Einstein's Alley-Innovation Agenda

Rep. Holt addresses attendees of the December 2005 “Einstein’s Alley: Best Practices” conference in Princeton. (December 19, 2005).

Growing central New Jersey’s job base—particularly in the high-tech arena—requires a close working relationship between government, business, and labor. Finding the right balance between sometimes competing interests can be challenging but also rewarding. In New Jersey, I've acted as the facilitator for what I've termed the "Einstein's Alley economic development process," a public forum that seeks to expand central New Jersey's job base while simultaneously maintaining our quality of life. On December 19, 2005, the second "Einstein's Alley" conference was held in Princeton where the "best practices" of the past two years were discussed by a range of business and community leaders. In Washington, I fight for economic policies that will strengthen central New Jersey’s economic position as well as protect workers rights and increase their opportunities for getting better paying jobs. Below you’ll find a summary of what I have and am doing on this subject, along with links to other resources and information on the topic.

Einstein's Alley Conference Reports

• 2005 Conference Report
• 2003 Conference Report

Strengthening Central New Jersey's R&D advantage

Attracting innovative, research-based companies and investment to Central New Jersey, while retaining and expanding existing business enterprises of all types and sizes.

As it matures, it is my hope that Einstein’s Alley will be a model for navigating the challenges of the 21st century’s economic landscape. In this new economy, the members of our science and technology communities will be the acutely relevant players.

Central New Jersey, if we plan and act correctly, can establish itself as a global leader in research and innovation. It has the resources to be a recognized R&D; corridor (or Alley), which include:

• World-class research universities.
• Significant presence of the pharmaceutical industry.
• Historic presence of the telecommunications industry.
• Fort Monmouth (human capital).
• Active public/private partnerships.
• An excellent transportation network.
• Outstanding schools.
• Proximity to New York and Philadelphia.
• A beautiful place to live and raise a family.

New Jersey has a rich history of R&D; that includes Bell Labs, Lucent, Ft. Monmouth, and the pharmaceutical and chemical industries. This wealth of technological resources and hard-working, talented workforce in New Jersey will attract other innovation-based companies to New Jersey.

Part of Einstein's Alley is support from our government, and I am working to provide that support from the federal level. Since being elected to Congress, I have been a vocal and sometimes lonely advocate for math, science, and foreign language education, making the R&D; tax credit permanent, doubling the budget for the National Science Foundation, and making health care more affordable for small companies.

Because of my work, I was recently asked to serve on a Democratic Task Force to develop an “Innovation Agenda” that seeks to strengthen America's competitiveness by making decisions and investments today that we will be pleased we made 25 years from now. I believe we are at a "Sputnik" moment, and need to rise to the challenge of new and changing global landscape.

We also need to bridge the "valley of death" that destroys innovative ideas before they become marketable products due to lack of financing and technical support by doubling funding for the Manufacturing Extension Partnership (MEP) and the Advanced Technology Program (ATP), modernizing the Small Business Innovation Research Program (SBIR), and fully funding SBA 7(a) loans (cut in the Presitdent’s proposed '07 budget) to ensure that American small businesses have the resources and technical assistance they need to successfully innovate.

Reward risk-taking and entrepreneurship by promoting broad-based stock options for rank-and-file employees.

Building Entrepreneurship in Central New Jersey

Nurturing an entrepreneurial network that embraces new business ventures and provides informational resources that support them.

As demonstrated by progress in the scientific community, collaboration is a necessary component of progress. In recent years, interdisciplinary research efforts and shared resources have helped to propel fields like materials science and biomedical chemistry into well established, high-growth disciplines. The software industry is another example of an industry where businesses have prospered collectively as fundamental information is openly shared.

Collaborations will be key for small businesses in other disciplines to succeed in the global economy. Notwithstanding competition between businesses, there is room for collaboration in which all parties involved benefit, including the consumer and possibly society at large. Businesses stand to benefit by sharing resources that they might not have the capacity to obtain individually; be it research equipment, facilities, financial or consulting services. Incubator programs have shown this approach to be successful in growing small businesses, increasing their abilities to bring products to market, and provide opportunity for job creation.

We extend this approach to the participants in Einstein's Alley by sharing and discussing some success stories. Be it in a shared academic research facility or a business accelerating incubator, shared resources and open collaboration are essential to the success of community members.

Some of these efforts in Einstein’s Alley include:

• Einstein's Alley Conferences. Organized through the Public Forum Institute, we have held successful conferences laying out the vision for Einstein’s Alley, and highlighting available business assistance programs and 'Best Practices' exhibited in the area.
• Einstein's Alley Breakfast Series. Under the sponsorship of the Princeton Regional Chamber of Commerce, there is an on-going Einstein’s Alley monthly seminar series with featured speakers on key economic development opportunities in our region and follow-on discussions.
• Small Business Day on Capitol Hill. Last year, I hosted a day-long forum in Washington, D.C. for Central NJ small business owners and entrepreneurs to meet with key federal officials from SBA, Commerce Department, GSA and leaders of congressional small business committees to discuss principal concerns or problems
• Mayoral meetings. I continue to communicate regularly with all of mayors in the 12th Congressional District, listen to their input, and welcome their enthusiastic support and involvement.

Resources for Entrepreneurs

• Jumpstart New Jersey Angel Network
• Technology companies seeking funding may submit an executive summary directly by writing or emailing
• New Jersey Economic Development Authority
• Techniuum
• The Technology Centre of New Jersey
• Entrepreneurs Forum
• New Jersey Entrepreneur.com
• New Jersey Commission on Science and Technology
• New Jersey Small Business Development Center
• New Jersey Association of Women Business Owners, Women's Business Center
• Venture Association of New Jersey
• Additional finance info for New Jersey start-ups and business ventures
• Monmouth Ocean Development Council – Funding
• New Jersey Entrepreneurial Network
• New Jersey Biotechnology Council
• A resource for the life science industry in New Jersey
• New Jersey Biotechnology Life Sciences Coalition
• New Jersey Technology Council

Preparing the Workforce for the Future

Enhancing the education, development, and effective utilization of the current and future workforce of Central New Jersey.

Today's workforce will need the benefits of technological literacy to function in the coming economy, which can best be provided through retraining programs such as those offered at our community colleges (MCCC, Monmouth, Brookdale).

We must also work to retain the scientists we produce here in New Jersey through programs like the NJCST post-doctoral fellowship program.

We must educate the next generation to be, if not scientists, a scientifically literate population. Place a highly qualified teacher in every math and science K-12 classroom by offering upfront tuition assistance to talented undergraduates and by paying competitive salaries to established teachers working in the fields of math and science. Also, make college tuition tax-deductible for students studying math, science, technology, and engineering.

• Individual or company eligibility as well as FAQs
• Fellowship Application
• Application Deadlines

Promoting Livable Communities and Sustainable Development

Promoting and influencing regional development that will facilitate economic growth, while preserving those conditions and amenities which make the region a highly desirable place in which to live and work.

Part of what makes Central New Jersey an appealing place to do business is that it is an appealing place to live. Growing the area in a responsible fashion will prevent the common problems of urban sprawl and overdevelopment that are so often avoidable.

The Municipal Land Use Center at the College of New Jersey in Ewing is just over one-year old. It is operating under a 3-year, $1.9 million federal grant pursuant to an amendment I authored. The Center is helping all of the municipalities in our region and can assist communities throughout NJ achieve better land use planning, while facilitating economic development.

As a region we must support the notion of social entrepreneurship as we grow into a globally recognized R&D business center.

• Municipal Land Use Center at the College of New Jersey
• Isles, Inc.