>>> FUNDING FOR "NJ BUSINESS BEAT" PROVIDED BY IBEW LOCAL 102.

PROUDLY SERVING NEW JERSEY'S BUSINESS COMMUNITY SINCE 1900.

LOCAL 102, LIGHTING THE PATH, LEADING THE WAY.

VISIT IBEW102.ORG.

AND FOR MORE THAN 110 YEARS, NJBIA HAS BEEN FOCUSED ON THE ADVANCEMENT AND SUCCESS OF OUR MEMBERS.

WE'RE THE VOICE REPRESENTING ALL INDUSTRIES, WORKING TOGETHER TO HELP BUILD A MORE PROSPEROUS NEW JERSEY THROUGH ADVOCACY, SUPPORT, NETWORKING AND BENEFITS.

>>> THIS WEEK ON "NJ BUSINESS BEAT," RATING NEW JERSEY'S BUSINESS CLIMATE.

WHY BUSINESS LEADERS SAY THE GARDEN STATE LAGS COMPARED TO THE REST OF THE REGION.

>>> PLUS -- >> WE'VE GROWN TO SMALL BUSINESSES AND ENTREPRENEURS, PRIMARILY THE ONES THAT ARE ACTUALLY IN OUR COMMUNITY.

>> HOW BLACK-OWNED BANKS ARE WORKING TO EMPOWER BLACK COMMUNITIES.

>>> AND THE STATE OF INNOVATION.

FROM GROUNDS-BREAKING MEDICAL TECHNOLOGY, TO WORK FORCE TRAINING.

WE'LL TELL YOU HOW THE GARDEN STATE IS BUILDING AN INNOVATION ECONOMY.

THAT'S AHEAD, ON "NJ BUSINESS BEAT."

>> THIS IS "NJ BUSINESS BEAT," WITH RHONDA SCHAFFLER.

>>> HELLO, AND THANKS FOR JOINING US ON "NJ BUSINESS BEAT."

ON TUESDAY, GOVERNOR PHIL MURPHY WILL DELIVER HIS ANNUAL STATE BUDGET ADDRESS.

AND AHEAD OF THAT BUSINESS LEADERS ARE OUTLINING WHAT THEY BELIEVE SHOULD BE THE PRIORITIES IN THAT SPENDING PLAN.

THE NEW JERSEY BUSINESS AND INDUSTRY ASSOCIATION IS A SPONSOR OF THIS PROGRAM, IS CALLING ON POLICY MAKERS TO ACT UPON REFORMS TO IMPROVE THE STATE'S BUSINESS CLIMATE.

IN ITS ANNUAL REPORT, THE GROUP RANKS THE BUSINESS CLIMATE IN SEVEN STATES IN THE NORTHEAST, BY SIX CATEGORIES.

NEW JERSEY SCORES THE LOWEST IN THE REGION ACCORDING TO THE NJ-BIA.

I SPOKE ABOUT THIS WITH NJ-BIA PRESIDENT AND CEO MICHELLE CIKERKA.

>> WE DO THIS REPORT EACH AND EVERY YEAR BECAUSE WE WANT TO FOLLOW TRENDS AND WE USE THE SAME DATA YEAR OVER YEAR TO TEST OUR EXCESS TIVE IN THE REGION NRKT NORTHEAST THAT WE COMPETE FOR, FOR JOBS, FOR WORK FORCE, TAXES, CLIMATE, ET CETERA.

WHAT WE FIND THIS YEAR ONCE AGAIN IS THAT NEW JERSEY COMES DOWN, UNFORTUNATELY, IN LAST PLACE.

BUT WHAT'S MORE DISTURBING IS WE CONTINUE TO BE VERY FAR BEHIND EVEN NUMBER TWO NEW YORK, AND THAT'S WHY WE ALWAYS USE THIS TERM EXTREME OUTLIER, THAT'S WHAT TROUBLES US THE MOST IS THE OUTLIER.

>> THE NJBIA WOULD LIKE TO SEE PROPERTY TAX REFORM AND BELIEVES THE PROPOSAL RECENTLY PUT OUT BY REPUBLICANS IS A GOOD STARTING POINT FOR DISCUSSION.

THIS PAST WEEK, REPUBLICANS IN THE STATE ASSEMBLY INTRODUCED A PLAN TO FULLY FUND SCHOOLS WITH THE STATE SURPLUS.

REQUIRING LOCAL GOVERNMENTS TO REDUCE PROPERTY TAXES AS A RESULT.

THE NJBIA ALSO WANTS TO SEE THE ELIMINATION OF THE CORPORATE BUSINESS TAX SURCHARGE, AS A WAY TO SUPPORT NEW JERSEY'S BUSINESS CLIMATE.

BUT OTHERS ARE URGING STATE POLICY MAKERS TO KEEP THE SURCHARGE IN PLACE.

NEW JERSEY POLICY PERSPECTIVE SAYS ITS LATEST RESEARCH SHOWS THE WEALTHIEST COMPANIES, NOT MOM AND POP STORES, WOULD BENEFIT IF THE STAX SURCHARGE WERE TO GO AWAY.

I SPOKE WITH SHEILA RINEARDSON, A SENIOR POLICY ANALYST AND THE AUTHOR OF THE NEW REPORT.

SHEILA, YOU ARE THE AUTHOR OF A NEW REPORT FROM POLICY PERSPECTIVE THAT OUTLINES WHAT SOME SAID THE CORPORATE BUSINESS TAX WOULD DO FOR NEW JERSEY.

LET'S TALK FIRST ABOUT REVENUE IMPACT IF THE CBT SUR CHARGE IS INDEED SUN SETTED.

>> YES, WE KNOW FROM THE FISCAL NOTE THAT WAS PUT OUT WHEN THE SURCHARGE WAS FIRST INTRODUCED THAT THE REVENUE WOULD BE OVER $600 MILLION THIS YEAR.

BUT BECAUSE OF RECORD-BREAKING PROFITS, WE KNOW THAT THIS YEAR, IT IS LIKELY MUCH HIGHER, SO WE'RE TALKING CLOSE TO A BILLION OF REVENUE IN JUST THIS YEAR ALONE.

>> YOUR REPORTER POINTS OUT IF THAT IF THE SURCHARGE GOES AWAY, THERE IS JUST ONE PARTICULAR GROUP OF BUSINESSES IN NEW JERSEY WHO ARE REALLY BEING IMPACTED.

SO PARSE OUT FOR ME, IF YOU WILL, WHO IS GOING TO BE AFFECTED, AND WHEN WE TALK ABOUT THE OVERALL IMPACT ON THE BUSINESS COMMUNITY, WHO WINS, WHO LOSES?

>> WE'RE TALKING ABOUT 2% OF ALL BUSINESSES IN NEW JERSEY, HAVING TO PAY THE SURCHARGE RIGHT NOW.

SO IF THE SURCHARGE IS ALLOWED TO EXPIRE, WE'RE TALKING ABOUT CORPORATIONS LIKE AMAZON, WELLS FARGO, PRUDENTIAL, HOME DEPOT, THESE ARE THE CORPORATIONS THAT MAKE MULTI-MILLION IN PROFITS EVERY YEAR.

THEY ARE THE ONLY ONES WHO ARE CURRENTLY PAYING IT, AND THEY ARE THE ONES WHO ARE GOING TO GET A NICE TAX CUT SHOULD THE SURCHARGE BE ALLOWED TO EXPIRE.

>> EARLIER, AT A NEWS CONFERENCE, YOU CALLED THAT A BLATANT GIVE-AWAY.

WHAT DO YOU MEAN BY THAT?

>> WELL, AGAIN, THIS IS A TIME WHEN WE ARE SEEING ACROSS THE COUNTRY CORPORATE PROFITS ARE AT A RECORD-BREAKING HIGH.

WE ALSO KNOW THAT THERE HAS BEEN PRICE GOUGING GOING ON, WAGES HAVE BEEN SUPPRESSED, AND WE KNOW THAT WE ARE LOOKING AT A RECENT TREND OF TAX AVOIDANCE THAT CONTINUES TO GO HIGHER AND HIGHER IN TERMS OF THE AMOUNT OF REVENUE THAT IS FOREGONE BECAUSE OF TAX AVOIDANCE STRATEGIES THAT ARE USED TYPICALLY BY THESE EXACT SAME WEALTHY CORPORATIONS.

>> SO AS YOU KNOW, GOVERNOR MURPHY SAID LAST MONTH THAT HE WAS OPEN TO THE IDEA OF LETTING THIS SURCHARGE SUNSET AS PLANNED.

HAVE YOU HAD ANY COMMUNICATION WITH THE MURPHY ADMINISTRATION ADMINISTRATION OR STATE LAWMAKERS IN TERMS OF HOW THEY'RE THINKING?

>> NO, WE HAVE NOT.

ALTHOUGH, YOU KNOW, I THINK THAT THE LEGISLATURE IS BEING CAUTIOUS ABOUT PUTTING OUT STATEMENTS BECAUSE THEY WANT TO SEE WHAT THE FISCAL HEALTH OF NEW JERSEY LOOKS LIKE.

RIGHT?

AS THE BUDGET SEASON BEGINS.

OUR HOPE IS THAT THEY LOOK BEYOND JUST THIS COMING YEAR, WE KNOW WE HAVE A SURPLUS.

BUT WE ALSO KNOW THAT FEDERAL AID THAT WE'VE RECEIVED DURING THE PANDEMIC IS GOING TO START WINDING DOWN.

WE KNOW THAT THE ECONOMY IN GENERAL IS LIKELY TO FLATTEN OUT.

>> SHEILA, VERY GOOD TO TALK TO YOU.

THANK YOU FOR YOUR TIME.

>> ABSOLUTELY.

>>> TIME IS RUNNING OUT TO APPLY FOR NEW JERSEY'S ANCHOR PROPERTY TAX RELIEF PROGRAM.

THIS COMING TUESDAY IS THE FINAL DAY TO APPLY.

THE ANCHOR PROGRAM REPLACES THE HOMESTEAD REBATE PROGRAM, AND IT MAKES MORE PEOPLE ELIGIBLE FOR TAX RELIEF.

THE STATE SAYS NEARLY 1.2 MILLION HOMEOWNERS WHO RECEIVE A BENEFIT OF UP TO $1,500, AND MORE THAN 900,000 RENTERS WILL RECEIVE A BENEFIT OF $450.

>>> MORE FEDERAL FUNDS ARE ON THE WAY TO NEW JERSEY TO HELP RESIDENTS PAY THEIR UTILITY BILLS THIS WINTER.

NEW JERSEY'S CONGRESSIONAL DELEGATION ANNOUNCED THAT AN ADDITIONAL $35 MILLION WILL BE EARMARKED FOR THE LOW INCOME HOME ENERGY ASSISTANCE PROGRAM.

THAT PROGRAM HELPS LOWER INCOME HOUSEHOLDS PAY THEIR HOME HEATING BILLS.

WITH THIS LATEST ROUND OF FEDERAL FUNDING, A TOTAL OF $188 MILLION HAS BEEN ALLOCATED TO PROVIDE ASSISTANCE, AND THE STATE IS TRYING TO GET THE WORD OUT THAT THIS MONEY IS AVAILABLE.

FOR MINORITY ENTREPRENEURS, IT CAN BE A STRUGGLE TO GET LOANS TO START OR EXPAND A BUSINESS.

AS WE CONTINUE OUR SERIES OF INTERVIEWS MARKING BLACK HISTORY MONTH, WE WANT TO TELL YOU HOW BLACK-OWNED FINANCIAL INSTITUTIONS ARE STEPPING IN TO FILL THAT FUNDING GAP.

ONE OF THOSE INSTITUTIONS IS INDUSTRIAL BANK, WHICH OPERATES TWO BRANCHES IN NEWARK.

I SPOKE WITH WILLIE BLAYLOCK, A SENIOR VICE PRESIDENT AT THE BANK, WHO OVERSEES MARKET DEVELOPMENT IN THE NEW JERSEY REGION, ABOUT HOW BLACK-OWNED BANKS ARE FINANCIALLY EMPOWERING THEIR PATRONS AND THE COMMUNITY AT LARGE.

LET ME START WITH A VERY BASIC QUESTION FOR YOU.

WHY IS IT IMPORTANT TO HAVE BLACK-OWNED BANKS IN THIS COUNTRY AND REGION?

>> WELL, RHONDA, AS MANY FOLKS KNOW, THERE WAS A TIME WHERE FOLKS OF COLOR WEREN'T ABLE TO GO INTO A BANK AND OPEN AN ACCOUNT.

THE BLACK-OWNED AND OPERATED BANK SERVES THE PURPOSE OF HAVING INDIVIDUALS PLACING THEIR MONEY IN A SAFE PLACE, IN ADDITION TO BEING IN THE COMMUNITIES THAT THEY ACTUALLY SERVE.

>> SO YOU HAVE TWO BRANCHES IN NEWARK.

EXPLAIN TO ME YOUR RELATIONSHIP WITH NEWARK AND THE COMMUNITY AND HOW THE BANK IS HELPING TO ADVANCE PEOPLE IN NEWARK.

>> THE RELATIONSHIP WITH NEWARK HAS BEEN EXCELLENT.

PRIMARILY BECAUSE OF OUR RELATIONSHIP WITH THE MUNICIPALITY.

THE MUNICIPALITY HAS BEEN VERY SUPPORTIVE TO ONE, HAVING THE BANK OF COLOR THAT UNDERSTANDS THE NEEDS OF THE COMMUNITY, AND SECONDLY, ALSO PARTNERING WITH US TO ENSURE THAT WE HAVE THE CAPITAL DEPOSITED INTO THE BANK, AND GET OUR FAIR SHARE OF DEPOSITS THAT THE CITY AND THE MUNICIPALITY ACTUALLY HAS, SO THAT WE CAN DEPLOY MONEY BACK INTO THESE COMMUNITIES.

>> WE'VE DONE A LOT OF REPORTING ABOUT HOW ACCESS TO CAPITAL IS A REAL ISSUE FOR MINORITY BUSINESSES.

HOW DOES INDUSTRIAL BANK HELP ON THAT FRONT?

HOW ARE YOU ABLE TO HELP CUSTOMERS AND CLIENTS THAT OTHER BANKS EITHER CHOOSE NOT TO, OR JUST DECIDE THAT IT'S NOT IN THEIR BEST INTEREST?

>> WE'VE LOANED TO SMALL BUSINESSES AND ENTREPRENEURS PRIMARILY THE ONES THAT ARE ACTUALLY IN OUR COMMUNITY.

THE MINORITY BANKS ARE MDIs WHICH ARE MINORITY DEPOSIT FINANCIAL INSTITUTIONS, AND INDEPENDENT, AND IN ADDITION TO COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS.

SO 60%, OVER 60% OF THE LENDING THAT WE DO AS A BANK MUST BE IN THE COMMUNITIES THAT WE'RE ACTUALLY LOCATED IN.

AND WE'RE LOCATED IN BLACK AND BROWN COMMUNITIES, BECAUSE THAT'S WHERE WHAT WE SERVE.

>> HOW IS THE INDUSTRIAL BANK HELPING TO CLOSE THE RACIAL WEALTH GAP BY STAYING FOCUSED ON THE COMMUNITY, AND STAYING FOCUSED ON MEETING ITS LENDING NEEDS?

>> WHAT WE DO AT INDUSTRIAL BANK, AND WHAT THE MINORITY FINANCIAL INSTITUTIONS ACTUALLY DO, IS WE PROMOTE HOME OWNERSHIP.

THAT'S THE FIRST THING.

I'LL TELL ANY INDIVIDUAL, IF YOU HAVE THE ABILITY TO RENT, THEN YOU NEED TO BE TALKING TO YOUR BANK ABOUT WHAT YOU NEED TO DO SO THAT YOU CAN BECOME A HOMEOWNER.

IT MAY NOT BE IN THE BEST NEIGHBORHOOD, IT MAY NOT BE ON THE BEST BLOCK.

HOWEVER, YOU OWN IT, SO YOU OWN A PIECE OF THE PIE.

WHICH IS A START.

WE NEED TO START THERE.

AND IT ALSO ALLOWS US TO LEAVE SOMETHING FOR OUR, YOU KNOW, SOMETHING FOR OUR CHILDREN, TO BUILD UPON.

>> I WANT TO THANK YOU SO MUCH FOR YOUR TIME AND FOR SHARING THE MISSION OF INDUSTRIAL BANK.

WE APPRECIATE IT.

>> MY PLEASURE.

>>> THE INNOVATION ECONOMY PLAYS A MAJOR ROLE IN THE GOVERNOR'S FINANCIAL PLANS FOR THE STATE.

FROM GROUND-BREAKING MEDICAL RESEARCH, TO NEW TECHNOLOGICAL PRODUCTS, NEW JERSEY'S HOME TO SOME SUCCESSFUL AND INNOVATIVE ENTREPRENEURS.

BUT BUSINESS GROUPS SAY NEW JERSEY LAGS BEHIND THE NORTHEAST WHEN IT COMES TO CREATING AN ENVIRONMENT WHERE STARTUPS AND ENTREPRENEURS CAN THRIVE.

SO WE'RE PUTTING NEW JERSEY'S INNOVATION ECONOMY IN FOCUS THIS WEEK, AND LOOKING AT HOW WELL THE STATE BACKS ITS NEWEST BUSINESSES.

THE NEW JERSEY BUSINESS AND INDUSTRY ASSOCIATION BREAKS DOWN THE STATE OF INNOVATION THROUGH ITS ANNUAL INDICATORS OF INNOVATION REPORT.

THIS REPORT IS BASED ON THREE INDICATORS THAT SIGNAL A ROBUST INNOVATION ECONOMY.

ACCESS TO CAPITAL, ACCESS TO TALENT, AND BUSINESS GROWTH.

FOR CAPITAL, THE NJBIA SAYS NEW JERSEY VENTURE CAPITALIST FUNDS CONTROL JUST UNDER $5 BILLION IN ASSETS.

IT SOUNDS LIKE A LOT OF MONEY AVAILABLE TO ENTREPRENEURS, BUT COMPARE THAT TO NEW YORK, WHERE ALMOST $150 BILLION IN ASSETS ARE MANAGED.

AND ACCORDING TO THE NJBIA, NEW JERSEY'S INVESTMENT AND RESEARCH AND DEVELOPMENT HAS DECREASED BY NEARLY 40% IN THE PAST DECADES.

NEW JERSEY HAS A STRONG TALENT BASE WITH 17% OF WORKERS HAVING A GRADUATE OR PROFESSIONAL DEGREE, BUT STUDENTS WHO GO TO NEW JERSEY COLLEGES ARE LEAVING THE STATES, LEAVING US WITH LESS TALENT.

ACCORDING TO THE NJBIA, THERE WAS A NET LOSS OF ABOUT 27,000 STUDENTS IN 2020.

THE NJBIA RECOMMENDS MORE STATE INVESTMENT IN INNOVATION AND THE MURPHY ADMINISTRATION HAS LAUNCHED A FEW PROGRAMS TO SOAR SUPPORT STARTUPS AND NEW JERSEY ENTREPRENEURS.

AND THE STATE IS ALSO THINKING ABOUT HOW INNOVATION CAN HELP TRAIN NEW JERSEY'S WORK FORCE.

THE STATE RECENTLY LAUNCHED A PILOT PROGRAM TO HELP RESIDENTS WHO ARE UNEMPLOYED OR UNDEREMPLOYED, ACCORDING TO MAXIMUM NOVAK, NEW JERSEY'S CHIEF INNOVATION OFFICER.

NEW JERSEY WORKERS SAY THEY WANT MORE FLEXIBLE WAYS TO DEVELOP THE SKILLS NECESSARY TO OBTAIN THE JOBS OF TOMORROW.

WE SAT DOWN TO TALK ABOUT THAT PROGRAM, AND OTHER WAYS INNOVATION IS BEING PROMOTED IN THE STATE.

>> BETH, GOOD TO SEE YOU.

WELCOME BACK TO "NJ BUSINESS BEAT."

>> LOVELY TO BE BACK.

THANKS FOR HAVING ME.

>> YOU KNOW, BETH, IT'S SO INTERESTING, I WAS REMEMBERING WHEN YOU AND I TALKED DURING THE PANDEMIC, AND INNOVATION AT THE TIME WAS SO FOCUSED JUST ON KEEPING PEOPLE CONNECTED, AND YOU DID A LOT OF WORK WITH TECHNOLOGY, AND THE STATE AT THE TIME, AND IT SEEMS THAT IT SHIFTED A LITTLE BIT, HOW WE PERCEIVE INNOVATION, AND WHAT'S IMPORTANT.

I KNOW THAT YOU'RE INVOLVED, FOR INSTANCE, IN THE GOVERNOR'S FUTURE OF WORK INITIATIVE.

THERE WAS AN ANNOUNCEMENT RECENTLY ON WORKPLACE TRAINING.

HOW SHOULD WE THINK ABOUT INNOVATION NOW?

AND WHY IS IT IMPORTANT TO THINK ABOUT THE WORKPLACE IN AN INNOVATIVE WAY?

>> ONE OF THE THINGS WE DID, ACTUALLY BEFORE THE PANDEMIC, WAS TO USE THE TECHNOLOGY TO REACH OUT TO NEW JERSEY'S WORKERS, WE HEARD FROM THOUSANDS OF PEOPLE WHO TOLD US THAT THE THING THAT PEOPLE ARE WORRIED ABOUT, PEOPLE WANT TO GET NEW KINDS OF TRAINING, THEY WANT TO LEARN NEW SKILLS, BUT THEY ARE WORRIED ABOUT WHETHER THEY CAN AFFORD TO DO SO.

THEY ARE WORRIED ABOUT WHETHER THEY CAN CARE FOR THEIR ELD LER PARENTS, WHETHER THEY CAN CARE FOR THEIR CHILDREN AND STILL GO OUT AND TAKE THAT TRAINING COURSE THAT THEY NEED TO HELP THEM REACH THE NEXT LEVEL IN THEIR CAREER.

SO THAT'S WHY THE GOVERNOR HAS LAUNCHED THIS NEW PROGRAM, FUNDED BY THE LEGISLATURE, CALLED, AND BASED ON THE WORK THAT THE FUTURE OF WORK TASK FORCE DEVELOPED, AND THAT CAME OUT OF WHAT WE HEAR FROM WORKERS, IS TO LAUNCH THIS NEW PROGRAM CALLED LIFELONG LEARNING ACCOUNTS SOME OF THE LIFELONG LEARNING ACCOUNTS ARE GOING TO GIVE MONEY, PUT IT IN THE HANDS OF NEW JERSEY RESIDENTS, IN PARTICULAR THOSE PEOPLE WHO DON'T HAVE OTHER KINDS OF CREDENTIALS AND DEGREES, AND WHOM ARE REALLY EAGER TO DEVELOP THE TRAINING THEY NEED TO ADVANCE, AND TO GIVE THEM MONEY IN THEIR HANDS THAT THEY CAN USE NOT ONLY TO PAY FOR TRAINING, BUT TO PAY FOR THOSE OTHER SERVICES, TO PAY TO GET TO THE TRAINING, TO PAY TO CARE FOR THEIR ELDERLY PARENTS, TO MAKE IT POSSIBLE FOR THEM TO DO THE TRAINING.

SO A LOT OF THE SAME LESSONS WE'RE LEARNING THROUGH ALL OF THESE.

LISTEN TO PEOPLE AND WHAT THEY WANT.

USE TECHNOLOGY TO MAKE IT EASY TO DELIVER PEOPLE.

DO IT IN PLAIN LANGUAGE.

AND MAKE IT SIMPLE.

THAT'S SOMETHING WE'RE TRYING TO DO, ALSO WITH THIS WORKPLACE TRAINING PROGRAM.

>> SO WHEN WE THINK ABOUT PUSHING INNOVATION FORWARD IN NEW JERSEY, AND THE GOVERNOR STILL TALKS QUITE A BIT ABOUT INNOVATION, HOW SHOULD WE THINK OF THAT NOW, GOING FORWARD?

IS IT THIS DIGITALIZATION?

IS IT SOMETHING ELSE?

IS IT HELPING TO SUPPORT COMPANIES WHERE TECHNOLOGY AND INNOVATION ARE KEY?

>> SO, I THINK, YOU KNOW, INNOVATION ISN'T LIMITED TECHNOLOGY, IT INCLUDES TECHNOLOGY, AND DIGITALIZATION IS A MEANS TO MAKE IT EASIER TO DO THINGS, ESPECIALLY FOR BUSINESSES TO DO THINGS LIKE START AND GROW PEOPLE'S BUSINESSES.

SO THAT'S WHY WE'VE BUILT BUSINESS.NJ.GOV, A ONE-STOP PLACE WHERE BUSINESSES CAN GO, SO THEY DON'T HAVE TO HUNT AROUND, WHICH GOVERNMENT WEBSITE DO NEED TO GO TO, WHICH AGENCY, WHERE DO I FIND MY PERMIT FORM, WHERE DO I GET THIS LICENSE, HOW DO I START MY BUSINESS.

YOU CAN GO TO ONE PLACE.

THAT'S WHERE TECHNOLOGY MAKES IT SIMPLER AND EASIER FOR PEOPLE THEN TO BE INNOVATIVE AND ENTREPRENEURIAL.

I THINK INNOVATION IS ALSO ABOUT INNOVATIVE AND NEW WAYS OF WORKING, ESPECIALLY FOR GOVERNMENT.

THAT MEANS LISTENING TO RESIDENTS, SITTING DOWN AND TALKING WITH PEOPLE, AS WE'VE BEEN DOING, AND CONTINUE TO DO, TO ASK BUSINESSES, WHAT DO YOU WANT THE STATE TO DO BETTER FOR YOU?

HOW CAN WE WORK BETTER?

WHAT MATTERS TO YOU?

AND WHAT'S IMPORTANT TO YOU.

>> WELL, IT'S VERY INTERESTING TO HEAR ABOUT SOME OF THESE INITIATIVES UNDER WAY.

I WANT TO THANK YOU SO MUCH FOR SPENDING SOME SOMETIME WITH ME.

>> THANK YOU FOR HAVING ME.

GLAD TO BE HERE.

>>> IN CENTRAL JERSEY, WORK IS UNDER WAY ON WHAT IS BEING BILLED AS A WORLD CLASS HUB OF INNOVATION.

IN NEW BRUNSWICK, THEY'RE DEVELOPING THE NEW JERSEY HEALTH AND LIFE SCIENCES EXCHANGE, KNOWN AS THE HELIX.

THE HELIX WILL OFFER SPACE FOR INNOVATION AND STARTUP COMPANIES, ALONG WITH MEDICAL RESEARCH, AND EDUCATION.

THE PROJECT IS BEING BUILT BY THE BRUNSWICK DEVELOPMENT CORPORATION, OR DEPCO, I SPOKE WITH DEVC OSE EXECUTIVE DIRECTOR CHRISTOPHER PALLADINO.

CHRISTOPHER, IT IS GREAT TO SEE YOU ON "NJ BUSINESS BEAT."

>> GREAT TO SEE YOU.

GLAD TO BE HERE.

>> YOU HAVE DESCRIBED THE HELIX PROJECT IN NEW BRUNSWICK AS A FIRST CLASS ECOSYSTEM TO FUEL NEW JERSEY'S INNOVATION ECONOMY.

TEASE THAT OUT FOR ME.

HOW WILL THIS CREATE AN ECOSYSTEM WHERE WE SEE INNOVATION ABOUND?

>> SO FOR THE LAST SEVERAL YEARS, WE'VE BEEN WORKING TO DEVELOP THE ONLY ECOSYSTEM IN IN THE COUNTRY WHERE ACADEMIC RESEARCHERS, THE PRIVATE SECTOR, ENTREPRENEURS, THE STARTUP COMMUNITY, MEDICAL STUDENTS, EDUCATORS, CAN CO-LOCATE IN AN ENVIRONMENT OF COLLABORATION AND DISCOVERY, CREATING CREATIVE COLLISIONS.

YOU KNOW, IF YOU HAVE A SEASONED TRANSFORMATIONAL, TRANSLATIONAL RESEARCHER, WORKING IN A BUILDING WITH MEDICAL STUDENTS, AND FOLKS WHO ARE DOING, YOU KNOW, IN THE STARTUP PHASE OF THEIR BUSINESS, THE FACT THAT THEY'RE IN A BUILDING TOGETHER, MAYBE HAVING COFFEE TOGETHER, MAYBE MEETING IN THE LOBBY, MAYBE VISITING EACH OTHER'S LABS, BEING MENTORS, REALLY CREATES AN ECOSYSTEM OF COLLABORATION AND CREATIVE COLLISIONS.

>> SO THE HELIX RECENTLY RECEIVED AN AWARD FROM THE STATE'S ASPIRE PROGRAM, THE FIRST AWARD UNDER THAT PROGRAM.

HOW WILL THIS HELP MOVE HELIX ALONG?

>> IT IS GOING TO PROVIDE $271 MILLION WORTH OF TAX CREDITS WHICH WE WILL SELL AND WE WILL MONETIZE, AND IT WILL CONTRIBUTE TO THE BUDGET OF $740 MILLION, THIS BUILDING IS 525,000 SQUARE FEET, AND IT WILL ALLOW US TO REACH AN ECONOMIC POINT WHERE THE SPACE IS AFFORDABLE FOR STARTUP BUSINESSES TO BE ABLE TO LOCATE HERE.

>> LAND IS THE CURRENT TIME LINE FOR GETTING THE PROJECT UP AND RUNNING AND GETTING THE DOORS OPEN?

>> WELL, WE EXPECT TO CLOSE IN THE FIRST WEEK OF APRIL.

ALL OF THE FINANCING FOR THE PROJECT.

WE HAVE DONE A LOT OF INFRASTRUCTURE ON THE SITE.

WE HAVE DONE ALL OF THE DEMOLITION.

WE WILL BE IN THE GROUND BY MAY.

AND WE EXPECT TO CUT THE RIBBON IN LATE FALL OF 2025, AND WELCOME OUR TENANTS IN THE MEDICAL SCHOOL IN THE FIRST QUARTER OF 2026.

>> YOU'RE TOUCHING ON A LITTLE BIT, HOW ELSE WILL WE SEE THE ECONOMIC IMPACT IN NEW JERSEY?

I DON'T KNOW IF YOU HAVE A DOLLAR FIGURE, BUT I'D BE CURIOUS TO LEARN THAT.

>> WELL OUR ECONOMIST SAYS THE NET BENEFITS TO THE STATE OF NEW JERSEY IS NEARLY HALF A BILLION IN THE FIRST TEN YEARS, BUT OUTSIDE OF THAT, JUST NEW TAXES, NEW TAX REVENUE, $800 MILLION OF NEW NATIONAL INSTITUTE OF HEALTH RESEARCH GRANTS ARE EXPECTED IN THE FIRST TEN YEARS.

AND THAT'S GOING TO BE, THAT'S GOING TO BE SOMETHING THAT WE WORK ON, NOT JUST WITH RUTGERS, AND OUR ACADEMIC PARTNERS, WITH ROBERT WOOD JOHNSON BARN ALICE DUS HEALTH SYSTEM, HACKENSACK.

PRINCETON UNIVERSITY, UNIVERSITY OF TEL AVIV AND BEING ABLE TO ACCELERATE LIFE SCIENCE RESEARCH IN DOWNTOWN NEW BRUNSWICK.

>> IT IS GOING TO BE INTEREST TO WATCHING IT DEVELOP.

THANK YOU FOR SPENDING SOME TIME WITH ME SO WE CAN HEAR ABOUT IT.

>> THANK YOU VERY MUCH FOR THE OPPORTUNITY.

>>> YOU MAY NOT REALIZE IT BUT THE HEALTH CARE YOU RECEIVE IN THE STATE IS POWERED BY INNOVATION.

HOSPITALS, DOCTORS, AND LONG-TERM CARE PROVIDERS PARTICIPATE IN WHAT'S KNOWN AS THE NEW JERSEY HEALTH INFORMATION NETWORK.

IT'S AN ELECTRONIC EXCHANGE OF PATIENT HEALTH INFORMATION.

HELPING CARE PROFESSIONALS GET VITAL INFORMATION QUICKLY ABOUT THEIR PATIENTS.

THE SYSTEM PLAYED A CRUCIAL ROLE DURING THE COVID-19 PANDEMIC, ACCORDING TO JENNIFER D'ANGELO, SENIOR VICE PRESIDENT AND GENERAL MANAGER OF THE HEALTH CARE DIVISION OF THE NEW JERSEY INNOVATION INSTITUTE, WHICH RUNS THE NETWORK.

>> THIS WAS INCREDIBLY CRITICAL IN THE PANDEMIC TO HAVE THAT INFORMATION AT THE PROVIDERS AND THE FACILITIES' FINGERTIPS.

CERTAINLY THE PANDEMIC, WE'VE HAD A LOT OF LESSONS LEARNED, AND OPPORTUNITIES TO MOVE HEALTH CARE QUICKLY FORWARD, LEVERAGING EXISTING SYSTEMS AND TECHNOLOGIES THAT ARE AVAILABLE TO US.

SO HAVING THAT FOCUS REALLY HAS HELPED FOSTER THE INNOVATION AND CONTINUING TO REALLY PUSH INNOVATION FORWARD AT A FASTER RATE THAN WE NORMALLY WOULD IN THE HEALTH CARE SPACE.

>> ONE NEW JERSEY ENTREPRENEUR IS USING INNOVATION TO RE-THINK THE SUPPLY CHAIN.

SUCHI RAMASH IS THE FOUNDER AND CEO OF SUCHI INC., A COMPANY THAT DEVELOPED A NEXT GENERATION SOFTWARE IT ADDRESS SUPPLY CHAIN PROBLEMS.

I SAT DOWN WITH SUCCI TO LEARN MORE ABOUT HER COMPANY.

>> SUCHI, IT IS GREAT TO TALK TO YOU TODAY, AND TO HEAR HOW YOU REALLY INNOVATED SUPPLY CHAINS.

TELL ME HOW YOU GOT THE IDEA FOR YOUR COMPANY, AND WHAT YOUR COMPANY DOES.

>> YES, THANK YOU.

THANKS FOR HAVING ME.

SO OUR LEADERSHIP TEAM AND I, WE HAVE A BACKGROUND IN SUPPLY CHAIN OBSERVATION AND SUPPLY CHAIN TECHNOLOGY, BEFORE WE STARTED THE COMPANY, AND WE OBSERVED THAT AS COMPANY GOES FROM 10 MILLION TO 100 MILLION TO A BILLION, THEY RUN THEIR SUPPLY CHAIN DATA ON EXCEL SHEETS AND A STACK PLOT AND SOLUTIONS AND SUDDENLY HAVING TO SIGN ON TO AN SAP OR A GROUP, AND WE FELT THERE HAD TO BE SOME KIND OF AN IN BETWEEN SOLUTION TO HELP COMPANIES SCALE THEIR SUPPLY CHAIN WITHOUT NEEDING TO SIGN ON TO ONE OF THOSE GIANTS AS THEY MAY HAVE FROM THIS POINT.

AND THAT IS THE IDEA BEHIND THIS GRID, WHICH IS OUR MULTI-PRODUCT PLATFORM.

WE ENVISIONED USING ONE SINGLE SOURCE, THAT WOULD CONNECT DATA, PARTICIPANTS AND WORK FLOWS, AND THAT'S HOW WE STARTED THE COMPANY, WITH ALL OF THE SUPPLY CHAIN LEAKS.

>> HOW HAVE YOU GROWN OVER THE LAST COUPLE OF YEARS?

>> THE GROWTH HAS COME BOTH IN TERMS OF CUSTOMERS AND TEAM SIZE BUT IT HAS ALSO COME IN TERMS OF US TAKING THE RIGHT STEPS AT THE RIGHT TIME, INTO THE LAUNCHING OF THE PRODUCTS ON DAY ONE.

>> WHEN YOU LOOK AT THE FUTURE FOR YOUR COMPANY, DOES YOUR SOFTWARE HAVE UNLIMITED USE?

ARE THERE OTHER WAYS THAT YOU CAN USE IT EITHER BY CAPTURING MORE INDUSTRIES THAN YOU HAVE, ALTHOUGH I THINK YOU HAVE PRETTY MUCH INDUSTRIES ACROSS THE BOARD, OR UTILIZING THE TECHNOLOGY FOR A DIFFERENT TYPE OF INDUSTRY?

>> WE STARTED OFF WITH SOME INDUSTRIES, SO WE COULD HAVE WORK WITH THE CUSTOMERS, AND WORK FLOWS THAT WE COULD REPLICATE, AND SIMILARLY, WE STARTED WITH ONE SET OF PRODUCTS, BUILD MATURITY THERE, BEFORE ADDING MORE PRODUCTS ON TOP OF THAT.

TODAY WE HAVE OVER 20 PRODUCTS.

SOME OF THEM ARE CORE.

SOME OF THEM SIT ON TOP OF THE CORE PRODUCTS TO ADD A LOT MORE FUNCTIONALITY.

BUT YES, I MEAN SLOWLY BUT SURELY, WE'VE ADDED MORE INDUSTRIES AS WELL AS MORE PRODUCT.

>> WE'VE HEARD SO MUCH ABOUT SUPPLY CHAIN CHALLENGES, DURING THE PANDEMIC, AND BEYOND.

AS SOMEBODY INSIDE THE INDUSTRY, DO YOU THINK SOME OF THAT HAS TO DO WITH TECHNOLOGY PROBLEMS, OR SOMETHING ELSE?

>> THE BIG WAY TO ELIMINATE AND EASE SOME OF THOSE OPERATIONAL CHALLENGES ON THE GROUND IS TO REALLY HAVE A TECHNOLOGY SPECK AND A DIGITIZED CONNECTED WORK FLOW BECAUSE THE MORE YOUR DATE IS COLLECTED AND TRACKED, THE BETTER SITUATED YOU ARE TO PROACTIVELY MITIGATE THOSE EXCEPTIONS VERSUS REACTING TO THEM.

SO I ABSOLUTELY, YOU KNOW, THE THESIS BEHIND THE COMPANY IS REALLY BASED OFF OF LET'S GIVE YOU THAT DIGITIZED CONNECTIVE TISSUE ACROSS THE SUPPLY CHAIN, SO YOU AS A COMPANY, NO MATTER WHICH INDUSTRY YOU'RE IN, CAN PROACTIVELY PLAN AHEAD AND HENCE BUILD A SCALABLE SOLUTION THAT CAN TAKE YOUR COMPANY TO THE NEXT LEVEL.

>> THANK YOU FOR YOUR TIME TODAY.

IT IS GREAT TO LEARN MORE ABOUT THE COMPANY.

>> THANK YOU SO MUCH FOR HAVING ME.

>>> THAT DOES IT FOR US THIS WEEK.

REMEMBER TO SUBSCRIBE TO OUR NJ NEWS SPOTLIGHT CHANNEL TO GET ALERTED WHEN WE POST NEW EPISODES AND CLIPS.

>>> COMING UP NEXT WEEK, WE WILL DIG INTO GOVERNOR MURPHY'S NEW STATE BUDGET PROPOSAL AND WHAT IT MEANS FOR YOU.

THANKS FOR WATCHING.

AND WE'LL SEE YOU NEXT WEEKEND.

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VISIT IBEW102.ORG.

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