The Power of Partnerships
UB’s Expertise and State Tax Relief Prove a Winning Combination for Geocove
Location on UB’s campus, tax relief from New York State taxes, and student brainpower lured back a Western New Yorker looking to grow her software company, Geocove. Karyn Tareen grew up in Tonawanda and graduated from UB in 1998. Now she’s replanting roots here, expanding in STOR’s UB Technology Incubator in Baird Research Park.
Geocove is a Florida-based software company that builds Geographic Information System (GIS) based products to help disaster management teams assess storm destruction and plan damage control and recovery operations.
Tareen said Geocove’s new UB office already is a success by partnering with researchers and students in the university’s Geography department and GIS program. Excited by the first round of student interns who started this summer, Tareen says, “I am looking forward to a continuing relationship with the university and its students.”
The company expects to invest $60,000 and create five jobs as a START-UP NY participant. This economic development program created by Gov. Andrew M. Cuomo allows universities to identify spaces and facilities where new and expanding businesses can operate for 10 years without paying state business, corporate, income, sales or property taxes, or franchise fees.
UB is the state leader with more than 48 companies that have moved into university spaces or pledged to move or expand into these facilities. It also goes beyond location with companies expanding their intellectual resources in collaborating with faculty researchers and offering internships or jobs to students. UB President Satish K. Tripathi says the program is creating a “thriving culture of innovation” statewide by linking universities with business and industry.