Legislation sponsored by Senator Christopher “Kip” Bateman to create a fellowship program to support entrepreneurs in the science, technology, engineering and mathematics fields was advanced by the Senate Labor Committee.
Sen. Kip Bateman’s legislation creates a fellowship program to support entrepreneurs in the science, technology, engineering and mathematics (STEM) fields. (©iStock)
“By attracting and supporting entrepreneurs in New Jersey we can create new opportunities and build on the state’s proud history of innovation,” said Bateman (R-Somerset, Hunterdon, Middlesex and Mercer). “Furthering innovation and an entrepreneurial spirit in New Jersey will help usher in the next generation of job creators and global businesses leaders.”
Under the legislation, S-176, the New Jersey STEM Entrepreneur Fellowship Program would be created by the Department of Labor and Workforce Development in consultation with the state Economic Development Authority and the Secretary of Higher Education. Funded through existing workforce development funds, the program would be used to support at least 20 fellowships which focus on supporting entrepreneurs in the STEM fields.
The fellowships would be given to individuals who have proven they have an idea to create, advance or develop a product in the STEM field that will have a beneficial impact on society and will result in a self-sustaining business. Priority will be given to fellowships which are submitted with the support of an incubator supported by the state or any of its public entities.
“These fellowships will open doors for entrepreneurs to launch exciting businesses and will help drive innovation in New Jersey,” Bateman added. “Fostering start-up businesses in the STEM fields will create high-paying jobs in growing industries vitally important to New Jersey’s economy.”
S-176 is part of the Senate Republicans’ 36-bill package to jumpstart job creation and economic growth without costing taxpayers extra money. So far, 21 of the bills have garnered Democrat sponsorship; more than a dozen advanced in the legislature; and the governor has signed into law two innovation bills, including one to start and grow small businesses by allowing private online investments. A full list of bills and their statuses is here.
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