Annie D'Agostino, Author at NJEDA

By Ed Beeson/Star-Ledger
March 5, 2012

The financial crisis put a plug in lending across the country.

Not in New Jersey. The latest federal data shows the credit spigot remained just as open during the three years after the financial crisis struck as it was in the years leading up to the collapse.

From end of 2008 through the end of 2011, banks headquartered in the New Jersey grew their loan portfolios from $95.7 billion to $111.5 billion, a 16.5 percent increase, according to data from the Federal Deposit Insurance Corp. That is a slightly faster clip than between 2005 and 2008, when loan growth surged 16.4 percent.

By Katie Eder/NJBIZ
February 24, 2012

Choose New Jersey, the marketing arm of Gov. Chris Christie’s three-part economic development group, took on its first independent space in Princeton after increasing its staff and expanding its strategic plan to bring more businesses to the state.

The nonprofit moved out of its temporary space offered by Biggins Lacy Shapiro & Co., in Princeton, after Choose New Jersey grew its full-time staff from one to six people last year, its president and CEO Tracye McDaniel said. Choose New Jersey hosted an open house Wednesday at its new office.

By Sarah Watson/Atlantic City Press
February 24, 2012

Finding ways to help business and economic development while decreasing regulatory road blocks was a key topic Friday at the Southern New Jersey Development Council’s annual Sound Off for South Jersey event.

Atlantic County legislators also discussed how Atlantic City’s future will need to rely more on nongaming activities and the frequent addition of new attractions in the resort.

About 200 business leaders from throughout southern New Jersey attended the forum to hear legislators from Atlantic, Cumberland, Camden, Burlington, Ocean and Monmouth counties speak about how they are working to further business growth and development in the region, particularly with infrastructure.

By Kevin McArdle/NJ 101.5
February 23, 2012

Governor Chris Christie’s plan to cut income taxes by 10% across-the-board over three years is meeting with mixed reviews to say the least.

It would require legislative approval and Democrats who control both houses hate the proposal. The New Jersey Business and Industry Association (NJBIA) predicts it would be a job creator especially when it comes to smaller companies.

NJBIA vice president David Brogan says, “We think it’s a very positive thing. If you’re an LLC, LLP, sole proprietorship, you’re not filing under the corporate business tax. You’re filing under your gross income tax so this is a direct benefit to those businesses, those smaller businesses.”

Supports Christie Administration’s Commitment to Entrepreneurial Development

TRENTON, N.J. (Feb. 22, 2012) – New Jersey is looking for the next Google. With an eye toward nurturing the next generation of technology pioneers, the New Jersey Economic Development Authority (EDA) this week approved entering into a partnership with TechLaunch, LLC to create the state’s first Technology Accelerator.

“This is an opportunity for the state to partner with the private sector to fill a market need in New Jersey by helping promising entrepreneurs achieve success,” said EDA Chief Executive Officer Caren Franzini. “We are embarking on a competition for innovation to reveal New Jersey’s entrepreneurial strengths, using a model that provides a potential return on the EDA’s investment and allows New Jersey to compete with neighboring states in maintaining and attracting technology talent.”

The accelerator model has achieved notable success in other states by offering technology-focused entrepreneurs an opportunity to showcase their products and ideas in a highly intensive, mentor driven and boot camp-style environment in return for an opportunity to receive funding. While building on this successful model, New Jersey’s initiative will be unique due to the first-rate talent associated with the state’s large enterprise businesses, the considerable intellectual property assets of these businesses and the ensuing acquisition pipeline from these same industries.

“I share in the EDA’s optimistic vision for the future of entrepreneurial innovation within the State of New Jersey,” said Mario Casabona, Founder and CEO of TechLaunch.

“TechLaunch was created to provide entrepreneurs the training and resources to de-risk start-up challenges and assure quicker and higher returns for both the entrepreneur and investors. As part of the TechLaunch business model, a twelve week LaunchPad business boot-camp program will provide the training, networking with mentors and potential strategic partners to increase the value of the enterprise and likelihood of follow-on funding. The program will culminate in a demonstration and an investor pitch from each company,” Casabona said. “I look forward to an exhilarating collaboration between public, private, and academic resources with two goals in mind: to accelerate the commercialization of technology and strengthen entrepreneurial development within the State of New Jersey.”

Upon final execution of the agreement with EDA, TechLaunch intends to run its inaugural class later this year at the initial host campus, Montclair State University. TechLaunch expects to host 12 companies in the first year, making average investments of $18,000 per company. The companies will be chosen by TechLaunch through a competitive selection process. To support this effort, the EDA has agreed to make an annual investment of $150,000 over three years. EDA’s investment requires $300,000 private sector matching funds annually.

Franzini noted that New Jersey is especially suited to launch a successful Technology Accelerator given the state’s ecosystem of resources and long history of technological innovation.

“From world class research universities and innovative, global companies to state-of-the-art infrastructure and a highly educated workforce, New Jersey is the ‘innovation’ state,” Franzini said. “TechLaunch will leverage New Jersey’s technology-based assets and create an environment that allows our most promising entrepreneurs to grow and ultimately deliver products to market.”

February’s approval of the agreement with TechLaunch follows the Board’s January authorization of a $2 million investment in New Jersey-based Edison Venture Fund VII, which targets financial, healthcare information, interactive marketing and enterprise 2.0 technology companies. The fund, which has obtained nearly $206 million in committed capital to date, is seeking to invest in 25 to 30 expansion stage companies with a $300 million target size for the fund. To date, the EDA has approved investments in eight venture capital funds totaling $31.5 million; the funds have leveraged EDA’s investment by more than 25 times.

To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov.

To learn more about TechLaunch or to apply, please visit www.TechLaunch.com or contact Mario Casabona at mario@TechLaunch.com.

By Ken Tarbous/NJBIZ
February 22, 2012

The New Jersey Bankers Association’s second annual Women in Banking Conference will feature sessions on leadership, mentoring and other topics of interest to professional women, according to one of the program’s organizers.

“The topics are around how to thrive in a changing economic environment and regulatory environment,” said Margaret Lanning, senior regional credit officer at Wells Fargo Bank N.A. and a member of the New Jersey Bankers Association’s board of directors.

Lanning said women in leadership and management roles at the state’s banks and professional services firms, as well as from academia and professional groups, will lead panel discussions. This year’s event has been built on the success of the association’s inaugural women’s leadership conference, in 2011.

By Jared Kaltwasser/NJBIZ
February 20, 2012

Caren Franzini had just completed her MBA when she found herself being interviewed for a job by a hot-shot investment banker — and she was getting annoyed.

The young banker kept peppering the Wharton School grad with the same question: Why did she want to work for the firm?

“I finally said, you know what, you’re asking me a question, and obviously I’m not giving you the answer you want,” she said.

So the banker answered it himself: “For the money,” he said. “That’s why you want to work here.”

Franzini, the longtime head of the New Jersey Economic Development Authority, recalled that incident, during an interview last month at her parents’ home in Atlantic City, where she grew up. The banker’s comment offended her, she said, but it also reinforced something that had become clear: She wasn’t just interested in making deals: She was interested in turning those deals into tangible development.

By Katie Eder/NJBIZ
February 20, 2012

Small-business job retention rates in New Jersey match national reports showing no drastic reduction in work force numbers, but on the flip side, job creation remains low.

According to the National Federation of Independent Business’ Small-Business Optimism Index for January, job growth improved from the previous month, but only to net no new workers, as 78 percent of the 2,155 small-business owners polled nationally indicated they made no net change in employment. However, reports of reduced employment were at their lowest level since October 2007.

“Everyone seems to be in a holding pattern,” said Laurie Ehlbeck, NFIB’s New Jersey state director, in prepared remarks. “Our members still say they’re just getting by. There’s nothing in the economy or the news that can create any momentum for small businesses.”

By Christopher S. Rugaber/Associated Press
February 20, 2012

WASHINGTON — American factories are humming — and driving the economy forward.

Manufacturers have been hiring more consistently than other employers, for jobs with better-than-average pay. They just had their best month of growth in five years. And more factory output has raised demand in some other industries, such as shipping, leading to further hiring.

“The manufacturing sector is on a tear,” said Paul Ashworth, an economist at Capital Economics.

It’s an optimistic theme that serves President Obama’s political needs. Last Wednesday, Obama traveled to Milwaukee to salute a company that brought jobs back to the United States. The president has promoted the nation’s manufacturing base as an engine of growth and as evidence of a recovering economy.

By Harvey Lipman/The Record
February 13, 2012

About two dozen times a year, officials of Children’s Aid and Family Services fill out the forms they must submit as part of their contracts with the state.

Even though many of those contracts are with the state department – and even with the same division within that department – the non-profit must file duplicate copies of |the same documents over and over again.

“Every time we renew a contract, the state wants a list of our board of trustees, our tax-exempt organization certificate, our proof of certification with the Department of the Treasury, our audited financial statements, the certification of our accountant, our conflict-of-interest policy and on and on,” said Elizabeth Mason, the chief operating officer of the Paramus-based human-services organization.

“It would certainly be a significant benefit if all this material could be stored by the state in a central location,” Mason said.

The governor’s Red Tape Review Commission agrees. The commission’s report, issued last week, points to a number of regulatory and legislative actions taken last year by New Jersey government that reduce bureaucratic requirements for non-profits. It also recommends additional steps to make life easier for them.