NJIT's third Enterprise Development Center opened last fall.
The opening of a third Enterprise Development Center (EDC III) in 2002 makes NJIT's small business incubation program one of the largest in the nation. With 80,000 square feet in five stories, EDC III doubles the previous incubation space. Three floors in the new structure are earmarked for technology start-up businesses, while the remaining two floors will provide "graduation" space for companies that have outgrown an incubation program.
EDC, founded in 1988 by NJIT, with assistance along the way from Prudential, the New Jersey Commission on Science and Technology, the New Jersey Economic Development Authority, and the U.S. Economic Development Administration, is the oldest and largest incubator facility in New Jersey, with the capacity for serving more than 60 client businesses. EDC provides a broad base of support and acts as a "proving ground" for new and developing high-tech products. Many client companies are developing commercial enterprises that reflect the university's major thrusts in information technology, health sciences, environmental science and engineering, and materials science and engineering. The university provides the latest technical information, including access to the university's specialized equipment, faculty experts and students. The success rate for EDC businesses is higher than 85 percent; more than 50 businesses have graduated from the incubator facility.