The smell of success just grew sweeter for entrepreneurs. Last week, New Jersey Institute of Technology (NJIT) unveiled five new programs to bolster small businesses and help them grow bigger.
The Enterprise Development Center (EDC) at NJIT, the state’s oldest and largest incubator program, now offers client companies programs to improve the marketing skills and business acumen of company principals. The New Jersey Commission on Science and Technology has funded the project.
“These new programs should be valuable to our client companies,” said Louis Gaburo, acting EDC director. “We’ve got a lot on the table thanks to this generous new grant.” Depending on which of the five programs a company applies for—and companies may apply for more than one—principals will be able to benefit from interactions with professionals including researchers, technical and grant writers, graphic designers, copy writers and more. Results will include customized branding tools, marketing and sales strategies, customer profiles, brochures, websites and trademarks.
Entrepreneurs can participate in workshops about preparing grants. “We’re also looking forward to writing grant applications for new and existing resident companies,” said Gaburo.
Outside professionals will be hired. “They will work with EDC client companies to discover, develop and implement growth strategies, do product developments and carry out product trials,” said Gaburo.
As usual client companies may take advantage of professional help for completing technology evaluations and technology transfer reviews. Also available will be professionals to help company principals create plans for manufacturing and sourcing plus design marketing, sales and distribution programs.
Entrepreneurs who deal with manufacturing will have opportunities to learn more about licensing opportunities. “We’re going to be able to do much better helping entrepreneurs find, evaluate and negotiate good venture deals,” said Gaburo. “The new programs are discretionary and supplemental to existing coaching and advisory services.”
Since 1988, the EDC has helped inventors move innovative products out of the lab and into the marketplace. A high-tech business incubator housed in a trio of Newark buildings, the EDC provides office and lab space, financial help, business and technical services, and the shared expertise of the center’s managers.
EDC is open to for-profit enterprises, operating fewer than four years and offer new technologies. The companies must have a business plan, and show evidence that they will be likely to benefit from EDC’s three-year tenancies. EDC aims to reduce risk for fledgling entrepreneurs, ultimately creating businesses that will generate jobs and bolster New Jersey’s economy. To date, EDC has graduated more than 75 companies. For more information about these services or EDC, contact Gaburo at 973-643-4063.