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Contact Information: Tanya Klein Public Relations 973-596-3433

NJ Awards Grants Totaling $480,000 to NJIT Grad Students, EDC Companies

NJIT postdoctoral students and companies in the Enterprise Development Center (EDC), NJIT’s high technology business incubator, were awarded eight grants totaling $480,000 from the New Jersey Commission on Science and Technology to bolster company growth  and jumpstart the careers of young scientists. “The technology fellowship awards help NJIT postdoctoral students obtain the opportunity to work for leading-edge technology–based, start-up companies in New Jersey,” said Judith Sheft, associate vice president for technology development at NJIT.

“The Edison Innovation Fund awards provide EDC companies with the necessary resources and support to succeed and advance critical research for promising technologies,” she added. EDC is the state’s oldest and largest mixed-use high technology business incubator. 

Three post-doctoral researchers received a total of $235,000 to cover salary and career development while employed at three New Jersey companies. 

Veljko Samardzic, of Cliffside Park, a postdoctoral student at NJIT in mechanical engineering, will receive $65,000 plus $10,000 for career development while working for Frontier Performance Polymers Corp., Parsippany. Frontier is a technology-driven interdisciplinary company capable of integrating research and development system design, lightweight material development, component molding and more.   

Weizhong Cheng, of Harrison, a postdoctoral student with a background in electrical and computer engineering, will receive $65,000 plus $10,000 for career development while working for New Visual Media Group, LLC of Eatontown. Cheng will work on electropolymeric display technology to produce energy.

UV Solutions, an EDC start-up company, has received second year funding to support a graduate student from Stevens Institute of Technology who will develop innovative and efficient ultraviolet light to develop better carbon nanotube emitters.

iMedia Streams, LLC; Lenterra Inc. and Simphotek, Inc., technology-based companies at the  EDC will receive a total of $144,000 from the Commission’s Incubator Seed Fund. The fund helps emerging incubator companies meet critical milestones in their commercialization path.

iMedia Streams develops systems to connect online interactions with television content to develop more efficient advertising targets. Lenterra develops a micro-optical shear stress sensor for pharmaceutical processing equipment and medical diagnostics. Simphotek, Inc. focuses on a prototype and file patents and license agreements for its general-purpose software designed for computer-assisted design (CAD) programs.  

In addition, Simphotek Inc. as well as BanDeMar Networks, Inc., also based at EDC, will receive two Small Business Innovation Research Bridge Grants, of $50,000 each.  This program tries to increase the success and maximize the growth of small businesses in New Jersey by leveraging federal funding. 

The New Jersey Commission on Science and Technology, established in 1985, is responsible for the development and oversight of policies and programs promoting science and technology research and entrepreneurship in New Jersey. Commission members include business leaders, university leaders, scientists, the executive director of the New Jersey Commerce Commission, the commissioner of Education, a representative of the Governor, and four legislators. 

The Edison Innovation Fund was created in 2006 to support technology and life sciences companies throughout their discovery, development and commercialization stages. Through the Fund, New Jersey has delivered more than $256 million in financing assistance, business incentives and tax credits to early-stage and established technology and life sciences businesses. In addition, nearly $460 million in total project costs has been leveraged by Edison Innovation Fund investments.

NJIT, New Jersey's science and technology university, enrolls approximately 10,000 students pursuing bachelor's, master's and doctoral degrees in 120 programs. The university consists of six colleges: Newark College of Engineering, College of Architecture and Design, College of Science and Liberal Arts, School of Management, College of Computing Sciences and Albert Dorman Honors College. U.S. News & World Report's 2012 Annual Guide to America's Best Colleges ranked NJIT in the top tier of national research universities. NJIT is internationally recognized for being at the edge in knowledge in architecture, applied mathematics, wireless communications and networking, solar physics, advanced engineered particulate materials, nanotechnology, neural engineering and e-learning. Many courses and certificate programs, as well as graduate degrees, are available online through the Division of Continuing Professional Education.