Judith Sheft, associate vice president for technology development with the New Jersey Institute of Technology, in Newark, said the elimination of funding and programs makes her task of helping early-stage businesses grow even more challenging. Harmon said SBIR and STTR grant proposal training seminars were cut 20 percent last year; at the time, "the lead sponsor was the Commission on Science & Technology."
The search is on THIS WEEK employers resume job interviews as the economy picks up. Page 15 ® Human Resources Spotlight $2.00 JULY 19, 2010 www.njbiz.com True to her roots A darker future for high tech Ross: ‘Far McCarter & English tax partner says she focused on law after spending her child- hood arguing with mom. Page 5 too many’ Searching for skilled labor It’s an open field for pharmaceutical Observers, startups fear N.J.’s image will suffer as science commission falls to budget ax companies looking for free-agent talent By João-PIerre S. ruTH announcement that all of its pro- nies in the state,” said Lou Wagman, smaller to join their firms. Page 5 While the Commission on Science grams will be eliminated was a sur- president of the New Jersey entrepre- & technology was blowing out the prise that stunned bystanders. neurs Network, in Princeton, and co- candles on its 25th anniversary cake, the loss of the commission’s executive director of einstein’s Alley. N.J. banks the governor was turning off the lights. programs was quickly felt across the Judith Sheft, associate vice And while the program’s demise state’s technology community. the president for technology develop- isn’t entirely unexpected — it had commission’s demise has “made for ment with the New Jersey institute narrowly survived brushes with a much more challenging situation of technology, in Newark, said the the budget ax in years past — the for early-stage technology compa- ➤➤ See TECH on page 6 Billionaire investor with Sun stake hints at more activity in his home state Just filling space In N.J., mergers roar back after a quiet ’09 By MarTIN C. DakS Some landlords are willing to take risks WILbuR RoSS JR.’S $50 million on sports-oriented tenants to relieve investment in Vineland-based Sun vacancies. Page 5 National bank could be the first of N.J. unemployment dips down More deals completed as several equity stakes in New Jersey Christina Mazza While the state’s unemployment nearly banks by the billionaire investor. matches the federal numbers, total economy shows stability “there are far too many inde- nonfarm employment in New Jersey By MarTIN C. DakS pendent banks in New Jersey, includ- still dropped 1,900 jobs. Page 9 MergerS ANd acquisitions of New ing 110 small Jersey companies are on the upswing ones,” said ross, this year, but one South Jersey entre- a Weehawken preneur said the price he’s getting for native and CeO his manufacturing company reflects of New York- lower valuations in the M&A market based W.L. caused by the recession. Ross & Co., in When John Paz inked a deal to an e-mail mes- sell his Bridgeport-based Godwin sage to NJbIZ. Wilbur Ross Jr. Pumps of America Inc. to ITT Corp. “they are burdened with inherent- for $585 million, he found market ly high overhead — which will be Grass is greener in N.J. multiples had dropped since early increasing as regulatory reform is Manufacturing company finds growth 2008, when he first started searching enacted — and [they will] have very opportunities in Edison after spending for a buyer. limited access to capital.” decades in New York. Page 10
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