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ToutingTech
Issue: 11
August 2018
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NJEDA Invests in Innovation


 
 

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   NJEDA's Investments Support Innovative Businesses   
 
 

 
   
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Nearly 270+ entrepreneurs and startups that connected with investors through EDA's "N.J. Founders & Funders" event.

 
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21 tenants currently residing in the Commercialization Center for Innovative Technologies (CCIT) - EDA's incubation facility for life sciences and biotechnology companies.
 
 
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Over $51 million invested by EDA in venture capital funds that invest in emerging technology companies in New Jersey.
 


 Visit www.njeda.com/tls and follow @NJEDATECH on Twitter and LinkedIn
 
 

 
 
  Latest News  
 
 
 
 

From the incandescent light bulb to today's groundbreaking cancer research, New Jersey has been and remains a place where human ingenuity flourishes. This ingenuity is made possible through our diversity. An international gateway with more than 20% of our residents coming from across the globe, our unique backgrounds help drive our communities forward. Over the past decade, however, we have not made the most of our state's assets. We have underinvested and insufficiently supported our families, students, workers, and businesses. As a result, New Jersey's economy has experienced lagging economic growth and increasing inequality.

Our vision is to reestablish New Jersey as an economic and innovation leader: as a place where diverse talent, companies, and ideas flourish; where real pathways exist to the middle class; and where all residents can prosper in the economy. To unlock long-term and resilient economic growth, we must create a New Jersey economy that is both stronger and fairer.


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Somerset-based Reflik, Inc. and Gridless Power, located in Collingswood, are the first companies to close on funding through the NJ Covest Fund, the New Jersey Economic Development Authority (NJEDA) announced.

The NJ CoVest Fund is designed to bridge the funding gap between product development and commercialization. The Fund furthers the NJEDA's ability to support businesses throughout their lifecycle.  The two emerging-stage technology companies received $250,000 in financing through the Fund.

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The New Jersey Economic Development Authority (NJEDA) has announced the approval of a record-breaking 61 applications through the State's Angel Investor Tax Credit Program during the third quarter of 2018. The approvals represent the infusion of nearly $21 million in private capital into 13 technology and life sciences companies throughout the Garden State. This uptick in activity highlights momentum generated by Governor Phil Murphy's focus on re-establishing New Jersey as the State of Innovation.

The Angel Investor Tax Credit Program offers a 10 percent refundable tax credit against New Jersey corporation business or gross income tax for qualified investments in an emerging technology business with a physical presence in New Jersey and that conducts research, manufacturing, or technology commercialization in the state. Applications must be submitted within six months of the date of investment.


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Entrepreneurs and investors gathered at Newark Venture Partners (NVP) for the semi-annual New Jersey Founders & Funders event, hosted by the New Jersey Economic Development Authority (NJEDA).

The event facilitates one-on-one "speed dating" sessions so that technology and life sciences companies can discuss strategies, business models, and funding opportunities with potential investors. New Jersey Founders & Funders supports companies at their earliest stages and highlights the collaborative nature of the Garden State's innovation ecosystem.


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The New Jersey Economic Development Authority (NJEDA) kicked off a series of meetings to begin working with the nine municipalities and counties that were awarded funding through the pilot round of the Innovation Challenge. 

Over the summer, Governor Murphy first announced the pilot round of the Innovation Challenge - a call for municipalities and counties to partner with higher-education institutions and other strategic partners to develop plans to build or augment their local innovation ecosystems. Through the Innovation Challenge, the Governor invited communities to challenge old ways of thinking and consider creative and groundbreaking approaches to building public-private and community partnerships, nurturing entrepreneurship, and upgrading infrastructure.

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Governor Phil Murphy held a roundtable discussion with New Jersey business and innovation leaders today to discuss the many benefits of the recently proposed New Jersey Innovation Evergreen Fund (NJIEF), which is designed to supercharge the return of venture capital to the Garden State. The Governor announced the Fund as part of a comprehensive economic plan to create a stronger and fairer economy and re-establish New Jersey as a leader in innovation.

"Investing in New Jersey businesses and the groundbreaking work they are doing is a critical element of our vision for a stronger and fairer economy," said Governor Murphy. "For far too long, we've watched as billions of venture capital dollars have gone to neighboring states, while fewer and fewer of those dollars have come to the Garden State. The NJIEF would help to reverse that trend and bring that money back to New Jersey."

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   Incubator Spotlight  
 
 
 
 
 


CCIT is one of the more significant incubation facilities in the nation dedicated to life sciences and biotechnology companies - a 46,000 sq. ft. biotech incubator in a 50-acre research park in North Brunswick in the heart of New Jersey's "Research Corridor." In this section we feature news on CCIT and its tenant companies.

For more information regarding CCIT, please visit www.njeda.com/ccit or contact Program Manager Lenzie Harcum at 732-839-1881 or lharcum@njeda.com



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CCIT Welcomes New Tenant NJ Biopharmaceuticals 

NJ Biopharmaceuticals is dedicating its research efforts towards drug discovery and preparation of known generic biopharmaceuticals-based drug molecules which are listed as a shortage by the FDA. NJ Biopharmaceuticals' proprietary technology would aid to develop biotherapeutics for drug development programs. They're focusing on the development of biopharmaceuticals for women's healthcare, antibacterial agents as well as anti-cancer agents.



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Upcoming Events

 
 
 
 
 

The following is a list of technology and life-sciences related events being hosted by NJEDA and its partners. For more information, or to RSVP, please click the link within the title of the event. 

Nov
27

Event: Life Science Panel Discussion and Networking Event
Topic:

Incentives to Help Grow Your Life Science Company in the Garden State

Time: 2:00 p.m. – 5:00 p.m.
Nov
29

Event: New Jersey Offshore Wind Supply Chain Networking Event
Topic: New Jersey's plans for Offshore Wind
Time: 8:00 a.m. - 5:00 p.m.
 
 
 
 

Event Calendar

 
 
   
 
To subscribe to ToutingTech, please visit www.njeda.com/TLSFeatures

New Jersey Economic Development Authority
36 West State Street
P.O. Box 990
Trenton, NJ 08625-0990