“We’re thrilled to be celebrating this opening today,” says Stash Lisowski, EDC Executive Director. The new building enlarges the gross square footage of incubator space at NJIT to 160,000 square feet with each building located conveniently near the other. (EDC I features 50,000 square feet; EDC II is 30,000 square feet.)
The new five-story building will offer office and wet laboratory space for both incubation and graduate companies. Three floors (about 48,000 sq. ft.) will be dedicated to 24 start-up companies and two floors (about 32,000 square feet) will house 12 graduate companies. Since its 1988 inception, EDC has graduated some 65 companies in a variety of industries such as engineering services, biotechnology, chemical synthesis and information technology.
The fifth floor features 12 wet labs. Each lab includes a set of benches, an exhaust hood, a laboratory sink, and a glassware storage cabinet. To keep the rent at an economical price, the space has been laid out with a partition-free, open floor plan. “We calculated that such a plan would save companies almost 30 percent in laboratory rental costs,” says Lisowski. In addition, a near-by fifth floor office also contains office space that can be leased. Security features include locks on hoods and cabinets.
Among the building’s most unique features are 18 small (100-square-foot) furnished first floor offices featuring an attractive monthly rent of $150 (including high speed internet access). “For the entrepreneur who is not ready to begin a start-up, but wants to work on a business plan while participating in the various business services offered at the EDC, these suites will be perfect,” says Lisowski.
EDC is a technology oriented small business incubator committed to the long-term economic vitality and growth of entrepreneurial ventures in the State of New Jersey. The incubator exists to increase the rate of small business formations and to decrease the failure rate of start-ups. The EDC promotes young, small companies to start-up and grow by assisting them to commercialize their new products, processes and services.
Founded by New Jersey Institute of Technology (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 by providing, on a non-exclusive basis, reasonably priced office space, shared services to reduce overhead costs, and business, technical and financing assistance. The program provides a broad base of support and acts as a “proving ground” in conjunction with the NJIT campus, faculty, management, alumni, and students for new and developing high-tech products.
NJIT is a public, scientific and technological research university enrolling
more than 8,800 students. The university offers bachelor's, master's and doctoral degrees to students
in 80 degree programs throughout its six colleges: Newark College of Engineering, New Jersey School
of Architecture, College of Science and Liberal Arts, School of Management, Albert Dorman Honors
College and College of Computing Sciences. The division of continuing professional education offers
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architecture and building science, applied mathematics, biomedical engineering, environmental
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Life magazine cites NJIT as a "perennially most wired" university.