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Stevens Institute of Technology, located in Hoboken, New Jersey, is one of the nation’s premier

technology universities – a leading educator of undergraduate and graduate engineers, a

leading center for research on issues of critical importance to New Jersey communities and a

long-time source of technological innovation. At the same time, Stevens has long been a major

contributor to the economic vitality of the City of Hoboken, Hudson County and the State of New

Jersey, and since 2011 its impact has by several measures grown significantly.

However, to maintain its role as a major contributor to the life of the city, the region and the

state, Stevens will need to grow – to continue expanding its educational programs, its research

enterprise, its role in the development of new businesses and its partnerships with local

communities. To support this growth, the university will be investing more than $420 million over

the next five years in the construction of new and renovation of existing facilities.

This report assesses Stevens’ current economic impact, both locally and at the state level, the

impact of its projected growth, and how that growth will benefit both the local community and the

state.

Stevens is a significant enterprise in its own right – one of Hoboken’s largest employers, a buyer

of goods and services and a sponsor of campus construction projects. The university also

attracts thousands of students who through their day-to-day spending off-campus, also

contribute to the strength of the local economy. Moreover, the projected growth associated with

the Stevens 10-year Strategic Plan (2012-2022) will ensure that the benefits Hoboken derives

from university and student spending will continue to grow as well. For the most recent fiscal

year, 2016, Stevens’ economic impact locally, in Hudson County, and statement is delineated

below.

Taking into account the impact of university spending on non-student payroll, purchasing and

construction, along with off-campus spending by students and visitors, we estimate that in fiscal

year 2016, Stevens directly and indirectly accounted for:

1,434 full-time-equivalent (FTE) jobs in Hoboken (8.1 percent of the city’s private-sector

jobs), with earnings totaling nearly $110.4 million; and

$135.6 million in citywide economic output.

In Hudson County (including Hoboken), spending by the university, students and visitors directly

and indirectly accounted for:

1,696 FTE jobs in Hudson County, with earnings totaling nearly $122.4 million; and

$171.5 million in countywide economic output.

Statewide, spending by the university, students and visitors directly and indirectly accounted for:

2,351 FTE jobs in New Jersey, with earnings totaling $156.3 million; and

Nearly $269.1 million in statewide economic output.

The impacts of university, student and visitor spending in Hoboken, in Hudson County and in

New Jersey are summarized in the table below.

Total impact of spending by Stevens, students and visitors in Hoboken, Hudson County

and New Jersey, FY 2016 (jobs in FTE, wages and output in $000s)

Jobs Wages Output

Hoboken

Direct 1,291 $101,735.3 $112,584.9

Indirect/induced 143 $8,639.7 $23,016.0

Total impact in Hoboken 1,434 $110,375.0 $135,600.9

Hudson County

Direct 1,446 $107,212.1 $130,954.4


Total impact in Hudson County 1,696 $122,350.9 $171,511.9

New Jersey

Direct 1,695 $118,361.4 $165,407.2


Total impact in New Jersey 2,351 $156,334.2 $269,079.7

With 1,111 full- and part-time employees (excluding students) as of the fall of 2015,

Stevens is the fourth-largest private employer in the City of Hoboken, directly accounting

for 6.3 percent of all private-sector jobs in the city.

In fiscal year 2016, Stevens spent more than $35.1 million on purchases of goods and

services and construction from companies and contractors in New Jersey, directly

supporting 84 FTE jobs in Hoboken; 104 FTE jobs in Hudson County (including

Hoboken); and 220 FTE jobs throughout New Jersey (including Hudson County).

Taking into account both the direct and indirect and induced (or “multiplier”) effects of

university spending on non-student payroll, purchasing and construction, we estimate

that that in fiscal year 2016, Stevens accounted for:

o 1,307 FTE jobs in Hoboken, with earnings totaling $105.1 million; and

o $121.1 million in citywide economic output.

In Hudson County (including Hoboken), university spending directly and indirectly

accounted for:

o 1,394 FTE jobs in Hudson County, with earnings totaling nearly $110.6 million;

and

o $135.0 million in countywide economic output.

Statewide (including Hudson County), university spending directly and indirectly

accounted for:

o 1,868 FTE jobs in New Jersey, with earnings totaling $139.1 million; and

o $209.6 million in statewide economic output.

Off-campus spending by Stevens students and by visitors to the university also

contributes to the local economy. We estimate that in fiscal year 2016, off-campus

spending by students and visitors directly and indirectly accounted for:

o 127 FTE jobs in Hoboken, with earnings totaling nearly $5.3 million; and

o Nearly $14.5 million in citywide economic output.

In Hudson County (including Hoboken), off-campus spending by students and visitors

directly and indirectly accounted for:

o 302 FTE jobs in Hudson County, with earnings totaling nearly $11.8 million; and

o Nearly $36.5 million in countywide economic output.

In an increasingly knowledge-driven economy, human capital – the totality of knowledge, skills

and experience accumulated over time by a community’s or a region’s workforce – plays a

central role in determining whether cities and states flourish or falter economically. Stevens has

long been a major contributor to the development of Hoboken’s and New Jersey’s human

capital, especially in science, engineering and technology. By continuing to expand its programs

in these critical areas, and by increasing the number of highly educated graduates it produces,

Stevens can help during the years ahead to build an even stronger base of human capital, both

in Hoboken and beyond.

In the fall of 2015, Stevens enrolled a total of 6,359 full- and part- time students,

including:

o 2,976 undergraduates, of whom 57.3 percent were New Jersey residents; and

o 3,383 graduate students, of whom 14.6 percent were New Jersey residents.

Stevens is notable for the extent to which on-campus learning is combined with

opportunities to gain practical experience.

o In the fall of 2015, 868 undergraduate and graduate students participated in the

university’s cooperative education program. The majority of co-op students

worked for companies in the New York metropolitan area.

o In the summer of 2016, 302 Stevens undergraduate students worked as interns –

nearly half of them with New Jersey companies.

Stevens is a major source of engineering and other technical talent for New Jersey. In

2014-2015, Stevens ranked:

o Third among all New Jersey colleges and universities in the number of bachelor’s

degrees awarded in engineering; and

o First in the number of graduate degrees awarded in engineering in New Jersey.

In 2014-2015, Stevens accounted for 36.4 percent (642 of 1,766) of all master’s and

doctoral degrees in engineering awarded in New Jersey.

As of the summer of 2016, 53.0 percent of all Stevens alumni whose addresses are

known – 17,550 Stevens alumni – lived in New Jersey.

According to PayScale’s annual reports on the earnings of college graduates of more

than 1,000 U.S. colleges and universities, in 2016 Stevens:

o Ranked 12th in the U.S. when measured by students’ return on investment, with

an average net return after twenty years of $889,000 (for students living on

campus with financial aid);

o Ranked 14th in the U.S. when measured by the average early career salary of its

alumni who only received a bachelor’s degree ($65,600); and

o Tied for 17th in the U.S., measured by the average mid-career salary of its alumni

who only received a bachelor’s degree ($117,000).

Since the mid-twentieth century, university research has been an important source of economic

growth in the United States. Stevens is one of New Jersey’s leading research universities – and

just as important, a leader in translating the results of university research into new products,

processes and services, new businesses and new jobs, and into practical solutions to some of

the local community’s (and the broader society’s) most pressing problems.

During fiscal year 2016, research spending at Stevens totaled $32.7 million, 89.2

percent of which was funded by federal agencies. Corporate and other private for-profit

funding accounted for 4.4 percent; private non-profit, institution of higher education and

foundation funding for 3.1 percent; state and local government funding for 2.7 percent;

internal funding for less than 1.0 percent.

The university’s research enterprise is especially strong in several areas that are of

particular importance to the New Jersey economy and to New Jersey communities,

including:

o The security and resilience of maritime commerce;

o Marine and coastal engineering;

o Health systems analysis and health information technology;

o Information security; and

o Environmental sustainability and resilience.

In recent years Stevens has significantly increased the rate at which the results of

university research are made available for commercial use, providing a basis for

development of new products, new businesses and new jobs. For example:

o The number of invention disclosures filed by researchers at Stevens rose from 18

in fiscal year 2008 to 57 in fiscal year 2016;

o The number of patents issued rose from three in fiscal year 2008 to 15 in fiscal

year 2016; and

o Between fiscal year 2008 and fiscal year 2016, 26 new ventures were started for

the purpose of further developing and bringing to market technologies first

developed at Stevens.

Stevens offers an extensive array of programs and services for aspiring student, faculty

and alumni entrepreneurs – including the Stevens Venture Center, opened in 2016 in an

off-campus office building in Hoboken. The Stevens Venture Center nurtures the

promising concepts and technologies of Stevens-affiliated entrepreneurs into thriving

businesses through technology support, opportunities to share best practices and

experiences, networking with investors and experts in legal and accounting, and

education in building a successful business. Located in a high-rise building on River

Street, the Venture Center’s space includes 29 work stations, a conference room and

prototyping equipment. The Venture Center also hosts workshops, speakers and

networking events; and through its “entrepreneurs in residence,” provides its members

with advice, counseling and valuable connections.

Stevens contributes to the vitality of the City of Hoboken and the surrounding communities in

economic and non-economic ways through its investment in and engagement with the

community in which it operates. As the university grows in accordance with its Strategic Plan,

the human, intellectual, financial, physical and cultural resources that it can bring to its

engagement with Hoboken and surrounding communities will grow as well.

Since 1988, the university’s Center for Innovation in Engineering and Science Education

(CIESE) has secured grants totaling $50 million to support programs aimed at improving

science, technology, engineering and math education in elementary and high schools,

both in New Jersey and elsewhere.

Since its founding, CIESE’s programs have served 30,000 teachers throughout New

Jersey (and more than 250 in Hoboken alone), in 22 other states and in a dozen

countries. CIESE has worked with school districts, school administrators and teachers in

every county in New Jersey.

STEM-a-thon, launched in 2015, is a one-day program hosted at Stevens designed to

engage students from Hoboken’s public, private and charter schools in fun, STEM-based

learning activities guided by Stevens student and faculty volunteers. During the 2016

event, STEM-a-thon: Discovery, Innovation & Success for Hoboken’s 8th Grade

Students, 150 Hoboken 8th grade students explored innovation, engineering design and

STEM college majors through hands-on, team-based STEM activities, a student panel

and a campus tour.

Stevens offers scholarships for students from Hoboken and underserved New Jersey

communities to attend summer programs like the Center for Innovation in Engineering

and Science Education’s Waterbotics® or one of the many pre-college programs offered

to rising high-school juniors and seniors.

Stevens periodically makes its facilities available for a variety of community uses,

including municipal, civic and non-profit organization events, small business innovation

programming, graduation and school programs, and others.

Stevens Campus Police work closely with the Hoboken Police and Fire Department on

crime prevention and law enforcement including compiling crime statistics; coordinating

emergency response and law enforcement assistance with the City of Hoboken during

major public events and crises; and routinely providing mutual aid on an average of 50

calls per year when the Hoboken Police Department is undermanned. Stevens Campus

Police sponsor annual barbecues for Hoboken Police and Fire Departments on campus,

and provide campus space for police recruits conducting endurance runs prior to their

departure to the police academy.

Stevens is deeply involved in efforts to help New York and New Jersey coastal

communities recover from the effects of Hurricane Sandy and to better equip them

against future extreme weather events.

o In the aftermath of Hurricane Sandy, 300 Stevens students performed more than

2,000 hours of volunteer work in Hoboken and other affected communities.

o Stevens’ Maritime Security Center is working alongside several state and

national agencies to help develop new solutions and technology to mitigate the

effects of future extreme weather events on coastal urban infrastructure.

During the next five to ten years, the benefits (both economic and non-economic) that Stevens

provides to its local community, the region and the state are likely to be even greater than they

are today. This increased impact will result from:

A projected increase in undergraduate enrollment from 3,115 in the fall of 2016 to

approximately 4,000 in the fall of 2023. We estimate that off-campus spending by these

additional students would directly and indirectly support 20 additional FTE jobs in

Hoboken.

Projected growth in the scale of the university’s research enterprise, from $32.7 million in

fiscal year 2016 to $55 million annually. This growth will enable Stevens to play an even

greater role in the search for solutions to some of the community’s (and the broader

society’s) most pressing problems.

As a result of growth in enrollment and research activity, we estimate that the number of

people directly employed by Stevens would grow to approximately 1,185 – an increase

of approximately 75 jobs.

A heightened emphasis on teaching innovation and entrepreneurship, producing steady

increases in the number of new businesses emerging from the university each year.

Based on experience both at Stevens and at other entrepreneurial universities, a

significant number of these are likely to stay “close to home.”

A projected investment of more than $422.8 million in campus facilities during the next

five years. This investment would directly and indirectly support an average of 653 FTE

jobs in New Jersey each year through 2021, and would significantly enhance the

university’s ability to fulfill its mission of education, research, innovation and community

service.

These factors combined will help ensure that Stevens Institute of Technology continues to be a

major contributor to the economic vitality and quality of life of the City of Hoboken, the State of

New Jersey and the New York-New Jersey region.

Stevens Institute of Technology is an independent, not-for-profit research university located in

Hoboken, New Jersey. Founded in 1870, Stevens is one of the nation’s oldest universities

specializing in engineering and technological innovation.

Stevens offers bachelor’s, master’s and doctoral degrees through three schools and one

college:

The Charles V. Schaefer Jr. School of Engineering and Science;

The School of Business;

The School of Systems and Enterprises; and

The College of Arts and Letters.

As one of the nation’s leading technology universities, Stevens has been a major contributor to

the economic vitality of the City of Hoboken, Hudson County and the State of New Jersey.

Moreover, as Stevens continues its projected growth associated with its 10-year Strategic Plan,

the benefits that the university provides to Hoboken and surrounding communities and to New

Jersey will also be further enhanced.

To better understand and explain the nature and extent of its contribution, Stevens asked

Appleseed – a consulting firm with extensive experience working with colleges and universities

– to assess the university’s economic and community impact, and how it might grow in the

future. This report presents the results of Appleseed’s analysis.

Part One of the report discusses the university’s impact as an enterprise – as an employer, a

buyer of goods and services and a sponsor of construction projects – as well as the impact of

off-campus spending by students and visitors to Stevens. Part Two examines the university’s

contribution to the development of New Jersey’s human capital – the accumulation of skills,

knowledge and experience so essential to the continued growth of the state’s economy.

Part Three of the report describes Stevens’ research enterprise, and discusses how research at

Stevens contributes to the vitality of the region’s economy; and Part Four highlights the

university’s role in technological innovation, entrepreneurship and new business development.

Part Five describes the university’s engagement in efforts to serve and strengthen its local

community in Hoboken, as well as other New Jersey communities.

Part Six examines the potential impact of the university’s projected growth through 2023,

including the impact of increased enrollment and employment, a growing research enterprise,

and planned investments in construction and renovation of campus facilities.

As a major institute in its own right, Stevens Institute of Technology contributes to the economic

vitality of Hoboken, Hudson County and New Jersey – as one of the largest private employers in

Hoboken, a buyer of goods and services from companies in Hoboken, Hudson County and

elsewhere in New Jersey, and a sponsor of construction projects. This part of the report

assesses the university’s impact as an enterprise, as well as the impact of off-campus spending

by its students and by visitors to Stevens.

Taking into account Stevens’ spending on payroll, purchasing and construction, along with

spending by students and by visitors to the university, we estimate that during fiscal year 2016,

Stevens directly and indirectly accounted for:

1,434 full-time-equivalent (FTE) jobs in Hoboken, with earnings totaling nearly $110.4

million; and


Based on data published by the New Jersey Department of Labor and Workforce Development,

we estimate that in 2015, Stevens directly and indirectly accounted for approximately 8.1

percent of all private-sector jobs in Hoboken.

In Hudson County (including Hoboken), university, student and visitor spending directly and

indirectly accounted for:



Statewide (including Hudson County), university, student and visitor spending directly and




These combined impacts in Hoboken, Hudson County (including Hoboken) and New Jersey

(including Hudson County) are summarized below in Tables 1, 2 and 3.

Table 1: Total impact of spending by Stevens, students and visitors in Hoboken, FY 2016 (jobs in

FTE, wages and output in $000s)

Jobs Wages Output

Impact of university spending

Direct 1,195 $98,385.2 $103,210.3


Subtotal, university spending impact 1,307 $105,107.5 $121,136.4

Impact of student spending

Direct 80 $2,841.7 $8,369.9


Subtotal, student spending impact 107 $4,504.0 $12,780.4

Impact of visitor spending

Direct 16 $508.4 $1,004.7

Indirect/induced 4 $255.1 $679.4

Subtotal, visitor spending impact 20 $763.5 $1,684.1

Total impact 1,434 $110,375.0 $135,600.9

Table 2: Total impact of spending by Stevens, students and visitors in Hudson County, FY 2016

(jobs in FTE, wages and output in $000s)

Jobs Wages Output


Direct 1,215 $99,819.9 $106,188.2




Direct 199 $6,375.3 $22,756.8




Direct 32 $1,016.9 $2,009.4

Indirect/induced 8 $510.2 $1,358.9

Subtotal, visitor spending impact 40 $1,527.1 $3,368.3

Total impact 1,696 $122,350.9 $171,511.9

Table 3: Total impact of spending by Stevens, students and visitors in New Jersey, FY 2016 (jobs

in FTE, wages and output in $000s)

Jobs Wages Output


Direct 1,331 $108,198.3 $125,028.8




Direct 332 $9,146.2 $38,369.0




Direct 32 $1,016.9 $2,009.4

Indirect/induced 8 $510.2 $1,358.9

Subtotal, visitor spending impact 40 $1,527.1 $3,368.3

Total impact 2,351 $156,334.2 $269,079.7

In the fall of 2015, Stevens directly employed a total of 1,111 people, 76.1 percent of whom

worked full-time. In addition to these regular employees, the university also employed 1,176

students in a variety of part-time, on-campus jobs.

Between the fall of 2007 and the fall of 2015 (as shown in Figure 1), total non-student

employment at Stevens increased by 25.7 percent.

Figure 1: Total non-student employment at Stevens, fall 2007 – fall 2015

According to data published by the Hudson County Economic Development Corporation (as

shown in Table 4), Stevens is the fourth-largest private employer in Hoboken. Based on data

published by the New Jersey State Department of Labor and Workforce Development, we

estimate that in 2015, the university directly accounted for 6.3 percent of the city’s private-sector

jobs.1

Table 4: Largest private employers in Hoboken, by number of employees

Employer Number of employees

John Wiley & Sons Inc. 1,519

Marsh USA Inc. 1,500

Hoboken University Medical Center 1,300

Stevens Institute of Technology 500

Academy Bus Tours Inc. 250

Guy Carpenter & CO. Inc. 250

Mindlance Inc. 225

Starwood Hotels & Resorts Worldwide 180

Sumitomo Hotels & Resorts Worldwide 156

Source: Hudson County Economic Development Corporation, Major Employer’s List, January 2015

1 New Jersey Department of Labor and Workforce Development, Quarterly Census of Employment and

Wages.

In fiscal year 2016, Stevens paid a total of nearly $92.6 million in salaries and wages to its

regular full- and part-time non-student employees.

As shown in Figure 2, 184 Stevens employees (excluding students) lived in Hoboken in the fall

of 2015 – 16.6 percent of all non-student employees. An additional 207 (18.6 percent of all non-

student employees) lived elsewhere in Hudson County; and 530 (47.7 percent) lived elsewhere

in New Jersey.

Figure 2: Stevens non-student employees by place of residence, fall 2015

In fiscal year 2016, salaries and wages paid by Stevens to New Jersey residents totaled $76.6

million (82.8 percent of the total payroll for non-student employees), including nearly $15.8

million (17.0 percent of total non-student payroll) to Hoboken residents and nearly $13.5 million

(14.6 percent) to non-student employees living elsewhere in Hudson County.

In addition to the people it employs directly, Stevens supports Hoboken’s and New Jersey’s

economies through its purchases of goods and services from local businesses, and through its

investments in campus facilities.

In fiscal year 2016, Stevens spent nearly $89.2 million on the purchase of goods and services.

As shown in Figure 3, nearly $11.8 million (13.2 percent of total spending on goods and

services) was spent on goods and services provided by businesses in Hoboken, an additional

$3.2 million (3.6 percent) was spent on goods and services provided by businesses located

elsewhere in Hudson County, and $17.6 million (19.8 percent) was spent on goods and services

provided by businesses located elsewhere in New Jersey.

Leading categories of goods and services purchased from businesses located in New Jersey

include professional and technical services, employee health insurance, utilities, and building

services and facilities support.

Figure 3: Stevens spending on purchases of goods and services by location of vendor, FY 2016

Using the IMPLAN input-output economic modeling system – a modeling tool commonly used in

economic impact analyses – we estimate that in fiscal year 2016, Stevens spending on

purchases of goods and services directly supported:

84 FTE jobs in Hoboken;

104 FTE jobs in Hudson County (including Hoboken); and

209 FTE jobs in New Jersey (including Hudson County).

In addition to its spending on the purchase of goods and services, Stevens spent nearly $2.9

million in facility construction and renovation in fiscal year 2016, of which 84.5 percent ($2.4

million) was paid to contractors located in New Jersey. Using IMPLAN, we estimate that in fiscal

year 2016, Stevens spending on facility construction and renovation directly supported 10 FTE

jobs with New Jersey contractors.

As noted previously, Stevens’ investment in construction of new and renovation of existing

facilities will increase sharply beginning in fiscal year 2017. The impact of this increased

investment is discussed below in Part Six.

The jobs and economic activity generated by the Stevens Institute of Technology’s spending on

payroll, purchasing and construction are not limited to the direct impacts cited above. Using a

tool of economic analysis called an input-output model, we can also estimate the indirect and

induced (or “multiplier”) effects of spending by Stevens – the economic activity resulting from:

Spending within New Jersey by the local suppliers and contractors from whom Stevens

buys goods and services (the indirect effect); and

Household spending within New Jersey by Stevens employees, and by employees of the

university’s suppliers and contractors (the induced effect).

Using IMPLAN, we estimate that in fiscal year 2016, spending by Stevens on non-student

payroll, purchasing and construction indirectly accounted for:

112 FTE jobs in Hoboken, with earnings totaling $6.7 million; and


In Hudson County (including Hoboken), Stevens spending indirectly accounted for:

179 FTE jobs in Hudson County, with earnings totaling $10.7 million; and


Statewide (including Hudson County), Stevens spending indirectly accounted for:

537 FTE jobs in New Jersey, with earnings totaling $30.9 million; and

$84.6 million in statewide economic output.

When we combine these indirect and induced effects with the direct effects cited previously, we

estimate that in fiscal year 2016, spending by Stevens on non-student payroll, purchasing and

construction directly and indirectly accounted for:

1,307 FTE jobs in Hoboken, with earnings totaling $105.1 million; and


In Hudson County (including Hoboken), Stevens spending directly and indirectly accounted for:



Statewide (including Hudson County), Stevens spending directly and indirectly accounted for:


$209.6 million in statewide economic output.

Tables 5, 6 and 7 summarize the total impact of Stevens’ spending on non-student payroll,

purchasing and construction in Hoboken, Hudson County (including Hoboken) and New Jersey

(including Hudson County).

Table 5: Direct, indirect and induced impact of Stevens spending in Hoboken, FY 2016 (jobs in


Jobs Wages Output

Direct spending impact

Payroll 1,111 $92,590.9 $92,590.9

Purchasing/construction 84 $5,794.3 $10,619.4

Subtotal, direct impact 1,195 $98,385.2 $103,210.3

Indirect and induced effects

Employee spending 65 $3,717.7 $10,304.4

Contractor and vendor spending 47 $3,004.6 $7,621.7

Subtotal, indirect/induced effects 112 $6,722.3 $17,926.1

Total impact 1,307 $105,107.5 $121,136.4

Table 6: Direct, indirect and induced impact of Stevens spending in Hudson County, FY 2016 (jobs

in FTE, wages and output in $000s)

Jobs Wages Output


Payroll 1,111 $92,590.9 $92,590.9







Total impact 1,394 $110,562.2 $135,017.0

Table 7: Direct, indirect and induced impact of Stevens spending in New Jersey, FY 2016 (jobs in


Jobs Wages Output


Payroll 1,111 $92,590.9 $92,590.9







Total impact 1,868 $139,135.7 $209,633.9

In addition to the impact of its spending on non-student payroll, purchasing and construction,

Stevens contributes to the economic vitality of Hoboken and elsewhere in New Jersey through

off-campus spending by Stevens students and by out-of-town visitors to the university’s

campus.

The impact of student spending is determined in part by whether students live on campus, in off-

campus University housing, or elsewhere in Hoboken and the surrounding communities. During

the fall of 2015, approximately 67 percent of undergraduate students lived in university-owned

or leased housing on and around the Stevens campus, while nearly all graduate students lived

off-campus in Hoboken and the surrounding communities.

Based on data provided by Stevens on the average annual cost of living for students, we

estimate that during fiscal year 2016, off-campus spending by full-time undergraduate and

graduate students – on housing, food, personal expenses, transportation, books, entertainment

and other purposes – totaled nearly $28.3 million in Hudson County, including $11.1 million in

Hoboken. This figure includes off-campus spending by full-time undergraduate and graduate

students from outside of Hudson County who reside in Hoboken and elsewhere in Hudson

County.

Using IMPLAN, we estimate that in fiscal year 2016, off-campus spending by students from

outside of Hudson County who reside in Hoboken directly and indirectly accounted for:

107 FTE jobs in Hoboken, with earnings totaling $4.5 million; and

Nearly $12.8 million in citywide economic output.

In Hudson County (including Hoboken), off-campus spending by students from outside of

Hudson County who reside in Hudson County directly and indirectly accounted for:

262 FTE jobs in Hudson County, with earnings totaling nearly $10.3 million; and


At the state level, we estimate that during fiscal year 2016, off-campus spending by full-time

undergraduate and graduate students totaled $46.3 million in New Jersey (including Hudson

County). This figure includes off-campus spending by full-time undergraduate and graduate

students from outside of New Jersey who live in Hudson County (including Hoboken) or

elsewhere in New Jersey.

Using IMPLAN, we estimate that in fiscal year 2016, off-campus spending by students from

outside of New Jersey who reside in Hudson County or elsewhere in New Jersey directly and


443 FTE jobs in New Jersey, with earnings totaling nearly $15.7 million; and


Stevens also attracts out-of-town visitors to its campus who then spend money within the local

economy. As shown in Table 8, Stevens estimates that during the 2015-16 academic year,

approximately 52,647 people visited the Stevens campus – for pre-admissions visits, academic

conferences, commencement, athletic events, alumni events and other purposes.

Table 8: Non-local visitors to Stevens by purpose of visit, 2015-16 academic year

Purpose of visit Non-local visitors

Prospective applicants 13,050

Commencement 1,400

Academic/other conferences 950

Summer programs 9,409

Varsity athletic events 28,910

Club sports 303

Performances, exhibits, etc. 1,500

Student Affairs events 1,800

Alumni & Development events 1,325

Total 52,647

In fiscal year 2016, we estimate that off-campus spending in the Hoboken and Hudson County

area by out-of-town visitors to Stevens – on hotel accommodations, food, shopping,

entertainment and transportation – totaled $2.6 million, including approximately $1.3 million in

Hoboken. Using IMPLAN, we estimate that this spending directly and indirectly accounted for:

20 FTE jobs in Hoboken, with earnings totaling $763,539; and

Nearly $1.7 million in citywide economic output.

In Hudson County (including Hoboken), off-campus spending by non-local visitors to Stevens

directly and indirectly accounted for:

40 FTE jobs in Hudson County, with earnings totaling $1.5 million; and

Nearly $3.4 million in countywide economic output.

Despite its tax-exempt status, Stevens Institute of Technology contributes in a variety of ways to

state and local government finances. As shown in Table 9, state and local taxes and fees paid

by Stevens in fiscal year 2016 included:

$4.1 million in state income taxes withheld from the salaries and wages of Stevens

employees;

$130,082 in unemployment insurance payments;

$249,706 in fees to various state agencies;

$488,918 in fees to the City of Hoboken;

$300,684 to the North Hudson Sewerage Authority; and

$6,080 in other payments to local governments.

Overall, in fiscal year 2016, Stevens directly accounted for nearly $4.5 million in New Jersey

state taxes, fees and other payments, and $795,682 in taxes, fees and other payments to the

City of Hoboken and other local governments in New Jersey – a total of nearly $5.3 million in

state and local government revenues.

Table 9: Taxes and fees paid to New Jersey state and local governments, FY 2016

Type of revenue Amount

State revenues

State income taxes withheld $4,118,092

Unemployment insurance payments $130,082

Fees paid to NJ state agencies $249,706

Subtotal, state revenues $4,497,880

Local government revenues

Fees paid to the City of Hoboken $488,918

North Hudson Sewage Authority $300,684

Other payments to local governments $6,080

Subtotal, local government revenues $795,682

Total state and local revenues $5,293,562

Human capital – the totality of knowledge, skills and experience accumulated over time by a

community’s or a region’s workforce – plays a central role in determining whether cities and

states succeed or fall behind in an increasingly knowledge-based global economy.

One of the most important measures of human capital is the level of education achieved by a

city’s or a state’s residents. As shown in Figure 4, the median annual earnings of adult New

Jersey residents who had completed four-year college degrees were 92.1 percent higher in

2015 than the median earnings of those who had only a high school diploma; and the median

earnings of those with graduate or professional degrees were 161.8 percent higher than the

earnings of those with no education beyond high school.

Figure 4: Median earnings by educational attainment (in 2015 dollars) for New Jersey residents

age 25 and over, 2015

Source: ACS 2015 (1-Year Estimates), Social Explorer; U.S. Census Bureau

The economic benefits of higher education, however, are not limited to those who earn degrees.

A study published by the Milken Institute in 2013 found that in U.S. metropolitan areas, adding

one year of schooling to the educational attainment of workers who already had a high school

diploma increased average GDP per capita by 17.4 percent and average real wages by 17.8

percent.2

Even non-college educated workers benefit from this effect. University of California economist

Enrico Moretti has shown that “the earnings of a worker with a high school education rise by

about 7 percent as the share of college graduates in his [metropolitan area] increases by 10

percent.”3

In the fall of 2015, a total of 6,359 students were enrolled at Stevens, including 2,976

undergraduates and 3,383 graduate students. As shown in Table 10, 81.4 percent of all Stevens

undergraduates were enrolled in the School of Engineering and Science, 11.9 percent were

enrolled in the School of Business, 3.2 percent in the School of Systems and Enterprises, and

2.9 percent in the College of Arts and Letters. Among graduate students, 51.3 percent were

enrolled in the School of Engineering and Science, 28.4 percent in the School of Business, and

20.2 percent in the School of Systems and Enterprises.

Table 10: Undergraduate and graduate enrollment at Stevens by school, fall 2015

School/College Undergraduate

students Graduate students

Schaefer School of Engineering and Science 2,422 1,734

School of Systems and Enterprises 95 683

School of Business 353 961

College of Arts and Letters 86 5

Non-matriculated 20 –

Total 2,976 3,383

Between the fall of 2008 and the fall of 2016, total enrollment at Stevens grew by 14.0 percent –

an increase of 813 students. However, as Figure 5 shows, this overall increase masks divergent

trends. Undergraduate enrollment grew by 43.9 percent (an increase of 951 students) during

this period. Graduate student enrollment in contrast decreased by 17.4 percent between the fall

of 2008 and the fall of 2012 (a decrease of 635 students) before growing again by 16.5 percent

between the fall of 2012 and the fall of 2016.

2Ross de Vol et al, A Matter of Degrees: The Effect of Educational Attainment on Regional Economic

Prosperity, The Milken Institute, February 2013, p.1. 3 Enrico Moretti, The New Geography of Jobs (Houghton Mifflin Harcourt, 2012), p. 98.

Figure 5: Undergraduate and graduate enrollment at Stevens, fall 2008 – fall 2016

In the fall of 2015, 1,705 Stevens undergraduates (57.3 percent of total undergraduate

enrollment) were residents of New Jersey, as were 494 graduate students (14.6 percent of total

graduate enrollment). Figure 6 shows the distribution of Stevens undergraduate and graduate

students by place of residence.

(Although most students come to Stevens from elsewhere in New Jersey or other states or

countries, the majority of them live in the local area while they are enrolled at the university.

These students thus contribute substantially, as described in Part One, to the impact of student

spending on the local economy.)

Figure 6: Total enrollment by student’s permanent place of residence, fall 2015

During the 2015-16 academic year, Stevens awarded 563 undergraduate degrees, 1,593

graduate degrees and 565 graduate certificates. Approximately 57.5 percent of all

undergraduate degrees and 12.2 percent of all graduate degrees and certificates were awarded

to residents of New Jersey.

The role that Stevens plays in the development of New Jersey’s human capital – especially in

engineering – is evident in statewide statistics. According to data published by the U.S.

Department of Education (as shown in Table 11), in 2014-2015, Stevens ranked:

Third among all New Jersey colleges and universities in the number of bachelor’s

degrees awarded in engineering; and

First in the number of graduate degrees awarded in engineering in New Jersey.

In 2014-2015, Stevens accounted for 36.4 percent (642 of 1,766) of all master’s and doctoral

degrees in engineering awarded in New Jersey.4

4 U.S. Department of Education. Institute of Education Sciences, National Center for Education Statistics.

IPEDS: Integrated Postsecondary Education Data System.

Table 11: Undergraduate and graduate degrees in engineering awarded by New Jersey

institutions, 2014-2015

Rank Bachelor’s degrees Degrees awarded

Rank Master’s/Doctoral degrees Degrees awarded

1 Rutgers University 790 1 Stevens Institute of Technology

642

2 New Jersey Institute of Technology

530 2 New Jersey Institute of Technology

532

3 Stevens Institute of Technology

330 3 Rutgers University 328

4 Princeton University 327 4 Princeton University 193

5 Rowan University 167 5 Fairleigh Dickinson University 29

6 The College of New Jersey 102 5 Rowan University 29

7 Monmouth University 14 7 Monmouth University 13

8 Fairleigh Dickinson University 5

Total 2,265 Total 1,766

Source: U.S. Department of Education. Institute of Education Sciences, National Center for Education

Statistics. IPEDS: Integrated Postsecondary Education Data System.

Financial aid that the university provides from its own resources helps to ensure that students

can get access to the educational opportunities Stevens offers. In fiscal year 2016, Stevens

provided nearly $56.9 million in university-funded financial aid to undergraduate students,

including more than $1.8 million to students from Hudson County and nearly $30.4 million to

students from other New Jersey communities.

In addition, Stevens provided more than $7.0 million in university-funded financial aid to

graduate students in fiscal year 2016, including more than $1.0 million to students from New

Jersey.

The majority of Stevens students remain in New Jersey after they graduate. As shown in Figure

7, 53.0 percent of all Stevens alumni whose addresses are known – 17,550 Stevens alumni –

lived in New Jersey as of the summer of 2016, including 693 who lived in Hoboken and 1,748

who lived elsewhere in Hudson County.

Figure 7: Stevens alumni by place of residence (for alumni whose addresses are known), as of

summer 2016

As one of the nation’s leading technological universities, Stevens prepares students to work in

professions and industries that are at the core of New Jersey’s economy today, and that could

play a key role in its development during the next decade. Here we cite just a few examples.

Combining studies in biology and physiology with fundamentals of engineering, the

university’s undergraduate degree in Biomedical Engineering prepares students to

meet the challenge of using the concepts and tools of engineering to solve problems

affecting human and other living systems.

Demand for qualified software engineers has for years exceeded the available supply,

both in the New York-New Jersey area and nationwide. The university’s undergraduate

program in Software Engineering prepares students to work in this high-demand field

through a combination of classroom learning, internships and other opportunities for

hands-on learning. Students can also choose to concentrate in areas such as financial

systems, health care systems and sustainable energy systems.

Events during the past year have provided powerful evidence on the importance of data

protection for both personal and national security. Founded in 2006, the Stevens

undergraduate degree in Cybersecurity was one of the first of its kind in the U.S. It

combines studies in mathematics and computer science with more specialized courses

on topics such as cryptography, information security and network forensics. Demand for

graduates with cybersecurity degrees is extremely strong, and is likely to increase.

As the accounting profession evolves, advanced skills in data analysis are becoming an

essential complement to basic knowledge of accounting principles and methods. The

Stevens undergraduate major in Accounting and Analytics provides these skills.

Undergraduates in the Schaefer School of Engineering and Science can elect to

complete a minor in Green Engineering, combining required courses in environmental

policy, sustainable engineering and sustainable energy with electives on topics such as

water resources, sustainable building technology and solar energy.

Graduate programs at Stevens are similarly geared to changing needs in business, engineering

and technology. For example:

The McKinsey Global Institute estimated in 2015 that by 2018, the U.S. would be facing

a shortage of 190,000 data scientists and 1.5 million data managers and analysts. In the

fall of 2015, the School of Systems and Enterprises began offering a master’s degree in

Systems Analytics. The program is aimed at meeting the need for professionals who

have the skills needed to pull data from multiple systems, analyze it and convert it into

meaningful, actionable information, including skills in data extraction and visualization,

management and analysis of large volumes of data, and the development of decision-

making models that can use such data most effectively.

Launched in 2012, the university’s master’s degree in Business Intelligence and

Analytics provides students with the knowledge they need to apply “big data”

technology and analytic techniques to business problems. The program has been

consistently rated among the top ten of its kind in the U.S.

Stevens offers a master’s degree in Sustainability Management, launched in the fall of

2016, that aims to bridge the gap between scientific and technical understanding of

issues such as climate change and the effective implementation of practical solutions.

Stevens is also notable for the extent to which it offers opportunities for students to combine

academic learning with professional experience. Perhaps the most notable example is the

Stevens Cooperative Education Program (the Co-op program) – a five-year academic program,

established in 1986, that combines on-campus learning with full-time paid work. Undergraduate

engineering and science students in the Co-op program spend their first two semesters

completing academic requirements on-campus, then alternate between full-time study and full-

time professional work in areas related to their academic majors and career interests during the

following three years. The fifth year is then spent back on campus.

From 25 students in its first year, the Co-op program has grown to include 831 undergraduate

students in the fall of 2015 (approximately 33 percent of all undergraduate students enrolled in

engineering and science programs). In addition, 37 graduate students participated in

cooperative education programs in the fall of 2015. Co-op employers range from small

consulting firms to major international corporations – most located in the New York metropolitan

area.

In 2015-2016, Co-op students’ salaries ranged from $14.00 to $40.00 per hour, with an average

salary of $17.72 per hour. Even more important than their earnings, however, is the practical

experience they gain, and the advantage that experience provides when they enter the job

market.

Stevens students also gain professional experience through the Stevens Summer Internship

Program. In the summer of 2016, 302 undergraduate students (approximately 10 percent of

enrolled undergraduate students) completed full-time internships. Approximately 42.1 percent of

these internships were located in New York, 41.1 percent in New Jersey and 16.9 percent took

place elsewhere. As shown in Figure 8, the financial services industry accounted for the largest

share of summer internships (30.8 percent), followed by manufacturing and pharmaceuticals

(17.5 percent), insurance (6.3 percent), media and entertainment (6.0 percent), technology and

telecommunications (5.6 percent) and engineering services (5.3 percent).

Figure 8: Distribution of undergraduate summer internships by industry, summer 2016

The value of the education that Stevens provides is evident from the earnings of the university’s

graduates. According to PayScale’s annual reports on the earnings of college graduates of

more than 1,000 U.S. colleges and universities, in 2016, Stevens:

Ranked 12th in the U.S. when measured by students’ return on investment, with an

average net return after twenty years of $889,000 (for students living on campus and

receiving financial aid);5

Ranked 14th in the U.S., measured by the average early career salary of its alumni who

only received a bachelor’s degree ($65,600); and

Tied for 17th in the U.S., measured by the average mid-career salary of its alumni who

only received a bachelor’s degree ($117,000).

Hoboken’s working-class roots have helped shape the city’s character. At the same time, with

more than 77 percent of all residents age 25 and older having at least a bachelor’s degree,

Hoboken today is one of New Jersey’s best-educated communities.6 Stevens graduates directly

account for only 2.2 percent of Hoboken’s college-educated population; but the university’s

presence in the community helps to sustain the kind of environment that makes the city an

attractive place for highly-skilled young workers to live. Programs and partnerships that engage

Hoboken and Hudson County residents – in areas ranging from technology and

entrepreneurship to arts and culture – contribute to the vibrancy of the community.

5 PayScale, 2016-2017 College Salary Report; 2016 College ROI Report.

6 ACS 2015 (5-Year Estimates), Social Explorer; U.S. Census Bureau.

Since the mid-twentieth century, university research has been an important source of economic

growth in the United States. Universities – with strong financial support from the federal

government – account for about 55 percent of all spending on basic scientific research in the

U.S.7

Scientific discovery, however, does not by itself drive growth. Economic growth occurs only as

new knowledge is translated into new technologies, products, processes, services, businesses

and jobs. In the last 30 years, universities have become more actively involved in this part of the

process as well.

At the local and regional level, university research contributes to the strength of the economy in

several ways:

By attracting millions of dollars each year in external (primarily federal) research funding,

most of which is spent within the local area;

By providing a better understanding of – and helping to craft solutions to – problems of

critical importance to the local community;

By creating new knowledge in areas that are particularly relevant to local industries;

By providing students with opportunities for hands-on learning; and

By providing a basis for the development of new technologies, new businesses and new

jobs.

This part of the report focuses on Stevens Institute of Technology’s contributions to local

economic growth in the first four of these areas, while Part Four focuses on the development of

new businesses that are based on the results of university research.

Between fiscal year 2010 and fiscal year 2016 (as shown in Figure 9), Stevens Institute of

Technology spent a total of $235.6 million on research. In fiscal year 2016, research spending

at Stevens totaled $32.7 million.

7 The Science Coalition, Sparking Economic Growth, April 2010, p. 3.

Figure 9: Stevens research expenditures, FY 2010 – FY 2016 (in $000s)

As shown in Figure 10, the federal government is by far the university’s leading source of

research funding, accounting for 89.2 percent (nearly $29.2 million) of total research

expenditures in fiscal year 2016. Corporate and other private for-profit funding accounted for 4.4

percent ($1.4 million); private non-profit, institution of higher education and foundation funding

for 3.1 percent ($1.0 million); state and local government funding for 2.7 percent ($891,130);

and internal funding for less than 1.0 percent ($199,815).

Figure 10: Stevens research expenditures by source of funding, FY 2016 (in $000s)

In fiscal year 2016, the Schaefer School of Engineering and Science accounted for 64.1 percent

(nearly $21.0 million) of all research expenditures at Stevens; the School of Systems and

Enterprises accounted for 28.9 percent (nearly $9.5 million); and all other divisions of the

university for 7.0 percent (nearly $2.3 million).

Through a powerful combination of basic and applied research, Stevens is helping to develop

solutions to some of society’s most pressing issues in diverse fields ranging from resiliency and

sustainability, to healthcare and drug discovery, to energy. The following are just a few recent

examples.

Researchers at Stevens’ Davidson Laboratory received an award of $6.6 million from

the Port Authority of New York and New Jersey for the development of an observation

and forecast system to understand the potential risk and magnitude of overland flooding

prior to and during significant storms.

A new cancer research method developed by Stevens researchers Dr. Wenting Zhang

and Dr. Woo Lee in collaboration with Hackensack University Medical Center promises

to improve treatment of multiple myeloma (MM), a blood cancer. The method allows MM

cells to be successfully cultivated outside the body, which enables the testing of patient-

specific therapeutic medications to determine the most effective therapy for individual

patients at different stages of MM.

A group headed by Stevens Professor Stephanie Lee is pursuing several lines of

research aimed at improving the capacity of solar cells to convert light into, and store,

electricity. Their work could significantly enhance the efficiency of solar cells, and thus

strengthen the economics of solar power.

In 2015 the CME Group Foundation – the philanthropic arm of the world’s largest

electronic exchange – contracted with the university’s Financial Systems Center to

undertake several projects, including:

o Research on applications of quantum computing technology to complex financial

problems; and

o A joint CME-Stevens effort to develop a new high-speed trading simulation

platform that can test global markets and exchanges in real time in order to

detect weaknesses and vulnerabilities.

Such research can help both market participants and government regulators enhance

the safety and stability of the world’s financial markets.

As noted previously, undergraduate education at Stevens is notable for its emphasis on learning

through hands-on, practical experience. Along with the university’s cooperative education and

internship programs, participation in research projects is an integral part of the undergraduate

curriculum at Stevens.

Each year, many Stevens faculty members engage undergraduate students in their research

work, accompanied either by academic credit or a stipend. The university also offers several

more formal programs that support undergraduate research. For example:

The Pinnacle Scholars Program, instituted in the fall of 2015, offers undergraduates

the opportunity to undertake original, advanced research or entrepreneurial projects with

a faculty mentor during the academic year and over the summer. This is an “invitation-

only” program for which students are selected during the admissions process.

Those who participate receive an annual $5,000 stipend that can be used to support

participation in either a faculty-guided research project, the Innovation and

Entrepreneurship Summer Research Program (discussed below), or an international

experience (such as study abroad or an internship). Program participants are also

awarded a scholarship toward the university’s accelerated master’s program.

Each year, about 10 percent of the freshman class is invited to participate in the

Stevens Scholars Program. Those who participate have the opportunity to take the

Freshman Seminar – a course in which first year students learn how to define and

understand research, and write and defend a research proposal – and participate in lab

visits on campus and at corporate sites such as Bell Labs and Princeton Infusion. During

the summer, Stevens Scholars are provided stipends and on-campus housing while they

conduct research with Stevens faculty.

In the Innovation and Entrepreneurship (I&E) Summer Research Program,

undergraduate students work with faculty mentors on research, design or business

projects during a ten-week summer session. This work is often carried on throughout the

student’s academic career and integrated into the student’s senior capstone projects

(discussed below). Students are selected for the program on the basis of specific project

proposals, which are reviewed by the Research Program Committee.

In addition to special programs such as these, most Stevens undergraduate students are also

required to complete a year-long Senior Design Project, in which they get to apply what

they’ve learned during the course of their studies to real world problems. Students work in

teams of two to six on multi-disciplinary projects – many of which are sponsored by corporate

partners – that range from feasibility studies to design and redesign problems. The capstone

program culminates with the Senior Design Exposition, a part of the annual Stevens

Innovation Expo (discussed in Part Four), during which students have the opportunity to present

their projects to the Stevens community, invited guests and industry sponsors.

Hands-on research experience – whether within an academic setting with a faculty member or

within a professional environment to meet a practical industry need – strengthens

undergraduate education in several ways. It allows students to explore in greater depth topics

that are of particular interest to them, as well as helps them develop skills in project planning,

working through unanticipated problems, time management, teamwork and written and oral

communication skills. These lessons are of real value, regardless of whether students pursue

careers that involve formal scientific or engineering research.

With few exceptions, the new knowledge derived from university research does not directly

generate economic growth. The new knowledge that university research creates must first be

translated into concepts for new products, new processes or new services, which must then be

brought to market.

Technological innovation and commercialization are among the most important drivers of

economic growth. A report prepared for the National Research Council in 2005 cited research

showing that in the half-century following the Second World War, improvements in technology

accounted for half of all growth in gross domestic product in the U.S., and about two-thirds of all

growth in productivity.8 Other analyses suggest that the share of economic growth attributable to

technological innovation may be even higher – as much as 85 percent.9

The translation of university research into new products, processes and services, new

businesses and new jobs can occur in any of several ways:

Through the licensing of technologies first developed in university labs to companies

interested in using these technologies for commercial purposes;

Through licenses of technologies to start-up companies (often involving university faculty

or graduates) created by entrepreneurs specifically for the purpose of commercializing

the results of university research; and

Through other companies started by faculty members, staff, students and alumni that,

while not based on licensed technologies, are in some way rooted in their experience at

the university.

While the benefits derived from innovation and entrepreneurship at Stevens are by no means

limited to the local community or the state, research has shown that start-up companies that

emerge from university research labs – as well as other new ventures started by faculty

members, students and recent graduates – tend to cluster disproportionately around the

institutions from which they emerge. Strengthening the university’s capacity to generate these

new ventures, and providing them with the space, services and support they need to succeed,

can thus be an especially effective way for Stevens to contribute to the growth and development

of Hoboken’s economy.

Moreover, by creating an “ecosystem” that supports innovation and entrepreneurship within the

university community, Stevens is also contributing to the development of an infrastructure that

can support the growth of start-ups that emerge from the local community, and that can attract

promising young companies from elsewhere.

8 Committee on prospering in the Global Economy in the 21

st Century, Rising Above the Gathering

Storm: Energizing and Employing America for a Brighter Economic Future, National Academy of Sciences, National Academy of Engineering, Institute of Medicine, 2005, p. 205. 9 Ibid p. 1.

This part of the report examines the role that Stevens plays in the commercialization of new

technologies and the development of new businesses. We focus first on the formal process of

technology transfer, including the licensing for commercial use of technologies first developed at

Stevens; then on the work of the new Stevens Venture Center and examples of New Jersey

companies founded by Stevens alumni, students, faculty and staff; and finally on the university’s

role in educating and assisting the next generation of Stevens entrepreneurs.

As Table 12 shows, between fiscal year 2008 and fiscal year 2016:

The number of invention disclosures filed by researchers at Stevens rose by 216.7

percent (from 18 to 57);

The number of patents issued rose by 400.0 percent (from 3 to 15);

Gross licensing income rose by 317.0 percent, to $418,000; and

26 new ventures were started to further develop and bring technologies first developed

at Stevens to market.

Table 12: Technology transfer activity at Stevens, FY 2008 – FY 2016 (gross licensing income in

$000s)

2008 2009 2010 2011 2012 2013 2014 2015 2016

Gross licensing income $100.3 – $200.0 $251.0 $451.0 $331.7 $342.0 $113.0 $418.0

Invention disclosures 18 40 49 50 47 40 40 65 57

New patent applications filed 13 20 24 15 16 20 20 17 15

Patents issued 3 5 2 3 12 4 4 9 15

Licenses/options executed 6 3 5 2 2 13 2 2 2

Start-up companies formed 2 2 0 0 0 6 5 5 6

While larger universities may produce higher absolute numbers on these standard measures of

technology transfer activity, Stevens is especially noteworthy for the intensity of its technology

transfer activity relative to the size of its research enterprise. Table 13 compares ratios of

technology transfer activity to research spending at Stevens in fiscal year 2016 with the average

ratios in fiscal year 2015 for 202 U.S. research universities, research hospitals and other

research institutions surveyed by the Association of University Technology Managers (AUTM).

Table 13: Ratio of research spending to technology transfer at Stevens and other U.S. academic

research institutions

Indicator Stevens

(FY 2016) AUTM survey

institutions (FY 2015)

Total research spending $32.7 million $66.6 billion

Research spending:

Per invention disclosure $573,866 $2.63 million

Per new patent application $2.18 million $4.17 million

Per U.S. patent awarded $2.52 million $9.97 million

Per new license or option agreement $16.36 million $8.39 million

Per start-up formed $5.45 million $65.81 million

Source: Appleseed calculations, based on AUTM data (AUTM, report titled, Highlights of AUTM’s U.S.

Licensing Activity Survey: FY 2015)

While the scale of the Stevens research enterprise is thus smaller (when measured by research

spending) than those of many other leading universities, the rate at which new knowledge is

made available for commercial use is much higher at Stevens than at most other research

universities, indicating a more efficient path toward technology transfer and commercialization at

Stevens than comparable, but larger institutions.

The pace of technology transfer at Stevens is partly a product of its specialization in engineering

and applied science. But it also reflects an institutional commitment to research that addresses

real-world problems, and to ensuring that the new knowledge the university produces is put to

use.

Examples of New Jersey companies that licensed technologies first developed at Stevens

during fiscal year 2015 and fiscal year 2016 include:

Castle Point Learning Systems, a Hoboken-based educational technology company

founded by two Stevens faculty members, has developed an artificial intelligence-based

tutor that provides individualized guidance and feedback to Calculus students using an

engaging online learning platform.

Dental Innovations, a medical device company located in the Stevens Venture Center,

developing nanotech coatings for dental implants that “facilitate rapid and controllable

tissue regeneration and provide a secure seal to prevent infection.”

FinTech Studios, a New York City cloud-based software and information technology

company founded in 2014, develops and markets a cloud-based web and mobile

platform of curated financial technology apps, investment research and big-data analytic

products.

Wave Dental, a Stevens Venture Center company, has developed dental extraction

tools that employ focused vibration technology to reduce incidence of tooth breakage

and local trauma during extraction.

Formal technology transfer is not the only means by which the intellectual capital developed at

Stevens is translated into new products and services, new businesses and new jobs.

Opened in 2016, the Stevens Venture Center is among the newest additions to the university’s

suite of programs and services for aspiring student, faculty and alumni entrepreneurs. The

Venture Center nurtures the promising concepts and technologies of Stevens-affiliated

entrepreneurs into thriving businesses through technology support, opportunities to share best

practices and experiences, networking with investors and experts in legal and accounting, and

education in building a successful business. Located in a high-rise building on River Street in

Hoboken, New Jersey, the Venture Center’s space includes 29 work stations, a conference

room and prototyping equipment. The Venture Center also hosts workshops, speakers and

networking events; and through its “entrepreneurs in residence,” provides its members with

advice, counseling and valuable connections.

The following are examples of companies in New Jersey started by Stevens faculty, staff,

students or alumni.

Jersey City-based Sphere Technology Solutions, founded in 2010, provides data

governance, security and compliance solutions to leading companies in finance, energy,

retailing and health care.

Dynamic Spectrum LLC, founded in 2012 and based in Holmdel, is developing

practical applications of “cognitive radio” technology pioneered at Stevens – for example,

for use in improving emergency communications systems.

FlexTra Power, currently based at the Stevens Venture Center in Hoboken, has

developed a line of graphene-based sensors that can be embedded in clothing and that

can be used to monitor temperature, humidity and the presence of various biohazards.

Hoboken-based Data Minded Solutions, founded in 2014, provides FDA-approved

wearable devices that can be used to collect, analyze and update patient data on an

ongoing basis.

Along with its research and technology transfer activity, Stevens supports innovation and

entrepreneurship by helping its students acquire the knowledge, skills and experience they need

as entrepreneurs. Both through the university’s formal curriculum and other programs and

activities, Stevens offers students multiple opportunities to learn the basics of creating and

growing a business, including product design, prototyping, sales, marketing, teamwork and

fundraising.

The School of Business offers an undergraduate business minor in

entrepreneurship, consisting of six courses that focus on areas such as the discovery

and commercialization of technical business opportunities, marketing and operations,

assessment and financing, and an entrepreneurial business practicum. The

entrepreneurship minor is open to undergraduates majoring in Business, Engineering,

Science or Arts and Letters.

The Schaefer School of Engineering and Science requires all freshman undergraduate

engineering students to take Introduction to Entrepreneurial Thinking, an interactive

course aimed at creating “an entrepreneurial mindset in freshman undergraduate

students,” that features seminars and guest lectures with industry professionals,

computer simulations of start-up companies, and case studies.

The course is one of eight core design courses that make up the School of Engineering’s

“Design Spine” – a series of undergraduate courses geared towards “developing a set of

competencies to meet educational goals in areas such as creative thinking, problem

solving, teamwork, economics of engineering, project management, communication

skills, ethics, and environmental awareness.”

In the School of Business’ master’s program in Technology Management, technical

professionals with at least five years of professional experience develop skills in the

effective management and use of technology in technology-intensive businesses. The

two-year, part-time program combines courses in general business skills with courses

geared towards the development of entrepreneurial thinking, including corporate

entrepreneurship, design thinking, and managing emerging technology.

The Innovation, Design and Entrepreneurship at Stevens (IDEaS) program provides

an innovation spine within the undergraduate experience through curricular- and project-

focused learning modules, and provides opportunities for students to interact with

professional mentors who will guide them towards design outcomes that maximize their

potential value to society.

A hallmark of the Stevens educational experience is the Innovation Expo, an annual

showcase of Stevens faculty research and student senior design projects. The day-long

program also features lectures from faculty and invited industry leaders and student

pitch and plan competitions (discussed below), and attracts venture capitalists,

entrepreneurs, and professionals in the tech industry and beyond. Over 150

interdisciplinary student senior design projects are presented in areas ranging from

renewable energy to medical devices, from defense and security technologies to

consumer products, and from mobile applications and software design to innovations in

transportation and manufacturing.

Often, student senior design projects address the real-world interests of corporate

sponsors, which simultaneously provide sponsors with opportunities to explore new

concepts or solutions and students with practice in developing professionalism and

addressing client needs. The Innovation Expo has also become a launching pad for

student start-ups. Many commercially viable projects are filed for patent in order to be

developed following students’ completion of the senior capstone design course.

When choosing their senior design projects, students are encouraged to consider

projects that have potential commercial applications. Those that choose to do so have

the opportunity to compete for investment funding for innovative business ideas in the

Pitch and Plan Competitions at the Innovation Expo. Participating teams each have

two minutes to pitch their senior design projects to a panel of judges (made up of

industry, academic and community leaders) who then evaluate the project based on the

quality of the pitch and the feasibility of the proposed business product or service. In

2016, the winning entries included:

o In the Business Products Pitch Competition, WHISPER, a team of eight

engineering students, for their pitch for a wireless structural health monitoring

system for heavily traveled bridges.

o In the Business Services Pitch Competition, Nuclear Solutions, a team of three

chemical engineering students, for their plan to improve the future of spent

nuclear fuel by providing a more efficient, sustainable and safe method for

extracting uranium from spent nuclear fuel through crystallization.

The first-place winner for each competition received $5,000 plus one year of co-working

membership for the team at Mission50 Workspaces. In addition, the second- and third-

place finishers for each competition won $2,000 and $1,000, respectively.

The new Innovation & Entrepreneurship (I&E) Co-op Program, launched in 2015,

provides eligible early-stage start-ups with the opportunity to hire undergraduate Stevens

students on a full-time basis over a six-month period at the market rate for their industry.

Pre-college students may explore their entrepreneurship talents though Stevens’

Entrepreneurship: From an Idea to a StartUp summer program. During the one-week

program, students learn about the tools and skills needed to develop a new product or

service idea that can be pitched to a potential client. The program features guest

lectures, site visits and workshops led by successful business owners, and culminates

with a project in which students create a website for a business idea with a group of

fellow students.

Stevens’ Innovation and Entrepreneurship (I&E) Doctoral Fellowship provides tuition

and stipends for two years to Ph.D. students whose research could potentially result in

the development of disruptive technological innovations or other transformational

changes in specific areas, and who aspire to become entrepreneurs. While pursuing

their research, I&E doctoral fellows also take courses on entrepreneurship and related

topics. I&E doctoral fellowships can be extended to three or four years in selected cases

where the student’s research has resulted in the creation of potentially high-value

intellectual property and is moving toward licensing or the creation of a new venture.

Since the 1980s, colleges and universities throughout the United States have acknowledged the

importance of being actively engaged in the life of their home communities. These institutions

recognize that their effectiveness as centers for learning, research and innovation depends in

part on the strength, stability and overall attractiveness of the communities in which they

operate.

At the same time, both students and practitioners of urban and regional development recognize

that strong, attractive neighborhoods and communities are essential to sustainable economic

growth. Constructive engagement with their home communities thus helps colleges and

universities fulfill their mission, and at the same time contribute to the overall health of the local

economy.

Stevens’ projected growth during the next decade (discussed below in Part Six) should be

viewed in part in terms of its impact on the university’s capacity for engagement with its local

community. Growth at Stevens will mean an increase in the number of students, faculty and

staff engaged in community service work; increased capacity to conduct research on issues of

concern to the community; and the development of new facilities that can in some cases serve

both the university and the community.

This part of the report examines several aspects of community engagement at Stevens,

including:

The university’s engagement in efforts to improve education in science, technology,

engineering and mathematics at the elementary and secondary level, both in Hoboken

and other New Jersey communities;

Making a variety of university resources available to the City of Hoboken, its residents

and local community organizations; and

Drawing on the university’s intellectual and human resources to fashion new solutions to

some of the community’s, the region’s and the state’s most pressing problems.

Through its programming from the Center for Innovation in Engineering and Science Education

(CIESE), tutoring and mentorship, and other programs and units within the university, Stevens

provides in-kind and material support to Hoboken schools and youth, and throughout Hudson

County and the State of New Jersey.

This includes a series of externally funded projects that support local teachers’ and students’

learning and engagement in STEM programs, as well as pro bono and volunteer efforts that

benefit local education systems and youth. Hoboken schools, including public, non-public, and

charter schools, benefit from these projects, which focus on strengthening teacher capabilities,

in-class support, provision of classroom materials and hardware, as well as youth summer

camps, tutoring, and other special programming. For example:

Center for Innovation in Engineering and Science Education (CIESE), a White

House-recognized science, technology, engineering, and mathematics (STEM)

education and research center with programs in 23 states and a dozen countries, is the

principal focal point at Stevens for efforts to strengthen elementary and secondary

STEM education. CIESE’s work at Stevens has included a series of externally funded

projects, as well as an array of services provided to local school districts on an ongoing

basis. Overall, more than 250 teachers and administrators from Hoboken, and

thousands of Hoboken students have directly benefited from CIESE programs over more

than 25 years. Examples of current projects include:

o Partnership to Improve Student Achievement in Physical Science (PISA2),

an $11.5 million, NSF-sponsored program aimed at strengthening the science

content knowledge and instructional skills of elementary and middle school

physical science teachers in 14 New Jersey school districts.

o Waterbotics®, a program aimed at increasing the number of youth interested in

STEM fields of study and careers. As part of the research-based science and

technology curriculum, middle and high school students have the opportunity to

design, build, program and test underwater robots using LEGO® components

while completing team-based design challenges. In the past, corporate

sponsorship has enabled the one-week summer program to be offered free or at

low cost to Hoboken youth.

o STEAM, a teacher professional development program funded by the Geraldine

R. Dodge Foundation that brings together middle school teachers of science and

technology and the arts to develop ways to integrate the arts into STEM

curricula.

SATMax, held in the spring of 2015, is a practical workshop designed specifically for

high school students who are planning to take or retake the PSAT or SAT. The program

runs for two hours per week for five weeks and utilizes Stevens faculty and

undergraduates trained as “micro-teaching” tutors to train small groups of high school

students in the four basic areas of the test: test taking strategies, mathematical skills,

verbal skills, and written composition. The average score increase on the PSAT or SAT

of students who completed the program as of 2015 was 70 points on verbal, 65 on math,

and 80 on writing.

STEM-a-thon, launched in 2015, is a one-day program hosted at Stevens designed to

engage students from Hoboken’s public, private and charter schools in fun, STEM-based

learning activities guided by Stevens student and faculty volunteers. During the 2016

event, STEM-a-thon: Discovery, Innovation & Success for Hoboken’s 8th Grade

Students, 150 Hoboken 8th grade students explored innovation, engineering design and

STEM college majors through hands-on, team-based STEM activities, a student panel

and a campus tour.

Duckling Program is a Student-Athlete Advisory Committee-led program in which

Stevens student athletes create lesson plans and lead STEM projects for local middle

school students. During the 2015-16 academic year, 300 Stevens student volunteers

and 200 local 6th grade students participated in the program.

Hoboken High School-Stevens Scholarship is a full-tuition scholarship awarded each

year to the top graduating senior from Hoboken High School who chooses to attend

Stevens. Since 1992, $3 million in scholarships have been awarded through this

program.

Stevens also offers scholarships for students from Hoboken and underserved New

Jersey communities to attend summer programs like CIESE’s Waterbotics® and pre-

college offerings in engineering and technology to rising high-school juniors and seniors.

In addition to these programs, a large number of recurring and ad hoc programs to benefit local

K-12 students and teachers occur regularly, including STEM competitions, Boy and Girl Scout

Troup field trips to Stevens research laboratories, fraternity tutoring programs in schools, youth

summer camps and more.

Stevens also serves in multiple ways as a resource for Hoboken and its residents – through

community engagement and volunteer efforts by students, faculty and staff; through access to

university programs and resources; and through partnerships with local tech organizations,

businesses and government. For example:

Each year during Freshman Orientation, incoming undergraduate students have the

opportunity to engage in community service projects and activities during Orientation

Community Service Day. During the 2016-17 academic year, 85 Stevens freshman

participated in community service projects with a variety of Hoboken organizations

including the Hoboken Shelter, the Hoboken Historical Museum, the City of Hoboken

Health and Human Services/Public Works, and the Church of the Holy Innocents.

The university’s athletic teams host sports clinics and tournaments for local children and

youth teams throughout the year, including the National Girls and Women in Sports Day

at Stevens, an all sport clinic for local youth; coaching and a clinic for Hoboken Youth

Lacrosse; and swimming lessons for Hoboken High School special olympians. During

the 2016-17 academic year, 100 local children participated in those two events.

Stevens provides meeting and event space and planning support for a variety of public

forums and community events, such as the Mayor’s Inauguration Ceremony in January

2014 and State of the City addresses, graduation ceremonies, monthly NJ Tech Meetup

events, and TedX conferences.

Stevens hosts a variety of arts, cultural, and intellectual events open to the public

including the President’s Distinguished Lecture Series, which brings prominent thought-

leaders in science and technology to campus; the Vagina Monologues, which is hosted

in collaboration with local non-profit WomenRising; performances by local theater and

dance organizations; author talks in collaboration with Hoboken-based Little City Books;

and OnStage at Stevens, a series of premier arts and cultural events, including

performances by members of the New Jersey Symphony Orchestra.

Stevens Campus Police work closely with the Hoboken Police and Fire Department on

crime prevention and law enforcement including compiling crime statistics; coordinating

emergency response and law enforcement assistance with the City of Hoboken during

major public events and crises; and routinely providing mutual aid on an average of 50

calls per year when the Hoboken Police Department is undermanned. Stevens Campus

Police sponsor annual barbecues for Hoboken Police and Fire Departments on campus,

and provide campus space for police recruits conducting endurance runs prior to their

departure to the police academy.

Each summer, Stevens’ campus hosts the Hoboken Junior Police Academy, a free camp

for Hoboken children ages 12 through 15, which provides hand-on experience with the

role of a police officer and helps to prepare children for future entry into the law

enforcement field.

The university’s value as a resource for the community was particularly evident in the

days following Hurricane Sandy, which caused widespread flooding, extensive damage

and dislocation of residents throughout Hoboken. Stevens estimates that in the week

following the storm, 300 students performed more than 2,000 hours of volunteer work –

working with the National Guard to rescue people stranded by the storm, delivering

water in high-rise buildings, checking in on elderly residents, working with the Hoboken

Volunteer Ambulance Corps, helping prepare meals for people who had taken refuge in

city shelters, providing the city with an audio system for public meetings and helping to

staff a city command center.

At the city’s request, the university’s Walker Gymnasium was also used as a triage and

emergency service center for the Hoboken Volunteer Ambulance Corps and other

emergency medical service teams. The need for such a facility was particularly critical, in

that the storm had resulted in the evacuation and closing of Hoboken Medical Center.

In the summer of 2014, Stevens donated 16 bicycles and five bike helmets to the

Hudson Transportation Management Association for use by Bike Hoboken.

In addition to helping with the immediate needs such as those cited above, Stevens has also

made its intellectual resources available to help Hoboken and other communities in the region

address longer-term priorities.

Stevens is deeply engaged in efforts to help communities in the New York-New Jersey area

recover from the effects of Hurricane Sandy, and to improve protections against flooding and

other extreme weather events.

In June 2013, Stevens and Northeastern University sponsored a conference in Hoboken

that brought together managers of urban transportation systems, emergency

management professionals and other experts to explore how mass transit, port and

aviation infrastructure can be made more resilient. The meeting was the first in a series

funded by the Alfred P. Sloan Foundation, with subsequent sessions to focus on

enhancing the capacity of energy, communications and health care systems to

withstand major catastrophes.

As part of the city’s Green Infrastructure Pilot, researchers at Stevens are working on

a project to monitor the performance of green infrastructure technology (rain barrels and

rain gardens) in delaying and storing storm water runoff that contributes to flooding.

The SURE HOUSE, Stevens’ first-place entry in the 2015 U.S. Department of Energy

Solar Decathlon, is a sustainable and resilient home designed for areas at greatest risk

due to rising sea-levels and more damaging storms. The SURE HOUSE uses state of

the art building science, the latest renewable energy technologies, and fiber-composite

materials repurposed from the boat building industry for a design that armors against

extreme weather, uses 90% less energy than conventional shore homes, is fully solar

powered, and becomes a hub for emergency power in the aftermath of a storm.

University faculty and researchers affiliated with the Center for Maritime Systems and

the Davidson Laboratory provided extensive support to New York City’s efforts to

enhance the city’s ability to withstand extreme weather events. Building on their work

over the past decade, the Stevens team modeled the impact of future storm surges on

coastal areas in the city under various scenarios, and assessed the relative

effectiveness of alternative coastal protection measures. The team’s work helped inform

the city’s plan for increased resiliency (A Stronger, More Resilient New York), completed

in 2013.

Advised by three faculty members, an interdisciplinary student team placed second in

the U.S. Environmental Protection Agency’s 2015 Campus RainWorks Challenge Master

Plan Category for their project, “The Living Laboratory,” a stormwater management

plan for the Stevens campus which includes 29 green infrastructure techniques to

reduce runoff, contaminant discharge, and potable water usage.

In partnership with Hoboken City Hall, Dr. Elizabeth Fassman-Beck, associate professor

in Stevens’ Department of Civil, Environmental and Ocean Engineering, is monitoring

the performance of green infrastructure technology demonstrations that have been

installed around the City Hall building to delay and store storm water runoff that causes

flooding.

Researchers in Stevens’ Davidson Laboratory have created Stevens Estuarine and

Coastal Ocean Model (sECOM) to accurately predict and visualize flood events in

Hoboken and Jersey City.

Through these and other forms of engagement with Hoboken and other nearby communities,

Stevens contributes to a “triple bottom line” – directly benefiting the community and its residents,

enhancing the university’s ability to fulfill its own goals, and strengthening the communal

foundation on which economic growth and opportunity depend.

As this report documents, Stevens Institute of Technology has a significant economic impact in

Hoboken, in Hudson County and throughout New Jersey. Moreover, during the next decade,

the university’s impact is likely to increase. This is so for several reasons.

By the fall of 2023, Stevens is aiming to increase undergraduate enrollment from 3,115 in the

fall of 2016 to 3,956 – an increase of 27 percent. Growth would have an immediate impact on

the local economy, as it would be accompanied by continued growth in the number of people

employed by the university – both faculty and support staff. We estimate that by 2023, as a

result of the projected growth associated with the university’s Strategic Plan, the number of

people directly employed by Stevens would increase by approximately 6.7 percent, to 1,185.

Increased enrollment would also bring increased off-campus spending by Stevens students,

which would also create new jobs in Hoboken and neighboring communities. We estimate that

in 2023, increased off-campus spending by Stevens students would directly and indirectly

account for:

127 FTE jobs in Hoboken, with earnings totaling nearly $6.3 million (in 2023 dollars); and

$17.6 million (in 2023 dollars) in citywide economic output.

In Hudson County (including Hoboken), we estimate that in 2023, increased off-campus

spending by Stevens students would directly and indirectly account for:

293 FTE jobs in Hudson County, with earnings totaling $13.4 million (in 2023 dollars);

and

Nearly $43.5 million (in 2023 dollars) in countywide economic output.

Even more important in the long run, as enrollment increases so would the university’s

contribution to development of the “human capital” that is so essential to the continued growth of

Hoboken’s and New Jersey’s economy. Increased enrollment would translate into continued

growth in the number of cooperative education students and interns working for New Jersey

companies – and over time, continued growth in the number of highly-skilled Stevens graduates

living and working in in Hoboken and elsewhere in New Jersey.

Stevens has also set ambitious goals for the continued growth of its research enterprise. If it

succeeds in meeting these goals, university research spending could grow from $32.7 million in

fiscal year 2016 to $55 million. This growth will also translate into increased employment at

Stevens, and increased spending on purchases of goods and services from New Jersey

businesses.

The growth of its research enterprise will also enhance the university’s capacity to address

some of the most critical problems that New Jersey communities and industries will confront

during the next 10 years and beyond – not only in areas where Stevens has traditionally been

strong, such as systems engineering and maritime security, but also in emerging areas such as

health care, cybersecurity, energy and understanding how coastal cities and communities such

as Hoboken can adapt to the challenges posed by a changing climate.

Growth in enrollment and research will require investment in the development of new facilities.

Construction of the university’s new Academic Gateway project, for example, is expected to add

approximately 90,000 square feet of instructional and research space to the Stevens campus by

2019, with a total project cost of approximately $63.5 million. Other new facilities and major

renovation projects are being planned as well, including those shown below in Table 14.

Table 14: Selected examples of planned construction and renovation projects

Project Estimated total

project cost Estimated year

of completion

University Center and Student Housing Project $190,000,000 2020

Gateway Academic Building $64,000,000 2019

North Building $5,700,000 2017

Babbio Garage $13,500,000 2017

Howe Center kitchen and dining expansion $14,000,000 2020

Academic wrap-around building $314,880,000 2022

Castle Point residence hall $64,512,000 2023

Multi-use building (5th Street and Sinatra Drive) $46,080,000 2024

Over the next five years, from fiscal year 2017 through fiscal year 2021 (as shown in Figure 11),

Stevens estimates that it will spend more than $422.8 million in new construction and renovation

– an average of nearly $84.6 million each year.

Using IMPLAN, we estimate that this investment will directly support 1,517 person-years of

employment in New Jersey, with earnings totaling $144.3 million (in 2020 dollars). Taking into

account indirect and induced effects, we estimate that this investment will directly and indirectly

account for:

3,268 person-years of employment in New Jersey (an average of 653 FTE jobs each

year), with earnings totaling $257.8 million (in 2020 dollars); and

$713.2 million (in 2020 dollars) in statewide economic output.

Figure 11: Projected construction spending, FY 2017 – FY 2021 (in $ millions)

During the next five years, these investments will translate into new business and jobs for New

Jersey contractors and construction workers – and even more important in the long term, will

greatly enhance the university’s ability to carry out its mission.

The university’s planned construction program will benefit Hoboken in other ways as well. It will,

for example, create or improve facilities that can sometimes be made available for use by other

local non-profit organizations. Moreover, the development of new on-campus student

residences will eliminate the need for Stevens to house students in leased off-campus space –

and in doing so will free up hundreds of apartments for other local residents. Having more

students living on campus will also reduce the need for shuttle service to the Stevens campus –

and thus reduce traffic on the city’s streets.

Stevens Institute of Technology has long combined a focus on engineering, applied science and

technology with an institutional commitment to seeing the results of its research put to good use.

During the past few years, the university has done even more to sharpen its focus and reinforce

its commitment to innovation and entrepreneurship – strengthening its technology transfer

operations, and expanding opportunities for students to acquire the skills, knowledge and

experience they need to succeed as entrepreneurs.

The Stevens Venture Center, launched in 2016, opens a new chapter in the university’s support

for innovation and entrepreneurship. The Venture Center is currently providing its inaugural

group of student, faculty and recent alumni entrepreneurs with the space, services, connections

and other resources they need to successfully start and develop new businesses. Moreover,

with its off-campus location and ties to local entrepreneurs, the Venture Center embodies a

clear recognition that it cannot succeed if it only faces inward – instead it must serve as a bridge

between the university and the wider community. Hoboken is already home to a number of start-

ups with ties to Stevens; in the years ahead, their ranks are likely to grow.

During the next five to 10 years, this heightened focus on innovation and entrepreneurship,

combined with growth in both enrollment and research spending, is likely to increase

significantly the rate at which the university’s programs of education and research lead to the

development of new products and services and the creation of new businesses and new jobs.

For more than 145 years, Stevens Institute of Technology has been a noteworthy contributor to

the life of the City of Hoboken, and to New Jersey’s economic vitality. The challenges the city

and the state face today – jump-starting job growth, coping with the effects of climate change,

improving public education and others – differ from those of 1870. But science, engineering and

technological innovation, the strengths that have characterized Stevens since its founding, may

be even more important now than they have been at any time in the university’s history. Stevens

can thus be an invaluable partner in the process of building Hoboken’s future, and New

Jersey’s.

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