Business incubation a model for economic development and growth
Mar 03, 2000 | 334 views | 0 0 comments | 2 2 recommendations | email to a friend | print
Dear Editor: On behalf of the Commission on Science and Technology, I would like to inform my constituents that proposals will soon be solicited by the Commission from parties interested in partnering with the State of New Jersey in developing a technology business incubator. Current models of incubation involve a partnership between an academic institution, an incubator and its tenant companies, and the state. Alternate models of incubation, which include different types of stakeholders, will also be considered. Business incubation, as a recognized model for economic development, has been successfully applied throughout the United States and around the world. The New Jersey Commission on Science and Technology currently supports a network of seven technology business incubators in communities across our state. These incubators, which today house 111 companies, have graduated 104 firms, 80 of which are still in business in New Jersey. This 77 percent success rate is consistent with national models for business incubation. Both the local and the state economies benefit from the job and revenue growth that these incubator firms enjoy. If your organization is interested in developing a business incubator in your community or would like some additional information regarding incubation, you are advised to contact the Commission on Science and Technology as soon as possible. The phone number is (609) 984-1671; fax number is (609) 292-5920; e-mail address is njcst@scitech.state.nj.us and the Commission's web page www.state.nj.us/scitech for information on specific incubators. Bernard F. Kenny Jr. Senator, 33rd District
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