New York state's economic development agency has given its approval to Binghamton University's application to participate in a program designed to help new or expanding businesses.

Empire State Development has approved the university plan to assist businesses through the START-UP NY initiative.

Bob Joseph/WNBF News

Space on the Vestal campus and in downtown Binghamton could be used to accommodate businesses participating in the program which provides tax breaks for a decade.

University president Harvey Stenger says the plan is to collaborate with businesses whose products and technologies align with the school's "research and academic missions."

Suites at the Innovative Technologies Complex may be used to accommodate new companies.

As many as ten businesses eventually could be hosted at the Southern Tier High Technology Incubator to be built in Binghamton.

Stenger says the initiative offers an "extraordinary opportunity for industry to partner with higher education" to bring about economic growth.