Managing Director - Technology Innovation at New Jersey Economic Development Authority in Boston, Virginia

Job Description:

Managing Director - Technology Innovation

US-NJ-

Job ID: 2024-2083
Type: Regular Full-Time
# of Openings: 1
Category: Technology Innovation
Various -Newark, Trenton, Camden, or North Brunswick

Overview

Job Summary

The Managing Director – Technology Innovation is the Authority’s leader and industry expert on a portfolio of 10+ capital investment, innovation, and entrepreneurship products and initiatives, with an anticipated annual value of $200+ million. The Managing Director is forward-facing to the public and will foster strong working relationships with key industry stakeholders. This individual will engage regularly with private sector c-suite leaders and senior government stakeholders. The Managing Director will serve as an innovation economy advocate and champion within State government. The position serves as a public face of the Authority and the State on technology innovation industries and products, and economic development matters. The Managing Director leads a team of 10+ economic development professionals at the Authority including serving as a resource for the NJ Commission on Science, Innovation & Technology (CSIT). CSIT is a “sister” agency to the Authority with a separate board of Directors and Executive Director.

The individual is responsible for shaping and leading the Authority’s efforts to ensure the State’s long-term competitiveness in the innovation economy through products delivered to the market. This position is responsible for leading a team which manages, develops, structures, and implements products and initiatives that align with the goals and strategies stated in the State’s economic plan. This organizational leadership role is further responsible for the attractiveness, effectiveness, and operational excellence of the respective products all while maintaining the highest level of fiduciary responsibility.

$129,744 - $162,180

Note: The NJEDA currently offers a hybrid work schedule for up to 2 days of telecommute work from home. To participate, you will be required to have high speed home internet access and a managers approval. This program does not supersede the "New Jersey First Act", which requires newly hired NJEDA employees to establish and then maintain, principal residence in the State of New Jersey.

Responsibilities

Essential Duties and Responsibilities

Team Development/Leadership

• Develop and implement the strategy for the team by identifying annual business objectives to support the requirements for innovation economy companies in New Jersey. Develop annual budgets and goals for the department, with specific business metrics.
• Establish, develop, and oversee department business development strategies, processes, and team to meet or exceed performance goals; communicate and track against key metrics.
• Oversee, direct, and organize the work of the team.
• Build, develop, mentor and coach direct reports to develop skills and behaviors to enhance performance. Sets staff goals and objectives, reviews staff semi-annually and annually against individual plans. Develops and implements training and succession plans for the team
• Lead hiring of new team members to ensure enough capacity and the skill sets needed to deliver on the Authority’s plans.
• Task staff for consistent and timely reporting, statistics, memorandums, reports, lead generation, and other ad hoc requests. Manage team against targeted metrics times while assuring accuracy.
• Establish and monitor staff performance and development goals, assign accountabilities, set objectives, establish priorities, conduct annual performance appraisals, and administer salary adjustments.
• Demonstrate a leadership and ownership mindset within the EDA by supporting varying projects to advance the goals of the team.
• Track, monitor, and analyze programs and recommend changes to senior leadership to ensure programs are effective.
• Promote a culture of high performance, collaborative cross-functional teams, and continuous improvement that values learning and a commitment to quality.
• Promote teamwork and communication to encourage an interactive, cooperative, collaborative, and customer focused work environment among department, EDA staff and external customers and partners including federal, state, and local agencies, with a focus on furthering the EDA mission.
• Actively participate in company attraction, expansion, and retention efforts.
• Ensure department practices and processes are in compliance with EDA policies and guidelines and are consistently applied.
• Contribute to the development of the EDA’s strategic goals and objectives, as well as the overall management of the organization.

Serve as the EDA expert on all Technology Innovation Programs

• Serve as an expert resource within EDA on the innovation economy, angel and venture investment, and related products/programs.
• Act as a senior government representative for the State and the Authority to the press, at industry meetings, and to the public (e.g., community engagement for NJEDA-led projects), as necessary. Understand and communicate the Authority’s position on various technology initiatives and conveys this message to the industry.
• Serve as a key advisor to the EDA Executive team, senior staff, the Senior Policy Advisors within the Governor’s Office regarding the innovation economy, including angel and venture investment, and available statewide resources.
• Provide industry-related policy inputs and guidance to the leadership teams of EDA and the Administration, serving as the “go to” resource for the Authority’s CEO and Executive Committee and the EDA Board on program execution, high-profile product opportunities, and challenges.
• Serve as the EDA’s expert on other competing states’ resources and opportunities for new competitive programs.
• Identify key issues, frame problems, and develop solutions.
• Provide regular industry updates to internal and external stakeholders, including local, national, and trade press.
• Assist with the implementation of budget and legislative advocacy for EDA programs and funding as it relates to the innovation economy.

Foster partnerships

• Cultivate, maintain, and strengthen relationships with private sector partners, industry associations, and relevant academic and government stakeholders.
• Work collaboratively with Public Affairs/Marketing, Communications, Governor’s policy office, counsel, and stakeholders to communicate new initiatives and the introduction of new products and to ensure effective messaging to key policy makers and communities.
• Identify outreach plan and partners to ensure programs and products are marketed properly to ensure success of each product.
• Work collaboratively with the Legal and Strategic Affairs department to assure existing program performance metrics are being adequately assessed and reviewed relative to organizational and state goals.
• Work cross-organizationally to achieve state economic development objectives, while meeting EDA performance goals.
• Represent the EDA externally, particularly on applicable industry boards related to the EDA’s and the state’s strategic economic goals and plan.
• Champion, support, and participate in strategic collaborations with partners to develop and implement programmatic initiatives.

Develop and lead portfolio of initiatives and programs supporting the innovation economy

• Guide, prioritize and ensure high-quality product development, especially for high-priority programmatic areas.
• Oversee the customer-oriented, efficient, and fiscally responsible operation of 7 Technology Innovation programs, including working with directors to identify opportunities for improved performance and stronger risk-mitigation/compliance.
• Oversee the development of decisioning memos and board materials for matters that require CEO or Board approval.
• Develop new products within the EDA’s goals of financing, investment and job creation that are identified via market relationships and community engagement. Make policy recommendations to Executive Committee which support the growth in New Jersey’s innovation economy, including input on EDA’s response on proposed legislative action.
• Coordinate financing opportunities with other State agencies. Lead, manage and maintain the process for attracting and leveraging capital in technology companies or ventures.
• Oversee structuring of business development, due diligence and vetting of all EDA technology loans, guarantees, angel fund investment and/or venture fund investments. Provides customized and creative financial solutions to business technology which maintains an acceptable level of risk in department activities.
• Maximize returns across all EDA technology portfolios (leases, loans, warrants, equity investments) and minimize loss exposure for the Authority. Set portfolio metrics, report out and manage the team and the portfolio companies around the portfolio performance metrics.
• Align funding resources for venture and innovation programs with allowable and efficient uses for the highest industry impact. Lead all reporting for the deployment of third-party funding including related administration fees.
• Lead cross organization engagement to ensure effective delivery of programs and services.
• Create, manage, and assure the highest level of documented compliance and policies to effectively assure the Authority meets all fiduciary programmatic requirements.
• Oversee high-level policy development, research, and implementation of new and existing programs to support the State’s economic plan, currently including but not limited to:

• Angel Investor Tax Credit
• Technology Business Tax Certificate Transfer/NOL Program
• Angel Match Program (In Development)
• Edison Innovation Fund
• NJ Ignite
• NJ Accelerate
• NJ Collaborate

• Establish and oversee the execution of strategies, research, and data to drive equitable and inclusive economic development policies and programs, with a focus on innovating and generating the most diverse innovation economic policies in the country.
• Direct the implementation of policy and advocacy efforts for targeted stakeholders and traditionally underserved communities throughout New Jersey.
• Oversee NJEDA technology innovation relationships and products, and angel investing related programs as well as aligning other government programs, resources, and initiatives to accomplish the goals of the State’s economic plan.
• Direct and assist in the preparation of innovation sector analyses, reports, and other materials.
• Complete annual and semiannual self-assessment as required.
• Perform other duties and special projects, as assigned.

Required Skills and Abilities

• Comprehensive knowledge of and deep experience across the innovation economy, including innovation financing; venture capital and angel investing; fund investment and management; fund governance and advisory board level oversight to monitor investments; and entrepreneurial support needed by innovation economy businesses
• Investment and equity product and program knowledge
• Knowledge on structuring warrants and equity investments
• Credit risk assessment experience
• Demonstrated ability to help develop and implement strategic plans
• Demonstrated knowledge of financing and incentives in economic development, including program structures and operations
• Deep knowledge of innovation economy development strategies and tactics
• Knowledge of state government entities and requirements beneficial
• High level analytical skills, excellent judgment and creative problem-solving skills, negotiation and conflict resolution skills
• Ability to build consensus across a diverse set of stakeholders and drive results that align with NJEDA’s strategic objectives
• Ability to make sound management recommendations/decisions and communicate those recommendations/decisions effectively to NJEDA’s management team
• Strong project management skills and an understanding of how to implement and continually improve project management systems across the department
• Ability to provide sound financial stewardship of the organization’s assets and ensure adequate project and operational controls (understands the importance of compliance in government operations)
• Ability to interpret regulations and lead the development of internal NJEDA processes
• Strong mentoring, coaching experience to lead a team with diverse levels of expertise and focus
• Strong management skills, ability to influence and engage direct and indirect reports and peers
• Expertise in simplifying complex industry technical language and trends to drive decision making within EDA and to influence product/program design
• Exceptional written, oral, interpersonal and presentation/public speaking skills and the ability to effectively interface with a broad range of audiences including senior management, EDA Board of Directors, staff, government officials, business and industry partners, as well as individual customers and prospects
• Exceptional critical thinking and analytical skills with a keen focus on details; ability to create presentations to depict data in a clean, intelligible way for executive leadership
• Ability to engage credibly and thoughtfully in conversations with industry and government leaders
• Knowledge of, or ability to quickly master, NJEDA’s current product offerings
• Ability to lead a team of senior professionals through complex and challenging work
• Ability to build strong relationships and contacts within the industry (strong preference for individuals who have an existing network within the industry both in New Jersey and nationally)
• Ability to analyze technology companies’ business plans
• Ability to analyze risk, understand the EDA’s risk tolerance and propose mitigants to identified risks
• Excellent customer service skills
• Demonstrated successful track record of crafting comprehensive outreach plans and working cross organizationally to achieve alignment, integration and successful implementation of programs
• Demonstrated ability to motivate and lead own team planning and execution with a strong results orientation
• Exceptional history of strong performance and consistent high-quality delivery on commitments
• Collaborative and proactive; a leader who can positively and productively impact both strategic and tactical initiatives
• Excellent judgment, negotiation, and conflict- resolution skills
• Strong organizational skills and ability to handle various tasks simultaneously, prioritize workload, and work independently within limited time constraints with little or no supervision
• Strong work ethic, ability to be proactive and responsive in a team environment
• Ability to maintain confidentiality and deal effectively and diplomatically with business professionals and EDA staff
• Demonstrates respectful behavior and promotes teamwork and communication to encourage an interactive, cooperative, collaborative and customer focused work environment among division, EDA staff and external customers.
• Strong ethical orientation, including ability to exercise sound financial stewardship of the organization’s assets and control expenses whenever possible
• Strong commitment to and passion for EDA’s mission and inspires a sense of shared purpose
• Ability to encourage new ideas, initiatives, and contributions and create opportunities for change and growth
• NJEDA utilizes Microsoft as the core application platform and proficiency in the Microsoft Office Suite is preferred.
  
  

EDA Leadership Profile

• Acquires and Develops Talent - Acquires and develops talent to meet current and future organizational goals
• Builds and Manages the Team - Excellent interpersonal and relationship building skills with the ability to build, coach and lead a team with diverse levels of experience
• Collaborates/Partners Effectively Across Boundaries/Functions - Encourages and facilitates cooperation and collaboration within teams and across organizational boundaries to achieve strategies and objectives
• Champions a Vision - Inspires a sense of shared purpose; drives a vision
• Drives for Results - Demonstrates a commitment to achieving goals; drives for results
• Encourages New Ideas and Opportunities for Change - Encourages new ideas and initiatives; creates opportunities for change
• Motivates and Energizes Others - Influences, motivates, and challenges others; encourages contributions
• Thinks Strategically - Makes sound, well-informed, and strategic decisions; understands the impact and implications of decisions

Qualifications

Preferred Qualifications

Education and Experience Requirements

• Bachelor’s Degree, preferably with an emphasis in Business, Finance, Engineering, Economics, Economic Development and/or similar
• Master’s Degree in Business, Public Policy, Economics, Economic Development preferred – equivalent to 10 year’s work experience
• Ten years of practical business experience in the innovation/venture economy with significant exposure and credibility
• Minimum of seven years’ experience in a client-oriented work environment requiring development of and engagement with a broad professional network
• Experience within the investment/capital markets industry and/or the technology industry, including advising new/emerging businesses around their capital raise and analyzing emerging businesses

• Experience in structuring debt, equity, and warrant transactions
• Experience in analyzing or working with venture/equity investments
• Experience in project management
• Minimum seven years’ experience in portfolio management with a clear demonstrated understanding of risk management and portfolio benchmarking metrics

• Experience in program/product development, public policy development, and basic financial principles
• Minimum of five years of management/supervisory experience.

Physical Demands

• Minimal
• Ability to work outside normal business hours, as needed

Travel

• As necessary to events, meetings, businesses, etc.

Certificates and Licenses Required

• License: Staff are required to possess a valid driver's license valid in New Jersey only if the operation of a vehicle, rather than employee mobility, is necessary to perform the essentials duties of the position

Note

The examples of work for this title are for illustrative purposes only. A particular position using this title may not perform all duties listed in this job description. Conversely, all duties performed on the job may not be listed. This job description is intended to convey information essential to understanding the scope, general nature and level of work performed by job holders within this job. This job description is not intended to be an exhaustive list of qualifications, skills, efforts, duties, responsibilities or working conditions associated with the position.

Your employment at NJEDA is voluntary and subject to termination by you or NJEDA at will, with or without cause, or with or without notice, at any time. Nothing in this job description shall be interpreted to conflict, eliminate, or modify the employment-at-will status of NJEDA employees.

This position is considered exempt and is excluded from minimum wage, overtime regulations, and other rights and protections afforded nonexempt workers under the FLSA.

NJEDA reserves the right to amend/revise this job description as necessary to meet current and changing business needs.

Equal Opportunity Employer

NJ SAME Program

Position Requirements

• Foreign degrees/transcripts must be evaluated by a reputable evaluation service at your own expense and must be submitted prior to a start date. If this cannot be provided within 21 days of an offer the offer will be rescinded.
• Must comply with the “New Jersey First Act” which requires employees hired after September 1, 2011 to reside in New Jersey. Non-New Jersey resident employees must relocate to New Jersey within one year of their date of hire and provide proof of residency to Human Resources.
• Must complete an Outside Activity Questionnaire (disclosure of outside office or employment) on an annual basis.
• Must review the required NJEDA Ethics Guidelines.
  • Those guidelines to can be found here:
    • https://www.nj.gov/ethics/docs/ethics/plainlanguage2021.pdf
    • https://www.nj.gov/ethics/docs/ethics/2022_uniformcode_april.pdf
      

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Salary:

$129,744.00

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