Innovation Zones
Follow this link and enter your company's address to determine if you are in an innovation zone. After entering your address, click on the Economic Growth/Pallning tab and check the box next to innovation zone. Then refresh the map.....
If your company's area is highlighted in yellow, you are in an innovation zone and can take advantage of the benefits. Read below for more information.
The New Jersey Economic Development Authority (EDA) has created three Innovation Zones throughout the state that encompass state universities, research institutions and related businesses. The zones include areas within the cities of Camden and Newark and the Greater New Brunswick Area. Innovation Zones are a collaborative state effort involving the EDA, the New Jersey Commission on Science and Technology and other state agencies.
These "technology neighborhoods" are designed to spur collaborative efforts and encourage the rapid transfer of discoveries from the laboratory to the marketplace. Enhanced financial incentives are available to eligible technology and life sciences businesses locating in these zones. Each zone also features a commercialization facility to provide specifically designed office and lab space for these early-stage growth companies.
Enhanced Financial Benefits
Technology and life sciences companies relocating within Innovation Zones are eligible for enhanced financial incentives through the EDA, including:
- Additional funds through the Technology Tax Certificate Transfer Program, which allows eligible technology companies to sell net operating losses to profitable companies (Of the $60 million allocated to the program annually, $10 million will be set aside for additional funding under the program to approved projects in the Innovation Zones.).
- A boost to the scoring formula under the Business Employment Incentive Program (BEIP), resulting in a higher grant amount. Under BEIP, qualified companies relocating or expanding in New Jersey are provided a cash grant based on the tax withholdings of new jobs created, as well as additional scoring criteria.
- In addition, companies have access to all of EDA initiatives, including low-cost financing and technical assistance
World-Class Technology Facilities
Each of the Innovation Zones in New Jersey will be anchored by state-of-the-art, commercialization centers. In North Brunswick, the existing EDA Commercialization Center for Innovative Technologies (CCIT) is one of the more significant life sciences and technology post-incubator facilities in the nation. The center was recently expanded from the initial 20,000 square feet that opened in 2002 to 50,000 square feet with the addition of 10 lab units, business accelerator office space and flexible conferencing facilities. Rutgers University has leased about 25,000 square feet of adjacent space I the same building for the Rutgers Technology Center II. Space is also available on the 50-acre Technology Centre campus for companies in various stages of their life cycle.
The EDA has built on its success with the CCIT by developing the Tech One Building on its Waterfront Technology Center at Camden in the city's Innovation Zone. This 100,000 square feet of Class A office and technology space is suitable for both established businesses and startups in the biosciences, microelectronics, advanced materials, information technology and other high-tech fields. The five-story, contemporary glass and metal building offers affordable production, laboratory and office space that can be customized in flexible unit sizes and configurations to handle individual operating requirements and special needs of tenants.
Currently in design is the Digital Century Building in the Newark Innovation Zone. Working in conjunction with University Heights Science Park, the EDA is currently involved in conceptual design and cost estimating. Conceptually, the building will be a speculative, mixed-use, technology-based facility ranging between 75,000 square feet and 100,000 square feet. The mixed uses that are currently being considered generally include retail, office, and IT related laboratory space.
Enhanced Partnership Opportunities
Companies located within the zones will have access to enhanced partnership opportunities coordinated by the state. For example:
