A continued push to enhance Einstein’s Alley
By: Audrey Levine
LAWRENCE For New Jersey to achieve economic growth, businesses, entrepreneurs and academia must get involved, said U.S. Rep. Rush Holt (D-12), to a gathering of leaders in those fields Tuesday at the Edison Venture Fund.
Rep. Holt and other state government officials and business leaders outlined the next steps needed for economic growth and development.
The congressman, a resident of Hopewell Township, discussed the Einstein’s Alley initiative a plan for economic growth and regional cooperation with a focus on encouraging entrepreneurs and bringing cutting-edge technology companies to central New Jersey. The effort began in 2003.
"We have outgrown what the congressional office can do and is allowed to do," Rep. Holt said in the forum that featured discussions of the roles of all businesses and schools in improving New Jersey’s economy.
Rep. Holt and state government and business leaders outlined the next steps for economic growth and development in New Jersey. According to Rep. Holt, the program participants are analyzing the economic future of New Jersey as a basis for sustaining the state’s tradition of research and development.
"The key is that central New Jersey has a tradition of research-based industry," he said.
Angie McGuire, deputy chief of the Governor’s Office of Economic Growth, established by Gov. Jon Corzine earlier this year, said the beginnings of the framework have been laid out as a basis for economic development.
Rep. Holt said there are four plans to ensuring that the program is successful. These include recognizing the importance of research and development, supporting entrepreneurs, maintaining the quality of the work force and maintaining the quality of life in the state.
Einstein’s Alley will not be a top-down government-operated program, according to Rep. Holt, but will need the efforts of businesses, schools and universities, and citizens to be successful.
"It is more a state of mind than a geographic location," he said. "There is a role for everyone to work on the four plans."
Gary Rose, chief of the Governor’s Office of Economic Growth and featured speaker at the breakfast, said an advisory council will be created to help connect small and large businesses.
According to Mr. Rose, 50 percent of the workers in the state are employed by small businesses.
"We can’t lose sight of the need to create a friendly environment for small businesses," said Mr. Rose, who is the chairman of the Governor’s Economic Growth Council.
To ensure the state benefits from economic development, Ms. McGuire said there are several strategies that will enable businesses across the state to be involved.
The strategies include encouraging the state government to support economic growth; enhancing New Jersey’s global competitiveness to attract more foreign companies; continuing to invest in the work force by collaborating with educators to increase knowledge; and supporting sustainable growth in terms of affordable housing.
"New Jersey is the 17th largest state, economically, in the world," Ms. McGuire said. "We have to ensure we attract the best jobs."
Caren Franzini, chief executive officer of the New Jersey Economic Development Authority, said innovation is a key element in producing new companies and supporting businesses.
Ms. Franzini said her goals are to examine research universities in an attempt to enhance their work, commercialize technologies and finance new companies.
"The research (in the universities) creates jobs so the (technology) doesn’t stay in the schools," she said.
Mr. Rose also said it is important to reach out to universities to discuss research-based skills and improve on what students learn so they can bring more knowledge into the work force.
The final piece of the work being done for Einstein’s Alley was presented by Monique King-Viehland, senior director of Small, Women, Minority Business Programs and Urban Development (SWMBE), who said it is important to analyze barriers in this segment of the economy.
"We look at contract sizes and joint ventures (among other aspects) and assess ways to do something," she said. SWMBE encourages growth in these areas to support all entrepreneurs, she added.
Rep. Holt said Einstein’s Alley has several other plans for the coming months to entice more businesses, schools and people to get involved in the program. He said the effort will continue with monthly breakfast sessions with the Princeton Regional Chamber of Commerce to pass along information on Einstein’s Alley.
In addition, Rep. Holt said an Einstein’s Alley nonprofit organization is in development by Katherine Kish, president of Market Entry Inc., a Cranbury-based marketing company, and Lou Wagman, an entrepreneur and management consultant who works with early-stage technology companies.
"The goal is to attract, hold and build on entrepreneurship," said Ms. Kish, who will run the as-yet-unnamed venture with Mr. Wagman. "We want to increase collaboration and coordination between businesses, universities and the whole academic environment. It is open to everyone who wants to participate."
Overall, according to Rep. Holt, the way for the program to work is to establish the communication between big and small businesses, and the academic world.
"This will work because every person will understand … we need to take the initiative," he said. "(New Jersey) will turn into a hotbed of economic development."