Albany (N.Y.) Medical College will launch a biomedical technology incubator by June 2015.
The college will host an incubator, called the Biomedical Acceleration and Commercialization Center, intended to connect entrepreneurs with researchers, targeting biomedicine, bioengineering, biotechnology and pharmaceuticals, according to the Times Union.
The incubator will also be in a tax-free zone under START-UP NY, a program designed to encourage businesses to expand or relocate in New York. Companies that create jobs at the center will be business tax-free for a decade, according to the report. Interested entities must apply and be vetted to ensure that they will be a good fit at the center, which will occupy an 8,000-square-foot space at Albany Medical Center.
Four companies — Somml Health, iSimulate, Orthograft and Balance Engineering — have already applied to be a part of the center, according to the report.