The New Jersey Economic Development Authority meeting scheduled for Tuesday, August 14, 2018 is rescheduled to Friday, August 10, 2018 @ 10am at EDA Offices, 36 West State Street, Trenton. The agenda can be found 48 hours prior to the meeting at our website: www.njeda.gov.
TRENTON– Governor Phil Murphy announced today that Teva Pharmaceuticals USA will locate its U.S. headquarters in Parsippany-Troy Hills, supporting more than 1,000 high-wage jobs in New Jersey, including the transfer and creation of more than 800 positions. Teva, a leading pharmaceutical company headquartered globally in Israel, had also considered several other locations to house its U.S. headquarters and commercial operations.
“The presence of global life sciences companies like Teva Pharmaceuticals is critical to New Jersey’s ability to strengthen a thriving innovation ecosystem,” said Governor Murphy. “We are thrilled to expand our welcome to Teva, and its more than 1,000 employees, in the Garden State – the place to be for the world’s most competitive life sciences companies.”
Currently headquartered in North Wales, Pennsylvania, Teva Pharmaceuticals sought to consolidate its operations into a more centralized location to drive efficiencies and maximize the advantage of being part of a thriving life sciences cluster. The company, which will expand its existing Parsippany-Troy Hills location to nearly 350,000 square feet, expects to transfer and create 843 jobs and retain 232 existing positions. The median annual wage associated with the more than 1,000 positions is $128,073.
“While Teva will retain a significant presence in Pennsylvania, reducing the number of sites supports our drive to continue to improve productivity and efficiencies,” said Brendan O’Grady, Executive Vice President and Head of North America Commercial. “We’re pleased to expand our presence in New Jersey, having closer proximity to a vibrant business hub and a dynamic life sciences environment—all while increasing jobs and preserving many existing roles.”
Teva Pharmaceuticals USA is the North American arm of Teva Pharmaceuticals Industries Ltd., a leading global pharmaceutical company headquartered in Israel. The company has a global product portfolio of more than 1,800 molecules and a direct presence in 60 countries, including 30 locations across the U.S. and its territories. As a manufacturer of specialty and generic pharmaceuticals, Teva provides both new and innovative therapies and works to make quality healthcare accessible.
The New Jersey Economic Development Authority (EDA) approved performance-based tax credits through the Grow New Jersey (Grow NJ) program at its June 2018 board meeting.
“Nurturing the growth of strategic industry clusters is central to Governor Murphy’s mission of reclaiming New Jersey’s leadership in the innovation economy and strengthening the state’s economic competitiveness,” said Tim Sullivan, Chief Executive Officer of the EDA. “Teva’s long-term commitment to New Jersey is the latest evidence of the enduring strength of our life sciences industry and New Jersey’s value proposition to the world’s leading companies.”
To learn about the multitude of EDA resources available to help technology and life sciences companies thrive, visit https://www.njeda.gov/tls and follow @NewJerseyEDA on Facebook, Twitter and LinkedIn.
Teva Media Contact: Elizabeth DeLuca, +1 (267) 468-4329
Notice is hereby given that the New Jersey Economic Development Authority (the “Authority”) meeting scheduled for Thursday, July 12, 2018 is hereby cancelled. However, the Authority will hold the previously published scheduled public hearings in accordance with the public notice requirements of Section 147(f) of the Internal Revenue Code of 1986, as amended, on July 12, 2018 at 10:00 a.m., at its offices, located at 36 West State Street, Trenton, New Jersey 08625, with respect to the following applications for private activity bond financing:
Atlantic City Sewerage Company – Application Numbers P44949, P44950 & P44952
Oaks Integrated Care, Inc. – Application Number P45064
Dakota Properties, Inc. – Application Number P45063.
At the public hearings, members of the public may appear in person or by attorney to express their views, which may either be provided orally or may be submitted in writing at the Authority's address above, concerning the proposed issuance of the private activity bonds and the location and nature of the projects to be financed thereby.
TRENTON, N.J. (June 26, 2018) – Five Passaic County urban businesses are making improvements to their facilities with funding provided through the New Jersey Economic Development Authority’s (EDA’s) Business Improvement Incentive (BII) Program. Together with the Business Lease Incentive (BLI) Program, the BII Program is designed to support the growth of first-floor retail and services businesses operating in eligible commercial areas of Garden State Growth Zones (GSGZ), designated as Passaic, Paterson, Atlantic City, Camden, and Trenton through the New Jersey Economic Opportunity Act.
Administered by the EDA in collaboration with the GSGZs, the BII Program offers grants of up to 50 percent of total project costs for small businesses that are planning to make improvements to their property. The grant amount cannot exceed $20,000, with a minimum project cost of $5,000. The program is available to first-floor businesses in targeted commercial corridors.
BD Supermarket is a Bangladeshi market in Paterson owned by Akkas and Ismat Ali. The brothers plan to use the nearly $19,200 BII grant to replace the roof on the property, pave the parking lot, and install new front windows.
Robertiello’s Auto Body is owned and operated by Robert Moore. Robertiello’s has provided auto body repair services to customers in Paterson since the 1940s. With the $10,050 BII grant, Moore plans to add a new stucco facade, new signage and a new garage door to its building.
“These improvements will enhance Robertiello’s visibility and curb appeal and will open the door for new opportunities,” said Moore. “The availability of the BII Program made the decision to move forward with these upgrades an easy one.”
Another mainstay in Paterson, Farrar Filter Company, has provided an array of air-filter related services for nearly 70 years. These include selling and servicing air and carbon filter systems as well as odor-control systems and conducts in-house testing laboratory for detecting the activity rating of carbon samples the company receives from its customers. Husband-and-wife team Keith and Kristine Schmidt Muller, who own the business, plan to use their grant of more than $13,400 to renovate the business’s exterior facade.
In nearby Passaic, Amigo Deli offers its patrons coffee, ice cream, empanadas, salads and more. The business plans to use the nearly $6,200 for which it was approved to replace its old signage and awning. Owner Shabbir Dungaria has indicated he will employ the services of Clifton-based Signs 2000 to undertake the improvements.
Also in Passaic, El Rodeo Bar, which is also a restaurant, was approved for up to $20,000 through the BII Program. Owner Amelia Zepeda will use the funds to construct an outdoor patio, install a new front canopy, and repair the first floor, including adding new flooring and a support beam.
In addition to the BII Program, the BLI Program offers reimbursement of fifteen percent of annual lease payments for two years to for-profit businesses and non-profit organizations in eligible areas that plan to lease between 500 and 5,000 square feet of new or additional market-rate, first-floor office, industrial or retail space for a minimum five-year term. An applicant leasing over 5,000 square feet can be eligible, but the BLI grant will only incentivize the first 5,000 square feet.
“Through these programs, the EDA is helping entrepreneurs establish and enhance their businesses, supporting the revitalization of downtown areas in communities around the State,” said Senior GSGZ Development Officer Christina Fuentes, who manages the BII and BLI programs for the EDA. “Small business owners are a driving force within New Jersey’s economy, and we encourage them to learn how these programs can help them prosper and add to existing economic momentum in key downtown areas.”
The BII and BLI programs were launched in June 2017 on a pilot basis and up to $200,000 is available per city, per year, over the three-year life of the programs.
A detailed map of eligible locations in Paterson is available at /wp-content/uploads/pdfs/GSGZ_Paterson_Map.aspx. Details of eligible locations in Passaic are available at /wp-content/uploads/pdfs/GSGZ_Passaic_Map.pdf.
For general program questions and more information about eligible locations in Paterson and Passaic, as well as other GSGZs, contact Fuentes at 609-858-6663 or cfuentes@njeda.com.
The EDA offers a range of resources to support small business growth, including low-interest loans and bond financing. Visit www.njeda.gov/lending and follow @NewJerseyEDA on Facebook, Twitter and LinkedIn to learn more.
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The AngelMed Guardian® System recently received FDA approval.
TRENTON, N.J. (June 21, 2018) – Cardiac patients are one step closer to obtaining a medical device that can alert them to a potential Acute Coronary Syndrome (ACS) event (including a heart attack) whether they experience symptoms or not, following recent U.S. Food and Drug Administration (FDA) approval of the AngelMed Guardian® System. Considered Monmouth County-based Angel Medical Systems’ flagship product, the AngelMed Guardian System is the world’s first implantable cardiac monitor and patient alerting system for ACS.
Nicknamed “the Guardian,” the implant is designed to identify changes in the heart’s electrical signals indicative of a potential ACS, including heart attacks or episodes of unstable angina, alert patients to seek urgent medical attention, and store electrocardiogram data for later review by emergency room physicians. Angel Medical Systems executives say that in its clinical trials, the Guardian demonstrated that it fills an unmet medical need by providing more effective diagnosis of a life-threatening condition when compared to patient symptoms alone.
Angel Medical Systems plans to bring the Guardian to market in 2019. The company is currently ramping up its staff and recently began leasing 9,000 square feet of space in Tinton Falls.
While FDA approval brings renewed optimism to Angel Medical Systems, Chief Operating Officer David Keenan says the company would likely have folded were it not for funding it received through New Jersey’s Technology Business Tax Certificate Transfer Program, also commonly referred to as the Net Operating Loss (NOL) Program. The New Jersey Economic Development Authority (EDA) and the New Jersey Department of Treasury’s Division of Taxation administer the program.
After executing clinical trials at 100 medical centers throughout the country, including four here in New Jersey, the company had to complete an extensive review process as it pursued FDA approval of the Guardian. As a result, the company made the tough, but strategic, decision to reduce its overhead by shuttering its physical space in Shrewsbury and allowing its ten employees to work remotely.
“Companies like ours often go through peaks and valleys on their way to commercialization,” Keenan said. “We are very fortunate that the NOL Program was in place when we were going through unprofitable times and were in need of capital.”
The NOL Program enables eligible technology and life sciences businesses to sell New Jersey net operating losses and unused research and development (R&D) tax credits to unrelated profitable corporations for cash. The money can be used for working capital or to fund research. Qualified New Jersey technology and life sciences companies have until June 30 to apply for this year. The online application can be found at https://www.njeda.gov/nol.
“Young, growing companies are the lifeblood of an innovation-centered economy, and we are thrilled that the NOL program helped Angel Medical Systems progress toward this key milestone,” EDA Chief Executive Officer (CEO) Tim Sullivan said. “We are excited to begin reviewing new applications this summer for the next crop of Garden State success stories that can utilize this important tool to finance their growth.”
@NewJerseyEDA spoke with Keenan about his company’s experience in New Jersey and its plans for the future:
Why did you choose to grow your company in the Garden State?
The founder and CEO of the company, David Fischell, is a resident of Little Silver, and has long ties to the rich technical resources and employees that can be found in Monmouth County, having previously worked at AT&T Bell Laboratories. Much of the R&D for the Guardian was performed by former Bell Labs employees.
What would you say was the single greatest benefit of the NOL Program?
The greatest benefit was that the money enabled the company to stay the course and ultimately achieve FDA approval for the device. It is very difficult to raise additional capital at that juncture in the life of a medical device company – the risk is highest at that point – so the NOL Program was very useful in filling that need.
It is gratifying when you see a government program in action that truly serves the intended need. This program got it right.
What advice do you have for companies considering applying to the NOL Program?
I would advise them to look into the NOL Program and see if it might help their particular scenario. In our case, it definitely helped very much, so we are very glad we looked into it.
To learn about the multitude of resources available to help technology and life sciences companies thrive, visit https://www.njeda.gov/tls and follow @NewJerseyEDA on Facebook, Twitter and LinkedIn.
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TRENTON, N.J. (June 13, 2018) –The New Jersey Biotechnology Task Force today issued its final report of activities, findings, conclusions, and recommendations for legislation or administrative action to encourage the growth of the State’s biotechnology sector. The Task Force was established in December 2017 pursuant to P.L. 2016, Joint Resolution No. 5, in recognition of the pivotal role the biotechnology industry plays in the state in terms of economic activity, jobs, and tax revenues.
The Task Force met with and accepted testimony from representatives in the life sciences industry and in New Jersey’s academic institutions. The compelling testimony focused on existing efforts related to industry collaboration and technology transfer (as well as gaps and challenges); government and private resources; and strategic partnerships that have been leveraged to support continued growth of the life sciences industry in New Jersey. This testimony provided a framework for the recommendations contained in the final report.
“By leveraging our strengths, we believe that New Jersey can achieve its goal of revitalization and enhancement of the life sciences industry through strengthening of the state’s innovation capacity,” said Debbie Hart, President and Chief Executive Officer of BioNJ and chair of the Task Force. “It is an opportune time to take these important steps. Governor Phil Murphy’s commitment to growing New Jersey’s innovation ecosystem is noteworthy, and many of the recommendations contained within this report have already been put forward as legislation that is now moving through the Legislature. We believe that a deep understanding of the importance of the life sciences industry to New Jersey already exists and that these recommendations will capitalize on the interest and the opportunity.”
The Task Force focused its recommendations on improvements that are needed in five key areas that are especially important in moving New Jersey forward. These five areas and the related recommendations summarized below represent key priorities for action and investment in New Jersey’s life sciences ecosystem:
- Translational Research Culture
- Restore the Commission on Science and Technology
- Provide Support to Better Compete for Small Business Innovation Research (SBIR) and Small Business Technology Transfer Program (STTR) Funding
- Establish a Tax Credit for Private Investment into University Technology Advancement Funds and State Match of Investments from Technology Advancement Funds into Intellectual Property
- Entrepreneurial Culture and Capital
- Increase Availability of Technical Assistance by Scaling Existing Programs across NewJersey Incubator/Accelerator Network
- Support Executive Spin-Outs
- Increase and Enhance the Technology Business Tax Certificate Transfer Program (NOL)
- Incentivize Investment into New Jersey Venture Funds
- Enhance the Angel Investor Tax Credit Program
- Increase Funding for Edison Innovation Fund and NJ CoVest Fund
- Workforce
- Support the I-Corps Model and Specialized Training and Mentoring to Help Bring Discovery to Marketplace
- Create New Jersey Talent Retention Internships Program
- Restore the Technology Fellowship Program
- Provide State Match of Non-Profit Research Grant Funding
- Infrastructure
- Support Biomanufacturing and Biobanks
- Create an Inventory of Multi-Tenant Operators and Increase State Support for Innovation Districts
- Establish a New Jersey “Orphan Drug” Tax Credit
- Enhance the Research and Development Tax Credit
- Adopt a State-level Section 1202 Incentive
- Develop a Capital Gains Incentive Program
- Ecosystem
- Coordinate Marketing Efforts Surrounding Existing Resources and New Jersey Brand
- Create and Support New Jersey Centers for Excellence
- Create a State-Supported Forum to Bring Physicians Together to Share Information about New Jersey-Based Clinical Trial Activity
- Create a Catalyst for New Jersey’s Life Sciences Innovation Ecosystem
“The potential for growth in our state’s innovation economy is tremendous, and bolstering our life sciences sector is critical to realizing that potential,” said Assemblyman Andrew Zwicker (Legislative District 16), vice-chair of the Task Force. “The Task Force report provides the state, and every stakeholder, a road map for identifying gaps and building on the enviably rich resources already in place in our state’s life sciences ecosystem. The report also confirms what many of us have known for a while: that the state must make strategic investments in the life sciences industry in New Jersey in order to regain our place as the nation’s life sciences leader.”
The Task Force is comprised of six legislative members, including Senator Linda Greenstein (Legislative District 14), former Senator Robert Gordon (Legislative District 38), Senator Robert Singer (Legislative District 30), Assemblyman Andrew Zwicker (Legislative District 16), Assemblyman Christopher DePhillips (Legislative District 40), and Assemblyman Gary Schaer (Legislative District 36); two public members, including Debbie Hart, President and CEO of BioNJ, and Daniel O'Connor, Chief Executive Officer of OncoSec Medical Incorporated; and, Timothy Lizura, President and Chief Operating Officer of the New Jersey Economic Development Authority (EDA), serving in an ex-officio capacity. Debbie Hart was selected by the Task Force to serve as Chair and Assemblyman Zwicker as Vice Chair. The EDA served as staff to the Task Force.
A full copy of the report can be accessed via www.njeda.gov/njbiotechtaskforce.
TRENTON, N.J. (June 7, 2018) – Medical device maker Acuitive Technologies is reaping the benefits of locating in New Jersey as it ramps up development of orthopedic implants. The early-stage company has leveraged resources from both the State and the New Jersey Institute of Technology (NJIT) as it continues to grow.
From its headquarters in Allendale and its lab space at NJIT’s Enterprise Development Center (EDC), the company strives to offer patients cost-effective tissue regeneration products for musculoskeletal injury or disease. The company’s focused approach on implant device innovation is aimed at improving the body’s natural ability to maintain or regrow healthy tissue through development of “resorbable” materials, which can be safely broken down and absorbed by the body over time.
Acuitive, which opened its doors in 2013, is developing a resorbable, synthetic material it says is unlike anything currently found on the market. The company anticipates submitting its first application for United States Food and Drug Administration (FDA) clearance by the end of 2018.
Acuitive Co-founder and Chief Financial Officer Dave Washburn is quick to point out that his company would not be where it is today without New Jersey’s Technology Business Tax Certificate Transfer Program, also commonly referred to as the Net Operating Loss (NOL) Program.
“When it comes to raising capital, applying to the NOL Program was an obvious choice,” Washburn said. “I learned about the NOL Program in the early 2000s and initially experienced the positive impact it can have when I co-founded a previous company. I knew if I was ever involved with starting another new company, I would again turn to the program for support.”
Heralded as a lifeline for technology and life sciences companies in the early, unprofitable stages, the NOL Program enables eligible businesses to sell New Jersey net operating losses and unused research and development (R&D) tax credits to unrelated profitable corporations for cash. The money can be used for working capital or to fund research. The New Jersey Economic Development Authority (EDA) and the New Jersey Department of Treasury’s Division of Taxation administer the program. Qualified New Jersey technology and life sciences companies have until June 30 to apply for this year. The online application can be found at https://www.njeda.gov/nol.
Acuitive also benefited from more than $4.2 million in investments made by investors who participated in the State’s Angel Investor Tax Credit Program. The program offers a 10 percent refundable tax credit against New Jersey individual income tax for qualified investments in an emerging technology business with a physical presence in the State and that conducts research, manufacturing, or technology commercialization in the State. Since the program’s inception in 2013, the EDA has approved 929 applications for investments in 65 New Jersey-based businesses totaling more than $332 million.
In addition to financial resources, Acuitive also benefits from renting lab space within NJIT’s EDC, the university’s high-tech accelerator/incubator and home to over 80 startups and small businesses. At the EDC, Acuitive has access to top-notch testing facilities to further its research. The company is also sponsoring university research to develop 3D printing of Acuitive’s material.
“New Jersey has much to offer early-stage technology and life sciences companies, and we are taking steps to ensure our support of innovative companies keeps pace with their needs,” EDA Chief Executive Officer Tim Sullivan said. “Acuitive is an excellent example of the cutting-edge technologies emerging from the Garden State with potential for global impact.”
Collectively, Acuitive’s four-person management team has over 160 years of orthopedic experience. Team members have been involved with six successful exits from companies they either helped found or otherwise contributed to their success. Acuitive also benefits from the expertise of Michael A. Kelly, M.D., Chairman of the Department of Orthopedic Surgery at Hackensack Meridian Health. Dr. Kelly serves on Acuitive’s Advisory Board.
@NJEDATech talked to Washburn about Acuitive’s experience in New Jersey and its plans for the future:
How has Acuitive most benefitted from the NOL and Angel Investor Tax Credit programs?
We are in a business regulated by the FDA and the time to market, especially with a new biomaterial, can be extensive. Having creative funding sources offered by the state has helped us both attract accredited investors and bridge the time required to commercialization. It also helps us hire an employee base we might not otherwise be able to.
What do you consider Acuitive’s biggest success to date?
Attracting qualified people to confirm our new biomaterial’s capability and begin all the testing required for regulatory clearance is one of our greatest successes. The test results to date continue to confirm our belief that using this new biomaterial for orthopedic implants will benefit our ultimate customers: the patients!
What’s on the horizon for Acuitive?
We are currently engaged in discussions with strategic partner candidates that have mature distribution organizations. We expect to leave 2018 with a relationship in place that will allow us to bring these exciting new devices to the market in 2019 once clearance is received from the FDA. In addition, both a strategic alliance relationship and our first product clearance will allow our employee team to focus on new forms of this biomaterial, expanding its potential.
To learn about the multitude of resources available to help technology and life sciences companies thrive, visit https://www.njeda.gov/tls and follow @NJEDATech on Facebook, Twitter and LinkedIn.
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The New Jersey Economic Development Authority's next public Board Meeting will be held on Tuesday, June 12, 2018 at 10 a.m. at the Fort Monmouth Economic Revitalization Authority (FMERA) Offices, 100 Barton Avenue, Oceanport, NJ 07757. A copy of the proposed agenda can be found prior to the meeting at www.njeda.gov/Board. Following the Board Meeting, minutes and the full agenda will also be available at www.njeda.gov/Board.
“Research with NJ” Showcased at BIO International New Jersey Pavilion
Boston, MA – New Jersey unveiled a comprehensive database of scientific research from five prominent New Jersey universities this morning at BIO International, the world's largest gathering of the biotechnology industry. University leaders joined officials from New Jersey’s Office of the Secretary of Higher Education (OSHE) and the New Jersey Economic Development Authority (EDA) to announce the newly created “Research with NJ” database, which will provide access to the State’s cutting-edge research assets, with the goal of strengthening collaboration between academia and industry.
Research with NJ is a free portal that showcases New Jersey’s experts in science, technology, engineering and mathematics (STEM), including their professional backgrounds, publications, and achievements. The portal is structured and branded in such a way to encourage collaboration between entrepreneurs, businesses, and New Jersey’s academic research institutions. The portal can be accessed at www.ResearchwithNJ.com.
“Strengthening the connection between academia and industry is critical to Governor Murphy’s strategy for spurring the State’s innovation economy, which is a central focus of his overall vision for economic development,” said EDA CEO Tim Sullivan. “The decisive step represented by the creation of Research with NJ sets us on a clear path toward boosting the State’s standing as a center of innovation."
Research with NJ is launching with over 3,500 faculty profiles from five public and private universities — New Jersey Institute of Technology, Princeton University, Rowan University, Rutgers, The State University of New Jersey, and Stevens Institute of Technology. Within the researchers’ profiles, collectively, are abstracts of more than 180,000 published works, and over 23,000 media citations. This robust body of information allows New Jersey’s entrepreneurs and commercial enterprises to readily find a university’s research, experts, and facilities to help them build innovative new businesses and products based on the latest scientific and technological breakthroughs.
“The alignment of businesses and academic institutions will help to grow New Jersey’s economy by creating opportunities for our institutions of higher education to compete on the national and global levels,” said Secretary of Higher Education Dr. Zakiya Smith Ellis. “Research with NJ offers visibility into groundbreaking research happening in our universities, and will serve as a conduit to innovation, facilitating commercialization of novel ideas and products and attraction of more funding to ensure pioneering research can continue at our world-class institutions.”
Research with NJ was developed under the leadership of an Advisory Board consisting of the five participating research universities and industry representatives from the New Jersey Business & Industry Association, Choose New Jersey, BioNJ, the HealthCare Institute of New Jersey, the R&D Council of New Jersey, and the New Jersey Tech Council. The Advisory Board will provide oversight and recommendations to ensure the portal’s sustainability and success.
Elsevier, a global information and analytics company, was selected to create the database following a competitive Request for Proposal process led by the OSHE and the EDA. Combining its state-of-the-art technology and vast repository of research data, Elsevier has been building information systems for academic institutions for almost two decades. This depth of knowledge and insight into best practices has been critical to Elsevier’s ability to create the data system as seamlessly and efficiently as possible and also to remain focused on long-term sustainability.
Research with NJ is the result of the integration of existing databases at the university level through Elsevier’s Pure software platform. Each participating university has created its own Pure-based portal, designed to feed data into the state-level Research with NJ portal.
Today’s database launch was held in the New Jersey Pavilion (Booth #1721) at BIO International, which includes a New Jersey delegation led by Choose New Jersey. BIO International attendees are encouraged to visit the Pavilion to experience the database firsthand.
“Research with NJ will enhance our ability to present the full scope of what New Jersey can offer companies considering locating in the State,” said Choose New Jersey President and CEO Jose Lozano. “This valuable tool will be a boon to encouraging economic development in sectors known for creating good paying, skilled jobs.”
What Universities and Industry Groups are saying about Research with New Jersey:
New Jersey Institute of Technology (NJIT):
Atam P. Dhawan, PhD, Senior Vice Provost for Research, NJIT:
Collaborative research with participation from all stakeholder groups including industry, government and academia is critical today to address technology and market needs. Research with NJ will provide an exceptional resource with information about researchers, facilities and knowledge-base to help building partnerships for such collaborative research towards developing innovative solutions to system-level problems of high societal and scientific impact.
Princeton University:
Pablo G. Debenedetti, Dean for Research, Class of 1950, Professor in Engineering and Applied Science
Professor of Chemical and Biological Engineering, Princeton University:
“Our home state of New Jersey is rich with highly-educated people, institutions, facilities and companies that make it a remarkable environment in which to do research. We hope the Research With NJ portal will make it easier for companies and academic researchers with similar interests to find each other and, in turn, to collaborate and accelerate innovation. Advancing science and discovery is at the heart of Princeton’s mission. We are delighted to be participating in this giant step forward for New Jersey!”
Rowan University:
Dr. Ali Houshmand, president of Rowan University, sees Research with New Jersey as a means to showcase educational, organizational and research capabilities through the Garden State.
“We have exceptional resources in New Jersey, a strong pool of people working in STEM, medicine, business and other fields who are equipped to partner with corporations and government offices on R&D initiatives and more. New Jersey is home to innovation.”
Rutgers, The State University of New Jersey:
Christopher J. Molloy, PhD, RPh, Senior Vice President for Research and Economic Development, Rutgers University:
“As the State’s premier public research university, Rutgers knows the value of collaboration and believes that fostering research partnerships creates fertile ground for an innovation ecosystem that benefits communities and improves lives. Research with New Jersey presents a real opportunity to showcase the impressive research talents and assets we have to offer the business and industry community, students, and researchers around the world, and opens the door to connect, exchange ideas, and innovate together to accelerate progress and enhance our chances for success.”
Montclair State University (added August 15, 2018):
Scott Herness, Vice Provost for Research and Graduate School Dean:
“Research with NJ reflects the state, national and international impact of Montclair State’s outstanding research efforts. For New Jersey entrepreneurs and industry innovators, it is a streamlined, efficient way to connect with the cutting-edge institutional research breakthroughs that lead to the creation of new products – and bolster the state’s reputation as a national leader in innovation.”
BioNJ:
Debbie Hart, President and CEO, BioNJ:
“New Jersey’s stature as the research hub that it is will be further recognized and enhanced with this important new tool creating opportunities for global collaboration and development between academia and industry.”
Elsevier:
JC Heyneke, Senior Vice President Product Management, Pure:
“We are excited that Elsevier’s technology is providing visibility that will help to drive research and innovation in the State of New Jersey. Leveraging Elsevier’s data from Scopus and the technology from our Pure solution is enabling us to help New Jersey researchers, universities and State offices showcase the incredible depth and breadth of research assets in New Jersey.”
HealthCare Institute of New Jersey (HINJ):
Dean J. Paranicas, President and Chief Executive Officer, HINJ:
“New Jersey’s universities continuously produce innovative and highly marketable research in many areas," said. "This powerful new database should effectively enable them to share that research and the underlying expertise readily with the commercial sector nationally and globally. I’m confident that industry researchers and others in a wide range of fields will quickly find it to be a very valuable tool.”
New Jersey Business and Industry Association (NJBIA):
Michele Siekerka, President and CEO, NJBIA
“This database will bring national and global attention to businesses seeking collaboration with our renowned research institutions. This is a wonderful and practical tool that will best leverage our incredible assets in the State of New Jersey to create fruitful partnerships between business and academia, increase federal funding opportunities and bring the best and the brightest students from around the world to our institutions.”
R&D Council of New Jersey:
Anthony S. Cicatiello, President, R&D Council of New Jersey
“The R&D Council’s primary goal is to foster collaboration. With the inauguration of this database portal of scientific research from New Jersey’s major universities, we now have a convenient online vehicle for collaboration. Access to New Jersey’s research will be an incentive for companies within the State to check the State’s resources first before looking at other states or countries. This portal will also provide opportunities for Industries around the world to get an overview of New Jersey research capabilities. It is a major step forward that will help bring more industry and research here.
New Jersey Tech Council (NJTC):
James Barrood, CEO, NJTC
“The Tech Council’s mission is to help the ecosystem grow and thrive and this new portal will help tremendously in enabling industry and academia to collaborate more efficiently and effectively. We lookforward to the short and long-term impact of this new initiative.”
From left: EDA President & COO Tim Lizura, M&T Bank Vice President, Senior Relationship Manager Vincent F. Moretti, Homestead Princeton Co-owners Kristin & Ron Menapace
TRENTON, N.J. (May 31, 2018) – When husband-and-wife Ron and Kristin Menapace opened their store in the heart of Princeton in 2012, their focus was on furniture. Ron had made furniture for 25 years and the couple wanted to fill what they saw as a void in the local marketplace.
Today, Homestead Princeton, which focuses on American-influenced crafts and eclectic home furnishings, is a mainstay on Palmer Square. Customers have grown accustomed to the store’s wide variety of products that complement any room in the home and personalized attention from Homestead Princeton’s knowledgeable staff.
“Whether you’re looking for a graduation present, a cabinet to hold your wine collection or a custom-made barnwood table, we should be your first stop,” Ron Menapace said. “We pride ourselves on our friendly, professional staff and our community-focused, customer-first attitude.”
To accommodate overflow inventory from its storefront in Princeton, Homestead Princeton had also been leasing 2,000 square feet of space within a warehouse in Blawenburg, a section of Montgomery.
Last month, the company closed on an M&T Bank loan that included a participation from the New Jersey Economic Development Authority (EDA). The loan supported Homestead Princeton’s purchase of the entire warehouse. As the owner of the property, the business will now be able to utilize an additional 6,000 square feet of warehouse and office space in the building.
“We’ve got some exciting ideas for the future of Homestead Princeton and are grateful to M&T Bank and the EDA for helping us take our business to the next level,” Ron Menapace said.
The property is zoned for commercial use, which Ron Menapace envisions will ultimately enable Homestead Princeton to vastly expand its offerings.
“Helping small businesses succeed is at the core of the EDA’s mission,” EDA President and Chief Operating Officer Tim Lizura said. “Learning first-hand how Ron and Kristin are leveraging State support to fuel Homestead Princeton’s growth reinforces the impact of the EDA’s resources for entrepreneurs and our partnerships with New Jersey’s banking community.”
Lizura visited Homestead Princeton’s warehouse today to raise awareness of the range of low-cost financing solutions offered by the EDA to support the growth of small businesses in New Jersey. M&T Bank’s Vice President, Senior Relationship Manager Vincent F. Moretti and Business Banking Relationship Manager Frank Cesaro accompanied Lizura on the visit.
“M&T Bank is pleased to have helped Homestead Princeton broaden its presence in central New Jersey,” Moretti said. “Our partnership with the EDA enables us to bridge financing gaps and offer our clients access to additional capital.”
Homestead Princeton has 13 employees and plans to hire several more in the next few years.
To learn more about EDA resources for small businesses, visit www.njeda.gov/lookherefirst and follow @NJEDAWasHere on Facebook, Twitter and LinkedIn.
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