South Jersey Technology Park to open July 2008

That the first tenant of the Samuel H. Jones Innovation Center at the South Jersey Technology Park (SJTP) at Rowan University will be Rowan’s College of Engineering seems fitting. The nationally ranked school has an outstanding reputation for clinic-based work and industry partnerships, and its sponsored research is outgrowing the College’s home.

But the College — which plans to move some of its research into the facility in July 2008 — is just the start of life at the Technology Park, located in Mantua Township just off Rt. 322 at the Rt. 55 interchange. The planned 25-building Technology Park will provide competitively priced, Class A facilities for budding entrepreneurs, start-up and established companies to bring innovative technologies to the marketplace.

Tom Drury, CEO of the Technology Park said, ”Now that our first building is completed, our marketing activity has increased significantly. As a result, we are now seeing very high interest from a variety of different technology firms, both large and small. The firms are interested not only in the facility, but also in the value of the close affiliation with Rowan that results from location at the Technology Park. We anticipate leasing up the entire first building, and are looking forward to ground breaking for building #2 as soon as possible.”

Any of those businesses should find a suitable home at the Center, which features two floors, totaling 45,000-square feet of fit-to-order facilities, a mix of laboratories and laboratory/office space for private technology-based firms and for Rowan sponsored research. Strategically based just 20 miles from Center City, Philadelphia, in Gloucester County, the first building of the Technology Park is in the heart of one of the fastest growing parts of the state.

In addition, the Samuel H. Jones Innovation Center will be the home of the Center for Innovation and Entrepreneurship and a technology business incubator operated by the Rohrer College of Business at Rowan University.

The College of Engineering, the Center for Innovation and Entrepreneurship and the technology business incubator are all bonuses for businesses that locate at the Technology Park.

“Companies located at the Technology Park benefit from the ‘Rowan Connection.’ They’ll be able to tap into some of the brightest young researchers and business minds in the Delaware Valley and work with nationally recognized professors in engineering, sciences and business. Faculty-led student teams in engineering and sciences assist companies of all sizes to accelerate product development activity, while business planning and other business functions are supported by comparable teams from the Colleges of Business and Communications,” said Drury.

The Technology Park is a public/private partnership that has received support from numerous organizations and individuals, including the New Jersey Economic Development Authority ($5.8 million), the New Jersey Commission on Science and Technology ($1.5 million), South Jersey businessman Samuel H. Jones ($1 million) and the Rowan University Foundation ($1 million).

For more information on the Technology Park, visit http://www.sjtechpark.com or contact Thomas Drury at drury@rowan.edu or (856) 256-5099.

Entrepreneurs can survive, thrive during economic downturn

The biggest issue for most entrepreneurs is cash.

Whether the economy is booming or in the doldrums, entrepreneurs need investment capital to kick off their projects.

Many entrepreneurs have ideas that contain significant potential. But the idea is only the beginning. The trick is to implement the idea, to make it a reality. Doing that is not so simple or easy.

Entrepreneurs, generally, possess a significant amount of drive, especially when it comes to their own ideas. But they soon realize that there is no “free money” out there. No one is going to give them any capital until they invest significantly in their own idea.

The current real estate market makes getting a home equity loan — often used in the past by budding entrepreneurs — more difficult now. Some entrepreneurs have turned to using the “Visa/Master Card loan” by running up charges on their personal credit cards. This method of acquiring cash can work in the short term but becomes a very expensive means of financing in the long term.

There are other options for financing, such as venture capitalists and “angels.” However, for the most part, venture capitalists are more interested in companies producing revenue and those that have a solid customer base. Even angel investors are moving away from early start-up operations due to the significant risk associated with that kind of investment.
For the most part, entrepreneurs are on their own until they are able to secure some real customers and generate real revenue.
Advisors to emerging entrepreneurial enterprises often suggest the company focus on a single product or service to generate both customers and revenue. Once the company can establish a “market need” — proof that people will purchase their product or service — the risk factors for equity investors goes down significantly. The company is then much more likely to acquire equity investment or debt financing.

There are other options for entrepreneurs. The New Jersey Business Incubation Network (NJBIN, www.njbin.org ) is establishing a small fund for incubator client companies that will provide a cash match for up to $50,000 to assist start-up companies. The funds are provided by the New Jersey Commission on Science and Technology (http://www.nj.gov/scitech). NJBIN is an association of incubator managers connected to the 14 incubators in the State of New Jersey. Other sources are available for companies with “high-value” products. But most entrepreneurs will find themselves out on their own.

Those who do may also want to turn to support organizations such as the Entrepreneurs Forum of Southern New Jersey (www.efsnj.org), which holds monthly meetings to assist small and start-up companies in successfully building their customer base and revenues. In February, for example, the group held a meeting on leasing as an alternative method of financing a start-up or small business expansion. Meetings with similar topics are scheduled every month except during the summer.

Entrepreneurs also may look to higher education for assistance. The Rowan University Incubator has assisted more than 40 companies in the last year. All are “associate” companies because the Incubator has not yet moved into its new space in the South Jersey Technology Park (http://www.sjtechpark.com/). “We are expecting to move in sometime this summer,” said Peter Jamieson, associate director of the Center for Innovation and Entrepreneurship and the incubator manager. “Once we have actual space, we can offer support on a more regular basis to our client companies. The incubator provides monthly mentoring as well as office space and most business amenities as part of the total package provided to all client companies.”

High-technology industry veteran Thomas Drury to head South Jersey Technology Park

The board of directors of the South Jersey Technology Park at Rowan University, Inc. (SJTP, Inc.), a not-for-profit subsidiary of Rowan University, has tapped technology industry veteran Thomas Drury to serve as its chief executive officer. The Technology Park is designed to be a home for start-up, early-stage and established technology businesses and for inventors, entrepreneurs and researchers.

Drury has a three-decade track record in the start up, financing and management of technology-based, entrepreneurial businesses. Most recently, he served as president, CEO and director of Voxware, Inc., Lawrenceville, a leading supplier of voice-based solutions for the logistics workforce.

“We are pleased Tom Drury has agreed to lead the Technology Park at this critical time in its development,” said Dr. Donald Farish, president of Rowan University and a member of the SJTP, Inc., Board. “He brings an extensive background in technology and business that we believe will help us fulfill the Technology Park’s mission to develop a vibrant complex that draws start-up and established businesses, researchers and others to this region of South Jersey.”

Drury commented, “Dr. Farish and the Rowan University faculty and administrative team have created an exciting vision for the University. A central theme of this vision is the creation, expansion and growth of a dynamic technology community at Rowan. The energy created by this vision is already evident on campus today, and it is a privilege for me to have the opportunity to leverage my entrepreneurial experience and regional technology business community network in support of this important and worthwhile goal.”

Prior to Voxware, Drury served as director, president and CEO of Sensar, Inc., Moorestown, which developed biometric security hardware and software. Prior to Sensar, Drury served as director, president and CEO of Micro Dynamics, Ltd., Silver Spring, Md., a document imaging software company, and as chairman, president and CEO of Urix Corporation, Horsham, Pa., a voice processing equipment and software company. Drury is also currently a partner of BaseCamp Ventures L.L.C., Mt. Laurel, an early-stage venture capital investment partnership, a position he has held since June 2000.

Drury formerly served on several corporate, association and investment advisory boards, including those of the Ben Franklin Technology Partnership of Southeast Pennsylvania, Greater Philadelphia Venture Capital Group, New Jersey Economic Development Authority Seed Loan Program and New Jersey Technology Council. He currently serves as a member of the Technology Advisory Board for the New Jersey Edison Innovation Fund. A life-long resident of New Jersey, he graduated cum laude from St. Peter’s College, Jersey City, with a B.S. in computer sciences.

“Tom brings a long history of entrepreneurship to this position. He’s been on both sides of the equation ? he’s been a CEO and entrepreneur as well as an investor and advisor to entrepreneurial companies. He’s seen it from all angles, which is what is so unique about Tom Drury. As a result, he really can provide value from many different perspectives. That to me is just huge, because it’s not often you are able to find someone with such a multitude of experiences,” said Maxine Ballen, founder and CEO of the New Jersey Technology Council. “As a long-term resident of South Jersey, Tom cares passionately about the region. With Rowan’s commitment to the Technology Park and with a CEO with Tom’s background, the South Jersey technology community will finally get to where we need it to be.”

Drury is replacing Dr. Anthony Marchese, who served as Technology Park project director and recently completed his commitment to shepherd the initial phase of the effort. Marchese is returning to a full-time faculty position in Rowan’s College of Engineering, where he will serve as chair of Mechanical Engineering.

“Anthony Marchese has done a superlative job in making the Technology Park become a reality for Rowan and for our region. We ? and I imagine future entrepreneurs and business leaders in South Jersey ? will long be grateful for his expertise and dedication in helping to create the South Jersey Technology Park,” said Rowan’s Dr. Philip Tumminia, chair of the SJTP, Inc., Board of Directors and special assistant to the president/Advancement.

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About the South Jersey Technology Park

Located off Rt. 322 near the Rt. 55 interchange in Mantua Township, the Technology Park will provide competitively priced, Class A facilities for start-up and established companies to bring innovative technologies to the marketplace. The first building, the 45,000-square-foot Samuel H. Jones Innovation Center, will include a mix of laboratories, a technology business incubator and laboratory/office space for private technology-based firms and for Rowan sponsored research. The building is being developed by Lincoln Property Company, Philadelphia; was designed by the architectural firm Ueland Junker McCauley Nicholson, Philadelphia; and is being built by the construction management firm Skanska USA Building Inc., Parsippany.

The mission of the Technology Park is to establish a technology-based entrepreneurial economy; expand and strengthen the unique research and learning environment of Rowan University; and create value for its surrounding communities in their economic, physical and social development.

The Technology Park is a public/private partnership that has received support from numerous organizations and individuals, including the New Jersey Economic Development Authority ($5.8 million), the Delaware River and Bay Authority ($5 million), the New Jersey Commission on Science and Technology ($1.5 million), South Jersey businessman Samuel H. Jones ($1 million), the Rowan University Foundation ($1 million), the U.S. Small Business Administration ($500,000) and the New Jersey Department of Community Affairs ($150,000).

The Technology Park broke ground for the Samuel H. Jones Innovation Center in April 2006 and held a topping off ceremony marking the completion of structural work on the building in January. Doors are expected to open this fall.

For more information about the South Jersey Technology Park at Rowan University, visit http://www.sjtechpark.com.

Rowan to hold Technology Park “topping off” ceremony

Rowan University and the board of directors of the South Jersey Technology Park at Rowan University will host a “topping off” ceremony for the Samuel H. Jones Innovation Center, the first building to be constructed at the Technology Park, on Thursday, January 25, at 11 a.m.

A long-time tradition, a topping off marks the installation of the highest beam and the successful completion of the structural part of a building. Construction workers traditionally sign the last beam before it is placed, and other attendees at the Technology Park ceremony will be welcome to do so, also. The event is open to the public.

Located off Rt. 322 near the Rt. 55 interchange in Mantua Township, the Technology Park will provide competitively priced, first-class facilities for start-up and established companies to bring innovative technologies to the marketplace.  The 45,000-square-foot Samuel H. Jones Innovation Center will include a mix of laboratories, a technology business incubator and laboratory/office space for private technology-based firms and for Rowan sponsored research. The building is being developed by Lincoln Property Company, of Philadelphia; was designed by the architectural firm Ueland Junker McCauley Nicholson, of Philadelphia; and is being built by the construction management firm Skanska USA Building Inc., of Parsippany, N.J.

The mission of the Technology Park is to establish a technology-based entrepreneurial economy; expand and strengthen the unique research and learning environment of Rowan University; and create value for its surrounding communities in their economic, physical and social development.
The Technology Park is a public/private partnership that has received support from numerous organizations and individuals, including the New Jersey Economic Development Authority ($5.8 million), the Delaware River and Bay Authority ($5 million), the New Jersey Commission on Science and Technology ($1.5 million), South Jersey businessman Samuel H. Jones ($1 million), the Rowan University Foundation ($1 million), the U.S. Small Business Administration ($500,000) and the New Jersey Department of Community Affairs ($150,000).

Sam Jones donates $1M to South Jersey Technology Park at Rowan University

South Jersey businessman, civic leader and philanthropist Samuel H. Jones has donated $1 million to the Rowan University Foundation to be earmarked for the construction of the first building of the South Jersey Technology Park at Rowan University.

Edward Graham, chairman of the Rowan University Foundation and CEO of South Jersey Industries, made the announcement on Monday, September 25. The Technology Park Board of Directors, of which Jones has been a member since 2003, voted earlier on September 25 to name the first building the Samuel H. Jones Innovation Center. (Jones was not present for the vote.)
Jones, a former Woodstown resident who now lives in Mantua Township, has a long relationship with the University and said the donation will support its work in attracting entrepreneurs to South Jersey and educating tomorrow’s technology work force.

“The Technology Park is important for technology and growth in our region,” said Jones. “It will be a place for people with an entrepreneurial spirit to make things happen.”
An entrepreneur himself, Jones founded S-J Transportation Co., Woodstown, in 1971 and remains a consultant for the firm. Additionally, he is owner and president of S-J Venture Capital Co., Woodstown.  In addition to serving on the Technology Park board, he is chairman of the Salem Community College Foundation Board. He also serves on the boards of the businesses Viewpoint, Inc., New York City, and Fogg Enterprises, Carney’s Point. He was director of Woodstown National Bank & Trust Company (now The Bank); a member of the Salem County Utility Authority for 25 years; and a president of Tri-County Community Action Agency, Bridgeton.

His other business activities have included serving on the boards of MetaCreations, Inc., (now Viewpoint), New York City; Cardinal Technologies, Lancaster, Pa.; Symbus Technology, Inc., Waltham, Mass.; Fulton Financial Corporation, Lancaster, Pa.; Techmar, Inc., Canton, Mass.; and Jevic Transportation, Co., Delran.

Rowan President Dr. Donald Farish said of Jones’ gift, “We’ve received a great deal of government support for this project, but this is the first major gift from an individual. We’re grateful to Sam Jones not only for the financial contribution but also for his acknowledgement of the importance of the Technology Park to South Jersey.”

Added Dr. Philip A. Tumminia, chair of the Technology Park board, Rowan’s special assistant to the president/Advancement and the person Jones said sparked the contribution,  “Sam is very civic minded. His contribution will provide us with a cushion for the construction of the building that will ensure we’ll have a first-class facility.”

The gift is unique. “There have been very few gifts from individuals to research parks. Most grants to research parks have been awarded by federal, state and local governments, but very few parks have been the beneficiary of individual contributions, especially of this magnitude,” said Charles Dilks, consultant to the Technology Park; president of DilksConsulting, Philadelphia; former executive vice president of the University City Science Center in Philadelphia; and former president of the Association of University Research Parks.

Rowan University broke ground in April for the Technology Park’s first building, a 45,000-square-foot structure that will include a mix of laboratories, a technology business incubator and laboratory/office space for private technology-based firms and for Rowan sponsored research.

Located on Rt. 322 near the junction of Rt. 55 in Mantua Township, the Technology Park will provide competitively priced, first-class facilities for start-up and established companies to bring innovative technologies to the marketplace and serve as a home for researchers, inventors, entrepreneurs, professors and students.

Located about a mile from Rowan’s Glassboro campus, the Technology Park is expected to be a focal point for regional economic growth as it facilitates science and technology initiatives. The mission of the Technology Park is to establish a technology-based entrepreneurial economy; expand and strengthen the unique research and learning environment of Rowan University; and create value for its surrounding communities in their economic, physical and social development.

The Technology Park is a public/private partnership that has received support from numerous organizations, including the New Jersey Economic Development Authority ($5.8 million), the Delaware River and Bay Authority ($5 million), the New Jersey Commission on Science and Technology ($1.5 million), the Rowan University Foundation ($1 million), the U.S. Small Business Administration (about $500,000) and the New Jersey Department of Community Affairs ($150,000).