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Economy & Society
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Agriculture: Nursery stock, horses, vegetables, fruits and nuts, seafood,
dairy products.
Industry: Chemical products, food processing, electric equipment,
printing and publishing, tourism.
Technology Business Incubators
New Jersey offers technology companies a comprehensive infrastructure
to support their ventures. Key among New Jersey's many advantages are
its well-educated workforce, an unrivaled research and development framework
with world-class public and private facilities, an efficient transportation
system, and a network of seven technology business incubators across the
state.
New Jersey supports a network of seven technology business incubators.
These innovative and entrepreneurial enclaves are administered through
New Jersey's academic sector and currently house approximately 111 businesses.
These incubators provide start-up and small firms with critical business
assistance in addition to low-cost office, light manufacturing and/or
laboratory.
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Number of firms operating in New Jersey's business incubators
111
Number of people currently employed by incubator tenants 478
Job growth of tenants while in the incubator 211%
Total revenue of incubators clients $38,527,000
Number of graduated firms to date 104
Average length of incubation 2.3 years
Number of graduated firms to date 104
Number of graduated firms still in business in New Jersey 80
Success rate of graduated companies 77%
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Success Stories from NJ's Technology Business Incubators
-- J-Star Research, which operates from the Enterprise Development Center
incubator in Newark, specializes in custom chemical synthesis for large
pharmaceutical companies. They entered the incubator with only the 2 principals
and $0 in sales and graduated with eleven technical people and $2 million
in sales.
-- Therics Inc., which graduated from the Trenton Business & Technology
Center, is biopharmaceutical company which now occupies a 23,000 sq. ft.
R&D facility in Princeton. Therics, Inc. has grown from about 5 employees
while in the Trenton Business Incubator to its current work force of 40
skilled employees. The company has developed an implanted drug delivery
systems, oral dosage forms and scaffolds for tissue engineering. With
venture capital, the company has extended their product range based on
ten US patents issued to date.
-- Atlantic Coast Crushers at the Enterprise Development Center in Newark
develops and manufactures custom production scale industrial particle
reduction machinery. The business began with only the 2 principals with
zero sales. They grew the business to a sales level of $1.5 million with
5 skilled employees. Their production backlog had become so long that
they urgently needed more production floor space than the incubator could
provide.
-- New Jersey Precision, operating from the Enterprise Development Center
in Newark is a high technology machine shop specializing in Electro-Discharge
Machining (EDM) for the medical device, electronics, aviation, and general
industrial markets. They began with the principal plus 4 technicians and
1st year sales of $50,000. The graduated with 20 technical people and
sales of $2M. New Jersey Precision is now located in a $1 million, 10,000
square-foot. facility in Mountainside.
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