For this edition of Ask the Expert, we spoke with Bandhana Katoch, Executive Director of the Koffman Southern Tier Incubator at Binghamton University. Katoch came to the position last year, bringing two decades of global experience. Here, she shares her thoughts on Upstate New York’s “phenomenal potential,” gives advice to startups, and reveals what they’ve taught her.
Provide a brief overview of the Koffman Southern Tier Incubator.
Since its founding in 2017, the incubator has had a significant economic impact on the region. We’ve supported 130-plus startups, we’ve been instrumental in creating 667 jobs and we’ve supported our startups in raising $491 million through grants, private investment and other funding.
Our programs include clean energy, business incubation, digital acceleration, equity and justice – and this fall we’re launching a sustainability accelerator.
Tell us about yourself.
I became Executive Director in May 2023. Before that, I was working in Asia for the World Bank. My entire career has been between science, business and law; working in the startup innovation ecosystem is where I found my home. I’ve been very fortunate to have opportunities in different areas of this country to really understand the larger national ecosystem but. at the same time. understand the regional nuances.
As a newcomer, what are your impressions of Upstate New York?
When I moved here, I was very excited because I’d heard about the phenomenal things New York State was doing as a trailblazer in clean energy and other technology. I thought I came prepared but I was so pleasantly surprised by what amazing things Upstate is doing: fantastic programs, support systems and the ecosystem that exists.
I feel that collaboration is the key. We have exciting things happening and, if we work together to break the silos, the potential is phenomenal.
What does a typical day find you doing?
My role is mainly administrative. However, I try my best to find time to connect with startups and students because that was the key interest I had in coming back to a university setting after seven years. I’m hoping that as I get settled and established in this position, I’ll be able to connect with them on a much more regular basis.
What exciting things are happening at the incubator?
One of our companies, KLAW Industries, received a $21 million contract with the Department of Transportation for their clean concrete made from recycled glass. We have quite a few battery companies working on battery chemistries, battery components and recycling. Also, we’ve recently onboarded a few international companies that are working on smart fertilizer. A lot of things are happening in the clean energy, agriculture and food space, and we’re quite excited about that.
Is diversity a concern?
We’ve been very fortunate to be able to engage in different communities. Is there room for improvement and more strategic initiatives? Definitely. And we are trying hard on that. We received a $50,000 grant from the SBA for a Black Entrepreneur Network. We did a soft launch a few weeks ago and we are now applying for Phase II. Through this network, we are hoping to promote diversity not just among our startups, but also among existing businesses in the region.
What is your biggest advice to startups?
An entrepreneur has a blank canvas to paint the inclusive world they want, but that rarely comes to an entrepreneur’s mind. It comes five or 10 years down the road when the culture has already been established. So, build the culture you want to have in five or 10 years.
The other advice I would give is that if you don’t know something, hire someone who does. That is a decision you should make sooner rather than later. It is very important for entrepreneurs to recognize their strengths and also their weaknesses. Recognizing weakness is a strength. Once you know your weakness, you can fill that gap, which will help your business grow.
What have you learned from startups?
I’ve been very fortunate to have worked with some brilliant minds. I’ve learned a lot. My list of qualifications is long. But while I owe my education to all the universities that have given me degrees, I owe my real-world experience to all the entrepreneurs I’ve worked with on this journey of 20-plus years.