For NJ: Nano in, VC Out

Two separate news stories covering different New Jersey's technology-based economic development initiatives may give one of the first peeks at Governor James McGreevey's plans for science & technology in the Garden State.

The online edition of the Small Times reports Gov. McGreevey committed $2 million from the state's FY 2003 budget to support the New Jersey Nanotechnology Consortium, a new $12 million public-private research initiative based at donated Lucent research facilities. According to the article, $6 million of the additional funding is to come in the form of earmarks on the appropriations bills for the Department of Defense and National Science Foundation. The article is available at: http://www.smalltimes.com/print_doc.cfm?doc_id=4316

For the obituary column, the Philadelphia Inquirer reported on the same day that the activities of the state-funded seed and early venture capital program known as the Springboard Fund have been suspended because of the state's budget deficit. The program, which was administered by the New Jersey Commission on Science & Technology, received approximately $5 million annually from the state, according to the article. Before the plug was pulled, Springboard had invested through no-interest loans in 75 companies, creating 600 jobs.