What problem does it solve? 1. Helps support/secure important services/programs for New Jersey residents, and alleviate some of the state’s annual budget/fiscal challenges. 2. Need for legitimate supports for inventors. The task of applying for a patent alone is an obscure/complex process, often discouraging inventors. And finally, there are too many scams, often leading to astronomical fees and theft of the inventors’ intellectual property. What is your solution and who does it apply to? Solution: Create a sustainable, and more long-term funding stream for the state– through an agreement between state government and its employees and other public/private entities. Through a legally binding agreement, selected inventors whose inventions meet a criteria, a market need and commercialization potential, agree to earmark a percentage of their profits to the state treasury, while the state assists inventors with development, patent, marketing, and commercialization. As a state sponsored Inventor’s Lab, the program could be modeled after similar programs in existence at research and academic institutions. What is the anticipated impact? Much like NJENJINE, the state's Inventor’s Lab would infuse innovation and an annual funding stream. The “Lab” would augment the state’s capacity to continue to fiscally meet the needs of its residents, alleviate some of the high costs to New Jersey residents, embolden the entrepreneurial spirit, increase the number of small businesses– including minority and women-owned businesses in New Jersey– and showcase the innate talent of employees, their love for and commitment to their home state.
I agree with this
This proposal has the potential to not only create a new revenue stream for the state, but also spur business ventures that may not have been feasible for those who are under-represented in this aspect. How many exceptional ideas and solutions end up strangled in the muck of patents, testing, and marketing? This is an exciting idea!
I think there's a lot of untapped ingenuity among NJ State employees, and this would be a great opportunity to support that. Rutgers, NJIT, Stevens Institute of Technology all have offices devoted to research and development -- why not follow that model to support innovation from NJ State employees?
This can be of great value to the state and ensure a diverse pool of innovative ideas.
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