High-Tech Funding

The New Jersey Commission on Science and Technology has awarded more than $3 million to several of the agency’s programs. The state money was allocated last year for fiscal 2008 that runs from July 1, 2007, to June 30, 2008.

NJCST gave $1.7 million to the state’s 13 incubators, which house technology start-up companies and offer services and benefits to them including consulting and discounted office rent.


For 2007, companies at the state’s incubators employed 1,700 people, and brought in a combined $200 million in revenues and $130 million in third-party funding such as venture capital financing, says Michel Bitritto, president of the New Jersey Business Incubator Network.


The New Jersey Manufacturing Extension Program received $1.2 million from the commission. The program, part of a federal effort that provides consulting and other services to manufacturers, runs on a calendar year so those funds are for 2008. Gov. Jon Corzine has not allocated money to NJMEP under the state’s proposed fiscal 2009 budget, as reported last week by NJBIZ.


Other NJCST funding included $85,000 to biopharmaceutical company Dov Pharmaceutical, Inc., of Somerset, under the Technology Fellowship Program, which pairs up doctorate graduates from state research schools with local high-tech firms.


The commission also executed a memorandum of understanding with the New Jersey Economic Development Authority. The agreement lets certain companies that receive grants under the Edison Innovation Fund get EDA loans for costs that the grant money cannot be used for.

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