Participants in EDA’s New Jersey Founders and Funders “All-Stars” to Compete for $50,000 Award
Event Features Competition, Networking for Technology and Life Sciences Entrepreneurs
TRENTON (October 12, 2017) – The stakes have been raised for competitors in the New Jersey Economic Development Authority’s (EDA) New Jersey Founders and Funders All-Stars event on December 6, 2017. For the first time, past NJ Founders and Funders participants are being offered the opportunity to reconnect with and update investors on their progress, while competing for an award of up to $50,000 approved today by the EDA’s Board for one selected, registered presenting life sciences or technology company.
The New Jersey Founders and Funders program was launched in June 2014 to directly connect entrepreneurs with multiple investors in a speed-dating environment. New Jersey Founders and Funders enables early-stage New Jersey businesses to meet with investors in 10-minute, one-on-one sessions to discuss strategy, business models, and funding opportunities. These discussions help early-stage companies gain critical insight on how best to position their startups within the Garden State’s vibrant technology ecosystem. The December 6 “All-Stars” event will be held at the newly-created, 32,600-square-foot Biotechnology Development Center on the Technology Centre of New Jersey campus in North Brunswick.
The EDA will host New Jersey Founders and Funders All-Stars in recognition of the more than 225 companies and over 75 investors that have participated in the program over the last three years. More than 1,200 successful connections between businesses and investors have been made through this program, resulting in investment, insight, and inspiration to help fuel the State’s technology and life sciences ecosystem.
All past participant companies are invited to register, and 20 will be selected by an independent panel to participate in the one-on-one sessions. The event will be capped-off with lightning presentations by five companies selected by investors from the 20 participating in the one-on-one meetings to determine the recipient of the prize. The event also will include a panel of entrepreneurs sharing their insights on fundraising, maximizing the relationship with investors, and the path to exit. There also will be ample networking opportunities for entrepreneurs, investors and other community stakeholders.
“The State’s technology and life sciences ecosystem is very supportive to emerging companies, and the EDA shares that goal of encouraging new ideas,” EDA Chief Executive Officer Melissa Orsen said. “The award that will be available to a past New Jersey Founders and Funders participant
s will provide a boost to one of many deserving companies.”
The award of up to $50,000 will be in the form of a forgivable loan, presented on the condition that the recipient receive a minimum 1:1 matching of outside, third party investor equity in the year following attendance at the event.
Returning companies, other entrepreneurs, investors, and industry partners may register at https://application.njeda.com/tls/. Returning companies wishing to participate in one-on-one meetings must submit a one to two-page executive summary no later than October 31, 2017. All others must register by November 17, 2017.
To stimulate the growth of New Jersey’s innovation economy and drive commercialization of pioneering technology within the state, the EDA offers a continuum of assistance specifically designed to help technology and biotechnology companies at every stage of development. From networking and mentoring opportunities, such as New Jersey Founders and Funders, to financial assistance such as loans and tax credits, hundreds of entrepreneurs, emerging businesses, and established companies benefit from EDA support each year.
Examples of this support include the New Jersey Angel Investor Tax Credit Program, the State’s Technology Business Tax Certificate Transfer (NOL) Program and resources available through CCIT.