S-1257 designates three regional innovation zones to support partnerships with these stakeholders and develop high tech clusters to improve scientific advancement, create jobs and grow the economy. By directing higher education and government resources to support businesses and startups in these areas, the state will attract additional R&D investments and well-paying jobs, reaffirm New Jersey’s position as a global innovation hub.
According to the New Jersey Policy Research Organization’s report, The Road to an Innovation Ecosystem, New Jersey has made dramatic progress over the past five years in coordinating and leveraging its resources into building a functioning and competitive innovation ecosystem. S-1257 continues this upward innovation trend to foster collaboration and improve the partnerships between academia, business and government.
“New Jersey has tremendous assets—strong research-based industries, outstanding academic institutions, a supportive state government, dynamic entrepreneurs, accessibility to capital and a highly-educated workforce,” Seville said in a statement to the committee. “The challenge has been taking these assets and ensuring that they are working in unison to create and maintain an effective and competitive innovation ecosystem.”
A-1405 designates three regional innovation zones in Newark, Greater New Brunswick and Greater Camden to develop high-tech industry clusters by directing higher education and government resources to these zones to support businesses and startups.
“To promote long-term economic growth, New Jersey must be a place innovation-driven companies want to be,” Seville said. “It’s the best way for the state to attract additional R&D investments and good jobs, and reaffirm New Jersey’s position as a global innovation hub.”