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KINGSTON, NY-Two Hudson Valley business nonprofits have plans to form a regional technology incubator and are currently looking for between 25,000 sf to 30, 000 sf of space here for the enterprises’ headquarters operations. Thomas Phillips, executive director of the Hudson Valley Technology Development Center, says a decision on the headquarters space for the “Hudson Valley Center for Innovation” could be made within the next two to three weeks.

The Hudson Valley Technology Development Center of Fishkill and the Ulster County Development Corp., based here, announced the formation of the venture to launch the technology center that will eventually serve a total of 25 companies at any time. It will begin with five firms in its first year and add 10 businesses during its second and third years of operation.

“In the long run it will be a collaborative effort of business and economic development agencies, academia and the investment community focusing on fostering the growth and development of emerging, high-value business and technology development firms within the Hudson Valley region,” says Chester J. Straub Jr., president of the Ulster County Development Corp. While the headquarters for the technology center will be based here, officials behind the project note that plans call for the establishment of at least six smaller satellite facilities in participating mid-Hudson counties.

“By offering a broad spectrum of technical and financial services in a structured fashion, and through an interconnected array of facilities, the center will become part of the business fabric of the entire Hudson Valley region,” Phillips adds. Phillips says organizers expect the center will cost a total of approximately $5 million to run in its first three to five years of operation and then will be self-sustaining. To date, a total of $500,000 has been committed to the venture, including pledges from the Ulster County Development Corp. and the Ulster County Industrial Development Agency.

Les Newmann, a Rockland County-based consultant, has been hired as the managing director of the Hudson Valley Center for Innovation. Plans call for a full-time on-site executive mentoring staff that would include a CEO, CFO and marketing executive as well as for the creation of a board of directors.

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