BUSINESS & ECONOMY

NJ Ranks Fifth in Patents Awarded in U.S.

By Michael Hill
Correspondent

The New Jersey Tech Council says the world can marvel at the inventions created in the state and New Jersey’s spirit of innovation — innovations such as researchers at the Princeton Plasma Physics Laboratory putting the world one step closer to creating fusion energy.

“Eventually, we want to use the energy that comes out of these fusion reactions, much like comes out of the sun, to convert heat to electricity,” said Jonathan Menard, program director for NSTX-U.

Princeton Plasma’s patent is among the thousands awarded to New Jersey scientists and engineers over the last 40 years, ranking the Garden State fifth among the most patents awarded, according to the federal government.

“It’s not surprising to me, as someone from New Jersey, because so many great inventors came from New Jersey,” said Rey Montalvo, CEO of Consolidated Energy Design.

Montalvo has multiple patents, among them technology to help companies conserve energy and save money. He just won a competition to help the NYC Housing Authority reduce its whopping $380 million energy bill for public housing.

“As a New Jerseyan I would love to see us climb up in the rankings simply because we have a tremendous amount of talent in this state,” Montalvo said.

The New Jersey Tech Council says the Garden State may be small, but its rankings among the top tier of states with the most awarded patents really should come as no surprise given the legacy and history of innovation here.

“It’s a small state, but one of the smartest states. Not only in the nation, but on the planet. We have so many scientists here, so many researchers here. It’s amazing and we have a great history,” said New Jersey Tech Council CEO James Barrood. “We have a legacy of the telecom industry here with Bell Labs and they, over the past, going stretching back 30 or 40 years, produce so many patients. Until today, where biotech and pharma create the lion’s share of those patients.”

Barrood says New Jersey has a high concentration of smart talent that’s attractive to STEM students and creating an even bigger pool of inventors and innovators.