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New Jersey needs to do more to help small startup companies, and legislation approved by the Senate Economic Growth Committee would be a good place to start, the New Jersey Business & Industry Association (NJBIA) said today.

“New Jersey’s economic future will depend on attracting innovative, high-tech companies, and creating an environment where these kinds of companies can thrive,” said Andrew Musick, NJBIA vice president for Taxation and Economic Development. “New Jersey gets pretty high marks for supporting innovative businesses in general, but there are areas that can be improved upon.”

One of those areas is the number of business incubators and business accelerators within state borders. Incubators help get businesses off the ground by providing the overhead for entrepreneurs whose businesses are still in the development stage.

“New Jersey has only 15 incubators and business accelerators, while California and New York have 375 and 179, respectively,” Musick said.  “They are critical to helping high-tech companies grow and thrive.”

The legislation, S-1898, would provide support for business accelerators and incubator networks as well as the startup businesses that are utilizing them. The support would be directed by the New Jersey Economic Development Authority.

“NJBIA thanks Senators Nilsa Cruz-Perez, James Beach, Shirley Turner and Teresa Ruiz for sponsoring this measure and helping to build New Jersey’s innovation ecosystem,” Musick said.