“Bell Labs is a key innovation engine driving the global communications industry,” said Marcus Weldon, President of Bell Labs. “This initiative aims to ensure that New Jersey continues to be a leading player on the global stage and that our heritage of invention continues at Bell Labs.”
As announced on October 1, this “Fostering Innovation” event marks the beginning of Senate Republicans’ statewide rollout of a new six-tiered job creation and economic growth package, which will not cost taxpayers extra money and should easily attract bipartisan sponsors and support.
Here is a briefing of the fostering innovation bills unveiled today at Bell Labs:
- Establishes permanent funding for the Commission on Cancer Research. The Commission has gone through ups and downs in recent budget cycles, but permanent funding through the underutilized Workforce Development Partnership Fund will solidify this worthy program and help attract top scientists to New Jersey to find cures for cancer and improve the innovationeconomy. (To be introduced immediately).
- Creates a post-doctoral fellowship program for cutting edge industrial research and development at New Jersey businesses. This bill will support employers engaged ininnovation, and it will also develop the future workforce pipeline that New Jersey needs to remain competitive.
- Creates an entrepreneurial fellowship program to foster entrepreneurial spirit and support STEM start-ups. Such fellowships will encourage start-up businesses with new ideas that will drive innovation in New Jersey (to be introduced immediately).
- Establishes a permanent commission on higher education-business partnerships to perform such functions as supporting partnerships; fostering innovation in the economy; maximizing community colleges role in workforce development; and establishing a higher education ombudsman to help business navigate the higher education community and support collaborations such as keeping clinical trials in New Jersey and promoting technology transfers. (To be introduced immediately).
- Creates within the New Jersey Economic Development Authority a technology transfer assistance program. Getting new ideas and products to market can be a daunting task, and a designated office in the state EDA will be a great resource for professors and entrepreneurs alike to stimulate New Jersey’s innovation economy. (To be introduced immediately).
- Provides for the designation by the New Jersey EDA of institutions of higher education or other qualified entities as manufacturing and production resource centers. This program can support manufacturers’ efforts to modernize, and become more productive and efficient. (To be introduced immediately).
- Allows for crowdfunding investment opportunities to spur entrepreneurship and innovation in New Jersey. Crowdfunding is an easy and convenient way for entrepreneurs and innovators to get their ideas to market via online private investments. This bill breaks down existing barriers in New Jersey. (Senate Republican Joe Kyrillos and Senate Democrat Ray Lesniak sponsor this, Senate Bill 712).
- Makes New Jersey a hub for driverless car research, development and production. (Senator Kean’s S-734).
- Lowering Excessive Costs
- Reducing Burdensome Regulations
- Developing New Jersey’s Workforce
- Enhancing Tourism & Agriculture
- Evaluating & Improving New Jersey’s Job Creation Efforts