Einstein's Alley

Einstein's Alley: The Economic Summit
Congressman Rush Holt
December 9, 2003
East Brunswick, NJ

Workshop Sessions & White Papers

SESSION ONE: Strengthening Central New Jersey’s R&D Advantage

Download the draft white paper (PDF)

Across several generations, American economic wealth and power has been built largely on the foundation of unparalleled imagination, research, innovation, productivity, and hard work. Investment and commercial opportunity in our economic system follow new discoveries and laboratory breakthroughs, not the other way around. Before prudent investors risk their capital in new commercial ventures, our scientists, inventors, and pioneer thinkers must be supported in their research and rewarded for their successes in achieving what had previously been unthinkable. Our goal for the next decade should be to make New Jersey known, in policy and practice, as the Research and Development State.

The session will seek to answer some of the following key questions: What are our competitive advantages? How do R&D advantages help economic growth and to create new jobs in a region? What is the cost and value of R&D to society?

Potential discussion topics include:

Examining the economic impact of R&D on job creation and growth
Capitalizing on five ‘innovation centers’ identified by state legislators as ‘high-tech growth targets’
Reviewing incentives to spur research & development in the private sector – for small businesses and entrepreneurs, as well as large corporations
Identifying ways to retain high-skill jobs currently in Central New Jersey as well as ways to create more
Defining the role of the federal government in the support of research and development

SESSION TWO: Supporting Small Businesses and Encouraging Entrepreneurship

Download the draft white paper (PDF)

Small businesses create 75% of all new jobs and constitute 99% of all employers in America. Since the 25 million small businesses in our country are responsible for nearly half of all sales in America and make up half of our Gross National Product, there will be no economic turnaround in New Jersey or the country as a whole if we fail to respond to their needs and encourage innovation. Entrepreneurs bring innovation, create new jobs, and develop innovative businesses that either grow, fail (which is all part of R&D and a contribution to the economy), or get bought out and therefore contribute to the growth of larger companies.

The session will seek to answer some of the following key questions: In Central NJ, what is the relationship between small business and large businesses? How can that relationship be enhanced to create more entrepreneurs and help share research?

Potential discussion topics include:

Discussing opportunities for small businesses and entrepreneurs to increase write-offs for new investments and to speed depreciation schedules
Showcasing ‘Jumpstart NJ’, a competition among entrepreneurial and business plans to ‘angel’ investors
Reviewing the impact of Small Business Development Centers throughout the state
Examining the effectiveness of federal programs such as the Small Business Innovation Research (SBIR), the Small Business Technology Transfer Program (STTR), and the Trade Adjustment Assistance (TAA)
Identifying ways to build a vibrant trade network in Central New Jersey to open doors of new markets for local businesses to grow and expand.

SESSION THREE: Preparing the Workforce of the Future

Download the draft white paper (PDF)

Human capital remains the greatest resource in Central New Jersey for tackling the economic challenges before us. Improving all levels and all facets of education and workforce development systems will be an important step in enabling the region to address the short-term challenges while preparing for long-term success. A well-educated population undergirds economic growth by supplying an extra-capable workforce.

Potential discussion topics include:

Improving math and science education throughout the region, throughout the state and throughout the nation
Identifying strategies to recruit and retain additional quality teachers throughout the education system
Extending the availability of education and training to those who need it
Examining innovative ideas to reduce ‘brain drain’
Assisting dislocated workers transitioning into new professions

SESSION FOUR: Promoting Livable Communities and Sustainable Development

New Jersey is the most densely populated and intensively developed state. Facing the challenge of urban sprawl, Central New Jersey is challenged to find better ways to achieve more integrated, multi-purpose land use planning – ‘smart growth’ – and to promote sustainable economic development and socially-responsible investment that yields economic growth in concert with its shared environment and community values.

The session will seek to answer some of the following key questions: How can we improve the image of Central NJ and do better at marketing ourselves? What has worked and failed? Why have past efforts been unsuccessful and what are the lessons learned?

Potential discussion topics include:

Developing a municipal clearinghouse for best practices in ‘smart growth’
Pursuing new economic opportunities using existing assets
Creating incentives for socially-responsible investing
Re-designing and re-developing Trenton train station and ‘brownfields’
Assessing the benefits and challenges to living in Central New Jersey
Creating an inventory of vacant, free-standing buildings across the region that may be attractive to new investors
Examining ways to improve transportation infrastructure throughout the region and make it possible for more people to work locally and stop commuting into NYC and Philadelphia.

Workshops & White Papers