New Jersey Innovation Institute (NJII), a subsidiary of New Jersey Institute of `Technology (NJIT), is pleased to announce the appointment of Dean Paranicas, the former longtime head of the HealthCare Institute of New Jersey and a longtime board member of the N.J. Innovation Institute, was named chair of NJII, the organization announced last week.
One of NJII’s longest-serving board members, Paranicas brings extensive executive experience and a deep understanding of New Jersey’s health, science and technology sectors, a background that will be instrumental in guiding NJII’s growth and mission to foster innovation, support workforce development and contribute to the state’s economic vitality.
Paranicas succeeds Robert Medina, who continues as chair of the NJIT Foundation Board of Directors.
NJII is a 501c3 organization wholly owned by the New Jersey Institute of Technology.
As an independent corporation, NJII is uniquely positioned to be agile, entrepreneurial, and opportunistic. NJII is focused on accelerating technology and fostering innovation to have a positive economic impact in New Jersey. To date, NJII has generated over $330M in revenue during its ten years of operation.
“NJII is a key player in New Jersey’s innovation ecosystem,” Paranicas said. “I am honored to be selected as chair and look forward to the opportunity to build on Bob Medina’s legacy and expand support for NJII as it continues to shape our state’s future through transformative research, public and private alliances and community engagement.”
NJII President Michael Johnson applauded the announcement.
“Dean’s wealth of experience and strategic insights will be invaluable as NJII continues to elevate New Jersey’s longstanding reputation as an innovation hub,” he said. “His leadership will help us further strengthen our partnerships with industry, government and academia, building on our progress and ensuring that NJII remains a dynamic force in the region.”
Under Johnson, NJII has made significant strides in these areas, including the recent launching of the NJII Venture Studio, the state’s seventh Strategic Innovation Center focused on high technology and IT, and fostering a robust pipeline of entrepreneurial talent in partnership with NJIT and other academic institutions.
NJII has also strengthened its role in workforce development by expanding training programs in cutting-edge fields such as AI, advanced manufacturing and biotechnology, creating hands-on opportunities for students and professionals alike.
Paranicas recently retired from his role as CEO of HINJ, the trade association for the state’s research-based biopharmaceutical and medical technology companies, where he championed New Jersey’s life sciences sector and fostered collaborations across the healthcare spectrum. NJII officials feel his legacy at HINJ aligns closely with NJII’s goals to build partnerships, leverage research capabilities, and drive impactful advances in areas such as healthcare, defense, AI, entrepreneurship and professional and corporate education.
