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State Initiatives
New Jersey has made growth of the life sciences
sector a top priority. The administration recognizes its importance to New Jersey’s job growth and future
economic health, and as a result, biotechnology and other life
sciences companies in New Jersey can benefit from the following
state sponsored activities.
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New funding and leadership for the Commission
on Science and Technology:
NJ’s Fiscal Year 2005 budget proposal calls
for $8 million in new funding for the New Jersey Commission on
Science and Technology. And Dr. Sherrie Preische, currently a
science and technology advisor to the Governor, has been named
as the Commission’s new executive director. Under Dr.
Preische’s leadership the Commission will promote strong ties
between the State’s technology companies and research
universities … with a special focus on the Innovation Zones.
Innovation Zones: The Commission and the New Jersey Economic
Development Authority will partner to attract high-tech
companies into these Zones, clustered around New Jersey’s
research universities. Some of the State’s most popular and
successful incentive programs – BEIP, Springboard, the
Technology Tax Certificate Transfer Program – will be targeted
to create enhanced benefits from companies that locate in the
zones. The EDA will build Commercialization Centers –
facilities that will include lab space – for high-tech
businesses there. The State will ensure the universities do
their best research in areas strategically targeted to benefit
New Jersey’s high-tech companies. All of this will move new
innovations more quickly from the lab to the marketplace.
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The Springboard Fund:
The Governor gave this fund a new $10 million – part of
which will be targeted to the Innovation Zones. Applications
for recoverable grants should be available beginning the week
of March 15.
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The New Jersey Stem Cell Research
Institute:
New Jersey will become the first State to invest its own funds
for the creation of a stem cell research institute. An initial
$6.5 million will be used to plan and recruit top researchers
from around the world. The Governor expects to attract more
than $50 million in private funding, during the first five
years.
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The Technology Tax Credit Transfer
Program:
This innovative program has made $40 million per year
available; to help young high-tech firms get a much-needed
revenue boost. The Governor’s FY 2005 proposal calls for
boosting that to $60 million -- $10 million of which would be
targeted to businesses in the Innovation Zones. Under this
program, high-tech firms during a crucial stage in their
development may sell their Net Operating Loss tax credits to
larger businesses. The buyers get a tax break, and the
high-tech firms get a welcome infusion of cash. To learn
more click here.
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BEIP, the Business Employment Incentive
Program:
This is the State’s premier jobs attraction program. In 2003,
Governor McGreevey enhanced BEIP to meet high-tech companies’
needs. In the six months since BEIP was revamped, it has
approved new grants to 25 companies, for the projected
creation of 3,500 jobs.
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The Biotech / Life Sciences Venture Fund:
This $10 million fund, developed with the Biotechnology
Council of New Jersey, will attract $30 to $40 million in
private investments for the life science industry.
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Customized Training Grants:
To remain competitive, tech-based companies must make sure
their employees have access to the latest skills and the most
advanced training. Some companies’ operations are so
ultra-modern that it is difficult to find employees who have
the skills they require. The Customized Training Grants help
those businesses provide the training their workers need.
Since 2002, New Jersey has invested $34.3 million in grants to
train 55,170 workers at 316 companies. The Governor’s FY 2005
proposal includes new funding for the Community College
Construction and Renovation Program, to create space
sufficient to train an additional 30,000 workers.
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