Technology Incubators play a pivotal role in New Jersey’s economic growth, nurturing the state’s next generation of manufacturing and technology-based business. The concept of business incubation has been successfully applied throughout the nation and around the world and offers excellent return on investment for successful business creation, job and revenue growth with measurable direct and indirect economic impact. Today, there are 11 technology incubators operating in New Jersey supported, in part, by the Commission on Science and Technology.
According to the National Business Incubation Association, start-up companies in incubators have a higher success rate than those developing without the critical business assistance provided by incubators:
- More than 65 percent of incubator-based early-stage companies are likely to receive third party financing, compared to less than 10 percent of early-stage companies not based in an incubator
- 87 percent of incubator graduate companies remain in business after three years, compared to just half of non-incubator start-ups
- And 84 percent of those incubator graduates remain local to their incubator
New Jersey supported technology business incubators are innovative, entrepreneurial enclaves which currently support over 350 businesses.
- New Jersey incubators graduated 24 firms since 2004
- New Jersey companies currently in incubators raised ~ $40 million in 3 rd party funding
- New Jersey incubator companies have revenues of $154 million
- New Jersey incubator companies provide more than 1200 jobs
Each New Jersey incubator offers professional office space, some feature “wet” labs with sinks and fume hoods, light manufacturing equipment or warehouse space. Some of the incubators are tailored to meet the needs of specific business sectors like Life Science, Homeland Security, Energy and the Environment while others house a wide range of diverse technology start-ups. In addition to a professional business environment, administrative support and significant networking opportunities within the entrepreneurial community, some of the technology Incubator services provided can include:
- Pre-Admission Consulting
- Access to university/college resources including research collaboration opportunities, student interns, MBA student support teams, etc.
- Business planning & milestone tracking
- Product, marketing & manufacturing strategy support
- Prototyping, software, web development
- Legal advice on governance, IP, licensing, corporate law, deal structuring
- Finance and accounting support
- Government agency navigation & grant support
- Seed Funds for milestone specific projects
- Entrepreneurs in Residence
- Virtual membership for non residential clients
- Networking opportunities with Angel venture capitalists and other emerging businesses