Business Incubator Series: Jerry Creighton, Enterprise Development Center, New Jersey Institute of Technology – Newark (Part 7)

By guest authors Irina Patterson and Candice Arnold

Jerry: Very few of the SBA [Small Business Association] programs are of any value to us. Most of the companies here, their main asset is intellectual property. Intellectual property is different from brick-and-mortar [property].

If people go through SBA funding sources, they have to use their personal assets. That’s my biggest frustration, the lack of interest in the United States, in most states, definitely in New Jersey, in helping the companies that really create the jobs, that are the future of our country. We’re not getting a lot of support.

The other kinds of support that we need are things to encourage investors to invest. If you want people to stay in your state and invest in early-stage companies, you have to give them incentives; otherwise, they might go to another state.

Tax credits, for instance, are always a good idea. Investors, angels, want incentives to invest here. It’s all about funding and the interest of our elected officials on what the real future of this country is.

Irina: What do you say to those you don’t accept into your incubator?

Jerry: I tell them that they don’t fit the model. We’re high tech, biosciences, and life sciences. We just don’t see it as a viable alternative or a viable program. Those are the rejection points.

Irina: What are the typical reasons for not accepting them?

Jerry: I’ll give you an example. I had a guy here who had some cool things. It was something to do with bathrooms. It just didn’t fit what we’re about. I wish him a lot of luck and tell him to go over to SBDC or someplace, and he can get some mentoring help over there. It’s not appropriate for the center here.

Irina: Do you reject a certain number of serious technology business entrepreneurs?

Jerry: I try to do what I can to get them in. I do have an application process. It’s set up for a reason. I believe if you bring in the right companies early, upfront, they will succeed. That’s what we want, companies that can succeed. It’s as simple as that.

Irina: Thank you, Jerry. It’s been a very interesting conversation. Thank you for sharing your insights with us.

This segment is part 7 in the series : Business Incubator Series: Jerry Creighton, Enterprise Development Center, New Jersey Institute of Technology – Newark
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