NJIT’s Enterprise Development Center (EDC) has given startups an edge since 1988. Now celebrating its 20th anniversary, this high-tech business incubator housed at NJIT is open to early-stage companies that have, or will have, a proprietary technology as a significant source of revenue. The nearly 90 companies in the program employ more than 300 people and have attracted more than $55 million in third-party funding. In 2007, revenues surpassed $40 million.
The spirit of the EDC community is one of collaboration and mutual support. Monthly gatherings and meetings encourage creative synergies. Angel forums are frequent. Facilities include office space and laboratories at competitive rates, secure 24/7 access and on-site parking. Collaboration with faculty, staff and students is a plus. Help is available for government contracts and grant applications.
With such an array of services, success is no stranger. A few remarkable tenants and grads follow.
NJIT and EDC alumnus Bob Tarantino had an excellent idea when he developed New Jersey Precision Technologies http://www.njpt.com/ in 1995 and signed a lease. Tarantino now owns a leading electrical discharge machining operations in the northeastern US with gross annual sales topping $4 million with a 10,000 square-foot facility in Mountainside and 40-plus employees. The company produces custom components for the electronics, aerospace, medical and other high-tech industries.
Two years ago, notable grad, Noble Device Technologies Corp., founded by former Bell Labs engineers, raised $8 million in equity financing. The money went toward expanding development of its unique visible/infrared image sensor. The company is now located in Massachusetts.
More recently, NeuroTrax developed a computer software program for early diagnosis of Alzheimer’s, Parkinson’s and other diseases, for which it won the coveted “Best in Show” award in the 2008 NJTC Venture competition.
BanDeMar Networks, a developer of advanced video e-learning solutions technology created the video processing technology for the interactive displays in the global microscope installed last summer in the new Liberty Science Center.
Menssana analyzes human breath for medical diagnosis. The company received FDA approval for a test based on their technology which determines if patients with heart transplants are showing signs of rejecting the new heart. The company has also received the prestigious Tibbett’s award which recognizes exemplary companies that have Federal funding grants.
CyberExtruder is a software development trendsetter. The company, based at EDC, since 2002, develops video games, but also has expanded into facial recognition. Its core technology enables the conversion of 2D facial images (such as a passport photo) to an accurate life-like 3D model of the subject’s face or head, with several applications.
The EDC was cited in the 2007 report on “Entrepreneurship in America” by the Council on Competitiveness as a benchmark example of a successful technology-based incubator. For program application and space availability please contact the EDC at 973-643-4063. Contact: Sheryl Weinstein, 973-596-3436, Sheryl.email@example.com, director, public relations; Judith Sheft, (973) 596-5825, firstname.lastname@example.org, associate vice president technology development.