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Stronger and Fairer Update

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Ask an Expert: Onkos Surgical® CEO Patrick Treacy on Growing a Startup in New Jersey

Innovation is the fuel that keeps modern economies running. New Jersey has a rich history of innovation and the NJEDA is committed to helping Garden State entrepreneurs at every stage of the startup process. Dozens of companies have already benefited from NJEDA programs, and we expect many more will take advantage of them as New Jersey’s innovation ecosystem continues to grow. To help entrepreneurs make the most of NJEDA’s resources, we sat down with EY Entrepreneur of the Year Patrick Treacy, President and CEO of Onkos Surgical, a Parsippany-based biotech company that designs solutions for surgeons and health systems treating cancers of the musculoskeletal system. Read the full piece here.

 



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Investment in People 

The Future is Bright The Murphy Administration recently welcomed the newest class of apprentices to the Princeton Plasma Physics Lab (PPPL) for an event celebrating New Jersey’s total number of apprenticeships surpassing 8,000, a new high for the administration. The event included a signing ceremony that launched the new PPPL apprentices into a four-year on-the-job training program, during which they will train as part of a team seeking to develop fusion energy as a clean, limitless, and safe method of generating electricity. At PPPL, they will receive competitive pay and benefits, 8,000 hours of on-the-job training, and related classroom instruction and they will be eligible for full-time employment after completing the program.




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Investment in Communities

Innovation in Our Cities Project teams from nine New Jersey municipalities and counties convened in Trenton to present the plans they developed for building or augmenting their local innovation ecosystems as part of the NJEDA’s Innovation Challenge. This new initiative provided funding for municipalities and counties to partner with higher-education institutions and other strategic partners to consider groundbreaking approaches to building public-private and community partnerships, nurturing entrepreneurship, and upgrading infrastructure. The first round of the program included nine municipalities: Atlantic City, Atlantic County, Bridgeton, Camden County, Monmouth County, New Brunswick, Passaic County, Trenton, and Union Township. Full project details are available here.


Supporting Suburbs The NJEDA announced changes to the 21st Century Redevelopment Program that will open the program to more projects and streamline the application process. The program was created in October 2018 in response to a number of demographic and economic trends that resulted in many suburban office parks and shopping malls becoming empty or underutilized, leaving host communities stuck with the costs of maintaining infrastructure and roads while coping with depleted resources resulting from the lost jobs and business opportunities. The program awards grants of up to $50,000 to help municipalities, counties, and redevelopment agencies develop plans to repurpose these properties into productive economic assets. Grant recipients are also required to participate in at least two NJEDA events to provide guidance to communities facing similar challenges. Applications will be made available this fall.
 

Hollywood East The NJEDA approved two major film projects for tax credits through the State’s new Film Tax Credit program: “JOKER,” a film that delves into the iconic Batman villain’s past that filmed in Newark, and a Steven Spielberg-directed screen adaptation of “West Side Story” that was on location in Paterson. Both projects have qualified for bonus diversity tax credits available under the program. These two projects are among the most highly-anticipated films currently in production.



 
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OculoMotor Technologies management team celebrate their success

Making New Jersey the State of Innovation 

Seeing the Benefits of Collaborative Workspaces OculoMotor Technologies is garnering worldwide attention for the creation of virtual reality games that help optometrists offer vision therapy to their patients. The startup recently became the third company to benefit from rent support through the NJEDA’s NJ Ignite Program, which provides up to nine months of rent support for startup technology and life sciences businesses that are moving to an approved collaborative workspace. Statistics have shown that startups that operate from collaborative workspaces are far more likely to succeed than companies going it alone. 

Collaborations that Cross Borders As part of the Governor’s efforts to foster international partnerships, the NJEDA issued a Request for Expressions of Interest (RFEI) for New Jersey-based companies interested in the New Jersey-Israel Innovation Partnership Initiative. New Jersey companies that participate in the initiative will gain both access to international partners and to research and development (R&D) funds from an Israeli company and the Israel Innovation Authority (IIA).

Combatting Rare Diseases Biopharmaceutical company PTC Therapeutics recently expanded its New Jersey presence to complement its existing global headquarters in South Plainfield when the company signed a long-term lease agreement with Bristol-Myers Squibb (BMS) for space at the pharmaceutical giant’s Hopewell campus. Founded by Stuart Peltz, PhD, a former BioNJ Board Chairman, the company focuses on discovering, developing, and commercializing groundbreaking treatments for patients living with rare diseases. PTC Therapeutics has repeatedly benefitted from the NJEDA’s Net Operating Loss (NOL) Program to grow into a global enterprise with more than 700 employees.




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NJEDA staff visit Kalustyan Corporation at the company’s new facility in Kenilworth

Making Government Easier to Do Business With 

Congratulations Kalustyan Corporation The benefits of the NJEDA’s Premier Lender Program were on display when representatives from the NJEDA and M&T Bank visited Kalustyan Corporation in Kenilworth. In March, the family-owned global spice supplier closed on a $9.85 million loan from M&T Bank with a $1 million participation from the NJEDA that enabled the company to consolidate multiple rented sites in one permanent location in Kenilworth. The 144,000-square-foot facility is a complement to the 100,000-square-foot facility that Kalustyan Corporation owns in Union.

Welcome to New Jersey! NJEDA resources are playing a key role in bringing nearly 200 jobs to North Jersey. JRL Imports was approved for a direct loan from the NJEDA in July, which, combined with a loan from Cross River Bank, will enable the company to acquire a facility in Paterson; and MTB AMG closed on loan in July 2019 from NJEDA Premier Lender ConnectOne Bank with a participation from the NJEDA that will allow the company to relocate its headquarters from Brooklyn to Newark.

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ECONversations Don’t miss the latest episode of the NJEDA podcast, available on Soundcloud. In this episode, Wesley Mathews, Vice President and Director of the NJEDA’s Office of International Trade and Investment discusses how the office works with government and private-sector partners to foster innovation and sustainable job growth by widening New Jersey’s global reach and supporting international trade and investment.






   To find out more about NJEDA and its resources, go to www.NJEDA.com

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