July 15, 2008
2 minute read
SWITCH2HEALTH CORP. RECEIVES A $200,000 EDISON INNOVATION FUND INVESTMENT
Trenton, N.J. (July 15, 2008) – Switch2HealthTM Corporation (S2H) received a $200,000 Edison Innovation Fund investment to support its continued growth in North Brunswick. The company seeks to launch its innovative product integrated with a web-based rewards system to motivate individuals of all ages to be physically active and lead a healthier lifestyle.
The Edison Innovation Fund, a key element of Governor Jon S. Corzine’s Economic Growth Strategy, was created to support technology and life sciences companies throughout their discovery, development and commercialization stages. The EDA, in consultation with the New Jersey Commission on Higher Education and the New Jersey Commission on Science and Technology, is responsible for managing the Fund, which has delivered over $256 million in financing assistance, state business incentives and New Jersey tax credits to early-stage and established technology and life sciences businesses since its launch in October 2006. In addition, over $458 million in total project costs has been leveraged by Edison Innovation Fund investments.
“Switch2Health is another example of how the Edison Innovation Fund is working to ensure that innovative technology companies remain and grow in New Jersey,” said Caren Franzini, CEO of the EDA. “Governor Corzine has stressed the importance of supporting the technology and life sciences industry within the state, and the Edison Innovation Fund will continue to support this important goal.”
Franzini noted that Switch2Health is located at the Commercialization Center for Innovative Technologies (CCIT), part of the larger Technology Centre of New Jersey in North Brunswick. In January, the National Business Incubation Association (NBIA) awarded CCIT the Soft Landings International Incubator designation, which recognizes an incubator’s focus on welcoming non-domestic firms into its domestic market. CCIT is one of only 10 business incubation programs from around the world that have earned the designation since NBIA began the program in 2005. The Technology Centre is located within the Greater New Brunswick Edison Innovation Zone, one of three “technology neighborhoods” in the state where academic and research institutions can work with companies to develop and market new products or services while enjoying certain financial incentives and other benefits. Zones were also created within the cities of Camden and Newark to spur collaborative efforts and encourage the rapid transfer of discoveries from the laboratory to the marketplace.
“We are grateful to the EDA for recognizing the efforts of Switch2Health in this fight against obesity,” said Seth A. Tropper, President & CEO. “Overweight and obesity has reached epidemic proportions in the U.S., as well as worldwide. According to national data, it is estimated that 65% of Americans are now overweight or obese. Switch2Health will enable individuals to build value and to benefit from their own physical activity,” Tropper explained. “By increasing participation in physical activity, S2H will change the behavior and improve the health of individuals which is partially responsible for an epidemic in the U.S. and around the world. “
The epidemic, said Tropper, is obesity, noting that physical activity is a critical component in the equation to solve the problems of overweight and obesity. The real challenge is in motivating individuals to be physically active.
EDA is an independent, self-sustaining state financing and development agency that works to promote economic growth, job creation and the revitalization of New Jersey’s communities with financing assistance, technical support and entrepreneurial training, and real estate development activities.
For information on the Edison Innovation Fund and to learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov.