N.J. Boasts Two of Only 23 Incubators In the World to Earn International Honor
TRENTON, N.J. (Jan. 25, 2012) – New Jersey’s growing reputation as a prime location to place and grow a business was further validated recently when the National Business Incubation Association (NBIA) awarded its Soft Landings International Incubator designation to the Commercialization Center for Innovative Technologies (CCIT), which is part of the New Jersey Economic Development Authority’s (EDA’s) Technology Centre of New Jersey in North Brunswick.
The designation recognizes incubators that are especially capable of helping nondomestic companies enter the domestic market with translation services, cutting through red tape, accessing capital, domestic market research, and other programs.
“This designation makes New Jersey even more attractive to fledgling foreign businesses seeking to establish a United States presence,” said Lt. Governor Kim Guadagno. “As these small foreign companies come to New Jersey to mature and grow, they’ll stay in New Jersey, expand their workforce by hiring New Jerseyans, and contribute further to our economy.
New Jersey is now home to two of only 23 small business incubators in the world that have earned the Soft Landings designation. The Enterprise Development Center (EDC), a business incubator operated and sponsored by the New Jersey Institute of Technology (NJIT), was awarded the designation in 2010.
“The Christie Administration has made clear to the nation and the world that New Jersey is a place where businesses can thrive, and this is further proof that New Jersey is increasingly recognized as an ideal place for foreign direct investment,” continued Guadagno. “This honor rightfully acknowledges New Jersey’s success at attracting foreign businesses and creating jobs.”
Tim King, NBIA’s International Programs Operations Manager, said that both New Jersey incubators earned the Soft Landings designation because of their array of business services for nondomestic firms and demonstrated success helping firms enter the U.S. market.
“New Jersey’s business incubation program is a catalyst for the development of young companies by providing entrepreneurs with the expertise, networks, and tools they need to make their ventures a success,” King said.
The Soft Landings designation is for two years. Incubators must reapply for continuing designation. CCIT’s recent designation marks its third consecutive Soft Landings award, following its initial designation in 2007 and subsequent renewal in 2009.
The Christie Administration has demonstrated an unprecedented commitment to growing business in New Jersey. The EDA is part of the state’s results-driven Partnership for Action. Created by Gov. Chris Christie and led by Lt. Gov. Guadagno, the Partnership is the hub for all economic development activity in New Jersey. It is comprised of three interconnected and highly focused organizational elements, which include Choose New Jersey, Business Action Center, and EDA. The Partnership’s goals include attracting new business, and helping existing businesses thrive, in New Jersey by focusing on relationship building and person to person outreach, promoting the state's incentives and resources, developing pro-growth policies, and assisting businesses in navigating state government and programs.
Click here for an audio clip of Lt. Governor Kim Guadagno. Transcript of the audio is below:
"This designation signals to foreign companies around the world that New Jersey is the ideal place to set up business operations when they want to expand anywhere in the United States. For New Jersey, these companies establishing operations here are going to begin to grow here, continue to grow here, so it's great for the economic future of New Jersey."