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Posted on Dec 11th, 2015

Sparking the Southern Tier's Innovation Culture

Binghamton Business News

This is the fourth and final post on the initiatives highlighted in the Southern Tier Regional Economic Development Council's Upstate Revitalization Initiative plan for consideration for a $500 million reward by New York State. Governor Andrew Cuomo will announce the three winning regions TODAY beginning at 10:30 a.m..


"Innovation is the specific instrument of entrepreneurship - the act that endows resources with a new capacity to create wealth." This quote by Peter Drucker, whose writings contributed to the practical applications to business development frames the strategy developed by the Southern Tier Regional Economic Development Council to create a cohesive and dynamic innovation culture.


Innovation is the intellectual and creative force behind an ever-changing world. Innovation fuels progress and is a staple of economic sustainability. The Southern Tier's rich history of innovation will bolster plans to make the region and ever-more exciting place to live, work, play, and most importantly - to thrive. This initiative will create a dynamic "brand" for innovation by connecting innovators and entrepreneurs to the region's abundance of natural beauty and resources. It will transform the Southern Tier into a magnet for an educated and dynamic workforce inspired by places offering a high quality of life.


This initiative anticipates a leveraged investment of $500 million and an overall economic impact of nearly $700 million through a mix of projects that build upon the regions strengths in innovation as well as tourism. Game changing investments include the improvement of tourism infrastructure, attraction and retention of graduates and entrepreneurs, and a focus on turning ideas into products. This initiative will build upon initiatives that are beginning to seed the innovation culture, including the Southern Tier Innovation Hot Spot initiative being supported through programs offered through the Southern Tier Startup Alliance. This initiative includes a strategy to retain college graduates though a Talent Attraction and Retention Campaign, a Master Entrepreneur Main Street program, and the creation of the Southern Tier Venture Seed Fund.


The Southern Tier Is prepared to make a full-fledged investment in creating a brand that showcases all that the region has to offer entrepreneurs and innovators.


"Wisdom is the power to put our time and knowledge to the proper use" - Thomas J. Watson, Sr.




posted by Nate Schwartz