The New Jersey Economic Development Authority (NJEDA) has released findings from the NJ Bioscience Center Incubator (BCI) IMPACT Study, highlighting the significant economic contributions of the North Brunswick incubator to New Jersey's life sciences sector and overall economy. The study reveals that BCI has been instrumental in job creation, tax revenue generation, and total economic output.
Located within a 50-acre research park on Route 1, the Incubator at North Brunswick offers lab spaces ranging from 900 to 1,300 square feet, along with conference rooms, loading docks, glass washing facilities, autoclaves, and private offices. This environment fosters collaboration among entrepreneurs. Companies also benefit from support services such as venture capital training events and one-on-one office hours with experienced life sciences professionals.
From 2019 to 2023, BCI-supported companies created an average of 2,744 jobs annually. In 2023 alone, these companies generated $32 million in state and local tax revenue. Since its inception in 2002, BCI companies have produced over $9 billion in total output and $4 billion in total labor income for New Jersey.
"Located alongside New Jersey’s Route 1 Research Corridor, the Incubator at the New Jersey Bioscience Center leverages its close proximity to leading universities and corporations to attract, retain, and grow companies of the future that fuel our highly talented workforce," said NJEDA Chief Executive Officer Tim Sullivan. "Since taking office, Governor Phil Murphy has been committed to creating resources for biotech startups to help bring life-saving products to market and further New Jersey’s legacy as a leader in innovation."
The report was conducted by BJH Advisors and East Egg Project Management. Interviews with graduates and current tenants of BCI revealed unanimous agreement on the incubator's positive impact on their success due to staff support, resources provided by BCI programming, facility space availability, and equipment access.
Of the 96 companies that have graduated from the incubator since 2002, half continue to operate their headquarters or maintain a presence in New Jersey. Notable graduates include Amicus Therapeutics, GENEWIZ, and Advaxis (now known as Ayala).
"The BCI is one of many ways the NJEDA is supporting biotech and life sciences businesses by providing them with space and resources while encouraging collaboration among like-minded entrepreneurs," said NJEDA Chief Economic Transformation Officer Kathleen Coviello. "This report shows that New Jersey has what it takes to remain at the forefront of innovation."
New Jersey hosts 14 of the world's largest pharmaceutical companies along with over 400 biotechnology firms. The state's life sciences industry employs approximately 115,000 people. Middlesex County alone accounts for over 11,200 individuals within this workforce.
