HealthTech Startup Becomes Second Company to Benefit from NJ Ignite
TRENTON, N.J. (July 11, 2019) – The New Jersey Economic Development Authority (NJEDA) announced today that health-technology startup Big Magic, Inc. has become the second company approved to benefit from the NJ Ignite program. Big Magic recently moved to VentureLink, the New Jersey Institute of Technology’s (NJIT’s) high-tech accelerator/incubator in Newark.
NJ Ignite helps startup companies realize the benefits of collaborative workspaces – incubators, accelerators, and coworking spaces – by providing up to nine months of rent support for startup technology and life sciences businesses that are moving to an approved collaborative workspace.
Big Magic is a health technology company that advises doctors and other healthcare practitioners on strategies to improve their online reputation and minimize new-patient acquisition costs. The startup also offers webinars on such topics as search engine optimization (SEO) and how doctors can get more new patient referrals.
“With patients instinctively turning to the Internet to read reviews of doctors before scheduling appointments, it’s more important than ever that a physician’s online presence be as polished and engaging as possible,” Big Magic Chief Executive Officer Jose Espinoza said. “We plan to use the money we’re saving through NJ Ignite to further develop our new software that will enable patients to recommend their doctors online.”
Espinoza said Big Magic moved to NJIT’s VentureLink, which rebranded earlier this year after being named the Enterprise Development Center, for three main reasons: to access the technology community at NJIT, particularly the science, technology, education and math (STEM) students; to take advantage of the networking opportunity the workspace provides; and to benefit from the mentorship of university staff.
As one of more than a dozen collaborative workspaces approved to offer rent support through NJ Ignite, VentureLink is New Jersey’s largest technology and life science business incubator. The 108,000-square-foot center currently hosts more than 60 member companies, including NJIT students and alumni. Tenant companies frequently collaborate and share resources and ideas. Espinoza is an NJIT alumnus.
NJ Ignite is made possible through a combination of support from the NJEDA and the collaborative workspace, with the NJEDA covering up to six months’ rent and the workspace covering rent for half the length of NJEDA’s commitment. Due to its affiliation with NJIT, VentureLink can offer its companies participating in NJ Ignite an additional month of rent support.
“Young, growing companies like Big Magic thrive in the synergistic environments that collaborative workspaces offer,” NJEDA CEO Tim Sullivan said. “Startups that operate from collaborative workspaces are far more likely to succeed than companies going it alone. Helping startups through programs like NJ Ignite is vital to the re-emergence of New Jersey as a leader in innovation – a key component of Governor Phil Murphy’s vision for a stronger and fairer New Jersey economy.”