The Incubator at North Brunswick, part of the 50-acre research park known as the New Jersey Bioscience Center, located on Route 1, has been found to be an integral resource for New Jersey’s life sciences sector and a driver of the state’s overall economy. The findings were released Tuesday by the New Jersey Economic Development Authority‘s IMPACT Study, a report seeking to understand and quantify the economic impacts of the incubator and the companies it has hosted and nurtured.
The IMPACT Study found that, from 2019 to 2023, Bioscience Center Incubator-supported companies have created an average of 2,744 jobs per year, and, in 2023, the resident companies generated $32 million in state and local tax revenue. Since 2002, BCI companies have generated over $9 billion in total output and $4 billion in total labor income in New Jersey.
The full study document is available here.
“Located alongside New Jersey’s Route 1 Research Corridor, the Incubator at the New Jersey Bioscience Center leverages its close proximity to leading universities and corporations to attract, retain and grow companies of the future that fuel our highly talented workforce,” NJEDA CEO Tim Sullivan said. “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. The report released today clearly demonstrates how the incubator is supporting early-stage biotech and life sciences businesses, providing them with the ecosystem, space and resources needed to scale their operations.”
The report was conducted by BJH Advisors and East Egg Project Management. As part of the study, 18 graduates and current tenants of BCI were interviewed and unanimously agreed that the incubator contributed to the success and growth of their companies, with factors pointing towards BCI’s staff, resources and programming, in addition to the facility’s space and equipment.
Of the 96 companies that have graduated from the incubator since 2002, 50% continue to operate their headquarters or maintain a presence and employment in New Jersey. Notable successful companies that have graduated from the incubator include Amicus Therapeutics, GENEWIZ and Advaxis, now known as Ayala.
The incubator offers lab space starting at 900 square feet up to 1,300 square feet, conference rooms, loading docks, glass washing, autoclaves and private offices. The space creates an environment for entrepreneurs to collaborate and develop a natural synergy. Additionally, companies have access to support services, including venture capital training events and one-on-one office hours led by experienced life sciences professionals.
