25 Years of Celebrating New Jersey The Innovative State

On Jun 13, 2016

Working together … this is how the state of New Jersey will maintain and enhance its stature as The Innovative State.  In no other time in our history is the partnership between business, academia and state government as important as it is now, when competition from other states and foreign countries threatens what industry and academia have achieved in the Garden State over the span of the 19th and 20th centuries. It is pertinent that we maintain and build upon this legacy of innovation in the 21st century. 

On the following pages, you will read about how this well-established culture of innovation is being enhanced via a broad array of articles, many written by high-tech industry leaders and public-sector experts, that showcase the actions, the offerings, the industries, the facilities, the workforce and, more importantly, the partnerships that are in place to strengthen New Jersey’s distinction as the Innovative State.

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A Message from the Lieutenant Governor

It is a pleasure to join New Jersey Business magazine for its Innovative State issue. I applaud New Jersey’s high-tech industries for continuing to grow and thrive, creating almost 360,000 jobs and improving the economic climate of our state.

This administration recognizes how immensely important this sector is to our economy. The New Jersey Economic Development Authority has invested heavily in creating countless resources for emerging technology companies.

More than $125 million in investments has been leveraged through the state’s Angel Investor Tax Program. Under this program, investors that finance an eligible New Jersey emerging technology business may benefit from a tax credit, worth 10 percent of the qualified investment. This encourages investors to support growing businesses, which may lead to new and innovative technologies. Additionally, more than $860 million has been provided to over 500 technology and biotechnology companies through the state’s Technology Business Tax Certificate Transfer (NOL) program since 1999. In addition, there are numerous programs offered through the state’s Edison Innovation Fund to help high-tech businesses succeed.

Here in New Jersey, we have more scientists and engineers per square mile than anywhere else in the world. We know that it is the high caliber of those minds that has the greatest effect on our state and on our markets. This is where the brilliant men and women, who call New Jersey home, truly excel. New Jersey ranks among the top states in the country for life science clusters. We are one of the top states for biotechnology growth potential, space and defense manufacturing, and high technology job growth. We are even ranked as the 4th most innovative state in the nation. We have proven repeatedly that innovation is the norm for New Jersey and the next great discovery is always just around the corner.

We are extremely proud of all the high-tech companies that have decided to call New Jersey home, and we look forward to welcoming more in the future.

Sincerely,

Kim Guadagno
Lieutenant Governor

 

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