A nanotech startup preparing to pump $1 million into Long Island’s innovation economy is among several new companies joining the Start-Up NY program.
Empire State Development has opened the books of its tax-free incentive efforts to add 18 additional firms, promising to create a combined 135 jobs and invest a combined $10 million in their local economies.
Among them: Millennial Materials and Devices, which will research, develop and attempt to commercialize new nanomaterial coating technologies. The Coram-based carbon and graphite manufacturer develops thin films that can substitute for ITO – indium tin oxide, the most common transparent conductive coating for flat-panel displays, touch screens and electronic-ink applications.
A limited supply of indium and expensive manufacturing processes put a premium on ITO tech, increasing demand for lower-cost alternatives.
As it wades into that arena, Millennial Materials and Devices will now enjoy a 10-year reprieve from state and local business and corporate taxes, including state income, sales and property taxes.
Start-Up NY companies can also access industry experts and advanced research facilities at the higher-education institutions that sponsor their program applications – in Millennial Materials and Devices’ case, Stony Brook University.
In return, the 2014 startup has promised to create four full-time jobs and invest just over $1 million in LI’s innovation economy within five years.
Millennial Materials and Devices becomes the 23rd Long Island company accepted into Start-Up NY, including firms at SBU, Farmingdale State College and Long Island University’s Brookville campus.
There were no Long Island companies named in the last round of Start-Up NY inductees, which was announced in December.
The other 17 Start-Up NY inductees announced Monday are spread across New York City, Western New York, the Southern Tier, the Central Region and the Capital Region.
Histowiz Inc., an NYC histology firm developing the world’s first database dedicated to the microscopic structure of organic tissue, will create nine jobs and invest $2.5 million through its sponsorship by Brooklyn’s Downstate Medical College.
The University at Buffalo ran up its Start-Up NY score this round, with approval for 11 sponsored companies – including two Canadian software firms and one Israeli speech-tech firm, all three expanding to the United States – promising 89 combined jobs and a modest total investment of around $1.02 million.
To date, 75 participating schools have established 465 tax-free areas, incorporating over 5 million square feet of tax-free space for new, expanding or relocating businesses, according to Empire State Development.
The new inductees swell the statewide Start-Up NY rolls to 172 companies, which have promised to create more than 4,175 jobs and invest more than $229.2 million in regional economies.
They’ve also “attracted hundreds of millions in private investments,” according to Gov. Andrew Cuomo, who launched the incentives program in 2013 to promote economic development in industries including tech, biotech and advanced manufacturing.
“In a few short years, Start-Up NY has attracted thousands of good-paying jobs,” Cuomo said in a statement. “By partnering world-class academic institutions with cutting-edge businesses, this program is helping to strengthen our economy and generate new growth and opportunity in the Empire State.”