May 2012 Issue - NJTC TechWire
  • No tags were found...

May 2012 Issue - NJTC TechWire

GROW. WISELY.To grow and succeed, you need an advisor who knows yourcompany and your industry. Who is committed to helping youimplement a sustainable strategy for growth. EisnerAmper isthat advisor. The professionals in our Technology Group combinetheir passion about the industry with a focus on teamworkand communication.Let’s get down to business. TMJohn PennettPartner732.287.1000john.pennett@eisneramper.comwww.eisneramper.comEisnerAmper LLPAccountants & AdvisorsNEW YORK | NEW JERSEY | PENNSYLVANIA | CAYMAN ISLANDSIndependent Member of PKF International

contentsOn the CoverMeet Jon Gertner, author of The Idea Factory: Bell Labs and the GreatAge of American Innovation at NJTC’s Annual Meeting on July 12.Gertner will share best-practices on the how to sustain a culture ofinnovation and insight on how your company can become the nextIdea Factory. A book signing will take place.Features13 The Changing Face of PaymentsBy Benedict Baerst and Amir GoldmanThough most transactions in the retail sector are now conducted electronically,paper checks still account for nearly a quarter of non-cash transaction volume.Much of this volume is driven by small businesses, whose payments needs remainunfulfilled despite widespread card adoption.16 How Do You Get “IT”?By Jerry MasinWhen compared with the rest of the jobs market, the number of available IT jobsis high. Skills analysis, training, and an inside track to IT hiring departments canlead job seekers to significant and sustainable job opportunities.Columns5 Talent Networks6 Corner Office:stevie M. DavidsonMeet Stevie M. Davidson. She is the founder of Health InformaticsConsulting and is passionate about educating healthcare professionals,promoting EHR adoption, and improving the clinical qualityand business performance of healthcare organizations.17 Dollars & SenseeASY ACCESS TO CAPITAL – NOT SO FASTBy Mike LopezDoes the JOBS Act make it easier for smaller companies to raise public andprivate capital in the U.S. financial market?Business & Strategy8 A New Approach for Next-Generation Product DevelopmentBy Richard HolmanProduct development is supposed to be the innovation engine driving companiesforward. Yet the numbers reveal otherwise. Find out why these results are sodismal.10 Rutgers Camden Technology Campusintroduces a Paperless Mobile PlatformBy Michele HuberRutgers Camden Technology Campus, Inc. has launched an initiative to helpbusinesses easily exchange information with potential customers, funders,employees, and vendors.11 EDA Acts To Advance NJ’s First Technology AcceleratorBy Travis KahnTechLaunch was created to provide entrepreneurs the training and resources tode-risk start-up challenges and assure quicker and higher returns for both theentrepreneur and investors.NJTC Connections4 President’s Message`18 Photo Gallery20 New Members22 Calendar of ProgramsNJTC Tech Wire:http://njtcblog.wordpress.comFollow @njtc on TwitterJoin the NJTC Group on LinkedInTechNewsMay 2012 • VOL. 16 NO. 4New Jersey Technology Council& The Education Foundation1001 Briggs Road, Suite 280Mount Laurel, N.J. 08054phone (856) 787-9700fax (856) 787-9800www.njtc.orgPUBLISHERMaxine Ballen • mballen@njtc.orgVP of PublicationsLeo M. Mennitt • lmennitt@njtc.orgContributing EditorJennifer Simoni • jenn.njtc.technews@gmail.comNJTC Connections EditorJudy Storck • Jstorck@njtc.orgGRAPHIC DESIGNERBonnie Jacobs • njtc@bonniejdesign.comTechNews is published by the New Jersey Technology Council and The Education Foundation. We are located at 1001Briggs Road, Suite 280, Mt Laurel, N.J. 08054. ©2012 NJTC. All rights reserved. Reproduction or use, without permission,of editorial or graphic contents in any manner is prohibited. To obtain permission, contact Leo Mennitt at or 856-787-9700 x227.TechNews is published eight times a year and is free to all NJTC members. Unqualified subscribers pay $29.99 per year,$39.99 for two years. Reprints are available for a fee upon request.For more information on the New Jersey Technology Council, see contact a staff member, see the staff box for email addresses. Submissions for New Jersey TechNews are welcome. Alleditorial copy published is at the discretion of the editor. Send submissions to The views expressed inNew Jersey TechNews do not necessarily reflect those of the New Jersey Technology Council or New Jersey TechNews.Advertising information: Leo Mennitt at 856-787-9700 x227Subscription information: www.njtc.orgPostmaster: Send address changes to:NJTC, 1001 Briggs Road, Suite 280, Mt. Laurel, N.J. 08054.TechNews | | May 2012 3

FOUNDER, PRESIDENT & CEOMaxine Ballen • mballen@njtc.orgPresident’s MessageSummer is fast approaching, and as some people are winding down thinking of summer vacations, we have anexciting few months ahead of us. The much-buzzed-about FinTech Conference is this month on May 23rd in JerseyCity. This exciting, inaugural conference will highlight the region’sfinancial tech sector. NJ’s financial tech companies are on thecutting edge of a fast-moving industry, and we’re ready to makeNJ the premiere destination for FinTech companies. Space isfilling up fast. If you’re business is involved with FinTech, youdon’t want to miss this conference.Following on the heels of our exciting FinTech conference,is our CFO Awards, June 8th. Come celebrate the regions best,brightest, and most-accomplished financial executives. They’re theunsung heroes of the business world, and this is our chance to acknowledge all they do to keep our businessesgrowing and prospering.And finally our Annual Meeting is July 12th. For those of you not on a beach somewhere, you’re in luck: Thisyear’s annual meeting will feature guest speaker, Jon Gertner. He is a contributing writer for the New York TimesMagazine, an editor at Fast Company, and author of the recently published book, The Idea Factory: Bell Labsand the Great Age of American Innovation. Mark your calendars; it’s going to be a great event. n—Maxine Ballen, President & CEO, NJTCFor more NJTCevent newsgo My Company is a NJTC Member...I am proud to say that as a member of the New Jersey Technology Council, NJTC gets IT.SetFocus was founded with the premise that everyone deserves a good education and a good job. Since1997, we have been delivering on-site and virtual job-specific training programs combined with vocationalcounseling services that allow individuals to achieve economic viability by learning new technologies, buildingtheir employment brand and maintaining job sustainability. Over the past 15 years, our proven formula haspropelled the careers of more than 2,300 IT professionals.NJTC is committed to helping New Jersey build upon and maintain its status as one of the premiertechnology centers in the United States. A motivated and well-trained workforce is a key element to thatcommitment. In that regard, NJTC continues to be a “thought and action” leader through its programs thathelp to create and sustain jobs in our state.SetFocus is pleased to be collaborating with NJTC and the Technology and Entrepreneurism Talent Networkthrough sponsorship of the Bridging the Gap Technology Scholarship Program. The goal of the Scholarship is tooffer individuals with financial need the ability to participate in the SetFocus Master’s Program, a combinationof hands-on training and career mentoring activities, designed to help them to develop career potential andmarketable professional skills in the areas of applications and database development.SetFocus continues to look forward to working with NJTC and its members to advance the cause ofeconomic viability as an outcome of learning, growth and job sustainability.—Jerry Masin, President, SetFocusCHIEF OPERATING OFFICERJoan C. Praiss • jpraiss@njtc.orgVP MEMBERSHIPPaul A. Frank III • pfrank@njtc.orgVP Publications/BusinessDevelopmentLeo Mennitt • lmennitt@njtc.orgCOMPTROLLERYvonne M. Riley • yvonne@njtc.orgEXECUTIVE ADMINISTRATORKaren Lisnyj • karen@njtc.orgevents ManagerMeredith Meyer • mmeyer@njtc.orgMEMBER Relations ManagerEllen Stein • ellen@njtc.orgOFFICE Manager/MEMBERSHIP SERVICES/NJTC Connections EditorJudy Storck • jstorck@njtc.orgIT COORDINATORErwin Racimo • eracimo@njtc.orgEvents CoordinatorMartine Johnston • martine@njtc.orgNJTC Charter MembersDeloitteEdison VenturesKPMG LLPMaloy Risk ServicesMorgan LewisPNCNew Jersey Technology Council& Education Foundationwww.njtc.org1001 Briggs Road, Ste 280Mount Laurel, NJ 08054856-787-97004TechNews | | May 2012

Talent NetworksTech Companies Expect MoreFrom New Grads Than Good GradesSince last Fall the NJTC Talent Network has been asking technology companies their projections on IT hiring,and skills they expect to be in greatest demand. John Reed, executive director of Robert Half Technology,supports what we’ve been hearing, “The (IT hiring) trend remains positive. Those in hot specialties, such asnetworking and IT security, will continue to be in strong demand. Mobile media is an especially importantarea of growth right now.”However, there’s a caution for recent grads: what you know only gets you through the pre-qualifying phaseof the hiring process. In the actual interviews and selection process, companies report that “a good fit” iswhat gets candidates hired.The “good fit” skills and attributes are shown on the IT Sector Competency Building Blocks Model shownbelow on Tiers 1 through 3 -- the gray and red levels (source US Dept. of Labor, Employment and TrainingAdministration). A competency is a cluster of related knowledge, skills, and abilities that affects a major partof one’s job, correlates with performance on the job, and can be measured against well-accepted standards.Most frequently cited “soft skill” IT job competenciesare:• Teamwork (and concern for team goal attainment)• Interpersonal communication (listening andspeaking)• Collaboration (consultation and resolvingdifferences with others)• Problem solving and decision making• Ability to admit and learn from mistakes.Candidates who can give specific examplesof when and how they applied these skills,whether through extra-curricular activities,sports, volunteer work, part-time project work,and/or internship, are the ones most likelyto make it through the selection process tofinalist. Hiring managers believe that pastperformance is the best indicator of futurebehavior. And they concur that technicalskills can be trained, but “soft skills”take much longer to develop. “Soft skills”can, and often do, make or break the hiringdecision.So the candidates who will fare best in landing a job are likely to be those who prepare to confidentlyexplain specific past experiences that demonstrate “soft skills” savvy.For more information on competency models and planning your company’shuman assets, visit THE GAP - A JOB SKILLS WORKSHOPTECHNOLOGY AND ENTREPRENEURISM TALENT NETWORK WORKSHOPApril 17, 2012 • Fairleigh Dickinson University • Madison, NJBridging the Gap Job Skills Workshop providedjob seekers with up to date information on thelatest technology jobs and trends, interviewingskills, networking skills, best practices, jobsearch resources, and more. The attendees hadan opportunity to network with companiesand heard from industry experts, educationand training providers, and career counselors.In addition there were representatives fromthe NJ Department of Labor and WorkforceDevelopment who informed the audienceabout special programs and services that willassist them in their job search.UpcomingEventsMay 2Tech & EntrepreneurshipTalent NetworkEntrepreneur Boot CampRutgers Busch Campus, Piscataway 9Transportation, Logistics,Distribution Talent NetworkTLD Career AwarenessPanel EventRaritan Valley Community CollegeContact: Portia Henrymailto:plh2f@virginia.eduMay 14Life Sciences Talent NetworkIndustry HR ConferenceHilton East Brunswick 16Tech & Entrepreneurship,Financial Svcs,Advanced ManufacturingTalent NetworksPeople to Business(P2B) Early StageCompanies SupportNew Jersey Institute ofTechnology (NJIT)Contact: Lou Wagmanmailto:lou.wagman@gmail.comAn event matching small and earlystagetech-based companies withpotential volunteer professionalswww.p2bcompany.eventbrite.comTechNews | | May 2012 5

corneroffice:Stevie M. Davidson, CPHITFounder of Health Informatics Consulting, LLCStevie M. Davidson is passionate about helping educate healthcare professionals,promoting EHR adoption, and improving the clinical quality and business performanceof healthcare organizations. She is a seasoned leader in healthcare with a focus onbusiness operations, quality improvement, and information technology.After years in the pharmaceutical and Telecomindustries, what prompted you to found HealthInformatics Consulting?In the early 2000’s, the Telecom industry was on a severe downfall, and it wastime for me to change direction. After years doing extensive travel both domesticand internationally, I was looking for a project that was not so demanding on mytime. I did receive an offer to do consulting for a project under CMS called DOQ-IT.It was very much like our current Meaningful Use initiative by way of providingguidance and assistance to providers with adopting Electronic Medical Records(EMR) and working towards quality improvement.I already had the background of healthcare, project management, softwaredevelopment, and compliance under my belt. After several months of working on thatproject I unfortunately suffered from a serious knee injury, which prevented me fromwalking for eight months. During that time, I reflected on what I really wanted to bewhen I grew up. I realized how much I enjoyed helping providers with transformingtheir business processes and getting them to an electronic environment successfully.The DOQ-IT project limited our work to Primary Care providers, with some exceptionsbut not many. I wanted to help all providers in every discipline of medicine. So I decidedto go online and open an LLC in New Jersey, which I did for $99, and the rest is history.It was hands down the best career decision I ever made.What are the biggest challenges you and yourcompany face?Healthcare is like the Wild West these days. Prior to ARRA/HITECH in 2009, thingswere much easier and I had more time to hand pick resources and train them myown way on how to consult, educate, advocate, and deliver exemplary service andhigh quality deliverables. Keeping up with the ever-changing rules and regulationson both the Federal and State level is very challenging. It is a constant rollercoaster. Finding qualified resources these days and getting them up to speedquickly is even more of a challenge.Of course, HIC will never compromise on the quality of service we deliver, andthe advocacy and protection we provide to our clients day in and day out. Thepeople that get on the HIC bus must be the right ones. I am a firm believer thatwhen you put others first, the rest will come naturally. I am surrounded by brilliantpeople that hold HIC’s vision, mission, and core values with the same passion andconviction as I do. I know we could overcome any challenge we encounter.What kind of changes in the industry have you seensince you started your company?The changes have been overwhelming for providers, hospital C-levels, and otherhealthcare administrators. HITECH has really been a game changer. The multitudeof regulatory changes and mandates has left it almost impossible for providersto practice medicine anymore. It is all about business sustainability more than itis practicing medicine, and the art and science of it is slowly fading away. EHRadoption, Meaningful Use mandates, 5010, ICD-10, RAC Audits, and Privacy andSecurity compliance are all on the forefront. It is so overwhelming for practices,hospitals, and other healthcare organizations to deal with from a technology,resource, and financial perspective.You are a huge advocate and expert of digitizinghealthcare information, what message do you thinkis the most important to get out there?“DO NOT HURRY TO FAIL!” What I am seeing out there frightens me. Providersare adopting EMR technology to avoid penalties and to receive their firstreimbursement check of $18,000 for achieving Meaningful Use Stage 1 to covertheir investment as quickly as they can. Due diligence and in-depth contractnegotiations should be a priority and most times are not. We are doing a lotof clean up due to poor implementations. Lack of workflow transformation,implementation planning, and insufficient training and optimization are keycontributors. Providers need to take their time, get expert help, and negotiatea solid contract. It is a huge investment that impacts their business revenue,operations, and patient satisfaction.EMR adoption is NOT an IT project; it is a clinical implementation and mustbe handled with that care and respect. HIC has clients small and large that willattest that implementation is tough, but they would never go back to paper.Their revenue, operations, and even their quality of life are better for it. Whenwe walk into a practice that is struggling financially and operationally, and thensuccessfully transition them from paper to EMR, it significantly improves theirbusiness health. There is no greater reward then hearing from a client that wetook them from “Good to Great”. So long answer short, take your time, do it right,don’t compromise, and get expert help. I wouldn’t dare treat myself for a clinicalissue; I go to a specialist.President George W. Bush had set a national goal for everyAmerican to have a personal electronic medical record by2014. Are we anywhere near reaching that goal?Adoption is slowly increasing and it varies state by state, but it is not as expedientas it should be. I am a huge proponent of electronic medical records, howeverthe lack of upfront financial support to do it successfully along with mandatingproviders to adopt to avoid penalties and other ramifications is causing moreharm than good. The mindset of “I am just doing what I have to do to get mymoney back and not penalized,” does not lead to making sound investments andquality improvements of any kind. I think many are waiting to see how muchof this will stay or go based on the upcoming elections. Specialists that have alow number of Medicare patients, such as certain Plastic Surgeons, are not veryconcerned about penalties. Adoption, I feel, will continue to increase, but withoutthe proper business case and return on investment opportunities it won’t be atthe level the government expects.So why is the medical field behind other industrieswhen it comes to technology? Even the bankingsystem seems more up-to-date; I just deposited acheck through my phone last week.You just answered the question. The consumer is the driver for technology. Howmany of us would tolerate not being able to use an ATM card or not have onlineBill Pay for our credit card payments? Historically, if you asked a consumer if theywould choose a provider based on whether they had an EMR system or couldshare their medical record with another provider, you would be hard pressed tofind one. Consumers I believe are the drivers of IT adoption. If I had to choosea bank that online Bill Pay versus one that didn’t, you can be sure I would be acustomer of the bank that did. Convenience, access, availability, and security arewhat the consumer expects. Healthcare has changed drastically since President6TechNews | | May 2012

Accounting Q&AI have heard that I now have a fewchoices to make when decidingwhat type of Service Audit for mybusiness; is it still called a SAS70?customers (in a period of weeks, not months). As the results come in, cross-functionalproduct development teams—design, engineering, manufacturing, procurement, and salesand marketing, among others—must work together to integrate that information into ablueprint for subsequent iterations. While this method may seem more chaotic in the earlystages, it actually drives down uncertainty and risks in later phases, making the overallprocess less costly and more efficient.In our experience, this approach—agile in the front end, lean in the back end—can reducethe labor and capital resources required to get a product to market by 30 percent, or more. Itcan also substantially reduce cycle time to launch by 30 percent to 50 percent. Just considerthe returns that Apple has enjoyed from the rapid-fire sequence of products that began withthe iPod, then the iPhone, and finally the iPad—products updated virtually every 12 monthsor so, all built using many of the best 3G agile techniques.Third-generation product development requires discipline and, for many companies, acomplete transfor-mation of how they design, develop, and launch products. Implementingthis new approach may unearth inefficient approaches deeply embedded in the organization,and it may generate friction among departments that have grown used to the status quo.However, given the increasingly competitive business environment, the effort could pay offsignificantly, and turn product development into the profitable innovation engine it wasalways meant to be. nFrom 1992 until this past June, SAS70 engagements were the only optionfor a service company that wantedor needed to provide their customerswith a report covering internal controlsrelated to their customer’s data andprocessing of that data.There are now three distinct typesof Service Organization Control (SOC)reports available. They are calledSOC1, SOC2 and SOC3. These reportsare not interchangeable; however, theyaddress different needs. The most“direct replacement” for a SAS70 isa SOC1 report, as its purpose is toreport on controls at a company thatprovides services to customers whenthe subject controls are relevant tothe customer’s internal controls overfinancial reporting.SOC2 and SOC3 reports are relevantto controls related to compliance andoperations. Specifically they relate tocontrols over the security, availabilityand processing integrity for systemsand the confidentiality and privacy ofinformation processed by the system.These reports do not extend to thecontrols related to financial reporting.If you are considering your firstService Auditor’s Report, be sure toconsult with a firm that truly has aspecialty in this area. Their experienceand guidance can make all thedifference.Tony Chapman is thePractice Leader of theService Audit Practice ofWithumSmith+Brown,PC. Tony may be reachedat 609.520.1188 Holman is a principal at Booz & Company. www.booz.comTechNews | | May 2012 9

Legal Q&AIs it possible to obtain a “No FurtherAction Letter” from the State of NewJersey where, in fact, “further action” isdefinitely required by someone?Under the old framework at NJDEP, aresponsible party would typically petitionNJDEP for a “No Further ActionLetter” (NFA). As custom would haveit, purchasers and lenders in real estatetransactions would request an NFAconfirming the obvious – that is—that,literally, no further action is requiredbecause the property has been remediatedto applicable commercial or residentialstandards, as the case may be. In atypicalcircumstances, under the old system,NJDEP might have issued an NFA wherecontamination of a regional nature existed,or perhaps in cases where the consultantor attorney pushed the State hard enough.Alternatively, the State might have issueda “mini NFA” providing clearance for aparticular constituent or discrete area ofconcern, in lieu of a “site wide” approval.With the new LSRP Program in full swing,owners, operators and lenders should takenotice of the “form” approvals availableto licensed consultants. NFAs are nowreplaced by Response Action Outcomes(RAOs). The consultant issuing the RAO(now standing in the shoes of NJDEP),has optional language to be included inthe final approval, confirming that, in fact,contamination exists. In such cases, forexample, where off-site contamination hasmigrated onto another property, a “finalapproval” may evidence not that “nofurther action” is required – but, rather,that no further action is currently requiredby a particular owner or operator. Bottomline: Read the fine print.Marc D. Policastro is ashareholder at Giordano,Halleran & Ciesla, PC. inthe firm’s Environmentaland Real Estate, Land Useand Development PracticeGroup. He can be reachedat 732 741-3900 or StrategyRutgers CamdenTechnology Campus Introducesa Paperless Mobile PlatformRutgers Camden Technology Campus, Inc.has launched an initiative to help businesseseasily exchange information with potentialcustomers, funders, employees, and vendors.The initiative, called the RCTC InformationExchange platform, enables enterprisesto conduct business more. The platform,ApplyRapid, is the first of this type inthe nation. The company that developed theplatform is also called Apply Rapid and islocated at the Rutgers Camden BusinessIncubator.ApplyRapid is a secured mobile and cloudbasedprofile repository platform that helpsbusinesses and other enterprises easily exchangeinformation with potential clients, funders,employees, and vendors. The platform allowsinformation requestors (such as businessesor college admissions departments) to buildcustom requisitions (known as Links) to requestinformation from information providers (suchas consumers or students) who hold passwordprotected profiles. The information provider isBy Michele Huberable to determine when and how informationwithin its profile is shared with the informationrequester.The ease of the information exchange withthis platform is achieved through a fourstepprocess. For example, at a New JerseyBusiness Incubation Network conference,startup businesses may be invited to presenttheir ideas to prospective investors and financialinstitutions. At the conference, the informationexchange could occur this efficiently: 1) a startupbusiness scans the link (powered by a QRcode) of a prospective investor; 2) reviews theinformation required by the investor to apply forfunding; 3) clicks to grant the investor access toinformation it needs. Then 4) the investor tracksthe information identifies the most attractiveinvestment opportunities.ApplyRapid, Inc. is planning to launch globallyafter the RCTC’s initiative and similar programsare implemented in New Jersey. nFor more information about ApplyRapid, contact Donta’ D. Bell, CEO and founder, ApplyRapid, Inc.,200 Federal Street, Suite 244, Camden, NJ 08103,, (856) 671-1090.NJTC Follows You On TwitterOpera Solutions @OperaSolutionsWhy Your #IT Spending is About to Hit the Wall @CognizantCognizant among 12 organizations that havesuccessfully used tech to improve organizationaljudgment: Tom Davenport @OwlPointService-Now Developer/Lead - Chicago, IL Health @VirtuaHealthTanning beds could be worse for you, than initiallythought. @phonedotcomClick to Call Button gives visitors 2 ur site theability 2call u w/o having 2 dial #UI #VOIP #SMBFollow the NJTC on Twitter @NJTC10TechNews | | May 2012

EDA Acts ToAdvance NJ’s FirstTechnology AcceleratorBY Travis KahnJumpstartYour CareerNew Jersey is looking for the next Google.With an eye toward nurturing the nextgeneration of technology pioneers, the NewJersey Economic Development Authority(EDA) this week approved entering into apartnership with TechLaunch, LLC to createthe state’s first Technology Accelerator.“This is an opportunity for the state topartner with the private sector to fill a marketneed in New Jersey by helping promisingentrepreneurs achieve success,” said EDA ChiefExecutive Officer Caren Franzini. “We areembarking on a competition for innovation toreveal New Jersey’s entrepreneurial strengths,using a model that provides a potential returnon the EDA’s investment and allows NewJersey to compete with neighboring states inmaintaining and attracting technology talent.”The accelerator model has achieved notablesuccess in other states by offering technologyfocusedentrepreneurs an opportunity toshowcase their products and ideas in a highlyintensive, mentor driven and boot camp-styleenvironment in return for an opportunityto receive funding. While building on thissuccessful model, New Jersey’s initiative willbe unique due to the first-rate talent associatedwith the state’s large enterprise businesses, theconsiderable intellectual property assets ofthese businesses and the ensuing acquisitionpipeline from these same industries.“I share in the EDA’s optimistic visionfor the future of entrepreneurial innovationwithin the State of New Jersey,” said MarioCasabona, Founder and CEO of TechLaunch.“TechLaunch was created to provideentrepreneurs the training and resources tode-risk start-up challenges and assure quickerand higher returns for both the entrepreneurand investors. As part of the TechLaunchbusiness model, a twelve week LaunchPadbusiness boot-camp program will providethe training, networking with mentors andpotential strategic partners to increase thevalue of the enterprise and likelihood of followonfunding. The program will culminate in ademonstration and an investor pitch from eachcompany,” Casabona said. “I look forward toan exhilarating collaboration between public,private, and academic resources with two goalsin mind: to accelerate the commercializationof technology and strengthen entrepreneurialdevelopment within the State of New Jersey.”Upon final execution of the agreement withEDA, TechLaunch intends to run its inauguralclass later this year at the initial host campus,Montclair State University. TechLaunchexpects to host 12 companies in the first year,making average investments of $18,000 percompany. The companies will be chosen byTechLaunch through a competitive selectionprocess. To support this effort, the EDA hasagreed to make an annual investment of$150,000 over three years. EDA’s investmentrequires $300,000 private sector matchingfunds annually.Franzini noted that New Jersey is especiallysuited to launch a successful TechnologyAccelerator given the state’s ecosystem ofresources and long history of technologicalinnovation.“From world class research universitiesand innovative, global companies to state-ofthe-artinfrastructure and a highly educatedworkforce, New Jersey is the ‘innovation’state,” Franzini said. “TechLaunch willleverage New Jersey’s technology-based assetsand create an environment that allows ourmost promising entrepreneurs to grow andultimately deliver products to market.”February’s approval of the agreement withTechLaunch follows the Board’s Januaryauthorization of a $2 million investment inNew Jersey-based Edison Venture Fund VII,which targets financial, healthcare information,interactive marketing and enterprise 2.0technology companies. The fund, which hasobtained nearly $206 million in committedcapital to date, is seeking to invest in 25 to30 expansion stage companies with a $300million target size for the fund. To date,the EDA has approved investments in eightventure capital funds totaling $31.5 million;the funds have leveraged EDA’s investment bymore than 25 times.To learn more about opportunities forbusiness growth throughout New Jersey,visit the state’s business portal at nTurningTrainingInto ActionSetFocus was founded withthe premise that everyonedeserves a good educationand a good job. This isespecially true for ourreturning veterans who havedemonstrated dedication,diligence and the ability toturn training into action.The SetFocus US ArmedServices Veterans Trainingand Career CounselingProgram, GI to IT, willenable these individuals tolearn, grow and secure asustainable employment indatabase and applicationdevelopment opportunities.To learn more about theGI to IT program, orcall 973-889-0211 ext. 135Travis Kahn is Executive Director of TechLaunch ( can be reached at | | May 2012 11

Dollars& SenseEASY ACCESS TO CAPITALNOT SO FASTBy Michael LopezOn April 5, 2012, PresidentObama signed into law the“Jumpstart Our BusinessStartups Act” (the JOBSAct), which was previouslyoverwhelmingly approvedby the U.S. Senate and U.S. House ofRepresentatives. The JOBS Act consists of apackage of bills intended to make it easier forsmaller companies to raise public and privatecapital in the U.S. financial marketAmong the most significant provisions inthe JOBS Act is the creation of a new categoryof issuers called “emerging growth companies”that would be exempt from, or subjected toreduced regulatory requirements for a limitedperiod of time in an effort to encourage themto go public in the United States. The JOBSAct also includes other measures intendedto ease significantly private capital formationand reduce public reporting requirements forsmall and emerging companies.One of those measures would exempt fromthe Securities Act registration requirementsfor certain “crowdfunding” transactions.“Crowdfunding” describes a capital-raisingstrategy whereby groups of people pool money,composed of small individual contributions, tosupport the accomplishment of a particulargoal. Today, there is increasing interest incrowdfunding as a means of offering investorsan ownership interest in an early-stage orsmall company. The Act would permit youremerging technology company (through aqualified intermediary) to raise up to onemillion dollars within any 12 month period.Many would believe that they could simplygo to the internet to start the solicitationprocess (and I’m sure this has been and willcontinue to be attempted). The JOBS Actdoes require an issuer to file with the SECand provide to investors and a “qualifiedportal” specified information among which isthe following:A description of the issuer’s business,anticipated business plan, and other financialinformation. Financial disclosures wouldrequire audited financial statements to theextent the issuer was looking to raise between$500,000 and $1,000,000 within that 12month period. To the extent the issuer islooking to raise less than $500,000 attestedto financial information would still need to bepresented but not with the audit requirement.And those acting as the funding portalintermediary would need to take certainactions among which (besides registrationwith the SEC) would be to:• Provide disclosures, including those relatedto risks and other investors educationmaterials, and ensure that investors reviewsuch disclosures, affirm risk of loss andanswer various questions relating tofinancial qualifications.• Take such measures to reduce risk of fraud,including but not limited to, backgroundand regulatory checks on directors, officersand significant shareholders of issuers.• Make available to the SEC and to potentialinvestors any information provided by theissuer to investors and intermediaries, notlater than 21 days prior to the first day onwhich securities are sold to any investor.• Make such efforts as the SEC determinesappropriate by rule to ensure that noinvestor in a 12-month period haspurchased securities offered pursuant tothis exemption that, in the aggregate,from all issuers, exceed certain investmentlimits.While there are still many questions to beasked and answered surrounding this newand groundbreaking legislation, it is clear thatthose looking to raise up to a million dollarsto jump start their company will have reducedbarriers and time constraints to entry into thismarket place for precious capital.But there will still be enough regulatoryrequirement (as there should be) to make theentrepreneur stop and think “not so fast.” nMichael Lopez, CPA, is a Partner with EisnerAmper LLP and a member of the firm’sTechnology Group. Contact:; 347-735-4610.TechNews | | May 2012 15

By Jerry MasinThomas Edison said, “Vision without execution is hallucination.” Intoday’s economic environment – where businesses have learned to domore with fewer people, yet struggle to find qualified candidates forthose positions that are open – seeking employment without propereducation and training is vision without execution.Unemployment rates remain stagnant in part due to more job seekersreentering the job market as the economy continues to recover, yet lessjobs available because many positions cut during the recession are goneforever as technology has spurred improvements in business processes.As columnist David Brooks recently said, “American skills have notkept up with technological change.”Those Americans who have kept up are succeeding. Whileunemployment rates still remain above 8 percent, unemployment inthe information technology sector consistently runs well below nationallevels, as low as 3.3 percent in June 2011 when the national rate was9.2 percent. And the news for the IT community, and those seekingemployment in this sector, keeps getting better. After sitting on theircash for most of the recession businesses once again are investing in IT,on both the software and hardware sides. U.S. businesses are forecastto spend $551 billion on IT products and services in 2012, accordingto the “United States Information Technology Report Q1 2012” issuedby of that investment include cloud computing, mobileapplications, data center consolidation, product innovation such astablets and netbooks and technology innovation such as GPS, thereport said. Monster added government mandates such as those of theAmerican Recovery and Reinvestment Act.Because computers do not program themselves this increase ininvestment translates into demand for skilled IT workers. Accordingto “Tech Hiring Trends 2012” issued by Acquity Group, there willbe an increased demand for mobile application developers and datawarehouse analysts this year. U.S. News and World Report lists softwaredeveloper and database administrator as the second and fifth best jobsof 2012.Yet not everyone gets IT. The Princeton Review showed that the 10most popular college majors continue to include business administrationand management/commerce (#1), psychology (#2), English languageand literature (#6) and political science and government (#9).At the same time 52 percent of U.S. businesses report havingdifficulty filling open positions, according to ManpowerGroup’s “2011Talent Shortage Survey.” Only 14 percent of hiring managers reportedthat over the last three years “most” or “nearly all” job candidates hadthe skills their company looks for in a potential employee, according toa recent survey by the Career Advisory Board.Even in IT there is a shortage of necessary skills, with 93 percent ofbusinesses reporting an overall skill gap among their IT staff, accordingto the “State of IT Skills” report by CompTIA.Learning, Growth and Sustainable EmploymentIn the new economy of the 21st century, economic vitality is theoutcome of a three-part formula: learning, growth and sustainableemployment. Through job-specific education and training workersbecome properly skilled, help businesses grow and remain employable.So how does an unemployed or underemployed non-IT workertake advantage of this increasing demand for skilled IT employees? AsEdison said, they need to execute a plan.First, job-seekers must perform a skills assessment. A job search isa journey and just as a traveler begins a journey by assessing what heor she will need for the trip job-seekers must determine which skillsthey possess and lack. (Skill self-assessment tools are readily availableonline.)For example, to succeed as an application developer or databasedeveloper workers require a basic understanding of computing, objectorientedconcepts, relational databases and how to write code. Becausemuch of this can be trained, job-seekers in this field also must possessdiscipline, organizational skills, a burning desire to learn and a burningdesire to succeed.Job-seekers can also confer with a career coach to determine theirbest path. Any discussion about where a worker wants to go mustinclude a discussion of where the jobs are. Next, the execution ofa career change and new job search entails job-specific education16TechNews | | May 2012

NJTC photo galleryPrivate Cloud Data Centers and Networking ReceptionMarch 20, 2012 • Ancero • Mt. Laurel, NJNJTC’s preferred provider, Ancero hosted a reception to inform attendees about issuesof liability, Disaster Recovery Plans, and how the cloud can help mitigate a potentialloss of business in the event of a fire. A networking reception followed.What’s Next in Mobile, Telecom & the CloudMarch 27, 2012Juniper Networks OpenLab – The Junos Center for Innovation, Bridgewater, NJFrom the region’s universities and companies, presentations included product demonstrations, providingparticipants a glimpse of mobile applications, new equipment and cloud concepts that are reinventing technologythroughout the region.Presentation from:• Juniper Networks OpenLab – The Junos Center for Innovation - Vin Spinelli, Managing Director, Mobile Solutions• Drexel University - Doug Pfeil, Research Associate, Drexel Wireless Systems Lab• Harrisburg University of Science and Technology - Dr. Joseph E. Cannon, Professor of Computer and InformationSciences• New Jersey Institute of Technology - Dr. Cesar Bandera, Adjunct Professor in NJIT’s School of Management andCollege of Computing Sciences• Monmouth University - Dr. William M. Tepfenhart, CTO, Rapid Response Institute andAssociate Professor/ Graduate Studies for the Computer Science/ Software EngineeringDepartment –• Princeton University - Jennifer Rexford, Professor of Computer Science• Rutgers University - Rutgers Wireless Labs - Ivan Seskar, Assoc. Director of InformationTechnology• Stevens Institute of Technology - Yanzhi Ren - Ph.D. Student, Data Analysis and InformationSecurity Lab,• University of Pennsylvania - Harjot Gill, Graduate Student, Computer Information ScienceNJTC 2012 CFO of the YearAwards BreakfastJune 8, 2012 • Forsgate Country ClubCelebrate with us as we honor some of our region’s finest financial executivesThe award categories are:CFO of the Year • Deal of the Year• Financier of the Year• Hall of FameFor details and to register visit www.njtc.org18TechNews | | May 2012

NJTC New MembersAs of March 2012lectronics Advanced Materials &ManufacturingAccess Optical NetworksMonmouth Junction, NJ • www.accessopt.comHolographic Data Storage in Non Volatile CrystalMedia, High Speed Optical Communications andInterconnects for Cloud, Enterprise, NAS, SAN, andHigh Performance Computing Applications.Enixs Technology, LLCEdison, NJ • .enixstechnology.comEnixs Technology is one of the fastest growingadvanced electronic equipment manufacturersand suppliers of Trainer Boards and ElectronicLaboratory equipments for Universities and ResearchLaboratories.Environmental & EnergyEconomic Green SolutionsSparta, NJWe provide Best in Breed Sustainable and GreenEnergy Solutions to Enterprises and Organizations inthe Metro NY Region.Locus EnergyNew York, NY • www.locusenergy.comLocus Energy helps renewable integrators easilymonitor, maintain and optimize performance acrossa fleet of installed systems. The web-based platformprovides comprehensive system monitoring forinstallation professionals as well as easy access fortheir end-users.NAC Harmonic Drive, Inc.Port Jervis, NY • www.nacharmonicdrive.comNAC Harmonic Drive, Inc. provides precisionharmonic drive gearing components and gearheadsfor the aerospace, machine tool, electronics,printing, robotic and motion control industries.NAC is dedicated to providing world class quality,exceptional value, and superior customer service toour customers around the globe.Holganix, LLCGlen Mills, PA • www.holganix.comHolganix manufactures a proprietary bio-nutritionalsoil amendment that reduces the need for fertilizerby 90% and pesticides by up to 50% while providingsuperior results at 30% overall lower cost.Governmental – ForeignIsrael Economic Mission to North AmericaNew York, NY • www.israeleconomicmission.comThe Israel Economic Mission provides a direct linkbetween the Israel and U.S. business and financialcommunities. Our goal is to manage the Governmentof Israel’s U.S. Dollar denominated debt, expandbilateral trade and investment and provide the timelyinformation that executives in both countries need toconduct business together.Individual – Executive in TransitionBob MoulDevon, PAFormer Chairman and CEOInformation TechnologiesAchieve, Inc.Jersey City, NJCMIT SolutionsCherry Hill, NJ • www.cmitsolutions.comCMIT Solutions of Cherry Hill is the premier IT supportand IT services company for small to mid-sized businessesin Cherry Hill, Marlton, Voorhees, Haddonfield, HaddonHeights and surrounding South Jersey towns.DocView Solutions, LLCCherry Hill, NJ • software development companyDotcomWeavers Inc.Paramus, NJ • www.dotcomweavers.comDotcomweavers is a cutting-edge web design anddevelopment company headquartered in Paramus, NewJersey. In business for more than 7 years, Dotcomweavershas been providing its clients first to market innovative websolutions that help businesses stay competitive and grow.Epion HealthLebanon, NJ • www.epionhealth.comEpion Health is placing Smart Screen tabletspre-loaded with tools and apps for use by physicians andpatients at the point of care.Intellectual Tax Properties (DynaTax)Newark, NJ • www.dynatax.netITP is an intellectual property holding company that ownsexclusive rights of use and assignment to a portfolio offour US patents, related software systems and trademarkto the name Dynatax. Dynatax is a patented estimatedincome tax withholding calculator, self-impound, andremittance service designated for over 40 million selfemployed US taxpayers. Three operating business units:Consumer, Commercial Licensing, & Payments Processor.All protected services are electronic. First patent termexpires 2029.ITMSMarlton, NJ • L.LC. ofers a range of security and penetrationscanning solutions. We can help find the holes in yournetwork before an intrusion has occurred. We have over13 years of experience securing computer networks.Lumos Information ServicesPiscataway, NJ • http://lumoslearning.comLumos Learning is a publisher of innovative tools thatenhance and extend classroom learning for children inK-12. Using the Lumos Study Programs, parents andeducators can reinforce the classroom learning experiencefor children and help them succeed in the classrooms andstandardized tests.Newport Financial CenterJersey City, NJ • www.newportfinancialcenter.comNewport Financial Center is a 500,000 SF Data Center/Colocation facility in Jersey City, NJ.paSafeShare LLCCollts Neck, NJ • www.pasafeshare.compaSafeShare LLC is a Colts Neck, NJ based softwaresolutions company providing solutions for intellectualproperty and data protection. The flagship product family,paSS delivers persistent file protection of businessdocuments, spreadsheets, and presentations. Whether yousend information to employees, customers, vendors, orbusiness partners, paSS ensures that your recipients canview the information in its native form; but cannot printcopy, modify, or forward the information to unauthorizedrecipients. paSS is a trademarks of paSafeShare LLCTriveni ITNorth Bergen, NJ • www.triveniit.comA technology company focusing on mobile and webapplications.Virtual Computing Solutions, LLCPrinceton, NJ • www.vuapps.comVCSL is a provider of cloud based software and dataintegration services. Our core product, VU Tracker isused by organizations and universities across thenation.Wachter Technology Solutions Inc.Mount Laurel, NJ • www.wachter.comWachter Technology Solutions is a leading solutionand service provider of data, voice, security, power andother integrated building systems.WinHire Inc.Monmouth Junction, NJ • www.winHire.comWinHire is a next generation video social recruitmentplatform, enabling corporates to gain exponentialproductivity in recruitment processLifepoint InformaticsGlen Rock, NJ • www.lifepoint.comLifepoint Informatics is a trusted leader in healthcareIT focusing on laboratory outreach connectivity,health information exchange, and clinical datainteroperability. Since 1999, Lifepoint has enable 200+hospitals, clinical labs and anatomic pathology groupsto grow their market share and extend their outreachprograms through the deployment of its ONC-ATCBCertified We b Provider Portal and comprehensiveportfolio of ready-to-go EHR interfaces.TreeIntoSky Inc.Lawrenceville, NJ • www.TreeIntoSky.comTreeIntoSky is about a new book FORMAT tostandardize and inject personalized educationalcontent into blockbuster video games.Advance ResponseSea Girt, NJ • www.advanceresponse.comHealthcare technology (Software as a Service)company that improves collaboration betweenproviders and payers during claim reconciliation.Gunter Media GroupSouth Orange, NJ • www.guntermediagroup.comThe Gunter Media Group is a digital publishingcompany for the science, technical and medicalpublishing industry with a focus on the small andmedium size publishers.LifeSciencesAdvanced Pharmaceuticals, LLCPlainsboro, NJ • www.advancedpharmausa.comMy company, Advanced Pharmaceuticals, LLC,located in New Jersey, is trying to develop a noveldiagnostic tool for the screening and detection ofprostate cancers. We also have clinical projects on thediscovery/development of novel drugs and treatmentfor prostate cancer and rare neurological diseases suchas Krabbe Disease.DNJ Pharma, Inc.Mullica Hill, NJ • www.dnjpharma.comDNJ Pharma, Inc. is a biopharmaceutical companyspecializing on drug discovery and developmentIVDiagnosticsValparaiso, IN • www.ivdiagnostics.comIV Diagnostics developed an in-vivo technologyplatform for cellular and molecular diagnosis of blood20TechNews | | May 2012

The New Jersey Technology Counciland Education Foundation1001 Briggs Road, Suite 280Mt. Laurel, N.J. 08054Non-profit Org.U.S. PostagePAIDNew JerseyTechnology CouncilON THE NJTC TECHWIREDAILY UPDATES ABOUT THE REGIONSMOST TECH SAVVY COMPANIES• Stockton scholarship fund reaches $20 million goal two years early. ATLANTIC CITYThe Richard Stockton College of New Jersey had a lot to celebrate at thisyear’s scholarship gala. “You Make the Difference: The Campaign for StocktonCollege” exceeded its $20 million goal — with two years to spare.• N.J. AT&T lab receives patent for self-destructing ‘Mission: Impossible’ e-mails.Have you ever sent an e-mail you wished would self-destruct after the intended recipient read it?• RESEARCH SCIENTIST/ENTREPRENEUR WHO ORBITED EARTH AS PRIVATE CITIZEN TO SPEAKAT RVCC GRADUATIONDr. Greg Olsen, a research scientist and entrepreneur who was the third private citizen toorbit the earth on the International Space Station, will deliver the commencement addressat Raritan Valley Community College’s (RVCC) 43rd annual spring commencement.• CIRCULITE ® PROVIDES UPDATED CLINICAL DATA ON SYNERGY ® MINIATURE VENTRICULARSUPPORT SYSTEM IN MULTIPLE PRESENTATIONS AT ISHLT ANNUAL MEETINGPositive Clinical Data Support Synergy’s Potential to Improve Hemodynamics, Exercise Capacityand Quality of Life in INTERMACS 4, 5, and 6 Patients with Chronic Heart Failure.• DBSi and Risk Masters, Inc. Announce Collaboration. Bethlehem, PAData Based Systems International, Inc. (DBSi), a premier data center services company providingflexible, cost-effective technology solutions with a focus on IT Disaster Recovery (ITDR) willbe collaborating with Risk Masters, Inc. to provide consulting assistance to DBSi clientsinterested in Business Continuity Planning. Headquartered in Bethlehem, PA, DBSi [...]• Women in Science: Does the Glass Ceiling Extend to the Lab? PHILADELPHIADespite a long and productive history of scientific research and discovery that dates back toancient times, women are still somewhat of a rarity in the STEM fields of science, technology,engineering and math. What strides have women in science made and what challenges remain?• NJ UNIVERSITY PRESIDENTS LAUNCH CAMPUS COMPACT PRINCETON, NJThe presidents of 22 New Jersey colleges and universities will officially launch the stateaffiliate of the national Campus Compact, an organization charged with advancingthe public purposes of colleges and universities by deepening their ability to improvecommunity life and to educate students for civic and social responsibility.• Connotate Automates Altitude Digital Partners’ Ad Exchange Data CollectionProcesses. Supply-side Advertising Firm Uses Leading Web Data Extraction andMonitoring Solution to Power the Latest Version of its Next Generation SSPInnovative,Inspiring,Revolutionary…continued from front coverGertner will provide answers to some ofthe most critical challenges that technology,bio-tech, pharma and R&D companies face:What causes innovation? Why does it happen?How can you nurture it? How can you sustain aculture of innovation?NJTC members who attend the AnnualMeeting will learn how to develop a culturewithin their own company that supports andinspires new product development throughcollaboration. Steve Jobs once said, “The mostdifficult and important thing to create was not aninnovative product but a great organization thatcould continually create innovative products.”What defined Bell Labs from its inception untilthe 1980s was a large, brilliant, interdisciplinaryteam that was encouraged to work together andhad resources to support exploration. Today,research is generally more constrained, whichhampers the innovative process, and as a result;its outcome.Gertner will give the audience best practicesto keep your company on the front-line ofbest-in-class innovation. He will explain howBell Labs was able to nurture its team toconsistently deliver the pioneering productsneeded to advance technology.Register today for the Annual Meeting, and learn more on how BellLabs became The Idea Factory. n

More magazines by this user
Similar magazines