NJEDA CEO on the Impact of Innovation on NJ's Economy
Steve Adubato talks to Tim Sullivan, CEO, New Jersey Economic Development Authority, about ways to attract talent to New Jersey, the impact of innovation on New Jersey's economy and the EDA's role in government tax incentives & policy.
"State of Affairs is pleased to welcome Tim Sullivan, CEO of New Jersey Economic Development Authority. Good to see you Tim. Thanks so much for having me. For those who may not have read, or don't know, what the EDA is, describe it. The Economic Development Authority is one of the state's principal organizations that's driving economic growth and innovation all throughout the state. We do that... You drive it? We try to. Give us an example of what it means to drive it? So we partner with the private sector, we partner with corporations, we partner with institutions of higher education, to really focus on the state's economic competitiveness to help attract and retain businesses, to help attract and retain talent, and to build vibrant communities. Challenging? No doubt. But that's what makes it fun. You know, let's do this. I said this before. We had Jose Lozano from Choose New Jersey. Choose New Jersey and the EDA are collaborators, partners with us in this series we're doing with a whole range of others, academic institutions like NJIT, and others, on a series called the Future of Innovation. You'll see a graphic up there. So here's what I'm curious about. Governor Murphy talks about an innovation economy? Mm hmm. Right? What's the difference between promoting innovation and an innovation economy? Well, I think they're two sides of the same coin. An innovation economy, you know, New Jersey was Silicon Valley before there was a Silicon Valley. The discoveries that were hatched in academic and corporate laboratories here in New Jersey really fueled... Starting with Edison? Starting with Edison. And you know, even further back into the pharmaceutical industry, in the, you know, the mid 19th century in places like New Brunswick, with companies like Johnson & Johnson that took root here. That, you know, those discoveries that made us the medicine chest of the world, that fueled some of the most important innovations that drove the American economy, the global economy... Sure. ...are responsible for so many jobs that were created over the last, you know, hundred plus years. And that's really what the innovation economy is all about. How do you translate and commercialize the kinds of innovative research and development activities? They either happen at institutions of higher education with the faculty or students, or in corporate labs that are just, you know, working on the next big thing for any... for a given company. You know, it's interesting. I've said this many times, and I'll say it again. We're looking forward to securing an interview with Governor Murphy, we're gonna talk to him about a whole range of issues. One of them in fact will be..."