Lt. Gov. Guadagno Says More Help on Way for NJ Tech Cos.

Image by New Jersey State Library via Flickr

by Esther Surden

At the New Jersey Technology Council annual meeting yesterday, a packed house welcomed Lt. Gov. Kim Guadagno, who was serving as Acting Governor for Gov.Chris Christie who was out of town.  As she has at other business meetings, at the end of her speech, Guadagno gave her cell phone number to the tech companies who attended.

The gimmick was intended to let tech companies know that her office was always open to help tech firms who are having trouble with some aspect of NJ government, whether the problem be regulations, red tape or slow response.

“You have to be sure that the people who are standing up here behind this microphone are listening to you,” she said. “Sometimes you have to know that there is someone out there who is thinking creatively about your problem.”

Next week, Guadagno said, Caren S. Franzini of the NJ Economic Development Authority, is going to announce that the EDA will provide a pool of funds that, along with high tech companies’ own funds, will allow companies to leverage high technology assets in a private/public  partnership way.

As much as the state would like to keep tech business here by writing big checks, NJ can’t directly do that, especially in this economy, Guadagno said. “We are never going to be able to bring you enough money,” she said, however, “We can give you hope by changing the tax laws.” NJ has already signed into law a change in the tax credit. “The net operating loss was doubled by this governor in this budget cycle… We have doubled the R &D credit from $30 million to $60 million.”

In addition, NJ has “incentivized” companies focusing on high tech to stay here, she pointed out. While in order to get incentives, other companies have to promise to produce 25 new jobs over a two year period, high tech companies only have to create 10 jobs.

NJ agencies are also examining regulations, and streamlining them in line with Federal regulations, which will benefit the business community, she said.  Another private program that is helping NJ business is 503C organization called Choose New Jersey. That nonprofit organization is designed to market, promote and attract businesses to the state, as well as retain businesses who are thinking of leaving.

A panel discussion after Guadagno’s talk, moderated by David Sorin, co-founder of SorinRoyer Cooper LLC, featured  William Kroll, of Matheson Tri-Gas, Shihab Kuran, president of Petra Solar, Nancy Lurker, CEO of PDI and J. Michael Schweder, President of AT&T Mid-Atlantic States.  The discussion migrated to problems some of the panelists were having finding and retaining qualified employees in the tech field in NJ, with some suggestions on how these problems could be resolved.

Kuran said that even well-endowed NJ universities haven’t been particularly helpful in supplying the kind of talent his company needs, even when Petra offered to work with them to develop programs, and so the company has had to look elsewhere for employees that fit the bill.