SSTI Digest

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

Democrats took the year’s only two races for governor, electing Jim McGreevey in New Jersey and Mark Warner in Virginia. 



Democrats also took control of the New Jersey Assembly for the first time in 10 years. Republicans, meanwhile, strengthened their control of Virginia's Assembly by 12 seats. The GOP now holds 64 of the 100 seats in the chamber. In Washington, Democrats claimed a narrow majority of the seats in the house, giving the party control of both legislative chambers and the governor's office. 



With Tuesday’s election results, Republicans hold 27 governorships, Democrats control 21 seats, and Independents hold Maine and Minnesota. Each party controls 17 state legislatures while 16 are split between the two. Thirty-six states will hold elections for governors next fall. Incumbents in 19 of these states either are not running or are barred by term limits from serving another term. 



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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.

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. 

Among the plan's proposals are the following technology-related investments: 

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.

The New Jersey Commission on Science & Technology is appointed by the Governor to oversee a competitive grants program of $20 million annually that spans science and technology research, technology transfer and business development.

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.