Economic Development

Over $9B in Economic Impact Credited to NJEDA’s North Brunswick Incubator

The New Jersey Economic Development Authority (NJEDA) released findings from the NJ Bioscience Center Incubator (BCI) IMPACT Study, a report seeking to understand and quantify the economic impacts of the incubator and the companies it has hosted and nurtured. The results found that BCI has been a vital resource for New Jersey’s life sciences sector and has had a positive impact on the state’s overall economy in terms of job creation, tax revenue, and total economic output.

The Incubator at North Brunswick is part of the 50-acre research park known as the New Jersey Bioscience Center, located on Route 1. The Incubator offers lab space starting at 900 square feet up to 1,300 square feet, conference rooms, loading docks, glass washing, autoclaves, and private offices. The space creates an environment for entrepreneurs to collaborate and develop a natural synergy. Additionally, companies have access to support services including venture capital training events and one-on-one office hours led by experienced life sciences professionals.

The IMPACT Study found that from 2019 to 2023, BCI supported companies which have created an average of 2,744 jobs per year, and in 2023, the resident companies generated $32 million in state and local tax revenue. Since 2002, BCI companies have generated over $9 billion in total output and $4 billion in total labor income in New Jersey. The full impact study document is available here.

“Located alongside New Jersey’s Route 1 Research Corridor, the Incubator at the New Jersey Bioscience Center leverages its close proximity to leading universities and corporations to attract, retain, and grow companies of the future that fuel our highly talented workforce,” said NJEDA Chief Executive Officer Tim Sullivan.

The report was conducted by BJH Advisors and East Egg Project Management. As part of the study, 18 graduates and current tenants of BCI were interviewed and unanimously agreed that the incubator contributed to the success and growth of their companies, with factors pointing towards BCI’s staff, resources, and programming, in addition to the facility’s space and equipment.

Of the 96 companies that have graduated from the incubator since 2002, 50% continue to operate their headquarters or maintain a presence and employment in New Jersey. Notable successful companies that have graduated from the incubator include Amicus Therapeutics, GENEWIZ, and Advaxis, now known as Ayala.

“The BCI is one of many ways the NJEDA is supporting biotech and life sciences businesses and start-ups by providing them with the space and resources to grow their companies, while encouraging collaboration among like-minded entrepreneurs,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello. “This report shows that New Jersey has what it takes to remain at the forefront of innovation.”

New Jersey is home to 14 of the world’s 20 largest pharmaceutical companies and more than 400 biotechnology companies. The life sciences industry employs 115,000 people in the state and has one of the country’s largest concentrations of science and engineering talent anywhere in the world. Middlesex County has the largest life sciences workforce in New Jersey, at over 11,200 people.

To access more business news, visit NJB News Now.

Related Articles: