|For Immediate Release
Wednesday July 27, 2005
|For More Information:
Commission Supports Innovative Tech Incubator Programs
Increased funding prompts new services to better serve entrepreneurs
Newark -- The New Jersey Commission on Science and Technology today increased funding for new and innovative programs available to early-stage companies at high technology incubators and awarded Bridge Grants to New Jersey start-up companies developing new technology for federal agencies.
Commission members added $125,000 to incubator Seed Funds created earlier this year providing much-needed, pre-“angel” financial support to early-stage firms within incubators.
The Commission supports a network of nine technology incubators housing approximately 160 companies now provide over 900 New Jersey jobs. In FY 05, the Commission increased total incubator funding from $500,000 (FY 04) to $1 million. The Commission is working closely with incubator managers to introduce new programs that will improve the success of tech start-ups and accelerate commercialization of technology.
Incubator clients are more likely to remain in business and more likely to create jobs locally than other start-up firms, said Peter Jamieson, entrepreneur-in-residence at the Rutgers-Camden High-Tech Incubator. Mr. Jamieson discussed the added value incubators provide start-up firms during a presentation to the Commission.
Commission action today included:
- $125,000 to Technology Incubator Seed Funds created earlier this year providing much-needed, pre-“angel” financial support to early-stage firms within incubators. The Capital Seed Fund, operated by incubators in Picatinny, Burlington, Camden, Jersey City and Trenton, received $65,000, bringing the Commission’s investment in the Seed Fund to $160,000. The NJIT Seed Fund received $60,000, in addition to $240,000 received earlier this year for NJIT incubator programs.
- Technology Study – up to $75,000 to the Edward J. Bloustein School at Rutgers University for a contract with economists Joseph Seneca and James Hughes to assess New Jersey’s science and technology status, identify issues facing the technology industry and provide information the Commission will use to formulate a science policy to guide New Jersey’s future investment and direction.
- Stem Cell Scientific Conference – the Commission announced plans for a second statewide scientific conference focused on stem cell research in New Jersey to be held Monday Nov. 21, 2005 at the Hyatt Regency in New Brunswick.
- $100,000 for two SBIR Bridge Grants to enable early-stage high-tech firms to pursue federal research contracts.
The Commission’s SBIR Bridge Grant program offers funding up to $50,000 to companies that have won federal funding for feasibility studies (Phase I) but are waiting for additional federal funding of detailed research and development, as well as commercialization analysis of their product (Phase II).
July 2005 SBIR Bridge Grant Recipients
Chembrane Research and Engineering
NJIT Enterprise Development Center, Newark
Yingjie Qin, president
Chembrane has a contract with the federal Department of Energy for a multi-layer membrane process to capture greenhouse gas from coal fired power plants, resulting in environmental and economic benefits.
Philip Efthimion, director of research and development
Envimetrics is working with the U.S. Army on portable instruments to analyze and detect chemical, biological, explosive and nuclear agents from significant distances, with possible applications for homeland security as well.