Nj Business Incubator by ydi94317

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Release                      New Jersey Meadowlands Commission
                                 Contact:               Brian Aberback, Public Information Officer
                                                       (201) 460-4619; (201)615-8570 (cell)
                                                       Brian.aberback@njmeadowlands.gov

  FOR IMMEDIATE RELEASE:                                                        Oct. 24, 2007


     $1.5 Million Committed to Launch
    Meadowlands Small Business Incubator
  LYNDHURST, N.J. – Fulfilling a strategy of the Meadowlands Economic Growth Plan
  and Governor Jon Corzine's Economic Growth Strategy for the State of New Jersey, the
  NJMC Board of Commissioners today authorized the creation of the Meadowlands
  Business Development Incubator.
  “This Incubator will enhance government's capacity to help small businesses succeed in
  the Meadowlands District,” said Joseph V. Doria, Acting Chairman of the NJMC and
  Acting Commissioner of the New Jersey Department of Community Affairs. “We will
  become partners with the small business community, providing office space, training, and
  our own professional staff to help solidify this region’s status as the prime location to set
  up shop.”
  Under the oversight of the agency’s Office of Economic Growth, the Commission will
  target high technology, renewable energy, financial services, innovative and unique firms
  to become members of the Incubator and will seek to support minority and woman-
  owned concerns. Every year, entrepreneurs who meet specialized criteria will be selected
  and offered training, seminars, help preparing business plans, technical support,
  networking, furnished space, parking, security, and supplies. The NJMC will aim to
  procure 12,000 square feet of office space for this endeavor at 160 Chubb Avenue in
  Lyndhurst.
  The agency will commit $1.5 million from Commission’s Operating Fund over the
  course of three years. With this funding the NJMC will serve as a liaison between
  Incubator members and state and federal commissions, departments, and authorities
  which can provide additional training, grants and financing. The agency will also work
  with the Meadowlands Regional Chamber of Commerce, Bergen County Workforce
  Investment Board, and Hudson County Workforce Investment Board and Bergen and
  Hudson County Colleges to advertise the Incubator’s activities and help staff its
  businesses.
  “Small businesses and a diversely skilled workforce are the backbone of this regional
  Meadowlands community, and we are proud to help them get their start,” said Robert
  Ceberio, NJMC Executive Director. “This Incubator will itself be managed like a
  business to ensure the maximum return on investment by its members and this agency.”
The NJMC will conduct an annual review of the Incubator businesses, including the
adequacy of space, efficiency of services, relationships with neighbor businesses, and
implementation of business plans. The agency will examine using the space to
supplement the work of the incubator with a new service called SPARC or Small
Proprietorship Academy and Resource Center to provide valuable small business training
under the guidance of the Chamber, Bergen and Hudson WIB’s.
Through a stakeholder-based process the Meadowlands community – through the NJMC
– has established a Master Plan and underpinning regulations expected to total $5.6
billion in new private investments over 25 years. This has resulted in additional initiatives
including rollout for one of the most aggressive renewable energy projects east of the
Mississippi River aimed at generated 20 megawatts of energy by 2020 and earning a
2006 United States Environmental Protection Agency Clean Air Excellence Award
Eligibility criteria for the Meadowlands Business Development Incubator and
applications to enroll will be posted at www.njmeadowlands.gov/Small_Business.cfm.
For more information, contact the NJMC Office of Economic Growth at (866) NEW-
NJMC.
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