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Supporting Incubation is Simple Economics for New Jersey!
An interview with NJBIN President Jerry Creighton, Sr.
 What is the New Jersey Incubation Network (NJBIN) and what is its mission?
NJBIN is a collaborative of 12 business incubators in New Jersey that support the R&D and commercialization of primarily technology and life science start-up to early-stage and expansion companies in New Jersey.
What is a main goal of NJBIN incubators?
NJBIN incubators share the goal of assisting entrepreneurs by attracting and nurturing new businesses in all of the state’s major growth industries.
Why is NJBIN important to New Jersey?
NJBIN and its companies create jobs, attract new companies and investors, promote international trade, expand technology development, facilitate access to university/higher education and business relationships, promote New Jersey as a business destination, and add to the short- and long-term fiscal health of the state from direct benefits such as business, income and payroll tax revenues. Indirect benefits to communities are numerous!
How large is the NJBIN organization?
Collectively, the companies located at NJBIN incubators approximate the size of a Fortune 500 company, with 550 companies, 1,500 employees, $320 million in annual revenue and $93 million in grants to incubator companies. Revenue generation capabilities make investing and funding incubators and member companies a worthwhile spending activity for both the public and private sectors.
How are the needs of NJBIN portfolio companies unique?
Technology and life science companies have a longer development cycle time and require considerably more funding than “Lifestyle” companies typically assisted by Small Business Development Centers (SBDC) and Small Business Administration (SBA) programs. In addition, SBA loans require collateral such as hard assets on the balance sheet, something technology and life science venture companies generally do not have. NJBIN helps these companies with grant applications, assistance in technology and business plan development and completion of major milestones needed to attract in-state and out-of-state investors and business development partnerships.
Does NJBIN attract businesses to New Jersey?
Absolutely. NJBIN boasts the largest high technology incubator in the U.S and two incubators designated as “Soft Landings International Incubators” by NBIA for attracting offshore companies to NJ. In addition, NJBIN is a partner with NBIA, an organization with national and international affiliations. Support for business incubators and their member companies demonstrate that NJ is business-friendly.
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