For Immediate Release
Thursday September 27, 2007
For More Information:
Trenton – The New Jersey Commission on Science and Technology announced its funding initiatives for fiscal year 2008. By means of an additional $5,630,000 allocated by the state, the Commission will invest $22.58 million in Edison Innovation Fund programs to encourage innovation in the state and to maintain New Jersey’s leadership in technology and life sciences.
“The Commission is committed to advancing the Governor’s Economic Growth Strategy through Edison Innovation Fund programs that encourage technology development,” said James Coleman, Jr., Commission Chairman. “To that end, the Commission will continue to make strategic investments that support economic growth in the technology and life science industries.”
In fiscal year 2007 the Commission awarded 90 grants from the Edison Innovation fund, totaling more than $20.6 million. Grants included Stem Cell Research projects, Technology Fellowships, Edison Innovation R&D Fund Grants, and SBIR Bridge grants. This funding directly assisted 45 companies and more than 900 companies were indirectly assisted through Commission programs such as the University Intellectual Property Program, the New Jersey Incubator Network and the Manufacturing Extension Program.
The increased state funding will enable the Commission to expand some of its current programs to meet the growing needs of New Jersey technology companies.
- The Commission will allocate an additional $700,000 to the New Jersey Stem Cell Research grants. With this additional funding, a total of $10.7 million will be available for stem cell research grants in FY 2008.
- The Commission will allocate an additional $500,000 to the Edison Innovation R&D Fund. These grants provide $100,000-$500,000 to early stage technology companies for research and development activities necessary for commercialization of an identified technology.
- The Commission increased its funding of start up company incubators in the state with funding of $630,000 for additional incubator client programming.
At the meeting the Commission also discussed the upcoming Third Scientific Stem Cell Symposium to be held Monday, October 29, 2007 at the Hyatt Regency Hotel in New Brunswick, NJ. The event will bring together hundreds of scientists from around the state, country and world to share research and to build collaborations. Registration is free and currently available online at www.nj.gov/stemcellsymposium.
Additionally, the Commission made two second-year awards for Technology Fellowships which places talented New Jersey PhD graduates in small New Jersey technology companies. The Commission also awarded $50,000 through the SBIR Bridge Grant Program to MH Accoustics, LLC to support their efforts to commercialize wind reduction technology for the mobile headset and handset markets.
Technology Fellowship Recipients Included:
- ProFACT Proteomics of North Brunswick, NJ - $85,000
- Kordinate LLC of Piscataway, NJ - $85,000
SBIR Bridge Grant Recipient:
- MH Accoustics, LLC of Summit, NJ - $50,000
NJCST, established in 1985, is responsible for the development and oversight of policies and programs promoting science and technology research and entrepreneurship in New Jersey. Commission members include business leaders, university leaders, scientists, the Secretary of Commerce and Economic Growth Commission, the Commissioner of Education, a representative of the Governor and four legislators.