New Jersey Business Incubation Network Nurtures Emerging Companies
Thanks to the New Jersey Business Incubation Network, early stage businesses have access to a statewide community of business experts and facilities dedicated to the success of early and expansion stage entrepreneurial companies.
Global giants aren't the only companies finding a home in New Jersey. T/
hanks to the New Jersey Business Incubation Network, fledgling businesses have access to a statewide community of business experts and facilities dedicated to the success of early- and expansion-stage entrepreneurial companies. Newcomers affiliated with incubators receive critical support services including coaching, access to capital, technical and business resources, and networking opportunities. "Incubators are imperative to create jobs, build a world-class workforce, promote entrepreneurship and attract businesses and investors from around the world," says Jerry Creighton Sr., president of the New Jersey Business Incubation Network (NJBIN). NJBIN and member companies represent a cross-section of industries, including high-tech, life science/bioscience, clean energy and business services. The incubators offer flexible office and laboratory space in a professional business environment. In 2009, NJBIN's 12 incubator members included 520 entrepreneurial client companies that created or retained more than 1,500 jobs, collectively generating revenues of $320 million. The organization graduated 35 self-sustaining companies and brought $93 million in third-party funding to New Jersey. Located on the Newark campus of the New Jersey Institute of Technology, The Enterprise Development Center is the state's largest and oldest high-tech and life sciences incubator and home to nearly 90 companies. In 2010, the EDC received the National Business Incubation Association's Soft Landings International Incubator designation, recognizing it as a preferred facility for foreign-owned firms entering the domestic market. In 2009, NBIA awarded the Soft Landings designation to NJBIN member the Commercialization Center for Innovative Technologies (CCIT) in North Brunswick. That was CCIT’s first renewal of the designation it earned in 2007. "NJBIN is on a course of action to promote New Jersey as the place for business creation, by providing a solution needed to stimulate economic growth and job creation," Creighton says.