Rutgers, The State University of New Jersey

This project is to develop an implementation strategy and  business plan for  the Innovation Park@Rutgers, a signature corporate and community collaboration, commercialization complex of Rutgers, The State University of New Jersey.  The Park will be the epicenter of an innovation ecosystem that spans New Jersey and beyond, and will have as its technology core the most advanced supercomputing system in the state.  The Park will also serve as a catalyst for community development and has already garnered significant community support.  Finally, through collaborations with domestic and international research parks, national labs, private sector corporations, educational institutions, economic development organizations, venture capital firms, and industry incubator and accelerator programs, Innovation Park@Rutgers will stand as a model for building high impact communities of innovation that catalyze regional technology-led economic development.

Significantly, the challenge for New Jersey is not only to recover from the recent recession and high unemployment levels, but to reverse a longer term trend of economic stagnation.  While the state lost 190,000 jobs during the recession years of 2007 to 2009, less recognized is that it gained a mere 45,000 jobs during the economic expansion years of 2001 to 2007-a 1.4 percent job growth rate compared to 4.3 percent for the nation during these years.  As the era of open innovation takes hold, the economic stagnation afflicting New Jersey’s major industry drivers over the 2001 to 2009 period underlines the critical importance of mining the innovation and broader economic development potential of Rutgers University and its network of resources.  As the state’s flagship research university, Rutgers plays a vital role in creating a new economic dynamism in New Jersey and reversing the economic stagnation of the past decade.           

Using models based on an AURP-Battelle assessment of research park impacts, it is anticipated that an estimated total employment impact of 5485 jobs will be generated in the state.  Combining the full economic impacts of the Park including direct, indirect, and induced impacts, the annual state and local tax impacts could reach more than $31 million.