Under the Edison Innovation Fund, the State of New Jersey has created three Innovation Zones throughout the state that encompass state universities, research institutions and related businesses. The zones include areas within the cities of Camden, Newark and the Greater New Brunswick area.
Innovation Zones are a collaborative state effort involving the New Jersey Economic Development Authority (EDA) and other state agencies.
These “technology neighborhoods” are designed to spur collaborative efforts and encourage the rapid transfer of discoveries from the laboratory to the marketplace. Enhanced financial incentives are available to eligible technology and life sciences businesses locating in these zones. Companies within the zones will benefit from enhanced partnership opportunities through the state.
Each Innovation Zone is anchored with an existing or planned state-of-the-art technology center, offering companies opportunities to lease office, wet and dry laboratory, and production space at attractive rents. So, whether you are looking for your first office or labspace where you can share resources with other small technology or life sciences companies, or you’re trying to determine where in New Jersey to locate your expanding tech business, the EDA has the resources to help.
Companies that are located in Innovation Zones are eligible for a variety of funding programs and incentives offered by the EDA.
See below for more detailed information on each program.
|Statewide Loan Pool
||The program is a viable alternative for eligible New Jersey-based business to secure loans from $50,000 to $5 million via a combination of EDA and bank financing.
|Technology Business Tax Certificate Transfer Program
||This program allows unprofitable technology and life-sciences companies to raise cash by selling New Jersey net operating losses and research and development credits to other New Jersey businesses for at least 75 percent of their value. The program is open to expanding companies with less than 225 employees that have at least 75 percent of thier workforce in New Jersey. Businesses must also have proprietary intellactual property.
||The Waterfront Technology Center at Camden and the Technology Centre of New Jersey are state-of-the-art technology centers offering companies opportunities to lease office, wet and dry laboratory and production space at attractive rents.