleration Center is now open and accepting applications. To apply, send an inquiry e-mail to info@otsegonow.com expressing. The program looks to recruit at least 12 businesses within the next 18 months, in the hopes that they will grow and stay in Otsego County to create a regenerative business environment.
According to the press release issued by Otsego Now, “It’s important to note that this center is not just for those in the tech industry. It is for anyone in the community, from any industry, with an idea, a vision or a plan on how to propel the Otsego area forward through innovative thinking.”