New economic development strategies needed in N.J

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New economic development strategies needed in N.J.
as a corporatE relocation con-            egies that play to our competitive                                                                                           advantages already evident in new
                                                                                                          Corner            Office
sultant, i have the opportunity to        strengths are the creation of part-                                                                                          Jersey’s economy.
observe economic development              nerships between universities and            Have a hard-hitting stance on a New Jersey business issue? If you are a               these strategies also promote
trends throughout the country. one        consortiums of leading businesses,          business or policy leader with a strong opinion, we want to hear from you.       urban renewal, because many of
thing i have noticed is that while        and leveraging our global assets to                    Please send op-ed proposals to                   the state’s leading universities —
new Jersey treads water, other lower-     attract foreign direct investment.                                                                                           plus significant populations of for-
cost regions are beginning to take             in many communities, a suc-          and talent critical to our state’s       growing economies. new Jersey has         eign-born residents — are located
on many of the economic attributes        cessful university and business           economic future. Getting new Jer-        large concentrations of Brazilian,        in some of the state’s major urban
that currently are new Jersey’s key       partnership lies at the heart of a        sey’s industry and universities pull-    russian, indian and chinese speak-        centers. For example, imagine new
competitive strengths, including          vibrant industry cluster. Effective       ing in the same direction is critical    ing populations; direct air service       joint business-university centers
demographics, industry clusters and       partnerships attract and develop          to maintaining the concentration         to each of these nations; and exist-      of research collaboration in new
innovation technologies.                  talent from academia and indus-           of talented scientists, engineers                                                  Brunswick with rutgers, or new-
     Without correc-                                 try, leverage capital from     and executives that is among new                                                   ark with new Jersey institute of
tive action, we face                                 both the business and          Jersey’s key advantages.                    Without corrective                     technology; or perhaps a cluster
a dramatic econom-                                   the university communi-             new Jersey has internation-                                                   of indian technology companies
                                                     ties, and help the region      al strengths that must be better
                                                                                                                               action, we face a dra-                  at metropark in Woodbridge; or
ic decline as these
lower-cost locations                                 more effectively brand         leveraged to attract foreign direct       matic economic decline                   maybe a new international freight-
reach critical mass                                  and market itself. achiev-     investment to the state. our diverse        as these lower-cost                    forwarding and trade-financing
in areas now domi-                                   ing successful collabora-      population represents communi-            locations reach critical                 park in Elizabeth that serves both
nated by new Jersey.                                 tion and partnership is        ties from throughout the world.                                                    sea and air carriers.
                                                     largely an organizational      in addition, we have the existing
                                                                                                                                mass in areas now                            new Jersey does have serious
the rapid collapse
of the auto industry                                 challenge in that there        infrastructure — including trade,        dominated by New Jersey.                  economic development challenges
in the Great lakes                                   already are significant-       transportation and finance — to                                                    that we must continue to address.
region once the south           Daniel Levine        ly overlapping areas of        support all types of global busi-                                                  However, we also must begin dem-
achieved critical mass                               core competencies and          ness activities. Foreign compa-          ing cultural institutions that sup-       onstrating more self-confidence in
for auto production should provide        interests between the two sectors.        nies that locate to new Jersey will      port each of these populations. of        our economic future, and consoli-
sufficient warning of how quickly         the key is to link and leverage           find schools, religious institutions     the very few communities in north         date our economic development
entire industries can essentially         the existing university and busi-         and communities that can both            america where this is also true, new      resources into fewer, more strategic
disappear from a region that is too       ness activity, and direct it toward       support their expatriated execu-         Jersey is among the lowest-cost           initiatives that reflect who we are
slow to adapt.                            the creation of true centers of           tives and supply their businesses        places to do business.                    and what we do best. u
     once past this election cycle,       university excellence, where a con-       with workers who literally speak              these two strategies — pro-          -----------------------------------------
new Jersey will need to redirect          vergence of academic and indus-           their language and know their            motion of university-business col-        Daniel Levine is principal of Fan-
shrinking economic development            try interests gets the resources o
Description: The key is to link and leverage the existing university and busi- ness activity, and direct it toward the creation of true centers of university excellence, where a con- vergence of academic and indus- try interests gets the resources of each sector focused on the devel- opment of technologies, research and talent critical to our state's economic future. [...] imagine new joint business-university centers of research collaboration in New Brunswick with Rutgers, or Newark with New Jersey Institute of Technology; or perhaps a cluster of Indian technology companies at Metropark in Woodbridge; or maybe a new international freightforwarding and trade-financing park in Elizabeth that serves both sea and air carriers.
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