New Jersey Innovation Institute Inc is located in Newark, NJ. The organization was established in 2015. According to its NTEE Classification (U05) the organization is classified as: Research Institutes & Public Policy Analysis, under the broad grouping of Science & Technology and related organizations. As of 06/2022, New Jersey Innovation Institute Inc employed 148 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. New Jersey Innovation Institute Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2022, New Jersey Innovation Institute Inc generated $85.7m in total revenue. This organization has experienced exceptional growth, as over the past 3 years, it has increased revenue by an average of 50.6% each year . All expenses for the organization totaled $27.1m during the year ending 06/2022. While expenses have increased by 1.0% per year over the past 3 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2022, New Jersey Innovation Institute Inc has awarded 22 individual grants totaling $434,250. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
WE ARE AN INNOVATIVE RESEARCH ORG. DEDICATED TO REVITALIZING ECONOMIC DEVELOPMENT WITHIN NJ.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SEE SCHEDULE ONJII HELPS TO TURN IDEAS INTO WORKABLE SOLUTIONS ACROSS SIX DIVISIONS: HEALTHCARE DELIVERY SYSTEMS, BIOPHARMA, DATA AND ADVANCED TECHNOLOGY, HUMAN CAPITAL, DEFENSE AND HOMELAND SECURITY, AND ENTREPRENEURSHIP.HEALTHCARE DELIVERY SYSTEMSNJII HELPS CREATE NEW MODELS OF EVIDENCE-BASED HEALTHCARE. BUILDING ON A SECURE EXCHANGE OF DIGITAL INFORMATION, THESE NEW DELIVERY SYSTEMS IMPROVE THE QUALITY OF CARE AND FOSTER NEW MEDICAL DEVICE TECHNOLOGY TO LOWER COSTS AND IMPROVE OUTCOMES.BIOPHARMANJII HELPS PHARMACEUTICAL COMPANIES DEVELOP AND APPLY INNOVATIVE, COST-SAVING MANUFACTURING TECHNOLOGIES AND WORKS WITH BIOTECHNOLOGY FIRMS TO SCALE INNOVATION FROM LAB TO COMMERCIAL PRODUCTION. THE BIOPHARMA DIVISION AT NJII WAS ESTABLISHED TO HELP THE INDUSTRY OVERCOME CHALLENGES THEY FACE AS THEY DEVELOP THE NEXT WAVE OF CELL AND GENE THERAPIES, WORKING OUT OF A STATE-OF-THE-ART CELL AND GENE THERAPY DEVELOPMENT CENTER FOR FLEXIBLE PROCESS DEVELOPMENT AND CLINICAL MANUFACTURING. NJII'S MISSION IS TO SUPPORT INDUSTRY-WIDE ADVANCEMENT, SO NJII ALSO FOCUSES ON WORKFORCE DEVELOPMENT AND THE INCUBATION OF PROMISING START-UPS.DATA & ADVANCED TECHNOLOGYTHE MISSION OF THE DATA & TECHNOLOGY DIVISION IS TO ESTABLISH AN ECOSYSTEM OF TECHNOLOGY HUBS THAT CONNECT CLIENTS, INDUSTRY, AND TECHNOLOGY PROVIDERS AND SUPPLY THEM WITH A LOCATION, R&D AND IP, MAN-POWER, FUNDING AND GOVERNMENT RELATIONS SUPPORT. THE HUBS INCLUDE EDTECH, FINTECH, CYBER SECURITY, HARDWARE AND DATA SCIENCE.HUMAN CAPITALTHE HUMAN CAPITAL DIVISION AT NJII IS FOCUSED ON HELPING EMPLOYERS MAKE THE MOST OF THEIR MOST VALUABLE ASSET; THEIR PEOPLE. NJII BELIEVES STRONGLY IN PROTECTING THE VALUE OF THE INVESTMENTS MADE IN THE WORKFORCE AND IS DEDICATED TO PROVIDING PROGRAMMING AND SUPPORT THAT MEETS THE NEEDS OF INDUSTRIES AND THE BUSINESSES WITHIN THEM. DEFENSE & HOMELAND SECURITYNJII HELPS ADDRESS THE DEMANDS OF DEFENSE AND NATIONAL SECURITY, INCLUDING PORT SECURITY, BIO-METRIC AND SENSOR-BASED DETECTION SYSTEMS, WEAPONS, ENERGETICS, AND MATERIAL LOGISTICS AS WELL AS COMMUNICATIONS PROJECTS AND SECURITY SYSTEMS FOR INFRASTRUCTURE DEFENSE, COMMAND, CONTROL AND FIRST-RESPONDER SUPPORT. ENTREPRENEURSHIPTHE ENTREPRENEURSHIP DIVISION AT NJII IS FOCUSED ON ENGAGING STARTUPS, GROWING BUSINESSES, AND ORGANIZATIONS IN ENTREPRENEURIAL THINKING AND ACTIVITIES. NJII WORKS WITH ORGANIZATIONS AND TEAMS TO HELP THEM EXPAND THEIR INNOVATION MINDSET AND TRAIN OTHERS IN THE METHODS OF ENTREPRENEURSHIP. THIS DIVISION RUNS AN INCUBATOR CALLED "VENTURELINK" WHICH IS ALSO THE NAME OF A BUILDING THAT IS LOCATED ON THE NJIT CAMPUS AND OFFERS FLEXIBLE PRIVATE AND CO-WORKING OFFICE SPACE. THE DIVISION IS TASKED WITH COMMERCIALIZING INTELLECTUAL PROPERTY THAT COMES FROM NJIT AND GROWING NJII ENTREPRENEURSHIP PROGRAMS AND SERVICES ACROSS NEW JERSEY.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Dr Joel Bloom Chairman (thru 6/30/22) | OfficerTrustee | 1 | $0 |
Fadi Deek Director (thru 6/30/22) | Trustee | 1 | $0 |
Atam Dhawan Director (as Of 9/21) | Trustee | 1 | $0 |
Holly Stern Secretary (non Voting) | OfficerTrustee | 1 | $0 |
Dr Kenneth Blank Director | Trustee | 1 | $0 |
Aneesh Chopra Director (thru 8/21) | Trustee | 1 | $0 |
Vendor Name (Service) | Service Year | Compensation |
---|---|---|
4medica Inc Healthcare Consulting | 6/29/22 | $2,206,802 |
Velatura Llc Information Technology | 6/29/22 | $1,939,805 |
Global Tek Works Consulting Services | 6/29/22 | $588,810 |
Healthshare Exhange Of Southeastern Pa Healthcare Consulting | 6/29/22 | $526,750 |
Care Plus Bergen Inc Healthcare Consulting | 6/29/22 | $510,980 |
Statement of Revenue | |
---|---|
Federated campaigns | $0 |
Membership dues | $0 |
Fundraising events | $0 |
Related organizations | $0 |
Government grants | $18,943,809 |
All other contributions, gifts, grants, and similar amounts not included above | $28,681 |
Noncash contributions included in lines 1a–1f | $0 |
Total Revenue from Contributions, Gifts, Grants & Similar | $18,972,490 |
Total Program Service Revenue | $2,403,914 |
Investment income | $35 |
Tax Exempt Bond Proceeds | $0 |
Royalties | $0 |
Net Rental Income | $1,576,075 |
Net Gain/Loss on Asset Sales | $62,784,732 |
Net Income from Fundraising Events | $0 |
Net Income from Gaming Activities | $0 |
Net Income from Sales of Inventory | $0 |
Miscellaneous Revenue | $0 |
Total Revenue | $85,737,246 |
Statement of Expenses | |
---|---|
Grants and other assistance to domestic organizations and domestic governments. | $479,250 |
Grants and other assistance to domestic individuals. | $0 |
Grants and other assistance to Foreign Orgs/Individuals | $0 |
Benefits paid to or for members | $0 |
Compensation of current officers, directors, key employees. | $208,369 |
Compensation of current officers, directors, key employees. | $208,369 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $7,786,818 |
Pension plan accruals and contributions | $559,810 |
Other employee benefits | $1,287,338 |
Payroll taxes | $0 |
Fees for services: Management | $0 |
Fees for services: Legal | $293,887 |
Fees for services: Accounting | $90,487 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $10,064,371 |
Advertising and promotion | $13,768 |
Office expenses | $0 |
Information technology | $84,372 |
Royalties | $0 |
Occupancy | $2,150,231 |
Travel | $118,329 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $0 |
Interest | $232,178 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $695,559 |
Insurance | $85,071 |
All other expenses | $228,930 |
Total functional expenses | $27,105,207 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $3,905,796 |
Savings and temporary cash investments | $65,000,000 |
Pledges and grants receivable | $758,475 |
Accounts receivable, net | $375,046 |
Loans from Officers, Directors, or Controlling Persons | $0 |
Loans from Disqualified Persons | $0 |
Notes and loans receivable | $0 |
Inventories for sale or use | $0 |
Prepaid expenses and deferred charges | $115,216 |
Net Land, buildings, and equipment | $801,513 |
Investments—publicly traded securities | $0 |
Investments—other securities | $0 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $964,875 |
Total assets | $71,920,921 |
Accounts payable and accrued expenses | $4,400,824 |
Grants payable | $0 |
Deferred revenue | $9,274,837 |
Tax-exempt bond liabilities | $0 |
Escrow or custodial account liability | $0 |
Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
Secured mortgages and notes payable | $0 |
Unsecured mortgages and notes payable | $0 |
Other liabilities | $836,930 |
Total liabilities | $14,512,591 |
Net assets without donor restrictions | $0 |
Net assets with donor restrictions | $0 |
Capital stock or trust principal, or current funds | $0 |
Paid-in or capital surplus, or land, building, or equipment fund | $801,514 |
Retained earnings, endowment, accumulated income, or other funds | $56,606,816 |
Total liabilities and net assets/fund balances | $71,920,921 |
Over the last fiscal year, New Jersey Innovation Institute Inc has awarded $434,250 in support to 22 organizations.
Grant Recipient | Amount |
---|---|
ACENDA INC PURPOSE: SUBSTANCE USE DISORDER PROGRAM | $25,000 |
ADULT FAMILY HEALTH SERVICES LLC PURPOSE: SUBSTANCE USE DISORDER PROGRAM | $12,500 |
CORNER HOUSE FOUNDATION PURPOSE: SUBSTANCE USE DISORDER PROGRAM | $25,000 |
AGAPE COUNSELING SERVICES INC PURPOSE: SUBSTANCE USE DISORDER PROGRAM | $20,000 |
DAMON HOUSE INC PURPOSE: SUBSTANCE USE DISORDER PROGRAM | $12,500 |
FAMILY CONNECTIONS INC PURPOSE: SUBSTANCE USE DISORDER PROGRAM | $12,500 |