Joint Venture to Generate Economic Momentum
A joint venture between the National Business Incubation Association (NBIA) and the New Jersey Business Incubation Network (NJBIN)—in which NJBIN is established as the first chapter of NBIA--is bringing together state and national leaders to generate economic momentum in New Jersey.
“As the economy of our state and our country continues in its recovery, this joint venture represents a major milestone in New Jersey,” said Jerry Creighton Sr., president of NJBIN and director of the Enterprise Development Center at the New Jersey Institute of Technology. “If you combine all of the businesses that are being nurtured at NJBIN incubators, the economic impact is as large as that of other major corporations in New Jersey. The partnership with NBIA brings entrepreneurial support and access to seed funding to these companies, which increases our collective competitive advantage.”
NBIA is the world’s leading organization advancing business incubation and entrepreneurship. NJBIN is a collaborative statewide community of business experts, resources, and facilities dedicated to enhancing the commercial success of early-stage entrepreneurial companies, growing higher-paying jobs in New Jersey, and supporting the economic growth strategy for the state. NBIA and NJBIN incubators provide early-stage companies with critical support services—including coaching, access to capital, technical and business resources, networking opportunities, and flexible office or laboratory space in a professional business environment.
The popularity of business incubators has grown steadily in the United States over the past 25 years. According to NBIA, there are now 1100 business incubators in the United States and, according to a 2005 study, 27,000 companies existed because of incubators, the companies produced 100,000 jobs per year, 84 percent of the companies stayed in the communities where they were incubated, and 87 percent of the companies were still in business after four years.
New Jersey incubators reflect that same high level of success on a local basis. In 2009, NJBIN member incubators supported 520 entrepreneurial client companies, which created more than 1500 new, high-paying jobs. That same year, companies located at New Jersey incubators generated revenues of $320 million and brought in $93 million in third-party funding. Thirty-five self-sustaining companies graduated in 2009.
“With the new alliance with NJBIN, NBIA will play a strong advocacy role and will continue to develop a creative approach to business incubation,” said David Monkman, president and CEO of NBIA. “We are taking a look at the opportunities to see how we can channel support into the local incubators and the local sponsors. NJBIN poses an opportunity for us to leverage the existing infrastructure and to deepen the offering of increased federal response to incubation as well as to increase statewide support to help business incubators.”
One of the first projects that the organizations have done jointly is to produce the NBIA-NJBIN chapter newsletter. The goal of the newsletter is to increase the recognition and positive image of NJBIN as a promoter of excellence in economic growth through incubation. It aims to raise the awareness of government officials, legislators, potential incubator clients, potential investors in New Jersey startup companies, and the organizations that partner with NJBIN in advancing economic growth for our state. The newsletter will be distributed four times a year.
The National Business Incubation Association (NBIA) is the world’s leading organization advancing business incubation and entrepreneurship. Each year, it provides thousands of professionals with information, education, advocacy and networking resources to bring excellence to the process of assisting early-stage companies. An elected, voting board of directors representing the world's leading incubators governs the association.
The New Jersey Business Incubation Network (NJBIN) is a collaborative state-wide community of business experts, resources and facilities dedicated to enhancing the commercial success of early-stage entrepreneurial companies, growing higher paying jobs in New Jersey and supporting the Economic Growth Strategy for the State.
Copyright © 2010 NBIA