“Small business owners are showing signs of strong optimism, according to the latest quarterly Wells Fargo/Gallup Small Business Index survey. The optimism, the survey said, is associated with high levels of confidence in present and future financial situations, with 52% of respondents saying revenues for their business have increased over the past 12 months, while 74% said the same of the previous years’ cash flow. Estimates toward these indicators over the next year also had strong scores, with 58% of respondents expecting gains in revenue while 79% expect somewhat or very good cash flow.”
“Gov. Murphy announced on Thursday the New Jersey Innovation and Research Fellowship Program, which will provide $1.5 million in grants for pre- and post-Ph.D….fellows. The announcement was made at the inaugural event for the Google Artificial Intelligence Lab at Princeton University. The program will support technological research and innovation in New Jersey while helping Ph.D. candidates and recent doctoral degree recipients advance their research at New Jersey science and technology companies…The grant opportunity is the result of a law…which dedicates money from the Workforce Development Partnership Fund toward the “establishment of technological seed growth” to promote the creation of groundbreaking technologies.”
The NJEDA has opened up applications for its small business lease assistance program; something that all small businesses should check out the program before leasing to see if their location and use will be eligible.
“New Jersey Economic Development Authority CEO Tim Sullivan: “Supporting small businesses that create good jobs for residents is a critical component of Gov. Murphy’s plan to invest in communities.” The New Jersey Economic Development Authority has opened up applications for its Small Business Lease Assistance Program, it announced Wednesday…The NJEDA said its program reimburses small businesses and nonprofits 15% of annual lease payments for two years when they rent market-rate, first-floor office, industrial or retail spaces in targeted cities throughout the state for a minimum of five years. The NJEDA also said it will only provide reimbursements on the first 5,000 square feet of leased space.”
New Jersey manufacturing can experience the rebounds seen in other parts of the country if industry and State participants continue their push to reduce regulatory burdens and make New Jersey more competitive with its neighbors and the rest of the country. Other States, like Indiana and Texas, are actively seeking to poach New Jersey businesses despite the many geographic, labor force and other advantages of the Garden State that should keep them here.
“State Sen. Linda Greenstein, D-14th District, chairwoman of the manufacturing caucus, and representative of Middlesex and Mercer counties, explained at the New Jersey Manufacturing Extension Program’s State of the State summit in Trenton on Monday that the caucus’ goals are reducing burdensome over-regulation, lowering the cost of doing business and helping business owners navigate the government. “There is a place in New Jersey for more manufacturing jobs,” Greenstein said. “Over the last three years, we have introduced 40 pieces of legislation that focus on manufacturing.”…Melanie Willoughby, executive director of the Business Action Center, said she cuts through bureaucracy on behalf of businesses to get an answer to questions. The action center helps businesses to apply for permits and plan to promote exports…”
New Jersey’s is the 12th most innovative state according to a recent study. Let’s hope the current administration helps push us into the Top 10 for next year’s ranking, as we know that innovation is key to our State’s economy.
“Innovation is one of the biggest drivers of U.S. economic growth, but certain states, according to WalletHub, deserve more credit than the others for dominating the technology era of today. WalletHub has ranked New Jersey as the 12th most-innovative state … across 24 key indicators of innovation-friendliness.”
The SBA Emerging Leaders Program is looking for New Jersey small business owners to apply to their 2019 Emerging Leaders Initiative. Give your New Jersey small business a leg up by getting yourself trained on a variety of subjects that can impact the success of your business.
“The initiative is a seven-month entrepreneurship training program for executive-level small business owners throughout the state. Al Titone, SBA New Jersey’s district director, said this year’s course will take place from April 23 to October 15 and be held at the Rutgers Business School in Newark. The program is free, but it expects students to participate in 100 hours of classroom time….In addition to the training, small business owners will be given the chance to work with mentors, attend workshops and develop connections with peers, local business leaders and financial communities.”
Opportunity zone grants may be coming to your town if they are on the ball and focused on growth. $100,000 may not be a significant sum for most towns, but when the State opens its coffers, smart municipalities know to get in line early as the competition is fierce. With a tough tax structure and New Jersey attempting to lure foreign businesses to set up shop here, time will tell if these monies will help the areas they are intended to benefit.
“Gov. Phil Murphy announced the state will award five $100,000 grants to the communities around the state that come up with the best game plan for how they plan to use…investments to better themselves. Murphy…said he hopes the state program will spur communities to quickly analyze their ability to create Opportunity Zone investment opportunities…the EDA will soon release a request for proposal and hopes to move quickly when awarding the grants.”
NJ tax incentives are the talk of the State again as the current structure is soon to expire. If we are going to have the highest tax rate in the country, we have to do something to stop States like Texas and Indiana from eating our lunch.
“Testimony at a joint committee’s exploratory hearing included members of the higher education, real estate and business communities, among others. A four-hour joint Senate and Assembly committee’s exploratory hearing Friday focused on the state’s current tax incentive structure — set to expire June 30 — and how to improve incentives for the future, if they should even be kept around.”
Software as a Service (SaaS), Platform as a Service (PaaS) and now Research as a Service (RaaS). New Jersey universities will be able to conduct high-level research without requiring any infrastructure on campus by plugging into a high-speed network.
“EdgeCon 2019, a conference that took place on January 9-11 in Long Branch, attracted hundreds of IT and communications networking professionals from New Jersey universities, K-12 educational systems and governments. Each year, these professionals come together at EdgeCon conferences, sponsored by NJEdge (Newark), to learn best practices and to network with their colleagues…One of the initiatives Conn is most proud of is the evolution of NJEdge’s fiber optic network, which the organization makes available to its university members…. Read More >
Getting Amazoned may have effects on New York for years to come, but could New York’s loss be New Jersey’s gain? What has New Jersey put into place to avoid a similar loss? Or would New Jerseyans prefer to have another State “win” and bear the many costs and freebies that a State has to promise to lure such a business to establish a gigantic presence in their State?
“A day after Amazon — and the promise of almost unprecedented jobs and investment — was forced out of New York City due to local opposition from politicians and progressives, two questions must be asked: 1. Should Amazon been able to foresee this possibility? And 2. Could the same scenario happen in New Jersey? The first question is easy — especially in hindsight. So said Jay Biggins, a partner at BLS Strategies in Princeton and a nationally known relocation expert. “I think generally it’s a surprise, but when you look back at the sequence of events, two things became clear: There was a growing sort of political movement among activists that captured a certain amount of the news cycle that was creating an unwelcome feeling……”