SSTI Digest

Just over two months ago, Acting Gov. Richard Codey announced budget shortfalls were delaying the state's $380 million stem cell research initiative (see the April 25 issue of the Digest). Good news for at least part of the initiative, however, came last month in the form of legislation passed by the Senate, which allocated $150 million for construction of the planned world-class stem cell research facility. Under the legislation, funding will come from existing unused bond capacity resulting from cigarette tax revenues. Also included in the legislation is $60 million in unused bonds to finance additional capital investments in biomedical and life science research across the state. The building, which is set to break ground next month, will include clinical facilities and enable researchers to move easily between laboratory research and patient care in hospitals. The bill now moves to the Assembly, where passage is uncertain. Acting Gov. Codey also recently introduced legislation to authorize the…

Virginia Bauer, former New Jersey commerce secretary, was sworn in as CEO and secretary of the New Jersey Commerce & Economic Growth Commission.

Location-based tax incentives to encourage the clustering of technology companies in distressed areas or around research universities has grown in popularity since Michigan's smart zones were created several years ago. Last week, New Jersey Gov. James McGreevey signed an Executive Order creating three Innovation Zones – industry clusters centered around and including the campuses of the New Jersey Institute of Technology, Rutgers University, and the University of Medicine and Dentistry of New Jersey. The concept underlying the Innovation Zones is to create an innovation triangle – a partnership among tech-based companies, the state’s research universities, and state government. Mutual proximity is expected to lead to partnerships between businesses and universities to better meet research and development needs. The Executive Order directs the New Jersey Economic Development Authority (NJ EDA) and the New Jersey Commission on Science and Technology (CST) to work cooperatively with other state agencies to direct resources that will support financial, infrastructure, workforce and housing…

Reports suggest New Jersey Gov. James McGreevey, resigning his office in mid-November, will be named the first director of the Stem Cell Institute of New Jersey. Securing funding for the center has been a legislative priority for the Governor this year.

Dave Eater has announced his departure from the New Jersey Science and Technology Commission.

Sherrie Priesche, the science and technology advisor to New Jersey Governor James McGreevey, has been appointed as the new executive director for the New Jersey Commission on Science and Technology.

"We cannot be satisfied with simply passing stem cell research legislation." So said New Jersey Gov. James McGreevey during his State of the Budget Address on Tuesday, proposing the state fund research specifically in the controversial area. Stem cell research holds promise for treating and curing a host of devastating diseases and disorders, including spinal cord injury, brain injury, Alzheimer's disease, stroke, Parkinson's disease, diabetes, amyotrophic lateral sclerosis (Lou Gehrig’s disease) and coronary heart disease. The best source for human stem cells are embryos, which raises ethical questions. Gov. McGreevey wants the state to make an initial investment of $6.5 million in FY 2005 toward creation of a New Jersey Institute for Stem Cell Research. The proposed center would be run by Rutgers, the State University of New Jersey, and the University of Medicine and Dentistry of New Jersey. According to news reports, the Governor's plan calls for approximately $25 million in state funds over five years to create the institute. Additional funding would be derived from private and…

New Jersey is launching a new program to stimulate new investment, business growth and job creation in the biotechnology and life sciences industries through a special fund to be established through the Business Employment Incentive Program (BEIP). The $10 million Biotech/Life Sciences Venture Fund, to be administered by the New Jersey Economic Development Authority (EDA), will be created out of proceeds generated from an estimated $50 million BEIP bond issue. The state plans to issue the remaining $40 million in November. EDA already manages the $10 million New Jersey Technology Council Venture Fund, which also supports start-up technology companies. Under BEIP, program recipients receive a grant award for up to 80 percent of the income tax payments paid to the state on behalf of the eligible new jobs. The remaining 20-plus percent is considered the "residual" benefit to the state and will be leveraged to create special funds, the first one being the Biotech/Life Sciences Venture Fund. New Jersey State Treasurer John McCormac said that state grants and loans provided…

John Tesoriero has left the New Jersey Commission on Science & Technology to become Associate Director of the Center for Advanced Information Processing at Rutgers University. David Eater is Acting Executive Director for the Commission as a search is conducted for a permanent replacement.

The Fourth of July might just be a paid holiday for New Jersey's tech-based economic development agency after all. Since Governor James McGreevey released his FY 2004 budget request six months ago, the New Jersey Commission on Science and Technology has been living under a June 30 death sentence. Facing a deficit forecast in excess of $4 billion, the governor had called for the elimination of the $15 million program. The Commission, which has been the state's lead S&T organization since 1985, administers an array of programs that support academic research, technology incubators, business financing, SBIR proposal assistance, and the state's affiliate network for the Manufacturing Extension Partnership. The latest independent analysis, assessing the long-term impact of Commission activities as of 2002, revealed an economic impact of $120 million annually and job creation figures averaging approximately 750 each year. A June 18 article in the Bergen County Record reports the Democratic legislative leaders and the governor have reached a compromise restoring $8 million to the popular…

Gov. James McGreevey recently appointed Alfred Koeppe as the new Chairman of the Economic Development Authority of New Jersey.

To help make his state a leader in research, development and innovation, New Jersey Governor James McGreevey recently signed an executive order establishing the Commission on Jobs, Growth and Economic Development. Highlighting the state's strengths but calling for it to move forward, even with a $5 billion budget shortfall looming, the governor said the commission is needed to put New Jersey in position to be more competitive. The commission is being charged with five primary functions, including: Working to make New Jersey's university research sector a strong partner for industry; Ensuring that the state has policies and programs in place to support research and development; Developing plans that will attract more federal funding for research; Supporting new businesses and guaranteeing that New Jersey's workforce is trained for high tech jobs; and, Identifying important, emerging technologies and the resources needed to support them. New Jersey's strengths are largely found in its research universities, the governor noted. To improve upon this area, however, Governor…