TRENTON, N.J. (September 20, 2019) – As part of Governor Phil Murphy’s trade mission to India, leaders from the New Jersey Economic Development Authority (NJEDA), Rowan University, and India’s National Research Development Corporation (NRDC) signed a Memorandum of Understanding (MOU) advancing efforts to coordinate resources and programs to support Research and Development (R&D) projects with an end goal of commercializing new inventions, patents, and processes.
“Reestablishing New Jersey’s place as the State of Innovation requires taking advantage of our unparalleled location, connectivity, and diversity to forge partnerships with other leading innovation economies around the world,” said Governor Phil Murphy. “The MOU signed today is the first step in a collaboration that will help companies in New Jersey conduct the research necessary to bring new products to market and grow our state’s innovation ecosystem.”
The MOU, signed Tuesday by Sullivan; Beena Sukumaran, Vice President for Research, Rowan University; and Dr. H. Purushotham, Chairman & Managing Director of NRDC, will enable coordination of resources and programs to support R&D projects and startups. It also contains an early-stage plan for providing financial support to approved projects.
“Building collaborations that transcend time zones and bring together innovative thinkers from around the world is crucial to cementing New Jersey’s status as a leader in the global innovation economy,” said NJEDA CEO Tim Sullivan. “We are proud to work with NRDC to bring new ideas and resources to New Jersey companies while providing India’s innovators with access to the Garden State’s top-notch talent and leading academic research universities.”
Rowan University has also offered free space at its Technology Business Incubation Centre to NRDC to foster the growth of Indian startups.
“Rowan University prides itself on taking innovative ideas all the way from the classroom to practical applications,” said Sukumaran. “We are thrilled to welcome innovative Indian startup companies to the South Jersey Technology Park at Rowan University, where they will have access to our facilities, faculty, students and other resources that will help them grow.”
“New Jersey is well positioned to welcome young, dynamic Indian companies eager to test the waters in the international arena,” said Jose Lozano, CEO of Choose New Jersey, which funded the trade mission. “The MOU between New Jersey and the NRDC will help to solidify tangible opportunities for Indian startup companies to benefit from the State’s academic and innovation ecosystems.”
The Indian Government established NRDC in 1953 to promote, develop, and commercialize the technologies, inventions, patents, and processes emanating from various national R&D institutions and universities. In this role, NRDC has been instrumental in launching various programs including commercial programs for technology transfer, IP consultancy, technology, and patent applications. During the past five years, NRDC has also forged strong links with the scientific and industrial community in India, as well as overseas, and developed a wide network of research institutions, academia, and industry.
“We are excited to collaborate with the NJEDA and Rowan University to build on NRDC’s track record of success growing Indian companies and forging international partnerships,” said Dr. Purushotham. “New Jersey’s location, international connectivity, and diverse, highly-educated workforce make it a natural partner for building India’s innovation economy and advancing cutting-edge R&D projects.”
To read Governor Murphy’s full economic plan, please visit:https://nj.gov/economicplan
About Choose New Jersey
Choose New Jersey is a privately funded 501 (c)(3) economic development organization with a mission to stimulate job creation and attract capital investment to New Jersey. Choose New Jersey markets New Jersey both domestically and internationally as the best place to grow a business in the United States. Knowledgeable, experienced staff, supported by a network of State agencies and private partners, provide free, confidential assistance to guide companies in establishing operations in New Jersey. By harnessing the power of business, labor, academic and government leaders, Choose New Jersey enables growth across all sectors of the State’s economy, aspiring to build a stronger and more prosperous New Jersey for all. To learn more, visit www.choosenj.com.
About the New Jersey Economic Development Authority
The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy.
The NJEDA’s Office of International Trade and Investment (OITI) is the lead international business development office in the New Jersey State government committed to promoting the Garden State as a premier business and investment destination. OITI works with government and private-sector partners to foster innovation and sustainable job growth by widening New Jersey’s global reach and supporting international trade and investment.