TRENTON, N.J. (March 18, 2021) – Thirteen months ago, Golden Seeds, a nationwide angel investor network dedicated to investing in women-led startups, launched a New Jersey chapter in partnership with First Lady Tammy Snyder Murphy and the New Jersey Economic Development Authority (NJEDA) to increase available capital for female-led businesses. Since then, Golden Seeds has connected more than 80 female-led companies with seasoned angel investors through a series of monthly office hours and follow-up conversations. In celebration of Women’s History Month, the NJEDA takes a closer look at the chapter’s important role in New Jersey’s innovation economy and the resources available to female entrepreneurs.

Since its inception in 2005, Golden Seeds has become a leading force in focusing on women’s leadership, gender diversity and entrepreneurship. In its sixteen years, Golden Seeds has had over 850 investors nationally – in the angel network and/or as fund investors. Combined, the members and funds have invested approximately $140 million in over 200 companies. Despite COVID-19 impacting investing worldwide, Golden Seeds invested $12 million in 33 investments nationwide in 2020.

The New Jersey chapter of Golden Seeds currently has 27 members. The chapter holds monthly office hours, during which investors meet privately with individual entrepreneurs to help them build, grow, and eventually fund their companies. Seven to 12 investors attend each office hours session. When the COVID-19 lockdown began shortly after the New Jersey chapter of Golden Seeds launched, the investment network moved its office hours online and continued its one-on-one meetings virtually. In November 2020, East Hanover-based ROAR Augmented Reality became the first New Jersey company to close on an investment from Golden Seeds since the launch of the New Jersey chapter. The chapter is actively seeking new entrepreneurs who want to connect with knowledgeable and experienced angel investors.    

“Golden Seeds has a proven track record of successfully investing in, and creating opportunities for, women-led startups nationwide and we have experienced first-hand the impact that this angel investor network has on our state’s female entrepreneurs,” said First Lady Murphy. “Our flourishing New Jersey chapter continues to open doors and provide opportunities for women-led companies throughout the state. Establishing a Golden Seeds chapter in New Jersey has been vital in building our innovation ecosystem and driving sustainable, economic growth that will continue to thrive after the pandemic.”

NJEDA Executive Vice President for Technology, Life Sciences & Entrepreneurship Kathleen Coviello is a member of the New Jersey chapter of Golden Seeds, through the NJEDA.

“Access to capital has always been one of the greatest barriers to success for female founders, and under Governor Phil Murphy’s leadership, New Jersey is focused on removing that impediment,” Coviello said. “By connecting female founders directly with experienced investors who can offer feedback and guidance and the potential for funding, we are arming them with the tools they need to best position their early-stage companies for growth.”

The national Golden Seeds network is headed by Loretta McCarthy, Peggy Wallace, and Jo Ann Corkran. McCarthy is one of Golden Seeds’ managing partners and focuses on the network’s membership, orientation and engagement. She is also a frequent speaker, both in the United States and internationally, about early-stage investing, women entrepreneurs, and gender diversity. Wallace, also a managing partner and fund partner, works to build out a post-investment ecosystem that fosters the acceleration and growth of Golden Seeds companies. Corkran is a managing partner and fund partner who manages deal flow for Golden Seeds.   

“Women’s History Month celebrates not only the accomplishments of female entrepreneurs, but also the vast network of mentoring and guidance they receive from other women throughout the state,” McCarthy said. “Golden Seeds’ New Jersey chapter is a perfect example of this support in action and I am so proud of all that our members have done to bolster female-led companies during this past year.”

Golden Seeds was featured in three sessions recently during the third annual Women of Color Connecting (WOCCON) 2021 virtual conference, including a session on March 11th offering opportunities for entrepreneurs to meet one-on-one with Golden Seeds investors through “office hours” sessions; an information session on March 18th that provided an overview of Golden Seeds and advice to entrepreneurs on finding investors; and remarks by First Lady Murphy at a Golden Seeds-hosted reception on March 19th.

The Institute for Entrepreneurial Leadership (IFEL) launched WOCCON in 2018 to focus attention on Women of Color entrepreneurs, a powerful but often overlooked group of high-value professionals, customers, suppliers, investment targets, and job creators. The initiative focuses on eradicating the long-standing systemic barriers that Women of Color entrepreneurs face. WOCCON 2021 kicked off on March 11th and continues through Thursday, March 25th.

The creation of the New Jersey chapter of Golden Seeds is one of numerous initiatives launched under Governor Murphy’s administration to spur opportunities for entrepreneurs within New Jersey’s innovation economy. In the summer of 2019, the Governor signed legislation doubling the amount of tax credits (from 10 percent to 20 percent) an investor could receive on an eligible investment into a qualifying New Jersey company through the state’s Angel Investor Tax Credit Program. It also added a five-percent bonus for investments made into women- or minority-owned companies. Under the New Jersey Economic Recovery Act of 2020, which Governor Murphy signed into January, the legislative cap on this program increased from $25 million to $35 million for the 2021 program year and going forward. The Act also bolstered New Jersey’s Net Operating Loss (NOL) Program, which allows technology and life sciences companies that have yet to reach profitability to sell their net operating losses and unused research and development tax credits for cash. Part of the Act increased the program’s annual cap from $60 million to $75 million. It also increased the lifetime cap for an individual applicant from $15 million to $20 million.

About the New Jersey Economic Development Authority

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 609-858-6767 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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TelePlus HealthCare Founder Dr. Suzanne Shugg among 14 female entrepreneurs to participate in the inaugural information session and office hours of the newly-launched New Jersey chapter of Golden Seeds. 
 

TRENTON, N.J. (March 6, 2020) – TelePlus HealthCare Founder Dr. Suzanne Shugg was among 14 female entrepreneurs to participate in the inaugural information session and office hours of the newly-launched New Jersey chapter of Golden Seeds. The event, hosted in partnership with First Lady Tammy Murphy and the New Jersey Economic Development Authority (NJEDA), afforded entrepreneurs the opportunity to meet one-on-one with investors and receive feedback on their business models. Golden Seeds is a national angel investor network dedicated to investing in women-led companies.

Dr. Shugg, a serial New Jersey entrepreneur, pitched her Summit-based healthcare technology startup to investors and described her company’s integrated software platform that is designed to improve healthcare with a preventative and telemedicinal approach. She detailed how TelePlus HealthCare connects patients who have heart failure or sleep apnea using mobile devices to monitor their condition. Teleplus Healthcare’ platform aims to improve patient outcomes by providing patient education, scientific management algorithms, efficiently identifies patients who need expedited management. In addition, TelePlus has partnered with University of Pennsylvania to start the first MD education certification and sleep management platform that was completed this week. 

New Jersey is home to 13 of the top 20 pharmaceutical companies, and numerous world-class hospitals and research universities.

“Locating in the Garden State gives us access to the specific industry players that we’re trying to reach,” Dr. Shugg said. “I was excited to learn about the newly-created New Jersey chapter of Golden Seeds and thrilled to see women building up women during last week’s event.”

Dr. Shugg also noted she that she gained insight into Golden Seeds’ investing process and invaluable feedback during her time at the event. She hopes to continue the conversation with several investors in the weeks ahead.  

“Providing access to capital is fundamental to building a stronger and more diverse and inclusive innovation ecosystem in New Jersey,” NJEDA Chief Executive Officer Tim Sullivan said. “Under Governor Murphy’s leadership, we’re continuing to create ways to connect women-led businesses to funding and to provide mentoring opportunities for female businesses leaders.”

Last week’s event was held at The Co-Co, a collaborative workspace in Summit. The women-focused coworking and co-learning space for entrepreneurs and solopreneurs participates in the NJEDA’s NJ Ignite program. NJ Ignite helps technology and life sciences startup companies realize the benefits of collaborative workspaces – incubators, accelerators, and coworking spaces – by providing up to nine months of rent support for startup technology and life sciences businesses that are moving to an approved collaborative workspace. To date, 18 collaborative workspaces have been approved to participate in the program.
Dr. Shugg, practices as a lipid specialist at NJ Cardiology Association and was an adjunct professor at Rutgers University for the past several years. She also previously founded NJ-based Scientific Wellness.

To learn about the multitude of resources available to help technology and life sciences companies thrive, visit https://www.njeda.gov/tls and follow @NewJerseyEDA on Facebook, Twitter, and LinkedIn.

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New Golden Seeds Chapter Hosts Office Hours at Women-Centric Co-Working Space in Summit

TRENTON, N.J. (January 27, 2019) – First Lady Tammy Murphy and the New Jersey Economic Development Authority (NJEDA) today announced office hours for the first half of 2020 for the recently-formed New Jersey Chapter of Golden Seeds, a national angel investor network dedicated to investing in women-led companies. Announced in July, this collaboration between First Lady Murphy’s Office, the NJEDA, and Golden Seeds will advance Governor Phil Murphy’s efforts to make New Jersey the “State of Innovation” by providing new funding sources and mentorship opportunities for female entrepreneurs.
 
“Mentorship is an essential resource for female entrepreneurs, and studies have shown that these relationships can be a key determinant of success,” said First Lady Murphy. “These monthly office hours, hosted by the newly established New Jersey chapter of Golden Seeds, will bring together female entrepreneurs for an opportunity to network and establish relationships that will support the next generation of female business leaders.”
 
The First Lady added that creating new opportunities for women entrepreneurs to connect with mentors and receive funding will help to fuel economic growth that creates good jobs and benefits communities throughout the State.
 
The information session and office hours will take place on Thursday, February 27, 2020 from 4:00 PM to 6:00 PM EST at The Co-Co Collaborative LLC (The Co-Co), 115 Summit Ave., Summit, NJ 10022. Following a welcome by the First Lady, a Golden Seeds member will kick off the office hours with an information session about Golden Seeds and its investment process. This will be followed by 15-minute one-on-one sessions with experienced angel investors who will provide feedback to entrepreneurs or answer questions about the angel investing process. Please register in advance, as this event is limited to 10 registered female entrepreneurs, and time slots will be assigned at 4:00 p.m. as participants arrive. Registration information is available here.
The Co-Co, a coworking and co-learning space dedicated to supporting women entrepreneurs, presents an ideal setting for the Golden Seeds office hours. In addition to office space and networking opportunities, the co-working space also hosts six to eight learning events per month.
 
“Golden Seeds’ mission aligns with The Co-Co’s vision for providing women entrepreneurs with the resources and community support they need to be successful in an incredibly competitive market,” said Suzanne Willian, Co-Founder of The Co-Co. “We are delighted to host this first office hours session for the New Jersey chapter of Golden Seeds and look forward to introducing attendees to all that The Co-Co has to offer.”
 
The Co-Co recently became one of the latest collaborative workspaces approved to participate in the NJEDA’s NJ Ignite program, which helps technology and life sciences startup companies realize the benefits of collaborative workspaces – incubators, accelerators, and coworking spaces – by providing up to nine months of rent support for startup technology and life sciences businesses that are moving to an approved collaborative workspace.
 
“This inaugural round of Office Hours is an important milestone for the New Jersey chapter of Golden Seeds, as we begin to share our members’ expertise and resources with a new audience of talented women innovators,” said Loretta McCarthy, Managing Partner at Golden Seeds. “Women-led businesses will play a key role in rejuvenating New Jersey’s innovation economy and we are delighted to support their success.”
 
Golden Seeds is a firm dedicated to pursuing investment returns through the empowerment of women entrepreneurs and the people who invest in them. The group was founded in 2005 and is headquartered in New York City. Golden Seeds membership of over 300 people consists of women (80%) and men (20%) dedicated to evaluating, funding and helping companies with at least one woman in a management role and commensurate equity. The New Jersey chapter of the organization was the seventh, joining established Golden Seeds chapters in Atlanta, Boston, Dallas, Houston, New York City, and Silicon Valley.
 
The NJEDA’s partnership with Golden Seeds supports Governor Murphy’s efforts to create a diverse innovation ecosystem in New Jersey by increasing the availability of angel capital for women-led businesses and mentoring opportunities for women businesses leaders. It will also foster a strong, cohesive angel investing community in New Jersey by bringing members together to identify investment opportunities, conduct due diligence, and support companies in which they choose to invest. The partnership builds on the NJEDA’s long history of partnering with funding groups such as Jumpstart NJ Angel Network and TechLaunch to bring more capital to New Jersey’s Innovation economy. 
 
“The advancement of the New Jersey chapter of Golden Seeds demonstrates Governor Murphy’s commitment to fostering a vibrant, inclusive innovation economy,” said NJEDA Chief Executive Officer Tim Sullivan. “Golden Seeds will help to ensure not only that female entrepreneurs have access to the capital that they need to establish and grow their businesses in New Jersey, but that they will also benefit from the expertise of seasoned, savvy investors.”

The chapter’s establishment coincides with an expansion of the New Jersey Angel Investor Tax Credit, which took effect on January 1, 2020.  The program provides refundable tax credits against the New Jersey corporation business or gross income tax for qualified investments in emerging technology businesses with a physical presence in New Jersey and that conduct research, manufacturing, or technology commercialization in the state. The recently-enacted legislation increases the base tax credit available through this program from 10 percent to 20 percent, with an additional 5 percent credit available for investments in businesses located in qualified opportunity zones or low-income communities or that are certified minority- or women-owned businesses. This second provision will be particularly important in attracting investors to the New Jersey Golden Seeds chapter and supporting women-owned startups in the state.
 
Angel investors interested in joining New Jersey’s Golden Seeds chapter are encouraged to reach out via goldenseeds@njeda.com.
 
To read Governor Murphy’s full economic plan, please visit: https://nj.gov/economicplan
 
Follow First Lady Tammy Murphy on Twitter, Facebook, and Instagram.
 
About the New Jersey Economic Development Authority

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 EDA resources for businesses call EDA Customer Care at 609-858-6767 or visit https://www.njeda.gov  and follow @NewJerseyEDA on Facebook, Twitter, and LinkedIn.
 

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TRENTON, N.J. (July 16, 2019) – First Lady Tammy Murphy and the New Jersey Economic Development Authority today announced that the NJEDA Board of Directors approved a proposal to organize a New Jersey chapter of Golden Seeds, a national angel investor network dedicated to investing in women-led startup companies. The collaboration between First Lady Murphy’s Office, the Economic Development Authority, and Golden Seeds will advance Governor Phil Murphy’s efforts to make New Jersey the “State of Innovation” by providing new funding sources and mentorship opportunities for female entrepreneurs.
 
“The partnership that we have created with Golden Seeds is a critical step toward building a robust New Jersey innovation economy that reflects and supports our state’s diverse workforce,” said First Lady Tammy Snyder Murphy. “Repeated studies show companies that include women in top management positions increase their margins and produce more patents than teams with solely male leaders. Creating new opportunities for women entrepreneurs to connect with mentors and receive funding will lead to outsize economic growth that creates good jobs and benefits communities throughout the Garden State.”
 
Founded in 2005, Golden Seeds has a 14-year track record of successfully supporting women-led businesses. Nationally, it has more than 275 members that include credentialed investors from various locations, sectors, and backgrounds. The New Jersey chapter of the organization will be the seventh, joining established Golden Seeds chapters in Atlanta, Boston, Dallas, Houston, New York City, and Silicon Valley.
 
“New Jersey’s highly skilled workforce and strong network of investors and entrepreneurs makes it an ideal place for a new Golden Seeds chapter,” said Loretta McCarthy, Managing Partner at Golden Seeds. “We are excited to partner with Governor Murphy and the NJEDA to provide capital and mentoring for women-led businesses that will play a key role in revitalizing and growing New Jersey’s innovation economy.”
 
The NJEDA’s partnership with Golden Seeds supports Governor Murphy’s efforts to create a diverse innovation ecosystem in New Jersey by increasing the availability of angel capital for women-led businesses and mentoring opportunities for women businesses leaders. It will also foster a strong, cohesive angel investing community in New Jersey by bringing members together to identify investment opportunities, conduct due diligence, and support companies in which they choose to invest. The partnership builds on the NJEDA’s long history of partnering with funding groups such as Jumpstart NJ Angel Network and Tech Launch to bring more capital to New Jersey’s Innovation economy. 
 
The chapter’s establishment coincides with a recent expansion of the New Jersey Angel Investor Tax Credit, which provides refundable tax credits against the New Jersey corporation business or gross income tax for qualified investments in emerging technology businesses with a physical presence in New Jersey and that conduct research, manufacturing, or technology commercialization in the state. The recently-enacted legislation increases the base tax credit available through this program from 10 percent to 20 percent, with an additional 5 percent credit available for investments in businesses located in qualified opportunity zones or low-income communities or that are certified minority- or women-owned businesses. This second provision will be particularly important in attracting investors to the New Jersey Golden Seeds chapter and supporting women-owned startups in the state.
 
Throughout the process of forming the New Jersey Golden Seeds Chapter, the NJEDA will coordinate with the New York City chapter of the organization to reach out to potential members, host training sessions on a series of angel investing topics, and organize monthly office hours at sites around the state where female entrepreneurs will be able to get advice from investors. Once the chapter is established, the NJEDA will transition leadership to group members. Investors interested in getting more information about the NJ Chapter of Golden Seeds should contact GoldenSeeds@njeda.com. 
 
“Focusing on equality and fairness as we grow New Jersey’s innovation economy is both good policy and the right thing to do,” said NJEDA Chief Executive Officer Tim Sullivan. “Establishing a New Jersey chapter of Golden Seeds will send a powerful message to entrepreneurs and investors that we are committed to cultivating a thriving innovation economy that embraces and celebrates diversity.”
 
Angel investors interested in joining New Jersey’s Golden Seeds chapter are encouraged to reach out via goldenseeds@njeda.com.
 
To read Governor Murphy’s full economic plan, please visit: https://nj.gov/economicplan
 
About the New Jersey Economic Development Authority
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 EDA resources for businesses call EDA Customer Care at 609-858-6767 or visit https://www.njeda.gov  and follow @NewJerseyEDA on Facebook, Twitter, and LinkedIn.
 

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