New Jersey Lt. Governor Kim Guadagno today visited the Enterprise Development Center (EDC) at New Jersey Institute of Technology (NJIT), culminating her month-long tour of life-science companies across the Garden State. The EDC is home to nearly 90 high-tech and life-science companies.The visit included tours of four resident companies: Edge Therapeutics, Inc. a drug-development company working to reduce the effects of traumatic brain injury; SimPhoTek, Inc., a global leader in the simulation of laser-material interactions; Endomedix, Inc., a developer of medical devices working on a product to control surgical bleeding and Menssana Research, Inc., a developer of medical devices that has designed a portable breath-collection apparatus that can collect breath samples virtually anywhere for highly sensitive laboratory analysis.
“The Enterprise Development Center plays a valuable role in helping start-up life sciences companies succeed. It provides a place where even the smallest companies can develop ideas and products that will have great benefits for human health world-wide,” Lt. Governor Guadagno said. “We’re confident that these small companies will grow and expand to employ thousands of New Jerseyans for years into the future.”
EDC companies have access to NJIT facilities and can partner with researchers to help grow their business.
“NJIT’s technologically-based research programs are perfectly aligned to support the life-science innovation cluster identified in the Governor’s Strategic Job Growth Plan as essential to the future economic development of New Jersey,” said NJIT President Joel Bloom.
“The State Plan clearly recognizes the need for pioneering work to bring technology and the life sciences together through intensive university and industry collaboration. NJIT's faculty-led research and its business incubation have produced significant results and promises to do more. This past year, NJIT's research surpassed $100 million and has generated over 140 patents, 78 of which have been licensed to 3rd parties. As home to the largest technology and health-sciences incubator in the state fostering commercialization of research with some 90 start-up companies and 800 employees, we are indeed proud that Lt. Kim Guadagno’s visit to the EDC will highlight and bring greater attention to our strategic focus on job creation through market-oriented research in the life sciences. Lt. Guadagno has already been instrumental in attracting an overseas clinical trials company to University Heights Science Park, home to NJIT’s EDC.”
Led by Lt. Governor Guadagno, the New Jersey Partnership for Action (PFA) supports the vital role business plays in advancing the state’s economy and creating jobs. The PFA is a three-pronged public-private approach to economic development and the starting point for all initiatives, policies, and efforts to grow New Jersey’s economy and create quality, sustainable jobs in our communities. The three elements of the PFA include the Business Action Center reporting directly to the Lt. Governor and providing the business community with a single point of contact, applying a proactive, customer-service approach to businesses’ interactions with state government; the New Jersey Economic Development Authority, serving as the state’s “bank for business;” and Choose New Jersey, an independently funded and operated 501(c)(3) not-for-profit corporation created to encourage and nurture economic growth throughout New Jersey.
“Through the New Jersey Partnership for Action, the Christie Administration is providing business advocacy services and meaningful regulatory and tax policy reforms so that small start-up companies have the tools to take innovation from the classroom to the laboratory and on to the marketplace,” Lt. Governor Guadagno said. “With the support of the Administration and business incubators such as the EDC, even the smallest life-science companies have the ability to accomplish big things.”
Businesses considering a move or in need of assistance are encouraged to call New Jersey’s Business Action Center at (866) 534-7789 or visit the State’s Business Portal at www.newjerseybusiness.gov.
Located in the heart of Newark’s University Heights Science Park and the Newark Innovation Zone, the EDC has created over 799 jobs including student hires. The company’s success has helped to graduate over 90 successful businesses by finding the right work spaces suitable for them, attracting investment capital, and helping them build marketing strategies and recruit hard-working staff members. According to the National Business Incubation Association (NBIA), 84 percent of its members report that incubator graduates stay in their communities.