NJ Tech Council
www.njtc.org
May 2015
Vol. 19 Issue 5
$3.50
5
Francois Nader
.........................................................
Former
Chief Executive
Officer of
NPS Pharma
Hear him on June 11th
4
Hiten Patel
..................................................
NJ Tech Council and
Education Foundation
1001 Briggs Road, Suite 280
Mt. Laurel, N.J. 08054
New Jersey
Technology Council
PAID
Non-profit Org.
U.S. Postage
Co-founder and
CEO of Collabera
[president’smessage]
[contents]
In what was a tech trade association first, I led
a successful trade delegation to Cuba in April. We
met with tech, biotech and business leaders and
look forward to developing more collaborations in
upcoming months and years as the society opens
and the economy develops.
Looking forward, the Tech Council has several
exciting events coming up. The 5th Annual HealthTech Conference on May 21 will bring together
senior-level healthcare professionals and entrepreneurs to learn about cutting-edge innovations and
address how healthcare is being redefined through technology. Dr. Stephen
Klasko, the keynote speaker and President and CEO of Thomas Jefferson
Health System will share his insights about changing healthcare one physician, and one institution at a time.
June is a big month for us. First up on June 4th is the FinTech Conference
which will address the needs of the growing financial sectors as they seek to
develop and implement an effective FinTech framework. Next is the popular
annual event recognizing the accomplishments of our region’s top financial
executives will be held on June 11th. Join us at the CFO Awards on and hear
Francois Nader, former President and CEO of NPS Pharma, share his insights from NPS Pharma’s successful turnaround and exit.
Finally, we must not forget our Annual Meeting on July 15th at Forsgate.
Plan to join us, learn how technology is changing the sports business, and
network with your peers.
As you can see, the Council has been busy. So as you get ready to plan your
summer, make sure to take time out of your busy schedule to learn, meet and
network with other leaders at one of these great events. We look forward to
seeing you! n
– James C. Barrood, President and CEO, NJ Tech Council
.......................................................................................................
PUBLISHER
James Barrood • james@njtc.org
March 2015 • VOL. 19 NO. 3
NJ Tech Council & The Education Foundation
1001 Briggs Road, Suite 280
Mount Laurel, N.J. 08054
phone (856) 787-9700
fax (856) 787-9800
www.njtc.org
4 CORNER OFFICE
Hiten Patel
By Carly Bohach
Meet Hiten Patel, CEO of Collabera.
5 Francois Nader
By Carly Bohach
Francois Nader shares his insights on the ins and outs
of pharma M&A and the state of Pharma and Biotech
in New Jersey.
Plugged In
6 Connected Devices and the Customer
Care Challenges They Pose
By Dan Deeney
14Women Tech Leaders Bridging the Gap
in New Jersey
By Marisela Cigliuti
Features
8 Staying Ahead of the Tech Curve
By Kristian Stout
Learn how further establishing that state at the
forefront of innovation requires thinking out along
the development curve in order to identify and provide infrastructure for future disruptive
technologies.
Columns
10 EXPERT VIEW: Big Data in Life Science
and Healthcare
By Robert H. Hutchins
NJTC CONNECTIONS EDITOR
Judy Storck • Jstorck@njtc.org
12 EXPERT VIEW: Wearable Health
Technology
By John Pennett
15 EXPERT VIEW: Find the Best VAR for
Your Business
By Mike Clark
16 EDUCATION: Crowdfunding, University Style
By Lori Dars and Chris Pflaum
GRAPHIC DESIGNER
Cathleen A. Clapper • cathyslife.com
NJTC Connections
VP OF PUBLICATIONS
Leo M. Mennitt • lmennitt@njtc.org
CONTRIBUTING EDITORS
Carly Bohach • bohachc.njtc@yahoo.com
Jennifer Simoni • jenn.njtc.technews@gmail.com
18 New Members
ADVERTISING
Ellen Stein • Ellen@njtc.org
TechNews is published by the NJ Tech Council and The Education Foundation. We are located at 1001 Briggs Road, Suite 280, Mt.
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On the Cover
Subscription information: www.njtc.org
MAY 2015
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20Calendar of Programs
22 NJTC Photo Gallery
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NJTC
[corneroffice]
Hiten Patel, CEO, Collabera
....
..........................................................................................................................................................................
By Carly Bohach
H
CUs) that specialize in recruiting and deploying consultants with highly
specialized domain and skill-based capabilities. The eTCUs have allowed us
to scale and deploy talent in highly specialized areas such as Big Data and
Analytics, Cloud, and Advanced Mobility.
iten Patel, co-founder and CEO of Collabera purchased the company in 1997 — then a $2 million company known as Global Consulting
Corp. Since then, Patel rebranded and expanded in Morristown and Collabera continues to increase its revenue every year and is on track to be a $1
billion dollar company within the next five years.
Collabera employs more than 8,000 professionals across more than 30
offices in the United States, the United Kingdom, India, Singapore and the
Philippines — with the goal to expand even more internationally.
In New Jersey alone, the company employs over 100 people at its corporate headquarters in Morristown and more than 500 contractors are currently on assignment in the Garden State.
Collabera has found its success using a client-centric
model — rather than branch-centric — to align IT strategies with business goals for Fortune 500 companies in
several industries, including retail and manufacturing,
communications and media, energy and utilities, pharmaceuticals, life sciences, health care, banking and financial services.
How do you innovate?
At the core of our company vision is innovation - we are constantly seeking creative ways that we can improve our technology, our processes, and
our customer and employee relationships. Strategically, we partner with
industry-leaders in their respective sector and utilize these partnerships to
establish innovative practices and be a true partner to our
clientele.
You have won Best Staffing Firms
four years in a row. How do you
retain quality talent?
As a company, we are only as successful as the individuals that represent Collabera. We offer our employees a
winning and rewarding package that helps them to grow
both on a personal and professional level. We have also
developed an ecosystem where our employees are treated
as family.
How did you become CEO?
I always knew that I wanted to start my own business.
I wanted to do something where I could make an impact
and feel the impact of the work that I did. So, in 1996, I
took a gamble and invested my life savings into a fledging
information technology firm.
What do you look for when
hiring employees?
What qualities does it take to be a
successful leader?
The key characteristics we look for when hiring a new employee is
ambition and hunger for success. We look for people who are ready to give
whatever it takes to succeed and work for a fast-growing organization.
In order to become a successful leader, you must believe in yourself, lead
by example and have a strong vision of collaboration and teamwork. If you
follow these qualities, you can really take it to the next level.
How important is networking and
what is most effective?
What do you want people to know about Collabera?
Networking is what accelerates and sustains Collabera’s success by making connections and building enduring, mutually beneficial relationships. It
is the most productive, proficient and enduring tactic that grows and maintains our relationships with clients and consultants.
It’s an IT organization that believes in excellence in customer service.
The company is known for providing the best staffing experience and taking great care of its clients and employees. For consultants and employees,
the firm offers an enriching experience that promotes career growth and
lifelong learning, which is what earned us the title of “Best Staffing Firm to
Work For” by SIA four years in a row.
Tell us one interesting fact about yourself?
Growing up, I always wanted to become a professional singer. To this day,
singing is still something I continue to pursue on my personal time.
Recently you moved into new emerging
technologies, which ones and why?
Where do you see Collabera in 5 years?
We have recently spun off the Collabera IT Solutions business unit into
its own entity called Brillio, which is focused on leveraging emerging technologies for innovation and application modernization in the Banking &
Finance, Utilities, CPG, Retail, Technology, Media and Entertainment Industries. Collabera also has Emerging Technology Competency Units (eTMAY 2015
Collabera has two key goals for the future: to aggressively grow its regional and international footprint and to expand its workforce capabilities for
emerging technologies. In addition, we continue to increase our client base
from fortune 500 to fortune 2000 organizations. Collabera also has a target
of reaching $1 billion by 2020. n
4
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Francois Nader, MD, MBA
Former Chief Executive Officer of NPS Pharma.
...........................................................................................................................................................................
By Carly Bohach
F
it met the board and shareholders expectations. These deals should be done
for the right reasons, and the right business rationale. As a CEO of a company, you are always building toward the future, leveraging market dynamics
in the best interest of the customers and the shareholders. The deal with
Shire ended up being $46 per share and closed on Febuary 21, 2015 and was
done with everyone’s best interests in mind.
rancois Nader, MD, is a leading value builder in the biotech industry.
He was President, Chief Executive Officer and a member of the Board of
Directors of NPS Pharma from 2008 to 2015, when the company was acquired by Shire for $5.3 Billion. During his tenure as CEO Dr. Nader transformed NPS Pharma into a leading global biotechnology company focused
on delivering innovative therapies to patients with rare diseases. He was
recognized as the Ernst and Young National Life Science Entrepreneur of
the Year® in 2013. Dr. Nader currently serves as chairman of the board of
directors of Acceleron Pharma Inc. (XLRN) and board director at several
emerging biotech companies, including Clementia Pharmaceuticals, Inc.
and Trevena Inc. (TRVN).
Dr. Nader is a 30-year veteran of the
healthcare industry. Before NPS, he was a
venture partner at Care Capital. Prior to
that, he served on the North America Leadership Team of Aventis and its predecessor
companies holding a number of executive
positions including senior vice-president,
integrated healthcare markets and North
America medical and regulatory affairs.
Previously, he led the global commercial
operations at the Pasteur Vaccines division
of Rhone-Poulenc.
Dr. Nader is also a leader in significant
industry and business organizations. He is
a Board member of the New Jersey Chamber of Commerce, and sits on the Advisory Board of the Open Future Institute. He
is the immediate past chairman of BioNJ,
New Jersey’s biotechnology trade organization and has served on the board of the Biotechnology Industry Organization (BIO),
the national industry body.
Dr. Nader earned his French Doctorate
in Medicine from St. Joseph University in
Lebanon and his Physician Executive MBA
from the University of Tennessee.
TechNews spoke recently with Dr. Nader
about the ins and outs of pharma M&A and
the state of Pharma and BioTech in New
Jersey. Here are some excerpts from our
conversation:
How can NJ get the exposure it wants/needs?
New Jersey continues to be a strong magnet for Pharma and Biotech. The
BioPharma space is both global and dynamic and we can’t rest on our laurels. There is stiff competition coming out
of Boston, Pennsylvania and the Bay Area.
We need to continue to strengthen basic
research through collaboration between industry and academia, as well as looking for
new investments. At the same time, the state
needs to support innovation and the private
sector will do the rest. We have strong scientists and we can make it happen as long as
all the players are committed.
How can Pharma continue to
make deals to keep M&A on
track?
The life line for Biopharma is basic research and innovation. Basic research is
expensive and risky. To fuel the engine, we
need both human and financial capital. As I
said, Biopharma is global and we can bring
in innovations from elsewhere. However,
it is much more rewarding for us to invest
in basic research here in NJ. Ultimately, we
want others to come here and build new
companies.
Next, we need to foster entrepreneurship
in the state. Most successful companies are
started with a dream. We need to support
scientists materialize their dreams by a
combination of incentives, organizational
structure and mindset.
What are the up and coming therapies or drugs we
should be aware of?
You recently sold NPS-talk a little about how you
made this successful?
There are so many breakthrough innovations going on. I’ve been in the
industry for 33 years and I’ve never been more excited. That being said,
there is still a lot to do in traditional areas such as diabetes, Alzheimer’s and
anti-infectives. As much as I am encouraged by the depth and scope of innovation, there is still a number of open fields. To tackle these critical public
health issues the key is to work together. Academia, industry, investors and
the state all need to collaborate. 1+1+1+1 could equal 8 or 10. The only way
we can make a true difference is team work and focused targeting. n
In our business mergers and acquisitions are the norm. When I took over
NPS, my goal was to build the company in two phases. Phase one was to get
the two primary products focused on rare diseases to approval and commercialization. We did this in both the U.S. and Europe. In 2015, we were
to initiate phase 2 and bring to market treatments for 10 rare diseases in 10
years. However, once we had an offer on the table from Shire as a CEO I had
the fiduciary responsibility to bring it to the board and determine whether
MAY 2015
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[pluggedin]
Connected Devices and the
Customer Care Challenges They Pose
The rapid expansion of connected devices in the market
will have profound effects on customer care in many ways.
..........................................................................................................................................................................
By Dan Deeney
J
anuary’s Consumer Electronics show and
the recently concluded Mobile World Congress
punctuated a fact fairly obvious to anyone in
attendance or following from afar – connected
devices are here in a big way. They continue to
weave their way into almost every aspect of life
and will continue to do so as evidenced by the
array of new connected wearables, appliances and cars introduced at these major industry
events. It’s clear that connectivity will soon envelope almost everything we own and everything we do, and with it will arise new customer
care challenges for both the manufacturers of all
these connected devices and the network operators who make it possible for smart devices to
be smart.
From increased service requests from users
acquainting themselves with these new products
to the need to train care reps that, to this point,
may have only had familiarity with smartphones
and tablets, the care challenges for all those involved in the lifecycle of connected products will
continue to grow.
The rapid expansion of connected devices in
the market will have profound effects on customer care in many ways.
To begin with, the current state of customer
service is largely focused on supporting the features and functionality of new device models
and operating systems. Customer care representatives already struggle to keep pace with familiarizing themselves with these mobile devices.
Utility VoIP
With increased complexity of applications and
services running on these devices, customer
care agents are challenged to provide support
when they do not have full visibility into how
consumers are using their devices. Consumers
have personalized their devices and have transitioned how they manage their daily lives to their
devices and, as a result, they expect a high level
of customer support. Now CSR’s will have to deal
with an increased complexity of applications and
services. Agents will face daunting challenges as
they aim to provide superior support when they
do not have full visibility into how consumers
are using their devices.
The introduction of new connected devices
that work with smartphones and tablets will fur-
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MAY 2015
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ther confound matters. New product categories
such as smart watches and consumer wearables
require constant communication with your
smartphone in order to drive utility of the device. For these devices to provide value added
services, such as messaging and notifications,
they will need to stay connected at all times.
With multiple connected personal devices operating applications and services, the customer
care challenge becomes one of accurately identifying issues across device platforms and quickly
and efficiently providing support to rapidly resolve problems.
The mobile operators will be constrained to
support the devices bought by consumers directly from retail stores. The most important
challenge being enabling and retraining their
care reps to support significantly higher number
of combinations of OS versions, device models,
popular application versions, and device type.
Finally, with consumers using devices from
different manufacturers, the customer support
model has the potential to create confusion in
the market. While mobile operators provide
support for smartphones that are tied to its mobile service, device manufacturers seek to provide support for devices that may be connected
to the smartphone platform. These devices have
a unique set of challenges in providing quality
customer care for each product that brings its
own user interface and capabilities. Mobile operators also believe their customer support model
must extend to the ecosystem of connected devices in order to provide a superior level of customer experience.
It is paramount for manufacturers and mobile
operators to proactively look for solutions and
tools that will arm their care reps proactively
with information about the problems with their
customer’s devices. In addition, the solution
should be able to recommend a fix that can be
applied to the appropriate device at a click of a
button from the care rep console.
So what are operators and manufacturers to
do to alleviate the inevitable onslaught of service
requests and avert costly device returns? Here
are some ideas:
Be Predictive:
To improve the user experience on the device,
mobile operators must be predictive and proactive in providing customer care solutions to their
subscribers. Through device diagnostics and
remote support capabilities, mobile operators
should seek to gather as much information about
the device, applications and network conditions
when the opportunity is present in order to proactively resolve customer problems.
Embrace Data:
Data analytics are invaluable in their ability
to offer real-time insight into network perfor-
mance. By incorporating a data strategy within
customer care, operators and manufacturers can
spot flags in performance that not only will more
quickly and easily address an issue at hand but
also potentially pre-empt additional support requests from users experiencing a similar issue.
Empower the User:
Very few customer care issues are urgent or
catastrophic in nature. But the first impulse the
user has when they encounter a problem is to call
an agent. User manuals are usually lengthy, complicated and intimidating furthering the desire
to talk to a real person. Through online tutorials
and learning wizards, operators and manufacturers can empower the user to resolve issues on
their own with confidence and avoid having to
monopolize valuable call center time with basic
problems. Consider creative ways to incentivize
the user for visiting the self-care center first,
maybe through a contest, promotion or discount
of some kind.
A New Model:
All in all, mobile operators and device manufacturers must embrace a new customer support
model – one that focuses on the user experience.
This new model must center on the usability of
the product, which becomes the basis for delivering an enhanced customer experience.
Summary
Connected devices continue to rapidly expand
in the market with consumer demand driving
innovation across multiple device platforms.
Connected device manufacturers are embedding
smart technology into products with which we
interact on a daily basis. Smart watches, wearables and smart televisions are just a few examples. With this connectivity, consumers can
access more content, enjoy more control and interact with these smart products from anywhere
an Internet connection exists.
When the consumer encounters an issue, they
will turn to the device manufacturer for customer support. Providing quality support for these
devices presents a unique set of challenges and
complexities, with each device having different
interfaces, features and capabilities. There is
no one-size-fits all approach suitable for device
manufacturers, who value their customers and
want to provide a positive care experience.
As new connected devices are introduced in
the market, customer support will become increasingly important in driving an enhanced
level of customer satisfaction and loyalty. n
Daniel Deeney is CEO of AetherPal, a leading
provider of connected device support
software for mobile operators and wireless
device OEMs.
MAY 2015
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[legalq&a]
Q
A
What implications does
the recent decision in
the “Blurred Lines”
case have on software
developers?
Recently, a federal jury found that the
song “Blurred Lines” (by Pharrell Williams,
Robin Thicke and Clifford Harris, Jr.) was
substantially similar to the Marvin Gaye
song “Got to Give it Up,” and awarded
over $7 million in copyright infringement
damages. The similarities between the
songs were largely based on several
very small elements, suggesting some
potentially important implications for
software developers.
Software developers are tasked
with writing code to automate certain
functions, with limited resources and under
guidelines requiring them to meet certain
non-functional specifications and criteria.
So much of the “big picture” is frequently
dictated by utilitarian concerns which
would not be protectable by copyright.
In copyright infringement cases,
evaluating substantial similarity is,
perhaps, the most difficult task. For
software developers, the concern is that
even where there is no literal copying and
an analysis of the individual elements of
code does not, by itself, support a finding
of substantial similarity, there may still
be copyright infringement. Under the
approach taken in the Blurred Lines case,
if, in comparing two computer programs,
the ordinary reasonable person (in that
case, the jury) finds that the overall impact
and effect is that they are intrinsically
similar, then copyright infringement
may exist.
.........................................................
Kurt E. Anderson is a
shareholder and Chair
of Giordano, Halleran
& Ciesla’s Intellectual
Property & Technology
Department. He can
be reached at 732-7413900 or kanderson@
ghclaw.com.
Staying Ahead of the Tech Curve
A good way to gauge the future of software innovation
is to look at where the big investors are putting their money.
N
..........................................................................................................................................................................
By Kristian Stout
up to begin offering Bitcoin withdrawals from 10,000 ATMs.6 Perhaps most
interesting, IBM recently announced that is working with the Federal Reserve
to develop a digital currency based on the technology.7
Not only has Bitcoin made strides with existing institutions, but companies
that develop with blockchain technology have been raising a lot of money. Andreessen Horowitz recently became a major investor in 21, Inc. All told, 21 Inc.
has reportedly raised $116M to date, the most ever for a cryptocurrency startup. Coinbase, a major “virtual wallet” provider received the attention of Union
Square Ventures. Starting from an initial A series of $5M, Coinbase went on to
raise $100M in series B and C funding.8 All told, cryptocurrency startups received over $347M in funding in 2014 – more than triple from a year previous.
New Jersey has made important investments in its innovation ecosystem
over the last decade. However, further establishing the state at the forefront
of the nation’s innovative economies requires thinking out along the development curve in order to identify and provide infrastructure for future disruptive technologies. In addition to providing resources for existing entrepreneurs, public and private groups should look to proactively fund the future
tech that will push New Jersey forward. A good way to gauge the future of software innovation is to look at where the big investors are putting their money.
If you read what venture capitalists like Fred Wilson, Marc Andreesen, and
Sam Altman have to say, there are a handful of important technologies that
will be maturing in the next five years and that promise to have a major impact. Among these are "cryptocurrencies," most notably Bitcoin.
The Applications of Bitcoin
What is Bitcoin
Bitcoin’s first and most obvious implementation is as a digital currency.
Last year, Bitcoin transactions surpassed 100,000 per day.9 One merchant
solution alone reportedly processes over $1M in transactions each day.10 The
financial applications of Bitcoin are manifold, and its privacy implications
are important. Using Bitcoin, individuals could contribute to politicians and
causes without fear of political repression or backlash for undesirable speech.
More basically, individuals could also retain privacy in their purchasing habits
and spending preferences.
Bitcoin also opens up the opportunity to finally make the world of true
micropayments a reality. Typically the overhead fees associated with using
third-party processors have made micropayments impracticable. However,
the overhead for an individual Bitcoin transaction is nearly nonexistent.
As a software system that is not dependent on central banks, Bitcoin also
allows for frictionless cross-boundary transactions. Individuals in countries
that had trouble accessing capital for lack of financial infrastructure now only
need a smart phone with an Internet connection.
However, as compelling as the financial applications of Bitcoin are, blockchain technology promises a host of interesting nonfinancial uses. For instance some startups11 have begun using blockchain technology to enable
alternatives to traditional contracting. Relying on publicly verifiable information, a blockchain-based contract can provide for absolutely known conditions, who agreed to them, and when they should be enforced. The fully secure
audit-trail provided by blockchain technology would empower a whole host
of applications for trust-based instruments. Blockchain technology could be
used to create financial instruments, property registers, and any other ownership-dependent asset that can be absolutely verified for authenticity. There
has even been activity in using the blockchain to create tamper-proof voting
systems – in 2014 a political party in Denmark began using the blockchain as
part of its own internal voting.12
The core technology of Bitcoin, the "blockchain," is essentially a communications and coordination medium, a ledger system on which the transactions
of the network are stored and verified. When someone engages in a Bitcoin
transaction, it is checked for authenticity before being published to the network. Subsequently, knowledge of the transaction is available worldwide and
becomes part of the public ledger. The key concept for users of this technology
to understand is “anonymous distributed trust.”
Blockchain technology provides an almost totally anonymous method of
conducting business. In just the same way that a cash transaction is anonymous because there is no personally identifying information attached to the
money you exchange, a Bitcoin transaction allows you to exchange funds between anonymous alphanumeric addresses. If one takes care not to reveal
their address, there is no easy way for personal information to be associated
with a transaction.
Bitcoin is distributed because there is no central authority. Software running on nodes connected to the network verifies the authenticity of each
transaction. Further, each transaction is peer-to-peer in the same way that
cash is peer-to-peer. A buyer transfers a certain quantity of the currency to a
seller without an intermediary involved.
By contrast, consider the fragile nature of our traditional payment systems.
When you slide your credit card, your information, including your name and
zip code, passes through a number of intermediaries, thus requiring a large
amount of personal information to be stored in an ever-widening circle of systems that you need to trust.
Finally, because of the implementation of the system, the ledger is essentially not forgeable. Thus, every transaction that occurs using Bitcoin is trustable
because the blockchain’s advanced cryptographic techniques are nearly impossible to crack.
—————————————————
http://venturebeat.com/2015/03/11/t-mobile-now-accepts-bitcoin-in-poland/
http://www.telegraph.co.uk/technology/news/11286998/Tech-giant-Microsoft-accepts-Bitcoinpayments.html
3
http://www.telegraph.co.uk/technology/dell/10980089/Dell-jumps-on-the-Bitcoin-bandwagon.html
4
The Bitcoin Investment Trust - http://www.bitcointrust.co/#About
5
http://www.businessinsider.com/winklevoss-twins-bitcoin-will-dominate-global-finance-2015-3
6
http://www.coindesk.com/btcpoint-spanish-bank-network-bitcoin-atms/
7
http://pando.com/2015/03/16/nations-might-not-adopt-pure-bitcoin-but-ibms-blockchain-basedalternative-has-a-chance/
8
https://blog.coinbase.com/2013/12/12/coinbase-raises-25-million-from-andreessen/
https://blog.coinbase.com/2015/01/20/coinbase-raises-75m-from-dfj-growth-usaa-nyse/
9
https://coinreport.net/bitcoin-surpasses-100000-transactions-day-excluding-popular-wallets/
10
http://www.newsbtc.com/2014/05/27/bitpay-processing-one-million-per-day-bitcoin-payments/
11
http://www.SmartContract.com
12
https://www.cryptocoinsnews.com/blockchain-voting-used-by-danish-political-party/
1
Why You Should Care About It
2
Bitcoin has been steadily gaining credibility. Recently Tmobile announced
a major initiative in Poland that will accept Bitcoin for mobile minutes.1 Similarly, Microsoft now accepts Bitcoin as payment for its software and videos.2
Last summer, Dell joined other majors retailers in accepting online Bitcoin
payments.3
Cryptocurrencies are also making strides in the institutional setting. You
can invest in Bitcoin through a publicly offered fund.4 The Winkelvoss twins
have also waded into the Bitcoin world, claiming that their new project will
one day be the "Nasdaq of Bitcoin."5 In Spain, three companies have teamed
MAY 2015
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New Jersey: The Next Silicon Valley
root in New Jersey is to actively focus on developing a close-knit culture of
entrepreneurship in the state. To date, much of the EDA’s focus has been distributed throughout the state. This makes political sense as a general policy,
but has some subtle problems.13
One advantage that Silicon Valley, NYC, and Philadelphia have over New
Jersey is geographic constraint. New Jersey is every bit as convenient as Silicon Valley in terms of access to workforce, transportation, and physical infrastructure. What New Jersey needs is a directed focus on a smaller geographic
area in which to cultivate our software tech sector. We need a "scene" where
the innovators go to collaborate and socialize. Although not a large state, having our innovation hubs spread out across a number of cities and suburbs is
less than ideal. Newark and Jersey City have been making great strides toward
revitalization in recent years. Trenton is also an obvious candidate for both a
renaissance and a corresponding software tech boom, given Mayor Jackson’s
obvious interest in economic development.
The state government also needs to scale up the scope of its economic policies to incentivize a much larger range of startups. Although undeniably positive, programs like the Grow NJ tax credits and the Technology Business Tax
Certificate Transfer Program are designed to assist relatively large companies.
In short, our law makers need to design economic policies that make it much
more attractive for founders to work on their ideas in New Jersey.
Merely knowing that Bitcoin is a “next big thing” is insufficient – New
Jersey need to be a major location where hot software startups want to be.
With proper foresight, the New Jersey ecosystem can become a home to cutting edge tech like Bitcoin. The state already leads in a number of areas, but
the value proposition of software-based tech should be seriously considered.
First, the overhead to get started, and the cycles of product development require much lower capital investment. A $50K investment to a software tech
startup can represent a serious infusion of capital that makes the difference
between having a prototype and never getting off the ground. If you can seed
enough software startups with relatively low amounts of capital, it becomes a
numbers game – the investments nurture the entrepreneurial community and
it becomes only a matter of time before you have a big winner.
There are two important things that New Jersey can do to cultivate the kind
of tech development that will differentiate the state. First, we need to ensure
that angel and seed funders see New Jersey as a viable investment environment. The state has already made strides in this area. For instance the 2013
Angel Investor tax program was used to support 181 investments in 2014. And
public-private partnerships have allowed more than $40M to flow to innovative companies in the garden state.
The state should continue these efforts, and build on them by specifically
identifying and attracting angels to form as a leadership network in the state.
Coupled with this, the EDA should actively collect and disseminate metrics that
help us understand the strengths and weaknesses of our investment community. Further work should continue to research the possibility of providing financial partnership with angels, including matching grants and conditional loans.
The second major thing to do to encourage software tech startups to take
MAY 2015
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http://www.njeda.com/web/Aspx_pg/Templates/LatestNews.aspx?topid=721&Doc_id=2466&ParentDocID=681
Kristian Stout is a technology entrepreneur and practicing attorney.
In his writing and lecturing, Kristian is concerned with the effects of
law and public policy on innovation and developing technologies.
9
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[expertview]
Big Data in Life Science
and Healthcare
..................................................................................................
By Robert H. Hutchins, CPA, CVA
T
echnology is constantly changing the way
we do business. Enhancing communications,
increasing productivity, decreasing costs – its
benefits are numerous and will continue to have
a major impact on companies in the future. The
significant volume of digital data that exists today is creating opportunities for all types of businesses. Many of the tools available to analyze big
data can be obtained by everyone from political
organizations to multimillion-dollar companies.
Some examples include:
• President Barrack Obama’s 2008 campaign
used data mining of historical voter patterns to
turn out the maximum number of supporters.
• The Republican National Committee recently hired an ex-Facebook executive to help their
organization data mine in order to increase voter
support.
• Major supermarkets record the buying
trends and habits of its loyalty card holders at
considerable costs. They then sell this information to its vendors for restocking optimization.
• Taco Bell restaurants collect and sort data on
service speed, product quality and social media
posting metrics.
• General Motors business analytics specialists are mining vast quantities of big data for
trends in customer and dealer behavior.
So what does your healthcare organization
have in common with political campaigns, supermarkets, fast food restaurants and auto manufacturers? Plenty! Pharmaceutical companies,
healthcare providers, insurance companies and
other stakeholders are all interested in aggregating and mining electronic medical records, insurance claims and public records like the Food
and Drug Administration’s adverse drug database as well as published research studies.
Physicians are using these data mining results
to provide better healthcare to patients. Imagine
you are rushed to the hospital with symptoms of
kidney failure. The doctors diagnose Lupus although you are not exactly typical of this disease.
They find no “clinical evidence” so they search
for “historical evidence” and discover a significant number of Lupus patients with your symptoms require additional protocols to optimize
results. Big data is now part of your diagnosis
and maybe saved your life.
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Major pharmaceutical businesses, biotechnology firms, clinical research organizations, insurance companies (payers) and healthcare organizations (providers) are all acquiring big data.
The “Internet of Things” and the cloud have allowed exploration of diverse data bases from the
research laboratory bench to the hospital bedside. This can accelerate drug discovery as well
as facilitate the practice of precision medicine.
Digital healthcare which activates the patient in
this healthcare supply chain is growing too.
When healthcare and life science organizations are looking to acquire another business,
they must be aware of issues such as the valuation and useful life of big data information. The
valuation of big data is rarely capitalized on the
balance sheets of technology companies. Facebook, eBay and Google have net assets of about
$150 billion, yet their market value capitalization
is many multiples of these amounts. The difference is the value of their intangible assets, one of
which is big data information.
Generally accepted accounting principles in
America generally prohibit any company from
recognizing internally developed goodwill, such
as that arising from leveraging a company’s own
accumulated databases of information. However,
when a corporate acquisition results in a significant allocation of the purchase price to intangible assets, an acquiring company may be faced
with difficult valuation and useful life issues.
The intangible assets may include acquired big
data. US generally accepted accounting principles permit acquirers to capitalize acquired databases as an intangible asset.
But what do we do about the valuation and
amortization of big data information? How do
we assign values to it? What is its useful life?
These are questions that healthcare and life science stakeholders should consult with their CPA
on before taking any action. Big data will continue to play a large role in the way business is
conducted, how purchase prices are determined
and how companies are valued. n
Robert H. Hutchins, is a CPA, CVA at
WithumSmith & Brown, PC.
[expertview]
Wearable Health Technology
...............................................................................................................................................................
By John Pennett, Partner-in-Charge, Life Science and Technology
W
hile the smartphone remains the
device of consumers’ choice, wearable technology remains a potentially lucrative market. Smart
watches, Google glasses, smart clothing and socalled fitness bands are all examples of wearable
technology, sometimes called wearable computing. Last year, nearly 8 million wearable devices
were sold and the growth rate was more than
200% over the prior year.
Some analysts predict that, by 2018, the overall number of wearable devices shipped to consumers may reach 130 million.
Right now, health wearables are a small but
growing segment of the overall world HealthIT
market, which is expected to grow from $100 billion in 2010 to $162 billion in 2015.
Most of the HealthIT device market currently consists of point of care information systems,
specialty care information systems (cardiovascular information systems, oncology information systems), and surgical and intensive care
information systems.
In this way, our program demonstrates a potential usage of wearable technology. Pedometers
recorded the number of steps taken; the results
were aggregated, computed and stored; and the
outcomes were communicated.
Using fitness bands and other devices, patients can now continuously monitor activity,
sleep patterns, body temperature, heart rate, and
more. At the 2014 Consumer Electronics Show
in Las Vegas, LG, Sony, and Garmin introduced
devices that track everything from a patient’s O2
saturation to heart rate and blood pressure.
Smart clothing is the latest innovation, providing an ability to sense and record all kinds
of health data. One day, health plans might offer incentives to members willing to sign up for
designated wearable health programs and join in
the “game.” Already, Walgreen’s collects fitness
data from trackers and consumers amass points
that can be turned in for cash. Apple’s smartwatch can sense, monitor and report heart rate
and activity.
What Is the Potential of Wearable
Health Technology?
Most of us are competitors by nature, and
we spend too much time managing our fantasy
teams and following our favorite teams. Imagine
the interest in competing not only against our
friends who are trying to lose weight or lower
cholesterol levels, but also against a larger group
of individuals who are members of your health
plan or who share a similar health condition.
Patient advocacy groups are already aligning
their communities.
A simple example of wearable technology used today in a gamification model
is pedometers. To encourage healthy
lifestyle choices during “busy season”
here at EisnerAmper, we form teams
and rack up scores by using pedometers to track individuals’ steps during
the day. These scores are tallied and
team scores kept. Eventually, we hand
out prizes for teams and team members.
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Growing the volume of data collected has the
potential to broadly improve population health
– and the algorithm experts can’t wait for the
volumes of data to arrive.
Building the Wearable Universe
The eco-system to support the development
of wearables is forming in a significant way. A
prime example is Wearable World, located in
the Palace of Fine Arts/Innovation Corridor in
San Francisco. Wearable World’s co-founders
Redg Snodgrass and Kyle Endicott have created
a leading global community to aid entrepreneurs
in developing their technologies and connecting
to the consumer brands.
The wearable applications are seemingly
endless, and one of their first entrepreneurial
companies used crowd funding to support their
product development. With support systems
and funding possibilities, we can expect wearable technologies to be generated at incredible
speeds, and be just one of many HealthIT technologies that will drive this industry’s growth.
To be fair, consumers are only slowly warming
to the wearable HealthIT technology and while
many have purchased the devices, many have
also stopped using them relatively quickly after
purchase. Usability of the data and creating actionable items is a challenge.
Other challenges must also be met. For instance, the value of the information captured
by these devices is great if we can first capture
and then subsequently aggregate and analyze the
data to gain knowledge that will help us improve
health. With the data collected, data analytics can be used to establish feedback loops for large patient populations and consumers alike.
Still, overall, the HealthIT
wearable segment has shown
promise and is likely to expand and
grow in importance in the coming 3
to 5 years. n
[pluggedin]
Women Tech Leaders
Bridging the Gap
in New Jersey
...............................................................................................................................................................
By Marisela Cigliuti
W
omen have made many great contributions in technology, but they have not always
been recognized. In years past, the IT industry
has been considered a “man’s field,” often ignoring the accomplishments of women. As women
develop new technologies and get recognized,
they help guide trends. The glass ceiling still exists, but many groups are focused on breaking
through. They design their events and programs
around women and encourage more females to
consider technology as their career.
Women Who Have Led the Way
Several women from The Garden State have
made their marks in technology. While you may
not know them by names, undoubtedly you have
benefited from their expertise. For instance,
if you appreciate the computerized systems of
today’s telephone communications (or even if
you don’t), you have Erna Schneider Hoover to
thank. She worked as a researcher in 1954 at Bell
Laboratories located in New Jersey creating a
system that monitored calls through a computer and received one of the first patents for software ever given. Even with her dedication and
expertise, it was a struggle being a woman in the
tech field. In her interview with the New Jersey
Star-Ledger, she said “the glass ceiling for women in her experience was between the basement
and sub-basement”.
A member of the Princeton chapter of the
IEEE board, Rebecca Mercuri, is well-known for
her role in computer security especially with the
growth of electronic voting. Part of her focus has
been on the transparency of computer systems
and issues of trust, which are prevalent problems
in elections. She has been called to testify in various cases based on her expertise and research.
She received attention during the 2000 Presiden-
tial election, Bush vs. Gore, and was called to testify in the U.S. Supreme Court.
Talk about being outnumbered – Beatrice
Hicks was one of only two women in her graduating class (class size 900) at Newark College
of Engineering, which is now known as NJIT.
She was determined to become an engineer
even if the odds were against her. That resolve
would carry her through as she blazed a trail in
many ways for women in engineering today. She
founded the Society of Women Engineers with
only 60 members in its beginning. Today, that
organization boasts 16,000 members.
Organizations Developing
a New Generation
Many of the women who succeed in technology can credit part of their success to one of
the groups that fostered their interest or helped
them move past obstacles. These groups continue to help young women achieve their goals and
dreams.
WIT
Women in Technology is a professional association that is focused solely on women who
work in technology. It encompasses all technology fields and includes everyone from those just
starting out to veterans of the industry.
The organization holds a Leadership Awards
competition to recognize leaders in the field. It
also sponsors job fairs to help women find jobs
or move up in the industry. Besides working
with women who have already chosen IT for
their career paths, WIT also helps introduce
young women to the idea of working in technology through its ‘Girls in Technology’ program.
This program is aimed at girls in grades 6-12
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WWW.NJTC.ORG
and develops awareness, provides education, and
inspires them to get excited about technology.
Members of WIT donate their time in programs
by becoming speakers and mentors to impact the
next generation.
NCWIT
The National Center for Women & Information Technology is a non-profit organization that
includes universities, non-profits companies,
and even government organizations all geared
towards a single goal: to foster interest in technology and enhance participation. The focus is
on recruiting and retaining women as well as
helping them advance in their careers. NCWIT
works with women of all ages beginning with
K-12 and continuing on through higher education and into technology careers.
Murray Center for
Women in Technology
Women who live in New Jersey and are interested in a career in technology can find many organizations for support, training and continuing
education. For example, the Murray Center for
Women in Technology is a network that is part of
the New Jersey Institute of Technology. Located
in the Campus Center, this organization focuses on all female students pursuing an education
in technology from first year students to those
graduating. It also helps advance faculty who are
women.
The Murray Center profiles current students
and encourages prospective students with special events that introduce them to NJIT. The program hosts several scholarship awards to help
with the cost of attending and provides recognition for deserving students.
Douglass Project for Rutgers
Women in Math, Science and
Engineering
Another resource for women in technology
located in New Jersey is the Douglass Project for
Rutgers Women in Math, Science, and Engineering. This program is designed to help women
who are pursuing careers in the STEM (science,
technology, engineering and math) fields.
National programs often have a local chapter
that utilizes both local volunteers and national
resources to provide the most benefit to members. One such organization is the IEEE, which is
the largest professional association in the world
for advancing technology. It is further broken
down to IEEE WIE which is the women’s division. Southern Jersey has its own chapter geared
exclusively towards women.
[expertview]
Find the Best VAR for
Your Business
Today’s best-built VARs are taking on a far more
integrated role in business.
............................................................................................................
By Mike Clark
Events Designed to Inspire
and Educate
Many events are held throughout New Jersey
by these organizations and others to help promote a love of technology or to educate those in
the field. The New Jersey Tech Council is hosting
an event called The Internet of Things that will
expound on technologies and opportunities for
the future of IT and information access. It is held
on May 7, 2015 and promises to be informative to
anyone involved or interested in where information technology is headed.
For those interested in combining tech and
health, the NJ Tech Council is hosting a HealthTech Conference on May 20, 2015 where guests
can learn about the future of technology in the
health care industry. In addition to in-person
events where people can network, you can also
find many online events through WIT and other
organizations.
As more women consider careers in technology, they need the support that comes from
being surrounded by others who are in similar
situations. They also benefit from the education, mentorship, and support that comes from
leaders of these organizations. By finding these
resources and becoming a part of them, they increase their chances of success and receive the
encouragement and inspiration that is necessary
to succeed in a field dominated by men. n
References:
http://www.womenintechnology.org/
http://www.ncwit.org/
http://www.ieee.org/membership_services/
membership/women/index.html
http://ewh.ieee.org/r2/southern_njwie/
RobotChallenge.html
Marisela Cigliuti, is a BSN, RN/Founder of
TeleNurse Network. TeleNurse Network is a
multi-specialty care platform streamlining
Telehealth services and community
resources.
Value-added resellers (VAR) have traditionally provided great value as a resource for acquiring technology for other businesses, but
today, the best VAR’s are doing more for their
customers – extending services and comprehensive knowledge to their customers’ CIOs, and IT
staff, as well as its operations staff.
The value for using a VAR for technology
acquisitions has existed for decades; offering
discounted pricing, installations, and extended
warranties far cheaper than buying direct from
an Original Equipment Manufacturer (OEM).
The VAR provides this valuable service given his
extensive relations and training certifications
with the OEM. However, today’s best-built VARs
are taking on a far more integrated role.
Technology acquisition choices (and costs)
have changed greatly. VARs need to work directly with their clients, not just to sell hardware
or software more cheaply, but to be part of the
overall IT solution of the company. And the clients need to embrace the value the VAR brings.
What are your company’s immediate technology needs? How much are legacy systems costing your company? The right VAR can answer
these questions while being aware of budgets
and product lifecycles. The right VAR also will
represents numerous vendors in the technology
areas of mobility, storage, big data, networking,
cyber security, and cloud.
The best built VAR is a partner. Choose one
wisely and integrate the VAR into your company,
like a key business teammate. Have Non-Disclosure Agreements signed, have IT and operations
staff reach out to the representative or the VAR’s
system engineers.
What else should you consider when considering a VAR? A VAR has to have strong channel
managers (so they can keep up a strong link with
the OEMs). They’ll know things like when is the
latest technology roll out? Which systems are
nearing end of life? The channel manager routinely works with each OEM at multiple levels,
and can give you significant access to any OEM.
The best built VAR’s continually are increasing their value to their clients. Your organization
can benefit with cost savings and improved systems performance by creating a trusting relationship with a VAR that works constantly with
you. n
Michael Clark is the Director of Sales and Business Development at All Points, a Service
Disabled Veteran Owned Small Business Value Added Reseller. mclark@allpointsllc.com
571.246.5914
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[education]
Crowdfunding,
University Style
From cancer research to marching band uniforms.
..........................................................................................................................................................................
By Lori Dars and Chris Pflaum
Rutgers University recently joined a select
number of universities that are experimenting
with the use of crowdfunding platforms to raise
capital for engaging projects and causes from
cancer research to new uniforms for the marching band. Originally a trail blazed by arts-oriented entrepreneurs and political campaigns,
crowdfunding has recently become a viable supplement alongside traditional sources of capital
(family, friends, research grants and angels). The
crowdfunding platform has arrived in a big way
as evidenced by the variety and sheer number of
available websites. From supporting artistic work
and product development (e.g. Kickstarter, Indiegogo) to charitable fund raising (e.g. Crowdrise,
Charitybuzz), to funding scientific research (e.g.
Experiment, Consano), to funding for anything
(e.g. Razoo, Fundly).
To illustrate the spectrum of possibilites in
turning to the masses for funding, one only
has to look at a few recent Kickstarter statistics.
Nearly 100 campaigns have reached more than
$1 million, including the very successfully Pebble
Time project, which has raised over $20.3 million from about 78,000 backers. Success seems to
lie with a couple of key aspects: (1) the story behind the campaign; and (2) how large your social
media contact list is. Akin to an elevator pitch,
a good story drives potential crowd investors to
see value and believe in your project. The most
successful fundraising campaigns provide rich
content and a compelling video to help tell a story. A robust contact list allows you to share your
story with the critical mass of people necessary
to reach your fundraising goal. If you are lucky,
your messages may go viral and far surpass the
initial funding goal.
Rutgers seems primed in these two key areas.
With 65,000 students, about 24,000 full- and
part-time faculty and staff, and an alumni base
of over 450,000, the university certainly has
the numbers. Perhaps more compelling are its
stories. From student causes to finding a cure
for cancer, there is a lot to showcase. In order
to handle the variety of deal flow, the Rutgers
Foundation has launched its own site, One.Rutgers.edu, and the University’s Office of Research
and Economic Development recently formalized
a partnership with Benefunder.org, a relatively
new organization that connects cause-oriented
donors and donor-advised funds with scientists
and research organizations.
The crowdfunding site, One.Rutgers.edu, has
completed two successful pilot campaigns and
will be launched formally this summer promoting projects from across the University. One of
those initial campaigns is targeting support for
student entrepreneurship, The Connecting,
Advising and Serving Tomorrow’s Leaders in
Entrepreneurship (CASTLE) program (orc.rutgers.edu/CASTLE). The CASTLE is a grassroots
effort by a cross-disciplined group of students,
faculty and staff seeking to promote the general
culture of entrepreneurship throughout the university by offering out of classroom resources for
students. Money raised will go towards student
startup seed funding, special programming and
supplies for a co-working space on Rutgers’ Cook
Campus in New Brunswick. One.Rutgers.edu
will be an exciting website to watch as the creative and passionate Rutgers community starts
posting additional campaigns revolving around
scholarly initiatives and student groups.
Rutgers’ partnership with a unique funding
platform, Benefunder.org, offers a new fundraising channel for researchers and could become a valuable source of translational funding
for entrepreneurial faculty looking to pursue
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the commercialization of their technology via a
startup or other ways. Many technology-based
startups that emerge from universities struggle
to attract interest from venture capital investors.
These technologies usually are very early stage
and often lack a definitive proof-of-concept or
prototype to demonstrate commercial potential.
Funding for the R&D work necessary to advance
a technology to the prototype stage is not usually available from traditional academic grants.
Benefunder.org could provide Rutgers researchers funding to close this gap.
“We need to be much more creative in our
pursuit of funding for our faculty’s research,”
said Christopher J. Molloy, senior vice president
for research and economic development at Rutgers. “Our research enterprise spans nearly every vital field of science and engineering today,
and our faculty are among some of the world’s
top leaders in their fields. Benefunder presents
a unique and powerful opportunity to better access private funds to launch new collaborations
that will advance important science in what we
hope will be a wide range of disciplines.”
Rutgers joins other leading institutions, such
as Syracuse University, UC-San Diego and the
International Computer Science Institute in
Berkeley, Calif., that have partnered with Benefunder to give philanthropists direct access to
today’s top research, while pushing innovation
forward. Unlike typical crowdfunding sites,
Benefunder is registered as a 501(c)(3) non-profit
organization. n
Lori is an associate director with the New
Ventures and Entrepreneurship Group.
Chris is a venture analyst with Rutgers New
Ventures and Entrepreneurship group.
[newmembers]
INFORMATION TECHNOLOGIES
A&S Technologies
PO Box 42, Princeton, NJ 08550
732-690-0375
http://www.a-stechnologies.com
Kristian Stout, Founding Partner & Counsel kristian.stout@a-stechnologies.com
A&S Technologies develops cloud-based solutions
for business integration needs, implements advanced analytics for Big Data intelligence, and
provides legal and technical consulting in the software and internet space. A&S is currently developing a commercial data analytics engine and video
streamer support bot.
Deals 4 Meals
260 South Orange Ave., South Orange, NJ 07079
https://deals4meals.com
Kenneth Cucchia, CFO
Kenny@deals4meals.com
A Limited Liability Company. Deals4Meals.com is
a one of a kind online ordering and food delivery
service. Every time you order from one of our participating restaurants, you earn rewards, save $$
AND do a GREAT deed!
Edgewater Technology
200 Harvard Mill Square, Ste. 210
Wakefield, MA 01880
781-246-3343
http://www.edgewater.com
Danielle Drapeau, Business Development
ddrapeau@edgewater.com
Edgewater is a leading strategic consulting firm
that focuses on helping companies drive transformational change. Edgewater (NASDAQ: EDGW)
is a Massachusetts-based, publicly traded business and IT consulting firm with an international
reach. With more than 400 employees, Edgewater was named one of the Top Performing Public Companies in Massachusetts in 2013 by The
Boston Globe’s Annual Globe 100. Edgewater has
three divisions that operate both independently
and together for the optimal benefit to our clients.
FireEye
1440 McCarthy Blvd.,
Milpitas, CA 95035
408-321-6300
https://www.fireeye.com
Elizabeth Hollow, Sr. Field Marketing Mgr., NE
elizabeth.hollow@FireEye.com
A focal point for the media, industry analyst and
investor communities that follow the world of cyber security, FireEye is changing the way organizations strengthen their defense against a new breed
of cybercriminals. FireEye has invented a purpose-built, virtual machine-based security platform that provides real-time threat protection to
enterprises and governments worldwide. FireEye
As of March 2015
combines its best-in-class technology with an unmatched global intelligence network and an experienced team of security consulting services professionals. FireEye has over 3,100 customers across 67
countries, including over 200 of the Fortune 500.
For more information visit www.FireEye.com.
OnTimeWorks, LLC
1253 Springfield Avenue,
New Providence, NJ 07946
908-361-7431
http://www.ontimeworks.com
Rachel Lyubovitzky, CEO
rachel@ontimeworks.com
OnTimeWorks founded by the enterprise cloud industry veterans brings together providers and consumers of the benefits services through its innovative private exchange solution: EverythingBenefits.
Employees gain better value by navigating successfully through the benefit product choices. Employers are able to rein in spiraling benefits costs and
streamline enrollment efficiency while offering
better options to their employees. Benefits providers leverage the opportunity to access additional
distributions channels. Brokers are able improve
their compliance and gain efficiencies allowing
to expand their roles as the trusted advisors. For
more information please visit http://www.ontimeworks.com.
Paydunk
101 Highway 46, Ste. 122, Pinebrook, NJ 07058
732-503-6541
http://www.paydunk.com
Robert McHugh, Co-Founder
Robert@paydunk.com
Paydunk is a mobile payment startup that will
revolutionize the digital checkout experience for
consumers.
PineappleHR
4400 US Highway 9 South, Ste. 1100
Freehold, NJ 07728
732-508-7415
http://www.pineapplehr.com
Neil Jasani, Co-Founder & CEO
neilj@pineapplehr.com
We are changing the way businesses manage their
Payroll, HR, Employee Benefits and Business Insurance. We understand how hard is to be a successful business. Not only is it complicated and
time consuming for business owners, Finance and
HR managers to comply with health care and labor laws; it is also costly and complex to coordinate
the payroll vendor, health insurance broker, business insurance agent and 401k provider.
Pivotal Software, Inc.
625 Avenue of the Americas, 2nd FL
New York, NY 10011-2020
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http://www.pivotal.io
Kim Marie Ruquet, Marketing Director
kruquet@pivotal.io
Pivotal offers a modern approach to technology
that organizations need to thrive in a new era
of business innovation. Our solutions intersect
cloud, big data and agile development, creating
a framework that increases data leverage, accelerates application delivery, and decreases costs,
while providing enterprises the speed and scale
they need to compete. More at www.pivotal.io.
PKA Technologies, Inc.
1 Executive Blvd., Suffern, NY 10901
845-486-6461
http://www.pkatech.com
David Singer, Marketing
david.singer@pkatech.com
PKA Technologies, Inc., (www.pkatech.com) a certified woman owned business and HP Platinum
Partner, has been supplying IT technology products and services to Fortune 500, SMB and state
and local government agencies since 1996. PKA
specializes in providing the next generation of
servers, enterprise storage, and networks. Over the
years, PKA has forged strong alliances with Hewlett-Packard, Intel, and many other companies
providing uncompromised customer service and
an unparalleled commitment to client’s success.
Rayve On LLC
816 Long Beach Blvd, Ste. 1, #5
Ship Bottom, NJ 08008-4608
609-709-3708
http://www.raveon.com
Ray Valladares, President – ray@rayveon.com
Rayve On builds mobile app solutions, focused on
small business design.
Shopography LLC
16 Park Avenue, Ste. 9D, New York, NY 10016
646-221-9135
http://shopography.com
Mark Zurada, Founder and CEO
mzurada@shopography.com
Shopography is a social network built exclusively
for retail – we’re Pinterest meets Twitter meets
retail. Consumers use Shopography to discover
products via word of mouth, algorithmic recommendation, and curated content. Retailers get
looped into the trusted social circles of shoppers,
which brings them increased conversions, more
loyalty and higher order values.
Edmunds & Associates, Inc.
301 Tilton Road, Northfield, NJ 08225
609-645-7333
http://www.edmundsassoc.com
Rich Evoy, President
riche@edmundsassoc.com
E&A provides outstanding service and ERP systems
to over 700 municipalities, counties and utility authorities with annual operating budgets ranging
from less than $1 million to over $1 billion.
TeleNurse
P.O. Box 71, Little Ferry, NJ 07643
201-681-5422
http://www.telenurse.co
Marisela Cigliuti, CEO – telenursellc@gmail.com
TeleNurse is an online portal allowing patients to
access quality Telehealth nursing specialists and
community-based services.
LIFESCIENCES
OrthogenRx
PA BioTech Center, 3805 Old Easton Road
Doylestown, PA 18902
215-693-1066
http://www.orthogenrx.com
Michael Daley, President
mdaley@orthogenrx.com
OrthogenRx, Inc. is a late stage development
company focused on commercialization of licensed ex-U.S./U.S. products for the U.S. orthopedic market.
NON - PROFIT
New Brunswick Development
Corporation
120 Albany Street, Tower 1, 7th Fl
New Brunswick, NJ 08901
732-249-2220
http://www.devco.org
Christopher Paladino, President
CPaladino@devco.org
New Brunswick Development Corporation
(DEVCO) is a private nonprofit urban real estate
development company founded in the mid-1970’s
to serve as a catalyst for the city’s revitalization.
Recognized by the New York Time’s as a “powerful engine for economic growth” DEVCO has
helped the city achieve a remarkable renaissance.
SERVICE PROVIDERS – ACCOUNTANTS
DOGRA CPA LLC
260 Middlesex Essex Turnpike, Iselin, NJ 08830
646-477-9369
http://www.dogracpa.com
Chetan Dogra, CEO
chetan.dogra@dogracpa.com
DOGRA CPA LLC is a tech-focused boutique accounting firm in NY and NJ. We provide value
and creative insight to our clients through highly
personalized and comprehensive accounting, audit and tax services.
TELECOMMUNICATIONS
CellFunds
2005 Columbus Rd., Burlington, NJ 08016
908-816-5667
http://www.cellfunds.com
Dave Dallenbach, President – daved@njag.org
A mobile app providing low cost cash management tools for unbanked and under banked people; focusing on P2P remittances anywhere in the
U.S, in real time, while paired to a reloadable
debit card.
TelTech/TelAPI
101 S Broadway, South Amboy, NJ 08879
732-838-1910 • http://www.telapi.com
Eli Finkelman, Co-Founder & CTO
eli@teltech.com
TelTech is a telecom-focused technology company. TelAPI is a platform that you can build on to
create voice and SMS applications – whether on
a mobile device, computer or integrated into traditional phone systems. We’re passionate about
providing easy-to-use, affordable, pay-as-you-go
telephony tools for developers. We’ve loaded our
API with a robust toolset to help you quickly build
products and systems you’re proud of! TelTech is a
telecom-focused technology company.
MEMBERSHIP RENEWALS
arkHarbor solutions • http://www.arkhsc.com
Atrion Communication Resources
http://www.atrioncomm.com
Bezwada Biomedical, LLC
http://www.bezwadabiomedical.com
Carponents, Inc. • http://www.carponents.com
Coranet • http://www.coranet.com/
Cresa NJ – North/Central LLC
http://www.cresa.com/njnorthcentral
DATA, Inc. • http://www.datainc.biz
DSA • http://www.dsainc.com
Epstein Becker & Green, P.C. • http://www.ebglaw.com
Integrated Business Systems • http://www.ibsre.com
Internet Creations • http://www.internetcreations.com
Israel Economic Mission to North America
http://www.israeleconomicmission.com
Lingraphica, Inc. • http://www.lingraphica.com
MATHESON • http://www.mathesongas.com
MaxxPhase, Inc. • http://www.strins.com
Neeta Mukerjee, Ph.D
ObjectFrontier, Inc. • http://www.objectfrontier.com
p-brane LLC • http://www.p-brane.com
PD-LD Inc. • http://www.pd-ld.com
Pivot Point Security
http://www.pivotpointsecurity.com
PortaScience Inc. • http://www.portascience.com
QUALCOMM • http://www.qualcomm.com
Rowan University • http://www.rowan.edu
Sobel & Company, LLC • http://www.sobel-cpa.com
SSTi • http://www.s-s-t-i.com
Testware Associates • http://www.testwareinc.com
Unique Mobility Devices, LLC • http://www.starshipllc.com/
Viocare, Inc. • http://www.viocare.com
Yorktel • http://www.yorktel.com
MAY 2015
19
WWW.NJTC.ORG
NJ Tech Council
Board of Directors
Chairman of the Board
Simon Nynens, Wayside Technology Group, Inc.
Co-Chair
Virginia Alling, PNC Bank
Board Members
Mel Baiada, BaseCamp Ventures
James Barrood, New Jersey Tech Council
Joel Bloom, New Jersey Institute of Technology
James Bourke, WithumSmith+Brown, PC
Skip Braun, Deloitte
Charlene Brown, AT&T
John Clarke, Cardinal Partners
Mark Clifton, SRI International
Steven Cohen, Morgan Lewis
Kathleen Coviello, New Jersey
Economic Development Authority
Chris Downie, Telx
Nariman Farvardin,
Stevens Institute of Technology
Ronald Gaboury, Yorktel
Mark Giamo, BDO USA, LLP
Andrew Gilbert, DLA Piper
Ian Goldstein, Drinker Biddle
Darren Hammell, Princeton Power Systems
Paul Hoffman, Liberty Science Center
Brian Hughes, KPMG LLP
Flint Lane, Billtrust
John Lanza, McGladrey
Dan McGrath, Maloy Risk Services
Scott Megill, Coriell Life Sciences, Inc.
Stephen Muretta, Ernst & Young LLP
Richard Napoli, ObjectFrontier, Inc.
Gregory Olsen, GHO Ventures, LLC
Kevin Pianko, WeiserMazars LLP
Ari Rabban, Phone.com
Marianna Rabinovitch, ECI Technology
Jeff Rosedale, BakerHostetler LLP
Douglas Schoenberger, Verizon
Chris Sugden, Edison Partners
Stephen Waldis, Synchronoss Technologies
Kaye Walter, Bergen Community College
Alan Wink, EisnerAmper LLP
[calendarofevents]
WHAT’S NEXT IN SUPPLY
CHAIN & LOGISTICS
May 14, 5 – 7 pm
Marathon Data
3600 State Route 66
Neptune, NJ
Members $25 • Future-Members $50
Presenting an array of research and development
efforts from the region’s universities and
companies. The presentations will include product
demonstrations, providing participants a glimpse
of the supply chain and logistics efforts that are
reinventing technology throughout the region.
Presentations by: Chris Sullens, CEO, Marathon Data
and more to be announced shortly. The event will
be preceded by two WorkGroups starting at 4 PM.
A networking reception will follow the program.
...............................................
HEALTHTECH CONFERENCE
(See page 2)
May 21, 1:30 – 6:30 pm
Fairleigh Dickinson University
Madison, NJ
Members $60 • Future-Members $90 •
Student $20 • Incubator Member $35
Redefining Healthcare via Technology. With advances
in technology, we stand at an unprecedented time for
transition and opportunity in healthcare. Providers and
healthcare organizations are leveraging big data, health
information exchanges, genomics, mHealth, and other
transformative technologies to advance care, improve
clinical outcomes, and enhance the patient experience.
tech executives, funders/payors, entrepreneurs, and
industry leaders in identifying the opportunities
and challenges related to healthcare technology.
...............................................
FINTECH CONFERENCE
(See page 17)
June 4, 1:30 – 7 pm
Verisk
545 Washington Blvd.
Jersey City, NJ
The NJ Tech Council’s 5th annual HealthTech
Conference will bring together senior-level healthcare
professionals and entrepreneurs to learn about cuttingedge innovations and foster dynamic conversation
addressing how healthcare is being redefined through
technology. Join a diverse group of practitioners,
Members $125 • Future Member $250
Financial Technology (FinTech) companies apply
technological innovation to financial services and
products. And the industry is growing – in the region
and the nation. VC investments in FinTech have
increased dramatically over the past several years.
Joining the NJTC
Paul Frank • Ext 222
pfrank@njtc.org
Membership Services
The event will address the needs of the growing
financial sectors as they seek to develop and
implement an effective FinTech framework.
Judy Storck • Ext 246
jstorck@njtc.org
Member Relations Manager
Ellen Stein • Ext 228
ellen@njtc.org
Industry leaders will provide timely discussions
on issues of interest to the financial technology
executives. This Conference will highlight the region’s
foothold as a place to be recognized for all financial
..........................................................................................................................................................................
NETWORKS
NJTC Industry Networks present programs about opportunities and
challenges facing NJ technology companies by industry segment.
Electronics, Advanced
Manufacturing & Supply Chain
Patron Sponsors:
Baker & Hostetler LLP • EisnerAmper
Contact:
Paul Frank • Ext 222
pfrank@njtc.org
Ellen Stein • Ext 228
ellen@njtc.org
Enviro-Energy Industry
Patron Sponsors:
Baker & Hostetler LLP • WeiserMazars LLP
Contact:
Paul Frank • Ext 222
pfrank@njtc.org
Ellen Stein • Ext 228
ellen@njtc.org
LifeSci & MedTech
Patron Sponsors:
Drinker Biddle • McGladrey
Contact:
Paul Frank • Ext 222
pfrank@njtc.org
Ellen Stein • Ext 228
ellen@njtc.org
NJTC Peer Networks bring together like-minded technology
professionals to share common issues, learn best practices and
gain perspective across all technology industry segments.
CEO Forum
Telecom/Media
Patron Sponsor:
Verizon New Jersey
Contact:
Paul Frank • Ext 222
pfrank@njtc.org
Judy Storck • Ext 246
jstorck@njtc.org
Patron Sponsors:
telx
Contact:
Karen Lisnyj • Ext 229
karen@njtc.org
CFO Peer Network
Contact:
Karen Lisnyj • Ext 229
karen@njtc.org
Patron Sponsors:
Cresa NJ – North/Central LLC
Ernst & Young, LLP
Contact:
Karen Lisnyj • Ext 229
karen@njtc.org
IT/Software
Patron Sponsor:
BDO
Contact:
Paul Frank • Ext 222
pfrank@njtc.org
Judy Storck • Ext 246
jstorck@njtc.org
MAY 2015
20
CIO Peer Network
Patron Sponsors:
Morgan Lewis
WithumSmith+Brown
Contact:
Karen Lisnyj • Ext 229
karen@njtc.org
WWW.NJTC.ORG
Government Affairs
Software Engineering Leaders
Peer Network
Patron Sponsors:
Sparta Systems
Szaferman, Lakind, Blumstein & Blader, PC
Contact:
Paul Frank • Ext 222
pfrank@njtc.org
Ellen Stein • Ext 228
ellen@njtc.org
technologies. Attendees will include FinTech
entrepreneurs, angel investors, venture capitalists,
investment bankers, private equity professionals,
commercial lenders, government sub-divisions,
professional service providers and academia.
CFO AWARDS BREAKFAST 2015
(See page 13)
June 11 @ 8:00 am - 10:30 am
Forsgate Country Club
375 Forsgate Drive
Monroe Township, NJ
Members $55 • Future-Member $110 •
Non Sponsor Service Provider $150
The New Jersey Tech Council is pleased to
announce the 2015 CFO Awards Breakfast, an
annual event recognizing the accomplishments
of financial executives from our region’s diverse
tech and life sciences communities. The Council is
pleased to honor and celebrate the outstanding
contributions of these leading CFOs/Investors.
Following the keynote by Francois Nader, MD,
MBA, former President and CEO of NPS Pharma,
the program will present awards in four categories:
CFO of the Year, Financier of the Year, Deal of Year
and the Hall of Fame Award. Join us for breakfast to
meet and celebrate these distinguished leaders.
NJTC
ANNUAL
MEETING
July 15
4:00 pm - 7:00 pm
Forsgate Country Club
375 Forsgate Drive
Monroe Township, NJ
Members $85.00
Council Team
PRESIDENT and CEO
James C. Barrood • james@njtc.org
EXECUTIVE VICE PRESIDENT
Paul A. Frank III • pfrank@njtc.org
EXECUTIVE ADMINISTRATOR
Karen Lisnyj • karen@njtc.org
MEMBERSHIP RELATIONS
MANAGER
Ellen Stein • ellen@njtc.org
OFFICE ADMINISTRATION
MEMBERSHIP SERVICES
CONNECTIONS EDITOR
Judy Storck • jstorck@njtc.org
IT COORDINATOR
Erwin Racimo • eracimo@njtc.org
ACCOUNTING
Peggy Reeve – PReeve@njtc.org
NJTC CHARTER MEMBERS
Deloitte
Edison Venture Fund
KPMG LLP
Maloy Risk Services
Morgan Lewis
PNC
For updated information or to register for
NJTC events,
visit www.njtc.org
MAY 2015
21
WWW.NJTC.ORG
NJ TECH COUNCIL
www.njtc.org
1001 Briggs Road, Ste. 280
Mount Laurel, NJ 08054
856-787-9700
[photogallery]
NJ Tech Council
Venture Conference
The NJ Tech Council Venture Conference was
a unique opportunity for emerging companies
to showcase and demonstrate their products or
services to the investment community. Venture
capitalists and angel investors visited companies at their exhibit booths to preview products
and services and personally meet and interact
with company management. In addition, all 45
ventures gave two minute pitches to the investors and attendees. This year’s Conference featured Gary Vaynerchuk, head of VaynerRSE and
VaynerMedia.
Photo 1:
Congrats to the winners (below) of the annual
Venture Conference where 500+ heard Gary V.
and 45 pitches Venture Conference Winners:
Best Life Sciences Company: Infarct Reduction
Technologies: Thomas Moore, President & CEO
Best Early Stage Company: iubble inc.: Kevin
Barresi, Founder
Peoples’ Choice: Wellth: Matthew Loper, CEO
Best Management Team: Prevalent Networks:
Matt Hicks, Chief Stategy Officer
Best Information Technology Company:
Pendo Systems: Pamela Pecs Cytron, CEO
Best Green Company: Gridless Power:
Jason Halpern, Partner and Patrick Murphy, Partner
Investors’ Choice: FUSAR Technologies, Inc.:
Clayton Patton, Partner
Company Most Likely to Succeed: Talentrackr, Inc.:
Paul Silverstein, Founder & CEO
Most Innovative Product/Service: EventCombo:
Saroosh Gull, CEO
Left: David Sorin, Managing Partner, McCarter &
English LLP
Right: James C. Barrood, President and CEO,
NJ Tech Council
Photo 2:
Keynote Speaker Gary Vaynerchuk, head of
VaynerRSE and VaynerMedia
Photo 3:
Funding Panel: L-R: Alan Wink, Director, Capital
Markets, EisnerAmper; Mario Casabona, Founder
and CEO, TechLaunch LLC; Kathleen Coviello,
Director, Technology & Life Sciences Division,
NJEDA; John Frankel, Partner, ff Venture Parnters;
Mike Moretti, Senior Market Manager, Silicon
Valley Bank and Bo Peabody, Venture Partner
Greycroft Partners
Photo 4:
L-R: Gary V, Michele Brown, President of Choose
New Jersey and James Barrood, President and CEO,
NJ Tech Council
1
2
3
MAY 2015
22
WWW.NJTC.ORG
4
...................................................................................................................................................
Growing the Technology
Economy in New Jersey
Panel/Speakers: L-R: Frank Graziano, CEO,
Chromis Fiberoptics; Ken McCauley, President
& CEO of Princeton Power; Kathleen Coviello,
Director, Technology & Life Science, New
Jersey Economic Development Authority; Dr.
Ali Houshmand, President, Rowan University;
Joe Allegra, General Partner, Edison Partners;
Mario Casabona, President, Casabona Ventures;
Badri Nitoor, ECO, Tripod Technologies.
Rowan University,
South Jersey Technology Park
The NJTC and TETN brought together technology business leaders, government officials
and educators gather to discuss the technology
and infrastructure needs required to position
New Jersey as a high tech destination.
MAY 2015
23
WWW.NJTC.ORG
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