Annie D'Agostino, Author at NJEDA

Under the direction of Co-Chairs John Pennett (left) and Dr. K. Stephen Suh (right), the CCIT Advisory Board offer guidance to tenant companies on a wide range of topics.

TRENTON (December 10, 2015) – As one of the more significant incubation facilities in the nation dedicated to life sciences and biotechnology companies, the New Jersey Economic Development Authority’s (EDA) Commercialization Center for Innovative Technologies (CCIT) has evolved into a hub of activity for the Garden State’s burgeoning life sciences industry.

From hosting events such as New Jersey Founders & Funders, which introduces startup companies to angel and venture investors, to Lunch and Learn presentations that bring in industry experts to discuss topics relevant to emerging companies, CCIT offers something to each of its tenants and to the life sciences community at large. Ideally situated in the heart of the State’s research corridor between Rutgers and Princeton universities, CCIT offers the most wet labs of any incubator in New Jersey.

Launched earlier this year, the incubator’s Executive-in-Residence Program brings life sciences professionals to CCIT to mentor and coach tenant companies through a series of weekly office hours.

CCIT, currently home to 22 companies, also has an active advisory board from which tenants can seek guidance on a wide range of topics. The CCIT Advisory Board includes professionals from the many types of organizations that are involved with growing companies, such as the ones housed at CCIT. Accountants, lawyers, trade organizations, large corporations, universities, consultants, hospitals, and even CCIT graduates, all have seats on the Board.

“Under the leadership of co-chairs John Pennett and Stephen Suh, the CCIT Advisory Board provides resources and guidance that are vital to helping our State’s innovation ecosystem flourish,” EDA Chief Executive Officer Melissa Orsen said.

“The Board is structured in such a way that its members address questions and issues that arise from the incubator’s tenants,” Pennett explained. “It also serves to integrate CCIT into the larger New Jersey technology community through the extended network the Board represents.”

Pennett, of Watchung, is the Partner-in-Charge of the Life Sciences Group and Technology Group at the international accounting firm EisnerAmper. For more than 20 years of his 30-year career in accounting, Pennett has focused on life sciences clients. He is a proponent of cultivating New Jersey’s Life Sciences ecosystem and spends a portion of his time mentoring and advising entrepreneurs. In addition to leading the CCIT Advisory Board, Pennett serves as the co-chair of BioNJ’s Chief Financial Officer Committee and is on the Accounting Advisory Board of the Rutgers University School of Business, where he received a Bachelor of Arts in Economics. Pennett is the publisher of Catalyst, a magazine focused solely on issues related to life sciences and pharmaceutical companies.

Dr. K. Stephen Suh, Ph.D., of Hackensack, is the director of the Genomics Program at the John Theurer Cancer Center of Hackensack University Medical Center, where he manages the Center’s Tissue Repository and the cancer research program for multiple human cancer types. The Tissue Bank stores tissue, blood, or bone marrow samples that have been donated by patients who have undergone biopsies, surgery, or other clinical procedures. Scientists then use these samples to analyze and study cancer cells to individualize medical treatments for patients. Through his membership in several national organizations, including the American Association for Cancer Research and the National Cancer Institute, Dr. Suh keeps CCIT connected to the local and national scientific and clinical community. After earning a Master’s Degree and Doctorate Degree in molecular and cell biology from the University of Texas, Dr. Suh completed his Post-Doctoral Fellowship and Research Fellowship at the National Cancer Institute.

@NJEDATech spoke with Pennett and Dr. Suh about the CCIT Advisory Board and their vision for its future:

Why did you decide to join the CCIT Advisory Board?
Pennett: As a representative of EisnerAmper, and personally, I believe it is important to be a contributing member of the biotech community and to give back to that community. Sharing information I have learned with the community is always one of the most enjoyable and valuable parts of my job. CCIT was always considered the most visible biotechnology facility in the state, and the fact that the life sciences community, and the EDA, came to me with the opportunity to support the community in a leadership capacity is a great honor.

Suh: I joined the Board because I wanted to share knowledge I accumulated during my time at the National Cancer Institute and clinical perspectives I gained from the medical center. Many scientists ‘build’ products without closely interacting with end users. I wanted to provide share of these insights when interacting with tenants.

How has CCIT evolved during your tenure on the Advisory Board?
Pennett: CCIT has grown tremendously over the past few years. The primary impact has been on the external awareness of CCIT, its programs and support systems. For many years, the organization was focused only on its internal customers and waited for potential customers to contact them. Now CCIT has the Founders & Funders and Executives-in–Residence programs, and provides many other resources to support the entrepreneurial community. There is not a life sciences event in State that does not have CCIT representation.

Suh: There is more interaction and networking between the tenants than when I joined the Board. This enables tenants to become more self-sufficient and productive entities after they graduate. Forming committees to help tenants, the Lunch and Learn series and the Executives-in-Residence Program are all examples of the interactive dynamic between tenants and the Advisory Board.

Where do you see CCIT five years from now?
Pennett: There is currently a strong focus on entrepreneurship, and incubators globally are growing at an incredibly rapid pace. With the talent and resources available in NJ, I see CCIT continuing to lead the early-stage life science community with its top-shelf facility, and access to experts and support systems.

Suh: CCIT will define better innovation. This is a challenge since the scientific landscape is changing very quickly and technologies are improving rapidly. The nurturing and advising incubators, such as CCIT, are becoming more complex and advisory members will be working ever more closely to help clients.

For more information about the resources that CCIT offers, visit https://www.njeda.gov/ccit and follow @NJEDATech on Twitter and LinkedIn.

TRENTON, N.J. (December 8, 2015) – Three projects approved today by the Board of the New Jersey Economic Development Authority (EDA) for Grow New Jersey (Grow NJ) tax credits will contribute to momentum in sectors targeted for growth under the Economic Opportunity Act (EOA), including manufacturing and logistics.

“Projects advanced by the Board today will add to the traction the EOA has helped to create in targeted industries,” said EDA Chief Executive Officer Melissa Orsen. “As projects approved earlier in the timeline of the EOA begin to hit milestones such as groundbreakings and ribbon cuttings, these new approvals will continue that momentum.”

Barry Callebaut USA LLC, a chocolate products manufacturer, was approved for up to $2.7 million in tax credits over ten years if it chooses to expand in Pennsauken, where it would produce a new product line at a second facility, creating 26 new jobs. The alternative would be to locate production of that line in Pennsylvania.
Another manufacturer, ACME Cosmetic Components LLC, which produces metal components for cosmetic packaging, was approved for up to $4.5 milion in Grow NJ tax credits over ten years to relocate from New York to Secaucus, bringing with it 60 new jobs.

In the logistics industry, MAC Trailer Leasing may move to Newark, retaining 35 jobs in the State and creating 25 new jobs that may otherwise move to Pearl River, New York. MAC was approved for Grow NJ tax credits of up to $2.89 million over ten years to remain in New Jersey.

These three projects combined represent more than $9 million of private investment in the State’s economy.
Orsen noted that to date, 63 percent of approved projects approved under Grow NJ received a bonus for being in one of the defined targeted industries, which also include finance, energy, technology and life sciences.

The EDA is part of the state’s results-driven Partnership for Action. Created by Governor Christie and led by Lt. Governor Guadagno, the Partnership is the hub for all economic development activity in New Jersey and is comprised of four interconnected and highly focused organizational elements: Choose New Jersey, the Business Action Center, the Office of the Secretary of Higher Education and the EDA.

EDA Board meetings are typically held at 10 a.m. on the second Tuesday of each month at 36 West State Street in Trenton. The Board meeting schedule, as well as Board agendas and minutes, are available at www.njeda.gov. All Board actions will take effect at the expiration of the statutory period for the Governor’s review and consideration of the meeting minutes.

To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov or call the Business Action Center at (866) 534-7789.

Gold Group Enterprises CEO Bob Gold shares his insights on customer engagement.

TRENTON (December 3, 2015) – With an online presence becoming more and more critical to the success of businesses, Clark-based Gold Group Enterprises uses its proprietary cloud-based software platform to help clients in a variety of industries expand their digital footprint.

Nearly a dozen years after it was founded as a software development company, the business changed its name earlier this year from “Gold Mobile” to “Gold Group Enterprises” to better present the array of capabilities it now offers for addressing the needs of its growing list of clients and partners. Today, the company offers a three-pronged approach to ensure its customers have access to resources they need to reach their full potential.

The company’s Enterprise Solutions provides a cloud-based platform to enhance a business’s mobile ordering, payment, and loyalty programs, while its 24K Creative agency offers professional marketing. The company’s GoMo Health^TM division works within the healthcare industry to help Gold Group Enterprises’ clients provide personalized patient engagement opportunities. For example, on World Prematurity Day on Nov. 17, Gold Group Enterprises touted its GoMo Health’s Concierge Care® Prenatal Program, designed to combat high rates of premature birth and help mothers through pregnancy and baby’s first 15 months. GoMo Health^TM breaks down complex information into manageable, understandable terms for patients.

Gold Group Enterprises, which also has an office in Asbury Park, is among 41 companies to share more than $47 million through the State’s Technology Business Tax Certificate Transfer (NOL) Program. Administered by the New Jersey Economic Development Authority (EDA) and the New Jersey Department of Treasury's Division of Taxation, this competitive program enables eligible technology and biotechnology companies like Gold Group Enterprises to sell New Jersey tax losses and/or research and development tax credits to raise cash to finance their growth and operations.

“Gold Group Enterprises is one of five companies participating in the NOL Program for the first time this year,” EDA Chief Executive Officer Melissa Orsen said. “These businesses join the list of more than 500 others that have, over the last decade and a half, received critical capital they can use to grow and thrive in the Garden State.”

Gold Group Enterprises also attended New Jersey Founders & Funders earlier this year. To date, the State’s Founders & Funders events have provided more than 120 entrepreneurs in NJ with access to angel and venture capital investors, paving the way for these businesses to acquire the funding they need. Registration is now open at https://application.njeda.com/tls/ for the next Founders & Funders event, planned for Spring 2016.

@NJEDATech asked Gold Group Enterprises CEO Bob Gold about his company’s experience in New Jersey and its plans for the future:

Why did you choose to grow Gold Group Enterprises in New Jersey?
I’m a Jersey boy and love the state! I grew up in North Jersey, went to Rutgers University and currently live at Jersey Shore. In 2001, I purchased land and turned it into Gold Farms, LLC, an organic farm located in Roosevelt. This, in turn, created revenue and jobs; I was happy to help New Jersey’s economy grow. I also worked with local retailers to distribute the products within the community. New Jersey has always been my home, so I knew there was nowhere else I’d rather start the company.

How did funding provided through the NOL program benefit your company?
The NOL funding, as well as the great programs and support we get from EDA, are, and will be, paramount to our success. The funding enables us to quicken the pace of our product enhancements and research and development by providing funding to expand our software development team. This leads to quicker revenue growth for the company. Plus, I must thank EDA Senior Venture Officer Kamran Hashmi, as he has been invaluable with his insights and knowledge that have positively contributed to our growth.

What is the best piece of advice that you received at Founders & Funders?
The information we gained at Founders and Funders is very specific and focused on exactly how we will achieve our revenue and gross margin targets. We also learned that much of our credibility will come from knowing this without looking at a piece of paper.

What is Gold Group Enterprises’ biggest success to date?
We are very proud of the fact our GoMo Health Concierge Care suite of patient engagement and tele-health applications have helped many hospitals improve their overall relationship with their providers, patients and community. We are excited to have launched with one of the most patient-centric hospitals in the country right here in New Jersey — Hackensack University Medical Center at Pascack Valley.

What’s on the horizon in the near future for your company?
We have already launched in production, and will soon announce, a two-way interactive Personal Concierge application for patients with chronic and complex health issues. This first-of-its-kind app will enable physicians and nurses to have a virtual assistant that communicates with people throughout their day…in-the-moment…within their lifestyle.

For more information about resources available to New Jersey’s life sciences companies, visit https://www.njeda.gov/tls and follow @NJEDATech on Twitter and LinkedIn.

Trenton, N.J., (December 3, 2015) – As part of the Christie Administration’s fifth annual “Season of Service” campaign, New Jersey Economic Development Authority (EDA) CEO Melissa Orsen volunteered yesterday at The Children’s Home Society of New Jersey’s (CHSofNJ) 21st Century Community Learning Centers (21stCCLC) – Positive Impact Program, assisting middle school students cooking a healthy holiday dish; chili served over jasmine rice.

The 21stCCLC Positive Impact Program is a federally funded after school program operated by CHSofNJ in collaboration with Trenton Public Schools and the YMCA of Trenton. The free program operates every day that school is in full session, and welcomes students to enroll regardless of their academic ability, English proficiency or behavioral needs.

The 21stCCLC Positive Impact Program serves 225 sixth, seventh and eighth grade students daily at two Trenton public school sites: Grace A. Dunn Middle School and Joyce Kilmer Middle School. In addition to homework support, tutoring, test preparation and enrichment club, the students participate in Science, Technology, Engineering and Math (STEM) activities, cultural programming, and field trips.

For more information about the 21st Century Community Learning Center – Positive Impact Program, please contact Louise Shabazz via email at lshabazz@chsofnj.org or via telephone at (609) 620-1018, Ext. 200.

The Christie Administration’s annual Season of Service activities allow Administration staff to perform volunteer work at various locations across the State to help New Jersey residents. Continuing the success of previous service initiatives, this year’s activities are focused on serving New Jersey’s most vulnerable residents.

About The Children’s Home Society of New Jersey
The Children’s Home Society of New Jersey is a nonprofit child and family serving agency whose mission is to save children’s lives and build healthy families. Founded in 1894, the agency protects abused or neglected infants and at-risk children by ensuring stable, permanent, and loving homes for each and every child it serves. All services are confidential and most are free. For more information, visit our website at www.chsofnj.org.

The New Jersey Economic Development Authority's next public Board Meeting will be held on Tuesday, December 8, 2015 at 10 a.m. at the EDA offices at 36 West State Street, Trenton. 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.

Supports State’s Small Business Awareness Initiative

From left to right are Lori Leonard, Executive Director, Habitat for Humanity of Burlington County; Melissa Orsen, CEO, New Jersey Economic Development Authority; John Garton, Controller, and Annie Fox, Resource Development Director, Habitat for Humanity of Burlington County

TRENTON, N.J. (November 24, 2015) – As part of the State’s ongoing efforts to make small business and non-profit leaders aware of financing resources available through the State, New Jersey Economic Development Authority (EDA) Chief Executive Officer Melissa Orsen visited Habitat for Humanity of Burlington County on Monday. The non-profit affiliate of Habitat for Humanity International, whose mission is to bring people together to build homes, communities, and hope, recently received a direct loan through the EDA’s Small Business Fund, which provides financial assistance to qualified businesses through direct loans, participations or guarantees.

“Organizations like Habitat for Humanity serve a dual purpose in our State’s economy,” said Orsen. “They not only create jobs, but they contribute to the community in invaluable, immeasurable ways through the resources they provide to families in need.”

Habitat for Humanity of Burlington County received a loan through the Small Business Fund to purchase the building it had been leasing in Maple Shade since 2014. Prior to that, the entity’s corporate offices and ReStore operations had been located in Cinnaminson. The move to Maple Shade was driven by the goal of expanding, and attracting more customers to the ReStore, which sells donated, secondhand items to raise money for the organization.

“The visibility of our new location in Maple Shade is helping to increase ReStore traffic,” said John Garton, Controller, Habitat for Humanity of Burlington County. “The financing the EDA provided has helped us to settle into a more permanent home and build lasting relationships with volunteers and other stakeholders.”

Habitat for Humanity of Burlington County has built 50 homes since its inception in 1987, including houses in Burlington City, Mt. Holly, Medford, Cinnaminson, Beverly, Pemberton, Palmyra, Florence, Moorestown, Burlington Township, Bordentown, and Mt. Laurel.

Habitat serves thousands of people each year with opportunities to volunteer and give back to their communities, as well as hundreds of individuals and families who now have a place to call home.

Prior to Monday’s visit, a groundbreaking was held in Willingboro where a house will be built for a couple with three children. Construction will be completed in approximately 12 months.

The EDA’s Small Business Fund requires that a business be in operation for at least one full year. Not-for-profit corporations that have been operating for at least three full years may also be eligible. Over $12 million has been provided to 50 businesses through the Fund since 2010, with an average loan size of more than $240,000.

The visit follows the recent launch of EDA’s new small and mid-sized business-focused print and digital marketing campaign, which was created in collaboration with Princeton Partners, Inc. Featuring the theme “EDA Was Here,” the campaign anecdotally showcases how businesses like Tri-Power Consulting have used the EDA’s financing programs to overcome challenges, meet their needs and grow. The campaign includes print ads in various New Jersey business publications, as well as digital display ads on various business websites and search engine marketing.

“The State offers a range of resources, from low interest loans either directly or through one of EDA’s more than 30 lending partners to training and technical assistance services to support the expansion and long-term growth of small businesses and not-for-profit organizations,” said Orsen. “We encourage business owners to contact us to learn more about how the State can support their growth.”

Other programs offered by the EDA for small business include the Premier Lender Program, through which the EDA partners with over 30 banks to provide new, low-cost financing opportunities with faster turnaround; and the New Jersey Business Growth Fund, a joint program of the EDA and PNC Bank offering creditworthy small and mid-sized companies financing for real estate or equipment.

In 2015 alone, through its small business programs, the EDA has advanced 65 projects totaling $35 million in assistance. These projects are associated with $126 million in private investment.

The EDA is part of the state’s results-driven Partnership for Action. Created by Governor Christie and led by Lt. Governor Guadagno, the Partnership is the hub for all economic development activity in New Jersey and is comprised of four interconnected and highly focused organizational elements: Choose New Jersey, the Business Action Center, the Office of the Secretary of Higher Education and the EDA.

To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov or call the Business Action Center at (866) 534-7789.

Akers Biosciences Co-Founder and Executive Chairman Dr. Raymond Akers, Jr.

TRENTON (November 24, 2015) – Gloucester County-based Akers Biosciences greatly expanded its global reach earlier this month when the China Food and Drug Administration (FDA) approved the company’s lead device PIFA^® Heparin/PF4 Rapid Assay for use throughout Mainland China.

Located in West Deptford, Akers Biosciences has spent over 25 years developing, manufacturing and supplying rapid screening and testing products — known as “assays” — designed to deliver quicker and more cost-effective healthcare data to healthcare providers and consumers.

The PIFA^® Heparin/PF4 Rapid Assay checks to see if patients are allergic to the blood thinner Heparin by testing for the presence of a specific antibody associated with Heparin-Induced Thrombocytopenia (HIT), a specific type of blood clot. With the green light from the China FDA, Beijing-based pharmaceutical and medical device business development company Novotek will begin rolling out marketing of the testing devices to hospitals throughout China. At the end of September, Akers Biosciences announced that it signed distribution deals to market its proprietary testing device in India, German, Italy and Scandinavia.

According to Akers Biosciences Co-Founder and Executive Chairman Dr. Raymond Akers, Jr., the devices are also becoming more widely used in the United States where, he said, they remain the only United States FDA-cleared rapid manual assays that quickly determine if a patient being treated with heparin may be developing HIT. PIFA^® Akers Biosciences stepped up the commercialization of Heparin/PF4 Rapid Assay this year.

“Millions of patients are exposed to heparin around the world each year and between one percent and five percent of those patients receive an HIT diagnosis,” Dr. Akers said. “Patients suffering from HIT are at risk of developing limb- and life-threatening complications, so the timely test results provided by PIFA^® Heparin/PF4 devices are paramount to effective, clinical decision making.”

Akers Biosciences this week named John J. Gormally as its Chief Executive Officer. In announcing the appointment, Dr. Akers noted that Gormally, “previously helped successfully grow annual business revenues by more than $80 million in a business unit that contributed annual revenues of over $650 million. He led a multi-functional team of 92 associates including sales, marketing and finance teams.”

Akers Biosciences is among 41 companies to share more than $47 million through the State’s Technology Business Tax Certificate Transfer (NOL) Program in Fiscal Year 2016. Since the program’s inception in 1999, more than 500 technology and biotechnology companies have been approved for awards totaling $860 million.

“This innovative program enables biotechnology businesses like Akers Biosciences to sell New Jersey tax losses and/or research and development tax credits to raise cash to finance their growth and operations,” New Jersey Economic Development Authority Chief Executive Officer Melissa Orsen said. “It’s one more way we are fostering innovation and collaboration in the Garden State.”

@NJEDATech asked Dr. Akers about his company’s experience in New Jersey and its plans for the future:

Why did you choose to grow Akers Biosciences in New Jersey? I was born and raised in New Jersey, started my first business here, started this business here, and enjoy the benefits of being smack in the middle of the busiest economic corridor in the US. There is nowhere I would rather grow Akers Biosciences.

How has your company benefited from funding provided through the NOL program? We would not be here today without these funds. The NOL Program filled the gap of lean, early development years, and then provided much needed capital as we executed our go-to-market strategy.

What is Akers Biosciences’ biggest success to date? Our greatest success has been developing and introducing to the market the only rapid – and lifesaving – test in the world for an allergy to heparin.

What’s on the horizon for your company? We look forward to making the benefits of our products available to even more consumers globally. From our humble beginnings in West Deptford, Gloucester County, we have evolved into a net exporter of high tech medical products to 33 countries, including China. We are now listed on both the NASDAQ (AKER) and London (AKR) Stock Exchanges.

For more information about the State’s NOL program, visit https://www.njeda.gov/nol and follow @NJEDATech on Twitter and LinkedIn.

Sheft Among 25 Honored for Role in New Jersey’s Economy

TRENTON (November 19, 2015) – “If you want to go fast, go alone. If you want to go far, go together.” This African proverb is Judith Sheft’s favorite, and she lives by its words.

As Associate Vice President of Technology and Enterprise Development at the New Jersey Innovation Institute within the New Jersey Institute of Technology (NJIT), Sheft is a leader in New Jersey’s technology ecosystem and plays a pivotal role in cultivating the next generation of entrepreneurs in the Garden State.

Sheft oversees the Enterprise Development Center (EDC), the university’s high-tech accelerator/incubator, which falls under the auspices of the New Jersey Innovation Institute at NJIT. The EDC houses 95 companies that employ a total of 400 full-time employees and an additional 200 to 300 students annually. Sheft encourages tenant companies to collaborate and share resources and ideas. She is also responsible for managing the university’s Office of Technology Development and creates programs and policies focused on patent creation, intellectual property (IP) valuation, strategic use and protection of IP assets — elements that are crucial to emerging technology companies. Recently, she has also been focusing efforts to help further strengthen the health information technology (HealthIT) cluster in the state through the HealthIT Connections program funded by a grant from JPMorgan Chase and its Small Business Forward initiative.

“Judith is a champion for innovation in New Jersey,” New Jersey Economic Development Authority (EDA) Chief Executive Officer Melissa Orsen said. “With her wealth of knowledge and unique perspective on so many facets of the State’s technology sector, Judith is an asset to the State.”

Beyond her role at NJIT, Sheft devotes much of her free time to serving on boards that help New Jersey technology companies grow, including the EDA’s Technology Advisory Board and the boards of two nonprofit organizations – New Jersey Entrepreneurship Network (NJEN), which provides educational and informational services to entrepreneurs, investors, and other interested parties, and Einstein’s Alley, created to promote the vast array of resources available to entrepreneurs and innovators in central New Jersey. She is also a member of the NJ Israel Commission.

In June, Sheft was part of New Jersey’s large delegation at the BIO International Convention in Philadelphia. She mentioned to @NJEDATech that the annual BIO conventions are excellent opportunities to “cross-sell” all of New Jersey’s resources aimed at helping small startup companies grow and thrive in the Garden State. She also noted the excellent opportunity they present for the State’s universities and colleges to network with the New Jersey technology community and to promote the State to the rest of the world.

Sheft was among 25 women honored earlier this week at the 5^thAnnual Top 25 Leading Women Entrepreneurs Recognition Event in Jersey City. The event was hosted by Leading Women Entrepreneurs & Business Owners, a media and events company that recognizes outstanding business owners, entrepreneurs and intrapreneurs. As opposed to entrepreneurs who start their own companies, intrapreneurs like Sheft work at larger organizations to promote innovation from within.

Sheft earned her Bachelor of Sciences and Master’s Degree from the University of Illinois and received her MBA from Wharton School at the University of Pennsylvania.

@NJEDATech spoke with Sheft about her experiences in New Jersey.

What attracted you to New Jersey? I moved to New Jersey from Illinois as part of a transfer within the Bell System. I joined NJIT after a career in strategic planning and intellectual property management, focused mostly on the semiconductor business.

What would you say is the greatest strength of New Jersey’s technology sector? New Jersey has a great strength in technical talent within the high-tech and life sciences sectors. There are many individuals that are able to serve as mentors and advisors and are looking to give back to the start up community. New Jersey ranks third in the country in terms of United States patents per capita. For founders looking for technical co-founders or chief technology officers (CTOs), there is a depth of resources from which to pull.

What advice do you give entrepreneurs starting out in the industry? Quite simply – Get involved and ask questions. Attend the various Meetups and entrepreneurial events around the state. NJEN and the New Jersey Technology Council (NJTC) offer various programs focused on helping entrepreneurs succeed. New Jersey Business Innovation Network (NJBIN) can assist with location selection and connections to advisors and service providers. It’s all about connections, so start building them. Companies that participate in clusters with other entrepreneurs grow faster and create more jobs.

For more information about resources available to New Jersey’s life sciences companies, visit https://www.njeda.gov/tls and follow @NJEDATech on Twitter and LinkedIn.

Supports State’s Small Business Awareness Initiative

Anthony LaRosa, Principal, Tri-Power Consulting; Melissa Orsen, CEO, New Jersey Economic Development Authority; Robert Mastice, Principal, Tri-Power Consulting

TRENTON, N.J. (November 17, 2015) – Continuing the State’s efforts to raise awareness of financing programs available to small businesses, New Jersey Economic Development Authority (EDA) Chief Executive Officer Melissa Orsen visited Tri-Power Consulting Services, LLC (“Tri-Power”) in Denville on Monday. The engineering, design, manufacturing and consulting business recently received a direct loan through EDA’s Small Business Fund, which provides financial assistance to qualified businesses through direct loans, participations or guarantees.

“Tri-Power and businesses like it are so important to our communities for the skilled jobs they create, and the services they provide to other businesses,” said Orsen. “We are committed to the success of New Jersey’s small businesses and encourage business owners to explore resources offered by the State.”

Tri-Power received a loan through the Small Business Fund to consolidate leasehold capital improvement costs it made in connection with a full interior renovation prior to the purchase of the building it had been leasing since 2010, establishing a permanent home for the company in Denville. Tri-Power provides document/contract management services and staffing solutions (www.tripowerjobs.com) and services, to development services for custom computer applications which model business processes. Tri-Power Design, LLC offers product development, prototyping and the design and build of machine automation (www.tripowerdesign.com). Tri-Power is wholly owned by Anthony La Rosa and Robert C. Mastice, both of whom earned master’s degrees in mechanical engineering from NJIT.

“Tri-Power’s client base consists of biomedical, pharmaceutical and aerospace clients, mostly in the Northeast, so Denville is an ideal location for the company,” said Robert Mastice, Managing Director/Co-Owner, Tri-Power. “It was important to us to invest in the community, our employees’ workplace and in the future of NJ where we have built our business and grown our client base; and the State’s support was instrumental in making that happen.”

In business since 1996, Tri-Power continues to work with Fortune 500 leaders in the industries it serves.

The Small Business Fund requires that a business be in operation for at least one full year. Not-for-profit corporations that have been operating for at least three full years may also be eligible. Over $12 million has been provided to 50 businesses through the Fund since 2010, with an average loan size of more than $240,000.

The visit follows the recent launch of EDA’s new small and mid-sized business-focused print and digital marketing campaign, which was created in collaboration with Princeton Partners, Inc. Featuring the theme “EDA Was Here,” the campaign anecdotally showcases how businesses, like Tri-Power Consulting, have used the EDA’s financing programs to overcome challenges, meet their needs and grow. The campaign includes print ads in various New Jersey business publications, as well as digital display ads on various business websites and search engine marketing.

“The EDA’s new small business awareness initiative was created to encourage New Jersey small business owners to explore the valuable resources that are available through the State to support their expansion and long-term growth,” said Orsen.

TRENTON, N.J. (November 13, 2015) –The Board of the New Jersey Economic Development Authority (EDA) today approved an array of projects that will contribute to the growth of the State’s technology sector.

“The technology-focused projects approved today each, in its own way, supports innovation in the State,” said EDA Chief Executive Officer Melissa Orsen. “Resources for emerging technology companies, expanded educational opportunities, and increased focus on biomedical research are all elements that will fortify the State’s technology sector.”

WeWork Companies Inc., which develops collaborative office communities, was approved for up to $59 million in Grow NJ tax credits over ten years to support a new 75,000-square-foot incubator space for start-up companies. WeWork is considering a Jersey City location—part of One Journal Square, a new one million-square-foot mixed-use development from Kushner Companies and KABR Group. Alternatively, WeWork may lease space at an existing Stamford, Connecticut waterfront district facility. The project is associated with private investment of $12.8 million and the creation of 723 new jobs.

WeWork provides leasable office space for entrepreneurs and small businesses, many in the technology and life sciences sector, which is outfitted with resources needed by start-up companies, such as high speed wireless, conference rooms, office supplies, and access to printers and copiers. WeWork also provides members with access to third-party services, such as health insurance, at steep discounts.

“Choosing Jersey City for the expansion of our tri-state area presence would put us in the heart of a bustling community with all the amenities that are so appealing to today’s up and coming entrepreneurs, including access to universities, mass transit, and attractive housing stock,” said Adam Neumann, CEO, WeWork. “With our focus on supporting emerging companies, creating an amazing space with Kushner Companies and KABR Group within a lively urban setting like Jersey City makes complete sense.”

Also today, the Seton Hall-Hackensack School of Medicine was approved for up to $16.9 million in Grow NJ tax credits over ten years to support the development of a new medical school at the former Hoffman-LaRoche site located on the border of Nutley and Clifton.

Robert C. Garrett, President and CEO, Hackensack University Health Network, and Dr. A. Gabriel Esteban, President, Seton Hall University noted, “We are very grateful to the members of the EDA’s Board of Directors for their consideration and approval of our School of Medicine application for a Grow New Jersey tax credit. We believe the tax credit award of $16.9 will translate into a significant economic boost to the region. Both Hackensack University Health Network and Seton Hall University look forward to building a world-class institution that will prepare future healthcare professionals to provide the best quality care and ultimately innovate the way healthcare is delivered in New Jersey.”

The project, which will leverage approximately $55.1 million in private investment and to the creation of 271 new jobs, will expand the State’s already vast higher education network. At full capacity, the four-year medical school will enroll about 1,200 students and staff members.

To date, 30 percent of the Grow NJ tax credits approved support projects in the technology and life sciences sector.

In Camden, the creation of a 65,000-square-foot Joint health sciences center was approved for up to $55 million in bonds to support the Biomedical Research Facilities Project. The facility will be developed by the Rowan University/Rutgers – Camden Board of Governors. The biomedical facility will be owned by Rutgers and operated by a consortium consisting of Rutgers and the Coriell Institute for Medical Research, a New Jersey non-profit corporation. The building will be occupied by Rutgers, Rowan University, and the Joint Rowan University/Rutgers – Camden Board of Governors.

The Board previously provided preliminary approval for bonds to support this project, in accordance with the requirements of the New Jersey Medical and Health Sciences Education and Restructuring Act.

“Receiving EDA’s approval to fund the Joint Health Sciences Center is critical to developing a higher education platform focused on health care related instructional and research initiatives,” said Hon. Jack Collins, Chairman of the Rowan University/Rutgers – Camden Board of Governors. “This Center will play a central role in leveraging the ’Eds and Meds’ assets located in Camden to establish a strong research and economic footprint in South Jersey.”

At the meeting, Orsen noted that the EDA’s support of the technology sector continues to be strong, with the finalization of awards for 41 emerging companies under the State’s Technology Business Tax Certificate Transfer (NOL) Program last month totaling $47.4 million. Details on 2016 NOL awards, along with a full list of approved companies is available at https://www.njeda.gov/Press-Room/News-Articles/News-Articles/New-Jersey-Technology-Business-Tax-Certificate-Tra.