Yesterday, Georgian Court University hosted a pre–New Jersey Economic Development Day Summit, bringing together business leaders from around the state to discuss the goals for this year’s celebration and how to get chambers of commerce and businesses involved.
Senator Robert Singer introduced a resolution back in 2018 to designate the second Monday of May as New Jersey Economic Development Day. This year the date is May 12th.
The goal of this year’s economic development day is to “amplify” and promote the services and resources that are available to businesses — from startups to medium and large established companies.
Singer said the creation of a statewide economic development day was inspired by Duvi Honig, chief executive officer of the Orthodox Jewish Chamber of Commerce, which developed several innovative programs during COVID. Honig said NJ economic development day “enables us to bring together proactive solutions and resources and put them under one roof, where we can share with all of our diverse communities, so they know what is available to them, whether it is training, networking, financial assistance or help navigating state regulations.“
“With all the assets New Jersey has, with the demographics we have, with the location we have and the workforce we have, we should definitely be a top 10 state destination for business around the country,” said Tom Bracken, President and CEO of the New Jersey Chamber of Commerce.
“Sadly, we rank 49th. It is deplorable. We have been working for a long time to make changes to make the state more economically viable. Choose New Jersey and the state business action center do a great job for attracting and recruiting companies internationally and from around the country.”
“But the thing we really need to do is to pay attention to the 800,000 businesses that are in NJ. Small and middle market businesses are the foundation of our economy. But that group of people for the last 7-8 years has not been given the resources to flourish or to expand.”
“The best source of economic development we have is that group of 800,000 companies. We have to get them enthused, encouraged and to want to stay and grow here, and gain momentum to take full advantage of all we have to offer,” said Bracken.
Bracken said the Economic Development Day provides a means of reaching out around the state to get chambers of commerce in different communities to talk to all those companies who are members and get them enthused about New Jersey’s potential.
“But we need to bring resources to them to let them know they can get assistance from state organizations such as the business action center.”
Bracken said the state chamber of commerce’s job is to help educate local chambers and their members about this year’s Day and to get them proactively involved by reaching out to their memberships. “But you can’t get them enthused unless they participate.”
“The goal for this year’s Economic Development Day is to get these companies to go to their local Assembly members, senators and mayors and tell them “Do you realize the potential opportunities that are being wasted? What can you do about it? We must get the assembly and senate excited about the potential and put together pro-business policies that will help our economy flourish. This is what we are trying to accomplish.”
“The biggest problem we have is our future economy. It’s not healthy, there are no programs in place to enhance that economy so it has to be a grass root effort to get things going. And that’s why these companies need to go to legislators and alert them, we need help.”
“The Economic Development Day represents a vital opportunity to empower all sectors of the state by gathering New Jersey’s mayors, chamber presidents, township and local leaders, so that we have representation at all levels of government involved,” said Tom Hughes, CEO and publisher of ROI-NJ.
Andy Kuhn, director of business development for Choose New Jersey, said it did not take him long after moving here to see what a great state New Jersey is, and all it has to offer to businesses. “First of all, it is beautiful. And the state has a strong infrastructure and big shoulders. I learned very quickly that if you are a new business and want to grow, this is the place to do it. It’s a great place for early-stage companies to cut their teeth and learn. And we have a talented workforce.”
“Choose New Jersey has offices around the world so you can say that 24 hours a day there are people telling the story on how great it is to do business in New Jersey.”
Creating affordable housing is critical to the state’s success, according to Stephen Rosenberg, founder of Greystone, a national real estate developer & lender.
“I would love to have an impact on the state and the best way we can do that is by providing a huge amount of affordable housing, which is something the state absolutely needs. To keep companies coming here, we need to make sure they can hire the right people and have affordable housing to live in. As so many of you had said before, New Jersey is a beautiful, beautiful state and I will take it on as a responsibility of my own to make sure New Jersey is a place where employers and employees want to come.”
Rozanne Neilson, managing director, Minority Business Development Agency, U.S. Department of Commerce said small companies should not shy away from trying to do business with large companies.
If you are a small business in New Jersey and want to do business with large companies, you need to speak with us,” Neilson said.
Those attending yesterday’s summit:
- Eugene Cornacchia, Interim President, Georgian Court University
- Duvi Honig, chief executive officer of the Orthodox Jewish Chamber of Commerce
- Thomas Bracken, CEO and president, New Jersey Chamber of Commerce
- Tom Hughes, Publisher and CEO of ROI-NJ
- Andy Kuhn, director of business development, Choose New Jersey
- Stephen Milgrom, NJ Business Action Center, manager, office of business advocacy, Dept. of State
- Rozanne Neilson, managing director, Minority Business Development Agency, U.S. Department of Commerce
- Senator Robert Singer
- Steve Rosenberg, founder, Greystone
