For Immediate Release
Friday, March 28, 2008
For More Information:
Commission Funding to Provide Services for Incubator Companies
Commission Welcomes Dr. Kornhauser’s Appointment
Trenton – The New Jersey Commission on Science and Technology today approved funding through the Edison Innovation Fund for innovative programming at technology incubators and welcomed the appointment of Dr. Alain Kornhauser.
The Commission awarded $1.69 million to New Jersey technology incubators to implement client programming including legal and marketing counseling, expert seminars, entrepreneurs-in-residence, and seed fund programs providing pre-angel support, among others. The Commission supported incubator network currently provides services to approximately 220 residential companies which provide more than 1000 jobs in New Jersey. The incubators also provide services to an additional 900 virtual companies.
“New Jersey’s incubators effectively provide essential services crucial to creating successful new businesses,” said Mr. James J. Coleman Jr., Commission Chairman. “We hope to continue to encourage New Jersey entrepreneurs to take advantage of the excellent support and opportunities provided by our incubators.”
The Commission also welcomed Dr. Alain Kornhauser who was recently appointed. Dr. Kornhauser is a professor of Operations Research and Financial Engineering, Director of the Interdepartmental Transportation Research Program, and Co-Director of the Center for Transportation Information and Decision Engineering at Princeton University. He is also founder of ALK Technologies, a transportation technology company based in Princeton, New Jersey.
The Commission passed a resolution today that authorized the execution of a Memorandum of Understanding with the New Jersey Economic Development Authority (EDA). This agreement will allow the Commission to work with the EDA to offer a “wraparound” component for the Edison Innovation Research and Development Fund. This “wraparound” funding would be in the form of a loan to companies awarded grants under the Edison R&D Fund. Eligible companies can choose to receive additional funding in an amount up to twenty percent of the Commission award from the EDA to cover costs not allowed under the existing program structure.
The Commission also approved a number of grants supporting the Governor’s Economic Growth Strategy which encourages innovation in the state. The programs have been aligned with other economic development programs in the state, and in conjunction with the state’s Commission on Higher Education. Action today included:
- Technology Incubators - The Commission awarded $1.69 million to 13 technology incubators throughout the state.
- Incubator Feasibility – The Commission approved an award of $30,000 to support a feasibility study for the Meadowlands Sustainable Business Incubator.
- SBIR Training – The Commission approved $52,800 for the New Jersey Small Business Development Center to administer SBIR training sessions throughout the year and provide individual training to New Jersey researchers to apply for federal research dollars.
- New Jersey Manufacturing Extension Program (NJMEP) – The Commission awarded $1.2 million to the NJMEP to assist small and medium sized companies in becoming more productive, profitable and globally competitive.
- Execution of the Memorandum of Understanding between the Commission and New Jersey Economic Development Authority regarding the “Wraparound” component of the Edison Innovation R&D Fund.
- New Jersey Technology Fellowship Program – The Commission awarded $85,000 to DOV Pharmaceuticals, Inc to employ Dr. Anne Tobak, a second year New Jersey Technology Fellow.
ABOUT THE EDISON INNOVATION FUND As part of the Governor’s Economic Growth Strategy, the Edison Innovation Fund has been launched with $150 million committed in partnership by the New Jersey Economic Development Authority and the Commission on Science and Technology that will leverage $350 million in private capital. Resources from the Fund will support research and development in the growth and core industries vital to the state economy.
To learn more about opportunities for business growth throughout New Jersey, visit the state's business portal at www.NewJerseyBusiness.gov.
New Jersey Commission on Science and Technology
New Jersey Technology Fellowships (Second Year)
DOV Pharmaceutical of Somerset with Dr. Anne Tobak - $85,000
Technology Incubators Funding Existing Incubator Support: $130,000 each to the following
ACIN High Tech Incubator in Camden -Burlington High Tech Incubator in Burlington -Burlington County Life Science Centre in Burlington -Commercialization Centre for Innovative Technologies in North Brunswick -NJIT Enterprise Development Center I in Newark -NJIT Enterprise Development Center II in Newark -NJIT Enterprise Development Center III in Newark -Jersey City Business Development Incubator in Jersey City -Picatinny Technology Innovation Center in Dover -Rowan South Jersey Technology Park in Glassboro -Rutgers Camden Incubator, Inc. in Camden -Rutgers EcoComplex in Bordentown -Rutgers Food Innovation Center in Bridgeton
Incubator Feasibility Study
Meadowlands Sustainable Business Incubator in Lyndhurst - $30,000
New Jersey Manufacturing Extension Program
The New Jersey Manufacturing program is funded in the amount of $1.2 million as per language in the Commission’s FY 08 budget.
NJCST, established in 1985, is responsible for the development and oversight of policies and programs promoting science and technology research and entrepreneurship in New Jersey. Commission members include business leaders, university leaders, scientists, the Secretary of Commerce and Economic Growth Commission, the Commissioner of Education, a representative of the Governor and four legislators.