Impact Assessment

Long Term Impacts to Clients & Community

  • Creation of new businesses
  • Retention, growth, and increased profitability of existing businesses
  • Generation of new jobs, and improvement of workforce skills
  • Identification of funding opportunities, from grants, loans  and venture capital
  • Commercialization and transfer of patents and intellectual property to local companies
  • Attraction of out-of-state and international companies to New Jersey
  • Graduationof clients, and assistance with independent business establishment
  • Continuation of ongoing support and business mentoring assistance

Industry Need:

The Rutgers Food Innovation Center supports New Jersey’s $82+B food and agriculture industry, the state’s second largest consumer goods industry; that includes:

  • Farmers and Agricultural Cooperatives desiring to create new businesses based on value-added agricultural products and new markets for existing commodities.
  • Startup Food Companies coping with challenges such as financing, technology, regulations, market development and infrastructure requirements.
  • Existing small and mid-sized companies seeking to access new technologies, expand operations, upgrade quality assurance systems, and enter new markets.
  • Retail and Foodservice Establishments seeking to improve their operations and purchase locally grown and locally manufactured New Jersey products.

The Food Innovation Center provides comprehensive business and technology solutions to its clients.Its primary industry beneficiaries account for: $13.5 Billion in revenue, 16,700 firms, and 176,000 jobs in New Jersey

Impacts to Date:

  • Since 2001, the Food Innovation Center served over 700 clients, 94% of them farmer or small business startups, located in every county throughout New Jersey. 
  • It is estimated that the impacts associated with these currentclients alone will result in a cumulative impact of $84 million in new revenue and over 200 net new jobs over the next five years. 

Future Impact Projections:

  • Once the incubator facility has been constructed, it is projected that the Food Innovation Center will be able to increase the annual impact of its clients by 3-4 times, and as a result:
    • The Center will assist an estimated 1,200 clients in total by the year 2012. 
    • Approximately 1,000 net new jobs will be created by the highest performing clients during this same period, and tens of thousands of employees will be impacted via its programs in quality assurance and new technology development and integration
    • Over $200 million in cumulative new revenue will be created as a result of  this same client activity during the next five years (at an annualized rate of about $85 million during the year 2012, with significant escalation each year thereafter)
  • The public expenditure in operating the business incubator facility is expected to return local tax revenue of over $5 million annually by 2012, translating to over $14 million in cumulative local tax revenue by the 5th full year of operation
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