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

NJIT to Announce Major, New Economic Development Venture

WHO: U.S. Senator Cory Booker, Panasonic Corp. of North America Chairman and CEO Joe Taylor, and New Jersey Secretary of Higher Education Rochelle Hendricks will join New Jersey Institute of Technology (NJIT) President Joel S. Bloom and New Jersey Innovation Institute President Don Sebastian in announcing a major, new economic development venture to an audience of invited guests from the business, government, and higher education sectors.

WHAT:  The New Jersey Innovation Institute (NJII) is an NJIT corporation that provides an improved model for business innovation through the leveraging of industry, government, and higher education assets and investment. NJII is comprised of sector-focused innovation labs that apply the intellectual and technological resources of the state’s science and technology university to challenges identified by industry partners. By following industry-led agendas designed to spur economic development and business growth, NJII facilitates product creation/enhancement and creates technological solutions for sector-wide and/or company-focused challenges.

WHEN:  Tuesday, April 22, 2014 at 1 p.m.

WHERE:  NJIT’s College of Architecture and Design, Weston Hall 340, University Heights, Newark, NJ 07102-1982

WHY NJIT:  NJIT has a long history of connecting industry and education through:

Economic Development – NJIT maintains a robust technology business incubator, the Enterprise Development Center (EDC). With over 95 companies in residence, the EDC is the state’s oldest and largest business incubator and one of the largest university-run enterprises in the country. NJIT is nationally ranked for invention disclosures relative to federal research and development support. NJIT also has launched highly successful extension centers in manufacturing, health information technology and brownfield remediation.

Training – Since 1990, NJIT has trained over 74,000 professionals associated with approximately 600 companies. Among current efforts, NJIT hosts two of New Jersey’s Talent Networks, ManufactureNJ (advanced manufacturing) and Technology & Entrepreneurship.

Specialized Facilities – NJIT maintains core facilities that support both academic investigators and industrial clients. These include a modern, CNC machine shop, a class-10 clean room microelectronics fab line, and a well-equipped chemical and biological characterization center.

One of the nation's leading public technological universities, New Jersey Institute of Technology (NJIT) is a top-tier research university that prepares students to become leaders in the technology-dependent economy of the 21st century. NJIT's multidisciplinary curriculum and computing-intensive approach to education provide technological proficiency, business acumen and leadership skills. With an enrollment of more than 10,000 graduate and undergraduate students, NJIT offers small-campus intimacy with the resources of a major public research university. NJIT is a global leader in such fields as solar research, nanotechnology, resilient design, tissue engineering, and cyber-security, in addition to others. NJIT ranks 5th among U.S. polytechnic universities in research expenditures, topping $110 million, and is among the top 1 percent of public colleges and universities in return on educational investment, according to PayScale.com.