What's the best way to create new products and services for the future that will be easier, quicker and cheaper? A new company created by the New Jersey Institute of Technology is working on it.

(Abid Katib, Getty Images)

NJIT has launched a new company called the New Jersey Innovation Institute.

Don Sebastian, the president of the NJII, said the idea is to recreate the missing piece of the innovation ecosystem that had been accomplished by inventors and innovators in decades gone by.

"This new company will be focused on specific industry sectors to create an advanced technology development environment, working with small, mid-size and large companies," he said.

Sebastian identified five key industrial sectors the company will focus on, including civil infrastructure, defense and homeland security, health care delivery systems, bio-pharmaceutical production and financial services.

"We'll work on proprietary research and development projects for shared multi-client supported projects that help an industry be where it needs to be five and 10 years down the road," he said.

Sebastian said the company will be a blend of scientific professionals and faculty members -- eventually from all of New Jersey's colleges and universities.

"This new company will help, for example, the health care system bring costs down from three times more expensive than most of the civilized world," he said. "In the bio-pharmaceutical production area we know there are manufacturing technologies that involve nano-particulates that involve a whole new world of genetic engineering. Defense and homeland security face equal pressures of driving down costs and providing security in civilian environments; and we'll also focus on civil infrastructure, because our infrastructure is literally crumbling and it doesn't make sense to rebuild it the way we did a hundred years ago."