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One of the priorities of Gov. Jon Corzine's comprehensive Economic Growth Strategy is to support the growth of technology in New Jersey and strengthen the ability of our state's technology and life sciences businesses to compete in a global, high-tech economy. New Jersey's rich history of scientific research, discovery and commercialization has served as a springboard for the evolution and success of biotechnology and the life sciences in the state. The advocacy and assistance provided by such prominent trade organizations as the New Jersey Technology Council (NJTC) and the Biotechnology Council of New Jersey (BCNJ) also have been instrumental in boosting biotech. Today, state strategies and partnerships have been mobilized to take biotechnology to the next level.

Edison Innovation Fund Introduced The New Jersey Economic Development Authority (EDA) is an independent, self-supporting state agency that offers a variety of financing, real estate development and technical assistance tools to meet the needs of biotechnology companies and other growing state businesses. Under the umbrella of the Edison Innovation Fund, which has been created as part of the new Economic Growth Strategy to cultivate the growth of high-technology and related high-paying jobs, the EDA is working to expand the availability of early-stage capital and provide specialized assistance to existing mid-size and larger technology and life sciences businesses.

The Edison Innovation Fund provides an integrated set of resources to support technology and life sciences companies throughout their discovery, development and commercialization stages. It is designed to enhance New Jersey's strong record of invention and innovation and result in the creation of new, quality jobs and a more vibrant state economy. These resources include angel and lease guarantees, low-interest loans, venture capital, tax and business incentives, and affordable, modern, office and laboratory space and support services.

The fund's aims are to:

• Build the capacity of New Jersey’s research institutions, expand their collaboration with the business community and work to attract more federal research funds in the technology and life sciences sectors;
• Provide specialized assistance to increase the likelihood of success for early-stage companies;
• Promote an environment where entrepreneurs can continue to start, grow and maintain successful technology and life sciences businesses; and
• Increase access to capital to ensure that companies with the greatest promise remain in New Jersey.

Many Examples of Growing Biotechs in NJ Many biotechnology companies are already growing in New Jersey with the help of the EDA. Among the biotech-related businesses assisted by the EDA in 2006 were:

• Novo Nordisk, a world leader in diabetes care, which unveiled its 30,000-square-foot research and development facility – the first of its kind in the nation – at the EDA's Technology Centre of New Jersey in North Brunswick that will be home to 60 researchers.
• Dendreon Corporation, a Washington-based company whose mission is to target cancer and transform lives through the discovery, development and commercialization of novel therapeutics that harness the immune system to fight cancer, which utilized a Business Employment Incentive Program grant worth an estimated $560,000 over 10 years in connection with its plans to establish a New Jersey manufacturing facility in Hanover Township employing 150 people.
• Provid Pharmaceuticals, Inc., a medicinal chemistry-based drug discovery company located at the Rutgers Technology Center II adjacent to the EDA’s Commercialization Center for Innovative Technologies in North Brunswick, which finalized a $750,000 EDA technology investment to advance research and development efforts that are expected to result in the creation of 45 new jobs.

Additionally, there were 129 technology and biotechnology companies approved to share the $60 million allocation available in 2006 through the state's creative Technology Business Tax Certificate Transfer Program.

The EDA also made 2006 investments in venture funds that are designed to support the growth of early-stage technology and life sciences businesses in New Jersey. The approval of a $400,000 investment in the NextStage Capital, L.P. venture fund and a $2-million investment in the Edison VI Venture Fund during the year complement similar investments in the Garden State Life Sciences Venture Fund and the NJTC's Venture Capital Fund.

For more information on EDA programs, visit www.njeda.com, www.njtechcentre.com or www.waterfronttechcenter.com, or call the EDA at (609) 777-4898.