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Published on Aug 25, 2009
Technology and life-science startups face many challenges along the way to becoming profitable businesses and dynamic participants in the economic life of New Jersey and the nation. Meeting the challenges of successful commercialization requires a broad range of knowledge and resources — from finding the right working space and attracting investment capital to building staff and developing effective business plans and marketing strategies. Since 1988, the EDC — the Enterprise Development Center — operated by New Jersey Institute of Technology (NJIT) has given startups a critical edge in all of these areas.
To date, the EDC has graduated over 85 successful businesses. Residence at the EDC is open to early-stage companies that have, or will have, proprietary technology as a significant source of revenue. The nearly 90 companies currently housed at the EDC employ over 300 people. They have attracted more than $55 million in third-party funding and in 2007 had revenues surpassing $40 million.