The New Jersey Economic Development Authority (NJEDA) announced findings this week from the NJ Bioscience Center Incubator IMPACT Study.

Conducted by BJH Advisors and East Egg Project Management, the research aimed to quantify the economic impacts of the incubator and the companies the center has hosted and nurtured.

Located on Route 1 in North Brunswick, the incubator is part of the 50-acre New Jersey Bioscience Center research park. It offers entrepreneurs lab space, conference rooms, opportunities for collaboration, support services and training, and more.

As part of the study, 18 graduates and current BCI tenants were interviewed. The group unanimously assessed the incubator as contributing to the success and growth of their companies.

Since 2002, 96 companies have graduated from the incubator. After, 50% continue to operate their headquarters or maintain a presence and employment here in the Garden State. Notable alums include Amicus Therapeutics, which just cut the ribbon on a new Princeton headquarters; GENEWIZ; Ayala (formerly known as Advaxis); and others.

Honored to join @amicusrx1 today to cut the ribbon on their new global headquarters in Princeton!

Amicus Therapeutics will continue Princeton’s incredible biotech legacy as they push the boundaries of what's possible in medical innovation. pic.twitter.com/jI37pnAm1E

— Governor Phil Murphy (@GovMurphy) June 13, 2024

“Located alongside New Jersey’s Route 1 Research Corridor, the Incubator at the New Jersey Bioscience Center leverages it close proximity to leading universities and corporations to attract, retain, and grow companies of the future that fuel our highly talented workforce,” said NJEDA Chief Executive Officer Tim Sullivan. “Since taking office, Gov. Phil Murphy has been committed to creating resources for biotech startups to help bring life-saving products to market, and further New Jersey’s legacy as a leader in innovation, especially within the life sciences sector.”

Some topline findings from the report include:

• From 2019-2023, BCI-supported companies created an average of 2,744 jobs per year
• Since 2002, BCI companies generated more than $9 billion in total output as well as $4 billion in total labor income in New Jersey
• In 2023, resident companies generated $32 million in state and local tax revenue
• Since 2002, BCI graduates public offerings raised $743 million total

“The Garden State has a long and storied history in the biopharmaceutical sector, with notable contributions from New Jersey innovators ranging from treatments for cancer and various other insidious diseases, to vaccines and powerful diagnostic tools,” said Sullivan. “Many of these developments have taken place at the BCI, and many BCI graduates have become partners to legendary New Jersey-based pharmaceutical industry giants – thereby playing a role in their successes.”

Sullivan stressed that as important as these scientific contributions are globally, the report details the remarkable impact of the BCI on the Garden State’s economy as well as the quality-of-life of countless New Jerseyans.

Still at the forefront

“The work at the BCI has resulted in thousands of jobs created by incubator graduates, billions in industry investment, state and local tax revenue generated, and immeasurable ancillary economic activity driven by successful emerging companies,” said Sullivan. “New Jersey’s talent pool is at the heart of its leadership in innovation, with more scientists and engineers per square mile of anywhere in the world.”

The NJEDA notes that New Jersey is home to 14 of the world’s largest 20 pharmaceutical companies and more than 400 biotechnology companies. The life sciences industry employs more than 115,000 people in the Garden state. Meanwhile, at over 11,200 people, Middlesex County has the largest life sciences workforce in the Garden State.

“The BCI is one of many ways the NJEDA is supporting biotech and life sciences businesses and startups by providing them with the space and resources to grow their companies, while encouraging collaboration among like-minded entrepreneurs,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello. “This report shows that New Jersey has what it takes to remain at the forefront of innovation.”

The full report is available here.