SSTI Digest

Geography: New Jersey

New Jersey Launches $40 Million VC Partnership

After discovering that only 10 percent of the venture capital raised in New Jersey is invested in New Jersey companies, a new venture fund has been established combining private, state, and federal resources. The seed investment fund will be used to assist New Jersey start-up technology businesses get off the ground.

Led by the nonprofit New Jersey Technology Council, NJTC Venture Fund partners include private investors and the New Jersey Economic Development Authority. The Authority is providing a 1:3 match for each private dollar raised, up to $10 million. Local newspapers report $22 million in private investment has been raised to date toward the goal of $30 million. The Small Business Investment Corporation (SBIC) program of the Small Business Administration may be used to further leverage the fund.

NJTC Venture Fund will provide between $300,000 to $3 million in seed money to start-ups in a variety of industries, including software, communications, biotech, photonics, healthcare, and electronics companies.

The NJTC was formed in 1996 as a private, non-profit organization dedicated to providing networking opportunities, information and other services to New Jersey technology businesses and now boasts a membership of about 1,000 high tech companies. The state development office estimates that there are some 3,000 more technology companies in Northern New Jersey than in Silicon Valley, but that initial investment is significantly lower in the Garden State’s new tech businesses.

More information is available at:

Tech Initiatives Proposed for New Jersey

Governor Christie Whitman has announced New Jersey Jobs for a New Economy, a multi-million dollar package of technology-related initiatives to make New Jersey more competitive in the creation of high technology jobs. 

Brandinger Resigns; NJ Seeks Executive Director

The long-time executive director of the New Jersey Commission on Science and Technology, Jay Brandinger, recently announced his decision to resign as Executive Director of the New Jersey Commission on Science and Technology. Consequently, the Commission is seeking an Executive Director.

Executive Director Position Open

The New Jersey Manufacturing Extension Partnership (NJMEP) seeks qualified applicants for the position of Executive Director. A successful candidate will have a established record of entrepreneurship demonstrated through a history of leadership in firm or division status, new product launches, development of new marketing strategies, or similar endeavors. Applicants must have senior-level management experience in an industrial manufacturing firm with full profit and loss responsibility. The job requires experience with public sector or non-profit organizations, and a knowledge of economic development practices and agencies. A degree in engineering or science, and an MBA or equivalent is expected.