New Jersey Innovation Institute Appoints Dean J. Paranicas as Chair of the Board of Directors

New Jersey Innovation Institute (NJII), a subsidiary of New Jersey Institute of Technology (NJIT), is pleased to announce the appointment of Dean J. Paranicas as chair of NJII's Board of Directors.

One of NJII's longest-serving board members, Paranicas brings extensive executive experience and a deep understanding of New Jersey's health, science and technology sectors, a background that will be instrumental in guiding NJII's growth and mission to foster innovation, support workforce development and contribute to the state's economic vitality. He succeeds Robert Medina, who continues as chair of the NJIT Foundation Board of Directors.

Paranicas recently retired from his role as president and CEO of the HealthCare Institute of New Jersey (HINJ), the trade association for the state's research-based biopharmaceutical and medical technology companies, where he championed New Jersey's life sciences sector and fostered collaborations across the healthcare spectrum. His legacy at HINJ aligns closely with NJII's goals to build partnerships, leverage research capabilities, and drive impactful advances in areas such as healthcare, defense, AI, entrepreneurship and professional and corporate education.

"NJII is a key player in New Jersey's innovation ecosystem," Paranicas said. "I am honored to be selected as chair and look forward to the opportunity to build on Bob Medina's legacy and expand support for NJII as it continues to shape our state's future through transformative research, public and private alliances and community engagement."

NJII President Michael Johnson, expressed enthusiasm about Paranicas' appointment: "Dean's wealth of experience and strategic insights will be invaluable as NJII continues to elevate New Jersey's longstanding reputation as an innovation hub. His leadership will help us further strengthen our partnerships with industry, government and academia, building on our progress and ensuring that NJII remains a dynamic force in the region."

Under Johnson, NJII has made significant strides in these areas, including the recent launching of the NJII Venture Studio, the state's seventh Strategic Innovation Center that aims to accelerates and commercializes high tech and information technology developed by NJIT, and fostering a robust pipeline of entrepreneurial talent in partnership with NJIT and other academic institutions. NJII has also strengthened its role in workforce development by expanding training programs in cutting-edge fields such as AI, advanced manufacturing and biotechnology, creating hands-on opportunities for students and professionals alike.

About NJII

The New Jersey Innovation Institute (NJII) is a 501c3 organization wholly owned by the New Jersey Institute of Technology (NJIT). As an independent corporation, NJII is uniquely positioned to be agile, entrepreneurial, and opportunistic. NJII is focused on accelerating technology and fostering innovation to have a positive economic impact in New Jersey. To date, NJII has generated over $330M in revenue during its ten years of operation across its divisions (AI/ML, Defense, Entrepreneurship, Healthcare and Learning & Development) and today has a team of 100+ members. Learn more: https://www.njii.com/about/

About NJIT

New Jersey Institute of Technology (NJIT) is the greatest producer of technological talent and knowledge in New Jersey and is a nexus of innovation - a physical and intellectual focal point for innovative ideas, actions, and people. NJIT is the only public university in New Jersey and one of only 54 universities nationally to receive a five-star rating in Money's annual best colleges list. The New York Times college ranking tool rates NJIT No. 1 nationally among all public universities when you prioritize high alumni earnings, economic mobility, and academic profile. Additionally, the Wall Street Journal ranks NJIT No. 26 nationally for alumni salaries, No. 30 for upward mobility and No. 50 for value. NJIT also is among the top 2% of universities for alumni earnings, according to PayScale.com, and is ranked No. 23 nationally by The Princeton Review as a Best Value College, in addition to being rated among the top 50 public national universities and top 100 overall by U.S. News & World Report. NJIT also is the only polytechnic university that is an R1 (highest level) Carnegie Classification research university and is designated both an Asian-American and Hispanic serving institution.