By guest authors Irina Patterson and Candice Arnold Jerry: Very few of the SBA [Small Business Association] programs are of any value to us. Most of the companies here, their main asset is intellectual property. Intellectual property is different from brick-and-mortar [property]. If people go through SBA funding sources, they have to use their personal
By guest authors Irina Patterson and Candice Arnold Jerry: What our success is in, it’s the tech development side; it’s helping the economy grow; it’s creating jobs; it’s attracting businesses and investors to New Jersey, and building a high-tech, world-class workforce of people who want to stay in the state. Those are my mission objectives
By guest authors Irina Patterson and Candice Arnold Jerry: One of the areas that works well for us is I have very strong networking here. One of the reasons I have those networking sessions is so that people come in, and they actually sit down and talk to each other. Because of that, they might
By guest authors Irina Patterson and Candice Arnold Irina: How many inquiries do you receive a month? Jerry: I get two or three a week. Irina: Out of those, how many do you usually accept? Jerry: That’s a very good question. It’s a cyclical thing. Typically, 50% of them are people who will say, “I
By guest authors Irina Patterson and Candice Arnold Jerry: When we hire students at the incubator, the university pays the students weekly, and then I bill the company and they reimburse the university for the students’ services. Irina: How are the faculty compensated? Jerry: It’s up to them. It could be free. It could be
By guest authors Irina Patterson and Candice Arnold Irina: How many companies have been incubated since 1988? Jerry: I wouldn’t know. I presently have 95 companies in my center. We are the largest technology center in the country, to the best of my knowledge.
By guest authors Irina Patterson and Candice Arnold I am talking to Jerry Creighton, executive director of the Enterprise Development Center at New Jersey Institute of Technology (NJIT). Based in Newark, New Jersey, the center is home to nearly 86 high-tech and life sciences companies. The center’s entrepreneurs have access to the institute’s facilities and