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