Sunday, April 20, 2014
Inquirer Daily News

New Jersey Gives Innovation a Zone of Its Own

As New Jersey looks for new ways to attract and retain high-paying jobs in a climate where seemingly every state competes for the same or similar companies, legislators and pro-business forces are heavily promoting collaboration between academia and industry as a way to attract investment and cut the time it takes to get a product or process out of the lab.

New Jersey Gives Innovation a Zone of Its Own

As New Jersey looks for new ways to attract and retain high-paying jobs in a climate where seemingly every state competes for the same or similar companies, legislators and pro-business forces are heavily promoting collaboration between academia and industry as a way to attract investment and cut the time it takes to get a product or process out of the lab.

Increasingly, the state is offering tax credits and other incentives to encourage businesses to locate near universities. The result is an "innovation zone," where institutions of higher education lend research, facilities, and talent to neighboring companies, with the goal of reducing time to market -- and time to profit.

“One benefit of locating near a university is cross-collaboration on research. Two is the incentives [the state offers], and three is the talent pool,” said Kathleen Coviello, Director of Technology and Life Sciences for the New Jersey Economic Development Authority (EDA)

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