JPMorgan Chase & Co. and NJIT’s New Jersey Innovation Institute (NJII) will hold a summit on a $1.45 million initiative to advance the health care sector in the Newark metro region and boost economic development by promoting growth in the city’s burgeoning health care IT cluster Friday, March 6, 2015 from 9-11:30 am.
NJIT President Joel Bloom, Newark Mayor Ras Baraka, and Marc Sheridan, Managing Director of J.P. Morgan Private Bank, will deliver opening remarks. NJII President Donald Sebastian will moderate a panel on clusters and innovation networks composed of business development and health care leaders, including Otis Rolley, president and CEO of the Newark Community Economic Development Corporation (NCEDC), John Brennan, CEO of Newark Beth Israel Medical Center, and Adam Turinas, CEO of Practice Unite, a Newark-based health care IT company.
The New Jersey Innovation Institute, an NJIT corporation, is one of the inaugural grant recipients in the JPMorgan Chase & Co. Small Business Forward initiative, a five-year, $30 million grant program designed to boost small business support networks that help growing enterprises in specific industries. The Small Business Forward program connects entrepreneurs with critical resources to help their businesses grow, create jobs, and strengthen communities.
Funding from JP Morgan Chase of $1.45M over five years will allow NJII to grow Newark’s health IT cluster and extend the services of NJIT’s Enterprise Development Center (EDC) and the capabilities of the new NJII Healthcare Delivery Systems iLab by piloting a new initiative, the Health IT Entrepreneurial Connection Program. The program targets growth-stage Health IT entrepreneurs seeking to accelerate the commercialization of their innovative products and services. NJII’s objective is to help these companies achieve 20 percent or more annual revenue growth. Health IT cluster-focused networking efforts, already underway, are linking the targeted companies to additional potential customers, strategic partners and suppliers, and facilities, allowing them to leverage their capabilities, strengthen their product pipeline, and accelerate their growth.
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