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Industry Insider: High-tech groups cheer Corzine’s funding plan for New Jersey startups

U.S. Sen. Jon Corzine, the Democratic candidate for governor, yesterday proposed creating a vehicle for funding research driven, high-technology enterprises, and he drew a positive reaction from New Jersey’s high-tech community.

Corzine proposed an "Edison Innovation Fund" initially funded by a $250 million state bond issue. "You could work that up to $1 billion over a period of time by attracting private capital," he said.

The objective is bringing more federal research money to the state, and encouraging the transfer of New Jersey university research into commercial ventures. The ultimate goal: more jobs, more tax revenue, and a less precarious state fiscal situation, Corzine said.

New Jersey primarily supports high-tech ventures with loans and Corzine said he favors a more equity-driven model. "We would be looking to leverage the public funding with the private market, and then you get payback through royalties, patents and shared partnerships," he said.

To champion high-tech research funding at the highest levels of state government is as New Jersey as blueberry pie, but Corzine said he is offering a novel, more comprehensive vision.

"Economic activity ought to be more centralized; I would bring these activities into the governor’s office because I think the governor ought to be leading the effort," Corzine said.

Full Story: http://www.nj.com/business/ledger/index.ssf?/base/business-9/1112164291230450.xml

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