Innovation Zone Overview
The EDA offers support for the growth of technology and life sciences businesses through Innovation Zones – a collaborative state effort involving the EDA, the New Jersey Commission on Science and Technology, the Commerce, Economic Growth and Tourism Commission and other state agencies. These zones, established in Newark, Camden and the Greater New Brunswick area, are technology neighborhoods designed to spur collaboration among public universities, research institutions and related businesses and encourage the rapid transfer of discoveries from the laboratory to the marketplace.
The first Innovation Zone company approved to receive a $100,000 investment is Urovalve, Inc., a medical device manufacturer located in the Enterprise Development Center incubator at the New Jersey Institute of Technology, which is part of the Newark Innovation Zone.
Urovalve has developed and patented a technology that controls the flow of urine through the male urethra using a magnetically controlled valve.
The $100,000 investment will enable the company to finance manufacturing costs of design improvements. The investment was made for five years at a fixed interest rate of 8 percent, with moratorium on principal and interest for the first year, and interest-only payments in the second.
“EDA’s customized financing structure provides this early-stage technology company with the time and resources required to complete its clinical trials, obtain regulatory approval and begin to commercialize its product,” said Kathleen W. Coviello, EDA’s program manager for science and technology.
The EDA and the Commission on Science and Technology (CST) have also established three advisory boards to provide input on the mission and activity of each of the Innovation Zones. The advisory boards are made up of members representing local community, academic, and business leaders who are focused on assisting the EDA and CST with the development of the Innovation Zones and marketing the benefits of the Innovation Zones to companies seeking to grow and succeed in New Jersey.
