Technology and life-science startups face many challenges along the way to becoming profitable businesses and dynamic participants in the economic life of New Jersey and the nation. Meeting the challenges of successful commercialization requires a broad range of knowledge and resources — from finding the right working space and attracting investment capital to building staff and developing effective business plans and marketing strategies. Since 1988, the EDC — the Enterprise Development Center — operated by New Jersey Institute of Technology (NJIT) has given startups a critical edge in all of these areas.

To date, the EDC has graduated over 85 successful businesses. Residence at the EDC is open to early-stage companies that have, or will have, proprietary technology as a significant source of revenue. The nearly 90 companies currently housed at the EDC employ over 300 people. They have attracted more than $55 million in third-party funding and in 2007 had revenues surpassing $40 million.

The EDC Spirit

The EDC is a community of individuals and companies all facing many of the same challenges and aspiring to success in the marketplace. It’s a community characterized by a spirit of collaboration and mutual support fostered by unique EDC programs. For example, monthly Entrepreneurial Gatherings bring EDC companies together with some of the top business minds in the State.  Regularly scheduled Cluster Meetings explore issues of mutual concern and encourage creative synergies. Life Science, Information Technology, Women Business Owners and CEO Forums are just a few of the Clusters that have been meeting. 

Access to NJIT Resources

Opportunities for collaboration with the University continue to be major factors in the choice of EDC as the corporate headquarters for entrepreneurial companies.  NJIT is New Jersey’s Science and Technology University.  The University has a large and concentrated population of high tech students and faculty.  NJIT's research focuses on applied research in the most promising of emerging technologies, with emphasis on technology transfer and commercialization.

Research at NJIT (http://www.njit.edu/research/centersandlabs.php) is organized around multi-disciplinary centers of excellence that encourage multidisciplinary partnerships with EDC clients as well as with other educational institutions, private enterprise and government agencies. Many NJIT students work with EDC companies as employees and interns learning first hand the excitement and the challenges of being an entrepreneur.  Collaborations with the faculty continue to grow and EDC companies are designing, testing and prototyping products utilizing NJIT laboratories and facilities. As an EDC company you will get access to:

• NJIT labs, machine shops, libraries and databases
• NJIT faculty, students and staff offering a wealth of technical and business expertise. Consult with internationally renowned university experts and benefit from their leading-edge knowledge. Students can provide support as interns and co-op employees.
• Capstone Projects, providing the opportunity to engage a faculty-mentored team of students to develop a product or analyze a business need specific to your company’s requirements.  Projects are selected by the students via a competitive process.

The Right Resources

The EDC helps put startups on a solid track to success with additional resources that include:

• A range of office spaces and laboratory facilities available at competitive rates and with flexible leases. There’s secure 24/7 access and on-site parking.
• Comprehensive assistance with navigating the requirements for government contracts at all levels, preparing grant applications, and meeting regulatory rules and regulations.
• An EDC Administered Seed Fund available to clients to help support efforts critical to their commercialization needs including the creation of sales and marketing tools, the development and implementation of growth strategies and assistance with fundraising.
• Angel Forums preceded by professionally-led training sessions that culminate in opportunities to make on-site presentations to potential investors.
• The Executives in Residence program that offers one-on-one guidance from private-sector experts whose experience spans the full spectrum of areas critical to commercial success — areas such as technology, finance, staff development, marketing and market research, advertising and communications.