NJ Leader on How NJIT Is Paying Dividends in Economic Growth
A New Jersey leader in economic development is impressed by New Jersey Institute of Technology’s efforts to commercialize research, forge international partnerships and generally be “commercially minded.”
Joseph Kelley, deputy chief of staff for economic growth under N.J. Gov. Phil Murphy, reflected on some of NJIT’s past successes after a meeting on campus with deans, department heads, research leaders, the interim provost and top administrators, including Chief External Affairs Officer Angela Garretson and President Teik C. Lim.
Kelley described the launch and sale of cell and gene therapy company BioCentriq by NJIT’s New Jersey Innovation Institute as “hugely important.” A South Korean company, GC Corp., bought the company in 2022 — three years after NJII launched it — and its operation remains based in N.J.
“When we’re trying to attract a company here or trying to attract talent, it pays dividends when we can point to a deal that the university has actually done where it commercialized research,” Kelley said. “The best part about it is you are doing it on your own accord.”
Kelley had similar praise for NJIT’s deal with Ben-Gurion University of the Negev in Israel to create the Institute for Future Technologies, which supports joint research, commercializes research and development and educates students in cyber technology and engineering. He was among the state officials at a ceremony that unveiled the international partnership in 2021.
Such partnerships are “also huge” for the state because “if we can’t attract globally, then we’re not really in the game,” Kelley said. “So, the fact that you’re helping us do that is a really big deal.”
Kelley, who sat between Lim and Garretson at the campus meeting, finds the new president to be “commercially minded,’ adding that he “understands the importance of NJIT locally, on the state level, regionally, nationally. So, he’s been doing all the right things. I’m excited to work with him.”
"NJIT has been a catalyst for economic growth and an engine for social mobility," Lim said. "We do not stand still, though. We innovate and continuously improve, and we want to partner with the state to supercharge our efforts."
During the meeting, Garretson noted the university’s $2.8 billion economic impact on the state and the ongoing importance of working together to better society and fuel the economy. Afterward, she said she was grateful to engage with a key state leader.
“It's extremely important to make sure our strong relationship with state partners continues to flourish,” Garretson said. "Working with the state is key to NJIT, our trajectory and the economic vitality that we strive every day to create."
Kelley’s visit came a day after Gov. Murphy’s annual State of the State address in Trenton, N.J., which Lim attended. A big portion of the address focused on job growth and economic development, with the governor mentioning everything from new film and TV production studios planned in Newark and at Fort Monmouth to the development of new companies in offshore wind energy, online gaming, sports betting and cannabis.
