New Brunswick Tech Hub In the Works

New Brunswick Tech HubA sprawling New Brunswick Tech Hub is in the works, according to Governor Murphy. New Brunswick is uniquely situated between New York and Philadelphia and innovation centers that include Rutgers University, Princeton University and a large variety of tech and life sciences companies and supporting organizations. The New Brunswick Tech Hub is still in the planning stages, and may take many years to come to fruition, but would be a boon for technology innovation in New Brunswick and New Jersey in general.

“Gov. Phil Murphy on Monday got behind a prospective 12-acre development project aimed at attracting new technology and other jobs to New Jersey. The Democratic governor met with officials from Rutgers University, local and state government, private businesses and others at the university to support the project, called the Hub. Murphy, who met privately with the group of leaders before he spoke to reporters, said the idea for the project goes back at least five years but what’s new is “the will” to push the project forward.”…The project fits with Murphy’s campaign promises to jump-start what he calls the state’s innovation economy, though there were few details on the project immediately available.”

Read: Murphy announces New Brunswick ‘Hub’ redevelopment project aimed at tech

Legislators Aim to Boost New Jersey Tech Startups with Increased Tax Credits

New Jersey Tech StartupsIf proposed legislation is passed, New Jersey tech startups may receive an additional boost in interest from private investors. With all of the reports on new taxes and State spending, it is welcome news for New Jersey businesses that are on the cutting edge of technology development and commercialization:

“This bill will allow us to maintain our competitive advantage over surrounding states.” — Assemblyman Christopher DePhillips, R – 40th District…The state legislature has introduced two new bills that would increase the tax credit under the New Jersey Angel Investor Tax Credit Act from 10 to 25 percent. Companion bills S2298 and A3677 would offer the refundable credit against state corporation business, or income, tax for private investments in startup technology companies with fewer than 225 employees in the fields of research, manufacturing or technology commercialization”

Read: State legislature aims to boost startup tech companies with increased tax credits at NJBIZ

New Jersey Business Community Concerned About Murphy Budget

New Jersey Business CommunityIt’s the New Jersey business community, we’re always going to have concerns about the State budget. This should come as no surprise to any New Jersey Governor, especially one who is supposed to excel in financial analysis. Whether you are starting a New Jersey business, buying or selling a New Jersey business, or just living the New Jersey dream, the budgetary choices made can have a significant impact on your business.

“While some attendees walked away tight-lipped from the governor’s first budget address, others were optimistic that Gov. Phil Murphy has taken a step in the right direction for the state. The tax-heavy budget plan for fiscal year 2019 is a $2.7 billion increase from the previous year and includes some initiatives that could shock the economic system in the state….Republican legislators and other officials representing the interests of the business community are also concerned by the number of taxes Murphy proposed to help fulfill some of his more controversial campaign promises, including legalized marijuana and the expansion of medical marijuana, as well as raising the minimum wage to $15 — including a jump to $11 per hour in the upcoming fiscal year.”

Read: Business community has concerns about Murphy budget at ROI-NJ

Tax Surcharge on New Jersey C-Corps Facing Pushback

Owners of New Jersey C-Corps should keep in touch with their accounting and tax advisors as potential tax surcharges could impact them if passed into law.

“State Senate President Steve Sweeney unveiled a proposal Tuesday that would raise the corporate business tax rate to 12 percent for businesses registered as C-corporations and earning more than $1 million. The “surcharge” proposed by Sweeney, D-3rd District, would raise the tax rate by three percentage points. “My bill would recapture a portion of that corporate windfall to fund programs that will make New Jersey a better place to live and work.” Sweeney said the plan is in response to the recently enacted federal tax reform plan in which corporations benefitted from a tax cut. Sweeney said he believes his proposal could yield about $657 million in new revenue.”

Read: Sweeney tax ‘surcharge’ on C-corps facing pushback at NJBIZ

Murphy Supports Innovation, Help for Startups

Help for startups and other small and medium-sized businesses are part of what Governor Murphy is promising – will he deliver? Time will tell.

“Gov. Phil Murphy delivers the keynote address at the Walk to Washington’s Congressional Dinner. Restoring New Jersey as a good value proposition … investing in small business … investing in innovation and STEM … and yes, an affirmation of his commitment to a millionaires tax. Gov. Phil Murphy laid out his vision for the New Jersey economy during the keynote address of the New Jersey Chamber of Commerce’s Walk to Washington Congressional Dinner on Thursday night.”

Read: Murphy tells dinner crowd he supports more innovation, help for startups … and millionaires tax at ROI-NJ

Rutgers Center for Urban Entrepreneurship

The Rutgers Center for Urban Entrepreneurship has a number of programs that can assist businesses – from first-time entrepreneurs, to technology businesses and those in the retail sector:

“The Center for Urban Entrepreneurship and Economic Development at Rutgers University has launched the Black and Latino Urban Entrepreneurship Retail Acceleration Program.This is a new program created as part of the Center for Urban Entrepreneurship and Economic Development at Rutgers Business School.Founded in 2008, the CUEED integrates academia, private sector, government organizations, and nonprofit partners with the goal of stimulating economic growth through entrepreneurship.”

Read: Rutgers Center for Urban Entrepreneurship: Support for retail store owners | NJBIZ

SBA Aims to Get More Credit to Minority Business Owners

Despite not having advertising budget, the local SBA aims to get credit to minority business owners. Check out the to learn more. There are many banks throughout New Jersey that have SBA programs:

“The numbers are good news. Approvals for U.S. Small Business Association lending to African-American-owned businesses for the first four months of fiscal year 2018 have increased by 154 percent, while loan volume has increased by 40 percent. That translates to 132 loans totaling $21 million in New Jersey anticipated this year, up from 85 loans totaling $17.8 million in 2017….And then there’s the number zero, as in the amount of money Titone’s SBA office is allowed to spend on advertising — because the SBA runs on federal dollars…While he’s confident he has the knowledge and the know-how to reach the African-American community, finding ways to get in front of potential applicants remains his toughest job.”

Read: SBA aims to get more credit to minority business owners at ROI-NJ

New Jersey Small Business Administration Recruiting for Emerging Leaders Class

Another program from the New Jersey Small Business Administration that New Jersey businesses should look into for training, experience and connections:

“The U.S. Small Business Administration New Jersey district office announced it is looking for candidates for its fifth Emerging Leaders class, an executive-level entrepreneurship training program for small business owners throughout New Jersey. According to Al Titone, SBA New Jersey district director, the seven-month series starts April 3 and will be held at the Rutgers Business School in Newark. The program is free for participants, but requires approximately 100 hours of classroom time per student. In addition to the training, participants will be given the opportunity to work with mentors, attend workshops and develop connections.”

Read: N.J. SBA recruiting for Emerging Leaders class at ROI-NJ

N.J. pushes for science and manufacturing sectors

New Jersey continues its push for growth in its science and manufacturing sectors. Time will tell if the new administration will facilitate expansion and make New Jersey a larger player in these areas.

“History is repeating itself as the state pivots back to its roots in the science and manufacturing sectors. In the past several months — and amid a change in administrations — legislators and industry leaders have set the tone with meetings by three entities focused solely on growing the two sectors, with an eye on how innovation and technology are impacting both…But the conversation taking place in all three groups is far from new. The industries have been discussing, along with academia, the challenges the state faces for some time.”

Read: N.J. pushes for science, manufacturing sectors at ROI-NJ

Princeton, lab firm create science-based New Jersey incubator

New Jersey incubatorAnother New Jersey incubator that should be interesting to check out and follow, especially for science-based startups.

“A catalytic ecosystem is rapidly growing at Princeton University, according to Paul LaMarche. “We believe entrepreneurship enhances our capacity for societal service and global leadership,” LaMarche, vice provost of space programming and facilities at Princeton University, said. That is why Princeton University, in its latest effort to cultivate and grow innovative ideas, has partnered with BioLabs, a professional lab management company based in Cambridge, Massachusetts, to open Princeton Innovation Center BioLabs, a 31,000-square-foot business incubator and coworking space for more than two dozen science-based startups and nearly 200 entrepreneurial employees.”

Read: Princeton, lab firm create science incubator at ROI-NJ

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