Business Facilities magazine named New Jersey the number one state for biotechnology strength, specialization leaders in 2012.
Want to be in the heart of the world’s life sciences and biotechnology industry? The research home of Thomas Edison and Albert Einstein, two names synonymous with breakthrough science, New Jersey continues its tradition of innovation with a cluster of more than 350 biotech companies. This industry concentration offers countless opportunities for joint ventures, recruiting and research. New Jersey also ranks third in bioscience venture capital investments and in the number of bioscience patents. Ahead of the pace—that’s New Jersey.
- Governor Christie recently signed legislation creating a $25 million angel investor tax credit program for job creation and growth in New Jersey’s emerging technology industries.
- Recent State policy changes include a new Talent Network initiative, a critical resource to link businesses and educational institutions with job seekers.
- Financial incentives include a variety of funding through the Edison Innovation Fund, as well as the Life Sciences Venture Fund, created by the New Jersey EDA and Quaker BioVentures
- The Technology Business Tax Certificate Transfer Program enables promising technology and biotechnology companies to turn net operating losses and R&D tax credits into capital—since 1999, more than 1,530 applicants have bee approve for $630 million
- Organizations like BioNJ and HealthCare Institute of New Jersey provide industry support and advocacy statewide
- The New Jersey Economic Development Authority’s Commercialization Center for Innovative Technologies Incubator offers support to entrepreneurial companies in the early and expansion stages of their business
The life sciences and biopharmaceutical sector provides jobs to more than 125,000 people and includes 17 of the world’s 20 largest biopharmaceutical companies, including Merck, Johnson & Johnson and Bristol-Myers Squibb. New and relocating companies have grown the sector by 16% since 2004.
More than 22,000 students graduate with degrees in life sciences from New Jersey’s institutions of higher learning annually, eager to join a thriving intellectual community in the number one state for biochemists and biophysicists. They can take advantage of six New Jersey institutes that offer graduate and post-graduation degrees in biomedical and healthcare fields.
Under the Edison Innovation Fund, New Jersey has created three Innovation Zones in Camden, Newark and Greater New Brunswick. Located near State universities, research institutions and related businesses, these “tech zones” encourage collaboration and the rapid delivery of discoveries from the laboratory to the marketplace. In addition to partnership opportunities, companies within these zones may enjoy financial incentives. A state-of-the-art technology center (existing or planned) anchors each zone, offering “plug-in ready” wet and dry laboratories, as well as office and production space, at below-market rent. This “shared space” makes good financial sense for start-ups. Instead of using valuable resources on infrastructure and security/office staffing, they can focus on innovation, relationships and product development.