NJIT Hosts Gubernatorial Candidates Forum on Small Business Growth

NJIT served as the venue for a March 19 gubernatorial forum dedicated to exploring the challenges and solutions for fostering small and diverse business growth across New Jersey. The event, initiated by Jeff Cantor, CEO of the Veterans Chamber of Commerce, highlighted the need for improvements and support for these vital economic contributors.

NJIT President Teik C. Lim welcomed the group and underscored the university's role in driving technological innovation and economic development within the state, citing NJIT’s more-than $2 billion annual economic impact in New Jersey. Lim also highlighted the importance of connecting with prospective state leaders.

"This forum is a critical and unique opportunity for NJIT, for all of you, to hear from the gubernatorial candidate on this very important topic,” Lim said.

Following President Lim's welcome, New Jersey Innovation Institute’s President Michael Johnson detailed the NJIT corporation’s efforts in advancing economic growth through strategic partnerships and innovative programs.

“We announced a partnership with the New Jersey Economic Development Authority through which we're launching the state's seventh Strategic Innovation Center here on the campus at NJIT. And this is through an $11.6 million investment. The goal of that investment is to start 10 innovative startup companies here on campus over the next five years in various high technology areas,” Johnson said. “Today's event, it's a testament to that spirit, and NJII is proud to be part of it with NJIT here on campus.”

Moderated by Briana Vannozzi of NJ Spotlight News, candidates engaged in a robust discussion, proposing various strategies to address the challenges faced by small businesses. Key proposals ranged from appointing a Procurement Diversity Officer and raising procurement thresholds, to establishing a public bank to provide capital and limiting procedural hurdles, taxes and fees. The forum also highlighted the significant gap in state spending with minority and women-owned businesses, citing New York’s $3 billion compared to New Jersey’s $21 million in 2021.

While the candidates differed on the precise role of government intervention in facilitating small business growth, each was emphatic on the critical role these businesses — and their owners — play in the New Jersey economy. They all agreed that small businesses and their owners are the backbone of the state economy.

A significant portion of the forum was dedicated to direct interaction with the audience, where candidates fielded questions from small business owners, community leaders and concerned citizens alike. This direct engagement allowed for a deeper exploration of specific challenges and proposed solutions, as well as a refreshing sense of candidness from the candidates.

The New Jersey gubernatorial election is scheduled to take place Nov. 4, 2025. Incumbent Democratic Governor Phil Murphy is term-limited and cannot seek re-election to a third consecutive term in office. Primary elections will take place on June 10, 2025. For more information and to access the New Jersey voter information portal, visit https://www.nj.gov/state/elections/election-information-2025.shtml.