NJIT Enterprise Development Center

NJIT ENTERPRISE DEVELOPMENT CENTER

A SMALL BUSINESS INCUBATAOR

240 Dr. Martin Luther King Boulevard Newark, New Jersey 07102 973-643-5740 973-643-5839 (Fax) Head Clerk, Claire Dougherty, Dougherty@admin.njit.edu Director, Stash Lisowski, Lisowski@admin.njit.edu James Reilly
	105 Lock Street Newark, New Jersey 07103 Assistant Director, Louis M Gaburo,Gaburo@admin.njit.edu (973) 643-4063 Administrative Assistant, Debra Morgan,morgan@megahertz.njit.edu (973) 643-4284

Comming soon: Enterprise Development Center Web Site

MISSION STATEMENT

The NJIT Enterprise Development Center (EDC) is a technology oriented small business incubator founded by NJIT in 1988, in cooperation with the New Jersey Commission on Science and Technology. The EDC addresses many of the problems that young technology-based businesses have in obtaining appropriate technology, market information, management assistance and access to capital.

The program provides a broad base of support and acts as a "proving ground" for new and developing high-tech products. In short, the incubator exists to increase the rate of small business formations and to decrease the failure rate of startups small companies by assisting them to commercialize their new products, processes and services.

Objectives of the incubator program include:

To create and/or maintain jobs, especially for the residents of Newark as well as part-time jobs for university students.
To assist firms in obtaining federal and state contracts and grants such as those offered through the Small Business Innovation Research Program.
To rejuvenate the manufacturing base of New Jersey by attracting new talent and preparing people for jobs in rapidly changing technological environments.
To provide students with training opportunities in entrepreneurship.

THE SMALL BUSINESS INCUBATOR PROGRAM

Incubators are facilities where new firms are housed in an attempt to maximize their chances of surviving the hazards associated with the start-up phase of business. The NJIT Enterprise Development Center provides assistance such as access to operating capital -- subsidized rents and common services that reduce overhead and variable costs -- and on-site management counseling.

The EDC allows tenant firms to lower certain fixed and variable costs by sharing needed capital equipment, services and facilities. These include:

Flexible lease arrangements for flexible space
Pooled services in typing and telephone answering
Copying and facsimile machines
Mailings
Conference room
Accounting software package
Full line of health and property insurance
Mail handling
Receptionist
Parking
Security

A full-time Director is on site to manage the funding of the incubator program, work with and coordinate the efforts of the Advisory Board, seek out new tenants and manage the building. Additionally, the director is charged with providing the EDC clients with the following:

Advisory Board with volunteer experts to assist tenants in various phases of corporate development
On-site financial and managerial counseling
Assistance in SBIR grants and securing capital
Interaction of co-tenants to share experiences and resolutions
Relocation assistance

BUILDING TYPE AND LOCATION

The NJIT EDC is located in two buildings. A 50,000 square foot industrial building at 240 Dr. Martin Luther King, Jr. Boulevard, two blocks from the NJIT and Rutgers campuses and in close proximity to Essex County College and the University of Medicine and Dentistry of New Jersey. The style, structure and renovations of the building allow for either professional office space or light manufacturing facilities.

And a newly renovated 25,000 square foot building on Lock Street, adjacent to NJIT’s campus. This building also houses a 65 child day care center.

ADVISORY BOARD

The Advisory Board has been assembled to provide the EDC, its Director and its tenants with concise guidance, business advice, recommendations and support in achieving the EDC’s goals and objectives of fostering the growth and independence of small businesses.

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