Press Releases Archives

$20M program matches investors’ direct investment in product-based companies

TRENTON, N.J. (April 24, 2024) – The New Jersey Economic Development Authority (NJEDA) has closed its first four approvals under the Angel Match Program, awarding a total of $2 million to support early-stage technology companies. With a funding pool of $20 million from the federal State Small Business Credit Initiative (SSBCI), the Angel Match Program was launched last year and continues to gain traction in the market.

Under the Angel Match Program, the NJEDA is the first entity to commit capital to a technology company, leading to other investors who provide matching funds. This fuels the growth for the product-based technology company by increasing the pool of available capital. The NJEDA’s investment ranges from $100,000 up to $500,000, as it is matched on one-to-one basis with the company’s corresponding preferred equity round. This early commitment from the NJEDA catalyzes additional financing in these innovative startups. The ultimate goal is to foster an entrepreneurial ecosystem that leads to greater economic growth by providing companies with crucial funding for product development, marketing, research and development, and other working capital needs.

“Since taking office, Governor Murphy’s economic development strategy has been centered on connecting entrepreneurs and small business owners with the capital they need to succeed in an equitable and inclusive manner, especially after the coronavirus pandemic,” said NJEDA Chief Executive Officer Tim Sullivan. “The Angel Match Program is unlocking capital for companies and stimulating greater investment into New Jersey’s innovation ecosystem. Through these strategic investments, the Angel Match Program will help companies achieve successful, scalable commercialization of their cutting-edge products and create high-skilled jobs across the state.”

“The Angel Match Program is designed to amplify the growth of New Jersey’s early-stage technology sector,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello. “With an emphasis on matching angel and seed stage investments, the program reinforces the state’s commitment to nurturing an ecosystem conducive to technological advancement and economic diversity.”

The following companies have received up to $500,000 through the Angel Match Program:

AlphaROC, Inc. was founded in 2021 and is the developer of a data science and analytics platform designed to leverage unique data sets to provide artificial intelligence (AI)-based insights to investors. Headquartered in Newark, the company’s platform focuses on providing analytics on a wide variety of unique datasets and constructing a 360-degree view on economic activity. http://www.alpharoc.ai

Princeton Identity Holding Company, Inc. is headquartered in Hamilton Township and is a biometric identity management business that makes security accurate, reliable, and convenient. Using biometric technologies, Princeton Identity enables businesses and global organizations to simplify identity management, resulting in improved safety and protection. princetonidentity.com

TLA Innovation, Inc. was founded in 2020 and is headquartered in Paramus. The company develops solutions for individuals and businesses in the cybersecurity, privacy, and regulatory industries. Its cybersecurity platform protects against identity-driven attacks and uses advanced biometrics and AI to assure identities and facilitate cleaner, more efficient businesses processes. tlainnovation.com

vipHomeLink, Inc. is a Digital Home Management solution providing tailored home maintenance reminders, engaging digital content, and expert home recommendations. The company, founded in 2018, is headquartered in Morristown and partners with insurance carriers to provide a white-label, software platform, and proprietary data, to improve customer retention and reduce home insurance losses. viphomelink.com

For more information on the Angel Match Program, visit https://www.njeda.gov/AngelMatch/.

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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TRENTON, N.J. (April 15, 2024) – Last week, the New Jersey Economic Development Authority (NJEDA) Board approved the creation of the New Jersey Green Bank(NJGB), which will make investments in the clean energy sector that will help advance the state’s efforts to make an equitable transition to 100 percent clean energy. The NJGB will make investments through debt, credit enhancements, and other financial vehicles to attract private capital to enable the state to reach its climate goals.

The Murphy Administration has taken significant steps to meet the ongoing challenges of climate change and has set several clean energy targets, including 100 percent clean electricity by 2035,11 gigawatts of offshore wind power by 2040, and 50 percent economy-wide greenhouse gas emissions reduction by 2030. The NJGB is a component of the 2019 Energy Master Plan and Governor Murphy’s Executive Order 316 directed the NJEDA to implement programs supporting building electrification through the NJGB.

“From more violent storms to increased flooding, the effects of climate change have become all too familiar here in New Jersey,” said Governor Murphy. “My administration has established aggressive goals to combat climate change and the creation of the New Jersey Green Bank will help us meet those goals by making major investments in the clean energy sector. This approval is a significant step in our fight against climate change, which will help us reach a clean energy future that will protect our environment and bolster our economy for generations to come.”

The NJGB will be dedicated to investing in projects, technologies, and companies that align with the State’s climate goals, including in areas such as zero-emission transportation, building decarbonization and resiliency, and clean energy generation and storage. Examples of projects that the NJGB may invest in include solar power, onshore and offshore wind, all electric heat pumps and geothermal, and battery storage, among others. Investments made by the NJGB must demonstrate benefits for the state; be new rather than seeking refinancing; and lead to reduced greenhouse gas emissions or other co-pollutants.

“Establishing the New Jersey Green Bank is a pivotal step in the State’s continued push to meet the ongoing challenges of climate change,” said NJEDA Chief Executive Officer Tim Sullivan. “The NJGB will inject capital into New Jersey’s clean energy economy and support green businesses and good-paying jobs in the field. Additionally, the investments made by the NJGB will pave the way for a cleaner and healthier environment for our residents and future generations.”

As a subsidiary of the NJEDA focused exclusively on climate investments, the NJGB will be well-positioned to attract private capital, including funds from public-private partnerships, as has been the case with other Green Banks in the region. The NJGB will also look to facilitate the development of climate and clean energy capital markets in the state through forms of financial support, such as warehousing and securitization, that address underdeveloped or nonexistent capital markets for these investments.

In addition to capital allocated to the NJGB in the state’s Fiscal Year 2023 budget, the NJGB’s initial capitalization will include permanent grant capital it receives as a named sub-awardee in the Coalition for Green Capital’s (CGC) application to the Environmental Protection Agency’s (EPA) National Clean Investment Fund competition. Last week, the EPA announced that CGC will be receiving an award of $5 billion through the NCIF competition.

“With the formation of the New Jersey Green Bank, our state will be able to invest in projects that will help transform our communities and bring us closer to our clean energy goals. The Green Bank will address gaps in the market and encourage traditional lenders to make investments in new areas. This is a big win for New Jersey and its environment,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello.

Last year, the NJEDA issued a Request for Expressions of interest (“RFEI”) to identify entities interested in financial support from the NJGB. Additionally, the NJEDA has been engaged with sister agencies to identify investment opportunities.

To ensure all communities benefit from the NJGB, the NJEDA will engage New Jersey’s Environmental Justice Communities (EJCs) to ensure a just transition and to make recommendations and provide feedback on how the NJGB can best advance environmental justice through its investments. The NJGB will also leverage the NJEDA’s existing diversity, equity, and inclusion staff, expertise, and initiatives.

About the NJEDA

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Rutgers University, Capital Health & Trenton Health Team to Take on Leadership Roles at the Trenton-based center, a centerpiece of First Lady Murphy’s Nurture NJ initiative

TRENTON, N.J. (April 12, 2024) – The New Jersey Economic Development Authority (NJEDA) Board on Wednesday approved three anchor tenants to lead the Maternal and Infant Health Innovation Center (MIHIC) in Trenton. These entities, Rutgers, the State University of New Jersey; Capital Health; and Trenton Health Team, will work collaboratively to provide services focused on addressing a myriad of issues around maternal and infant health in Trenton and across New Jersey, including pre- and post-natal clinical services; education programs to cultivate the perinatal workforce; and social and wrap-around services. The NJEDA is developing the MIHIC in partnership with the Office of First Lady Tammy Murphy and the newly established Maternal and Infant Health Innovation Authority (MIHIA) which will oversee the MIHIC’s day-to-day operations long term.

The MIHIC is a central component to First Lady Tammy Murphy’s Nurture NJ initiative and will serve as a hub for New Jersey’s stakeholders dedicated to eliminating racial disparities and advancing maternal health equity in the state. The Board approved Capital Health as the Lead Healthcare Clinical Services Provider, Rutgers University as the Lead Institution of Higher Education, and Trenton Health Team as the Lead Trenton-Based Multi-Service Organization. A total of $75 million in state and federal funds has been allocated to support the construction of the Center.

“The Maternal and Infant Health Innovation Center will truly be a one-of-a-kind hub for developing groundbreaking solutions to our maternal health crisis and ensuring we address the inequities in health care once and for all,” said First Lady Tammy Murphy. “At the same time, this center will provide critical maternal and infant health services to Trenton and New Jersey residents, transforming the maternal health landscape locally, across our state, and ultimately, we hope, for the nation. Most importantly, the Center and the Maternal and Infant Health Innovation Authority will continue our vital work long after the Murphy administration, ensuring all New Jersey moms and babies are able to receive the highest quality care for generations to come, and helping us reach our goal and becoming the safest state in the nation to deliver and raise a baby.”

To ensure the MIHIC meets the needs of the Trenton community, the NJEDA partnered with the John S. Watson Institute for Urban Policy and Research at Kean University to lead community engagement efforts to inform the developmentof the Center. The Watson Institute has been leading an interactive, iterative, and open dialogue process with Trenton residents and stakeholders to better understand current programs and service offerings for expectant mothers and infants as well as gaps in service, opportunities to leverage existing community assets, and an ideal location for Trenton residents. This ongoing community engagement process will play a key role in informing the Center’s design and service delivery models, working in partnership with the Lead tenants, MIHIA and NJEDA.

“Under Governor Phil Murphy and First Lady Murphy’s leadership, the NJEDA and MIHIA have been committed to working with premiere health, education, and non-profit professionals to best serve the City of Trenton,” said NJEDA Chief Executive Officer Tim Sullivan. “To have leaders like Capital Health, Rutgers University, and Trenton Health Team as partners in this endeavor is an incredible victory for the families of Trenton and it will further the NJEDA and MIHIA’s mission to provide top-of-the-line care. The Center is well-positioned to have a long-lasting impact on the health and wellbeing of the Trenton community for years to come.”

“The ultimate priority of the Maternal and Infant Health Innovation Center is advocating for communities that have long-faced disparities in maternal and infant health outcomes due to lack of access to health care services,” said Lisa Asare, who was recently appointed President and CEO of the MIHIA by Governor Murphy. “The MIHIA Board and I are excited to work alongside leading organizations that will provide quality health care services and education to residents who need it most. When we care for parents and infants, we give them to tools to live healthy, full lives.”

Rutgers University, which was selected as the Lead Institution of Higher Education, will provide a variety of services, including accredited degree programs, certification programs, non-degree programs, on-the-job training opportunities, student support services and maternal and infant health research. The School of Nursing, within Rutgers Health will lead the Higher Education Consortium at MIHIC, alongside Mercer County Community College, Stockton University, the College of New Jersey and Thomas Edison State University. Princeton University will collaborate in future research and policy endeavors.

As Lead Healthcare Clinical Services Provider, Capital Health will offer clinical care to Trenton residents focused on maternal and infant wellbeing and health equity, as well as provide prenatal and postpartum care, newborn and pediatric care, mental and behavioral health care, doula and lactation services, telehealth services, and obstetrics and gynecology.

Trenton Health Team, a non-profit which uses a data-driven approach to work with community groups to assess their health care needs, will serve as the Lead Trenton-Based Multi-Service Organization and focus on providing services that directly impact social determinants of health such as food security, housing, and transportation. Trenton Health Team, which serves as one of the four regional health hubs, has been recognized as an innovative force in the field of urban health care reform, as they have pinpointed gaps and barriers to service, and identified ways to improve delivery of preventative and remedial services.

“I welcome Capital Health, Rutgers University, and the Trenton Health Team to the Maternal Health Innovation Center and look forward to their partnership as we make Trenton a hub for maternal care best practices,” said Senator Shirley Turner (D-Mercer). “With their expertise, we will provide quality healthcare services, expand the perinatal workforce, and address racial disparities so that mothers and their babies have a fair chance at life in every community across New Jersey. Ending the maternal and infant mortality epidemic in our State must be a collaborative effort, and I believe we are bringing together a team that will make this a reality.”

“With the approval of Capital Health, Rutgers University, and Trenton Health Team as anchor tenants, the Maternal and Infant Health Innovation Center is poised to catalyze remarkable innovations that will improve the health of New Jersey’s mothers and babies,” said Assemblywoman Verlina Reynolds-Jackson (D-Mercer).“As an Assemblywoman, I feel deep satisfaction in witnessing the fruition of our legislation become a tangible beacon of hope. As a lifelong resident of Trenton, I am proud of our city’s contribution toward the elimination of racial disparities and promotion of health equity statewide.”

“With the announcement of these new anchor tenants, The Maternal and Infant Health Innovation Center is poised to become a vital institution in our Capital City,” said Mercer County Executive Dan Benson. “The MIHIC will bring immense benefits to patients here in Mercer County, while developing the tools we need to combat maternal and infant mortality, and to work towards eliminating racial inequity in maternal health outcomes across New Jersey. When we build collaborative relationships between government and all of our community stakeholders, we can tackle some of our greatest challenges.”

“As Mayor of Trenton, I am thrilled to see the progression of the Maternal and Infant Health Innovation Center. With Capital Health, Rutgers University, and Trenton Health Team at the forefront, this collaborative effort promises a brighter, healthier future for our community and beyond,” said Mayor Reed Gusciora. “By addressing critical issues surrounding maternal and infant health with a focus on equity, this center aligns perfectly with our city’s commitment to inclusive and accessible healthcare for all. I commend the dedication of the First Lady and her health team, and I look forward to the positive impact this initiative will have on the lives of families in Trenton and across New Jersey.”

“Rutgers Health is proud to partner with the state to provide vital maternal and infant health care to our community through this new center. As the state university of New Jersey, Rutgers brings significant value to this program and we are committed to advancing maternal health equity for our community. We are honored to have been selected as the Lead Institution of Higher Education and are excited to contribute our innovative expertise to this important initiative,” said Brian Strom, chancellor of Rutgers Biomedical and Health Sciences, who leads Rutgers Health.

“For over 125 years, Capital Health has cared for the residents of Trenton and we are deeply committed to ensuring access to safe, high-quality care for expectant and new parents and their babies,” said Al Maghazehe, President and CEO of Capital Health. “The Maternal and Infant Health Innovation Center is a visionary opportunity to deliver much needed clinical, educational, and social services in Trenton. I want to thank First Lady Tammy Murphy for her commitment and vision. Together, we can have a significant impact on the health and wellbeing of our community.”

“Trenton Health Team is immensely grateful for the opportunity to serve as the Lead Trenton-based Multi-Service Organization for this innovative Center,” said Trenton Health Team CEO Gregory Paulson. “Along with our many community and faith-based partners that bring tremendous expertise and experience in maternal health, THT has worked on numerous projects meant to improve maternal health outcomes in our city and beyond, particularly for Black and Brown birthing people. This pivotal opportunity will help us directly engage with community members in need of services that impact their daily lives, beyond just healthcare. Together, we remain steadfast in our commitment to driving tangible change and fostering a future where every individual, parent, child, family, friend, or neighbor – has the opportunity to thrive in New Jersey.”

About the NJEDA

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The grant challenge supports the State’s goals to prepare New Jersey residents for jobs in the green economy

TRENTON, N.J. (April 11, 2024) – The New Jersey Economic Development Authority (NJEDA) Board approved the creation of the Green Workforce Training Grant Challenge. The $7 million grant program will prepare New Jersey residents for green economy careers, with a particular focus on advancing diversity, equity, and inclusion and serving overburdened communities.

“Governor Phil Murphy is committed to investing in our clean energy future, and through programs like the Green Workforce Training Grant, the NJEDA is spearheading initiatives that increase access to skills and training, putting New Jerseyans at the forefront of green economy careers,” said NJEDA Chief Executive Officer Tim Sullivan. “Through this important workforce development program, New Jersey is investing in our clean energy future by expanding opportunities and ensuring equitable access to good-paying jobs for all residents, especially those in overburdened communities.”

The Grant Challenge is a competitive funding opportunity, where applicants will be asked to submit proposals that outline their plans to develop and implement workforce supports to bolster the green economy, with a focus on New Jersey’s overburdened communities. Grants from $250,000 up to $1.5 million are available. Awardees may use funds to cover design, planning, capital, and implementation costs to offer training programs in green economy industries.

“The Green Workforce Training Grant Challenge is a unique chance for entities across the State of New Jersey, as it provides funds for them to train residents for jobs in the green economy, while ensuring a diverse workforce,” said Executive Director of the Governor’s Office of Climate Action and the Green Economy and Council on the Green Economy Eric Miller. “This Grant Challenge will provide long-lasting solutions that will protect our environment while creating opportunities for our state’s workforce.”

The Green Workforce Training Grant Challenge was created by the NJEDA, in collaboration with the Governor’s Office of Climate Action and the Green Economy and the Wind Institute for Innovation and Training. The program is funded with $4.35 million through the Council on the Green Economy and $2.65 million from the Wind Institute.

“We are experiencing a clean-energy renaissance, and New Jersey is positioning its residents to succeed in this emerging industry,” said NJEDA Vice President of Offshore Wind Jen Becker. “This Grant Challenge will build our talent pipeline for the growing offshore wind and green economy sectors and will help to ensure equitable access to the industry for diverse workers and overburdened communities.”

The Green Workforce Training Grant Challenge builds upon the Green Jobs Council’s NJ Building our Resilient, Inclusive, and Diverse Green Economy (BRIDGE) Initiative. Last year, a total of $5 million in grants were awarded through the BRIDGE Initiative to support organizations working to create a diverse and inclusive workforce to support the state’s clean energy goals.

Eligible applicants include, but are not limited to, community-based organizations, workforce training organizations, labor unions, technical high schools, county colleges, non-profits, regional workforce development boards, and private-sector companies. Applicants must include at least one Community-Based Organization (CBO) that serves one or more New Jersey overburdened community as part of their application.

Applicants’ proposals must include their plans to implement workforce programs, connect participants with job opportunities in the green economy, develop outreach that targets and supports a diverse and inclusive pool of participants, including those from overburdened communities, and define program evaluation and success metrics.

More information about the Green Workforce Training Grant Challenge, including eligibility requirements and a formal application, will be available on www.njeda.gov by mid-2024.

About the NJEDA

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Film and Digital Media Studio Infrastructure grants will support five infrastructure improvement projects across New Jersey

TRENTON, N.J. (April 11, 2024) – The New Jersey Economic Development Authority (NJEDA) Board on Wednesday approved $9.5 million in funding to support five projects under the Film and Digital Media Studio Infrastructure Program. The pilot program supports strategic economic development investments in the film and digital media industry by providing grant funding to municipalities, counties, and state entities for infrastructure improvements and sitework in support of the development of a film or digital media studio production facility.

“Under Governor Phil Murphy’s leadership, film production in New Jersey has increased thanks to resources like the Film & Digital Media Tax Credit, which has created good-paying jobs, strengthened our economy, and attracted film studios and production companies to the Garden State,” said NJEDA Chief Executive Officer Tim Sullivan. “The funding announced this week will allow municipalities to make important infrastructure improvements to support studio construction, furthering New Jersey’s leadership in film and television.”

By investing in infrastructure projects that support New Jersey’s growing film and digital media sector, the Film and Digital Media Studio Infrastructure Program will foster additional productions in the state, drive job creation, and further New Jersey’s long-term economic competitiveness. The projects funded through this program will support the creation of a film or digital media studio, as well as provide community and regional economic impact and benefits.

The following projects were approved for grants:

Borough of Carteret – $4,700,000 – The Borough will use the grant to construct public access to a brownfields redevelopment site along with utility infrastructure to support the development of a 1.2 million-square-foot film studio called “Carteret Stages” at 300 Roosevelt Avenue, which is anticipated to consist of numerous 20,000-square-foot sound stages, post-production facilities, and offices.

City of Jersey City – $2,161,400 – The City will improve infrastructure to support a planned renovation of 50 Dey Street for the creation of approximately 280,000 square feet of studio production facilities. Infrastructure work will consist of electrical power utility capacity improvements, upgrading the storm drainage system on Dey St., and road improvement access on St. Pauls Avenue.

Jersey City Redevelopment Agency – $1,433,000 – The Agency will undertake several public infrastructure improvements in the Liberty Harbor Redevelopment Area of Jersey City to support a proposed 124,000-square-foot film studio containing three sound stages for Criterion Group/Cinelease Studios. Infrastructure upgrades include additional crosswalks and traffic control signage to better regulate both vehicle and pedestrian traffic, installation of security and public access lighting to enhance overall safety surrounding the property, public accessible bicycle parking racks, and other streetscape improvements.

Egg Harbor City – $1,029,500 – The City will undertake infrastructure improvements and sitework on an 80-acre brownfields site at 1000 Hamburg Road for development by Atlantic Picture Motion Studios into approximately 185,000 square feet of motion picture and media sound stages, and entertainment production support space. Infrastructure work includes road widening, curb cuts, sidewalk improvement, street lighting, and street drainage improvements.

Township of East Brunswick – $176,100 – The Township will run a sewer line and improve the existing networking infrastructure to and for the approximately 75,000-square-foot Community Arts Center building located at 721 Cranbury Road. The Township is in the process of making building upgrades to include a Black Box Theater/Film Studio and the relocation of East Brunswick Television (EBTV) Production Studio to the Community Arts Center, which can support film creation, film screenings, and film editing and production.

About the NJEDA

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Planned Hub will Advance New Jersey’s leadership in AI and Catalyze Innovation in AI Technologies

TRENTON, N.J. (April 8, 2024) – Ahead of Thursday’s first-ever AI Summit, hosted by the New Jersey Economic Development Authority (NJEDA) and Princeton University, the partners are issuing a Request for Information (RFI) to seek input on best practices and operational insights for the creation and development of an Artificial Intelligence (AI) Hub, which will help advance New Jersey’s leadership in the field and catalyze innovation in AI technologies. The public feedback received will help the NJEDA and Princeton better understand the scope and characteristics of the AI Hub, with a particular focus on opportunities for collaboration with the private sector. Responses are due by May 31.

The AI Hub, which is supported by the NJEDA, will bring together industry leaders, researchers, and start-up companies to advance research and development in the emerging field. The hub will promote workforce development to support new AI technology development and implementation. Additionally, the AI Hub will house dedicated accelerator space and work to advance the use of ethical AI for positive societal impact.

“AI has the power and potential to drive innovation, create jobs, and build long-term economic growth. Under Governor Murphy’s leadership, New Jersey remains poised to capture the incredible momentum created by this emerging industry, which will enhance our state’s economic competitiveness for years to come.” said NJEDA Chief Executive Officer Tim Sullivan. “The AI Hub will build upon the Garden State’s longstanding legacy in innovation and establish Central Jersey, already famed for its Route 1 ‘research corridor’, as a leading national base for AI activity. I look forward to our continued collaboration with Princeton University as we forge ahead in establishing New Jersey as a premier location for the creation of cutting-edge AI technologies and companies.”

In December, Governor Murphy and Princeton University President Christopher Eisgruber announced plans to create an AI innovation hub. The state’s collaboration with Princeton will leverage the university’s institutional strengths in research, technology policy and education, as well as its long history in making societal impacts. Thursday’s AI Summit at Princeton University will further these goals by convening leaders from the region and beyond, including Governor Murphy and President Eisgruber, who are both slated to speak, along with other titans of the industry and academia. Recordings of the invitation-only event will be made available shortly after the summit.

The AI Hub is part of Governor Murphy’s broader commitment to make New Jersey a national leader in the AI field. Last fall, Governor Murphy established the AI Task Force, of which NJEDA CEO Sullivan is a member, and charged it with studying emerging AI technologies and its societal impacts. The state’s AI initiative draws on New Jersey’s unique strengths in the health, sustainability, financial, and technology sectors, which stand to benefit from the application of AI technologies to advance innovative breakthroughs.

“Bringing together academia, industry, and government, this integrated hub of AI activity will foster collaboration on AI development and innovations,” said Princeton University Provost Jen Rexford. “The input and feedback we receive through this RFI will build upon Princeton’s leadership in AI and the strengths of the Central New Jersey region to ensure that we are leveraging the expertise and insights of various stakeholders, including New Jersey’s outstanding higher education institutions.”

The RFI issued by the NJEDA and Princeton is aimed at identifying potential partners and how they can help catalyze a hub for AI activity in the state. The RFI also seeks input on identifying specific sites, financial contributions, and other resources that interested parties may contribute to the development and operations of the AI Hub.

All questions must be submitted in writing no later than Friday, April 19^th, at 11:59 p.m. EDT via email to AIHub@njeda.gov. The subject line of the e-mail should state: “QUESTIONS-2024 RFI-#XXX AI Hub”.

All RFI responses must be submitted in writing no later than, Friday, May 31^st at 11:59 p.m. EDT via email to AIHub@njeda.gov. The subject line of the email should state: “RFI response-AI Hub”.

Potential respondents may include, but are not limited to, AI software developers, consumer protection and privacy firms, higher education institutions, workforce development and community outreach professionals, and technology workforce providers. Respondents do not need to be located within New Jersey to provide input. The RFI can be found here.

About the NJEDA

TRENTON, N.J. (April 8, 2024) – The New Jersey Economic Development Authority (NJEDA) is extending the deadline of its Request for Information (RFI) seeking insight from firms and individuals with perspectives on the proven best practices, potential challenges, and appropriate considerations relevant to the development of a Statewide Employee Ownership program. The deadline to submit questions will be Wednesday, April 10, 2024, and the deadline for responses will be extended to Wednesday, April 24, 2024.

The information gathered through this RFI will help the NJEDA better understand the scope and characteristics of a potential employee ownership program and engage interested parties, potential consultant, and eligible businesses in the establishment and success of the potential program.

WHAT: The NJEDA is seeking recommendations, information, and ideas that will help the NJEDA better understand the scope and characteristics of Employee Ownership – highlighted as a potential Wealth Disparity Initiative by the Governor’s Wealth Disparity Task Force – in anticipation of the development of a Statewide Employee Ownership Program.

WHO: The RFI seeks responses from interested stakeholders, including but not limited, to New Jersey-based businesses of any size and industry; Employee-Owned entities; Employee Stock Ownership Plan (ESOP) technical assistance providers; Chambers of Commerce; Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs); and foundations and philanthropic initiatives that support Employee Ownership and/or work to address socioeconomic disparities.

Respondents do not need to be located within New Jersey to provide input.

WHEN: All questions must be submitted in writing no later than 12:00 p.m. on April 10, 2024, via e-mail to EmployeeOwnership@njeda.gov. The subject line of the e-mail should read: “QUESTIONS-2024 RFI-199 Development of a Statewide Employee Ownership Program”. Answers to questions submitted will be posted on the NJEDA’s website: Bidding Opportunities – NJEDA as Addendum.

All RFI responses must be submitted in writing no later than 11:59 p.m. on April 24, 2024, via e-mail to EmployeeOwnership@njeda.gov. The subject line of the e-mail should state: “RFI Response-2024-RFI-199 Development of a Statewide Employee Ownership Program”

The New Jersey Economic Development Authority’s next public Board Meeting will be held in person and via teleconference on Wednesday, April 10, 2024, at 10:00 am.

IN PERSON:

NJEDA Board Room

36 West State Street, Trenton NJ

TELECONFERENCE:

CONFERENCE NAME: NJEDA BOARD MEETING

PARTICIPANT DIAL-IN NUMBER: 877-692-8955

PARTICIPANT ACCESS CODE: 4204420

Members of the public are encouraged to call in prior to the time the meeting is scheduled to begin to avoid any delays.

The agenda can be found 48 hours prior to the meeting on our website: https://www.njeda.gov. The meeting will also be recorded and posted to the NJEDA website shortly after the conclusion of the meeting.

TRENTON, N.J. (April 2, 2024) – The New Jersey Economic Development Authority (NJEDA) has reopened applications for film production facilities seeking a designation that will facilitate access to a separate pool of tax credits designed to encourage the development of large, long-term film production facilities in the state. Under the New Jersey Film and Digital Media Tax Credit Program, as a complement to the program for individual film production projects, two additional and separate allocations were established to support projects led by Studio Partners and Film-lease Partners Facilities.

In 2022, Lions Gate Film Inc. was awarded the first Studio Partner designation after committing to occupy 253,000 square feet at Great Point Studios development in Newark. The facility is expected to be operational in 2025.

WHAT: The Studio Partner designation will unlock access to $150 million in annual incentives and allow a production company to capture additional above-the-line salaries and wages as part of its tax credit award calculation, as well as an increased award percentage. Studio Partner applicants must be a production company that has site control of a production facility that is at least 250,000 square feet for at least 10 years. Additional eligibility requirements can be found here. Only three Studio Partner designations can be approved, with only two that remain available, which will be awarded on a first-come, first-served basis to eligible applicants.

A Film-lease Partner Facility designation application is also now available for studios developers who own, lease, or operate a production facility of at least 250,000 square feet for a period of five years or more. The designation allows for future tenants of a designated Film-lease Partner Facility to receive increased tax credit awards for filming in New Jersey. The tax credit award increases if the designated facility’s tenant qualifies as a “film-lease production company”. To qualify, the production company must occupy space at designated film-lease partner facility, film at least 50 percent of the total project shoot days in New Jersey and at least 50 percent of the New Jersey shoot days at the designated facility. Applicants must have site control, and at least preliminary site plan approval, an executed redevelopment agreement, or an adopted redevelopment plan that contemplates the construction of a film studio. Studio Partner and Film-lease Partner Facilities need to be able to provide at least a Temporary Certificate of Occupancy within 36-months of the approval of the designation.

WHEN: Applications for Studio Partners and Film-lease Partners Facility Designations are now open. For more information and to apply, click here. Questions may be emailed to FilmTaxCredit@njeda.gov.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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TRENTON, N.J. (April 1, 2024) – The New Jersey Economic Development Authority (NJEDA) today issued a Request for Information (RFI) seeking insight from firms and individuals with perspectives on the proven best practices, potential challenges and appropriate considerations relevant to the development of a Statewide Employee Ownership program. The information gathered through this RFI will help NJEDA better understand the scope and characteristics of a potential employee ownership program and engage interested parties, potential consultant, and eligible businesses in the establishment and success of the potential program.

WHAT: The NJEDA is interested in receiving comments, questions, recommendations, facts, information, ideas, and responses that will help the NJEDA better understand the scope and characteristics of Employee Ownership – highlighted as a potential Wealth Disparity Initiative by the Governor’s Wealth Disparity Task Force – in anticipation of the development of a Statewide Employee Ownership Program. The creation of such a program will aim to engage interested parties, potential consultants, and eligible businesses in the establishment and success of an employee ownership model with the support of the Authority.

WHO: The RFI seeks responses from all interested stakeholders including but not limited to New Jersey-based businesses of any size and industry; Employee-Owned entities located within the United States; Employee Stock Ownership Plan (ESOP) technical assistance providers; Chambers of Commerce and other business advocacy organizations; business and entrepreneurship support organizations; Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs); policy and academic researchers; foundations and philanthropic initiatives that support Employee Ownership and/or work to address socioeconomic disparities; any other individual or entity who has perspectives or experiences relevant to this Request for Information.

Respondents do not need to be located within New Jersey to provide input.

WHEN: All questions must be submitted in writing no later than 5:00 p.m. on April 8, 2024, via e-mail to EmployeeOwnership@njeda.gov. The subject line of the e-mail should read: “QUESTIONS-2024 RFI-199 Development of a Statewide Employee Ownership Program”. Answers to questions submitted will be posted on the NJEDA’s website: Bidding Opportunities – NJEDA as Addendum.

All RFI responses must be submitted in writing no later than 5:00 p.m. on April 15, 2023, via e-mail to EmployeeOwnership@njeda.gov. The subject line of the e-mail should state: “RFI Response-2024-RFI-199 Development of a Statewide Employee Ownership Program”.

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