TRENTON, N.J. (August 8, 2022) – The New Jersey Commission on Science, Innovation, and Technology (CSIT) today announced that it has awarded a combined $3.9 million in grants to 45 startups statewide through its Catalyst Seed Research and Development (R&D) Grant and Clean Tech Seed Grant programs. The awards will help these young companies accelerate development of their technologies and transform their discoveries from the research stage into commercially viable products and services.

“Funding New Jersey startups today through grant programs like the Catalyst Seed R&D Grant and the Clean Tech Seed Grant helps to guarantee a strong economy in the future and furthers Governor Phil Murphy’s vision for the state,” said CSIT Executive Director Judith Sheft. “Cultivating companies within our state during their formative years helps us to promote financial growth, sustainability, and economic mobility for years to come.”

CSIT’s Catalyst Seed R&D Grant Program has awarded 27 early-stage startup companies a total of $2.6 million in funding through grants of up to $150,000 for life sciences startups focusing on drug development and therapeutics and up to $75,000 for R&D. Emerging companies receiving awards for R&D are involved in technological innovation across manufacturing, transportation and logistics, film and digital media, life sciences, non-retail food and beverage, finance and professional services, and technology sectors, all of which are identified as targeted industries in Governor Murphy’s economic development plan. Of those receiving awards from CSIT, 95 percent (25) of awardees have five or fewer employees, 43 percent (12) are certified as minority-owned businesses, and 30 percent (9) are certified women-owned. Additionally, 22 percent (6) awardees have licensed technology from a New Jersey university.

“New Jersey’s startups are amongst the very best in the nation and truly place the State at the forefront of innovation and conservation,” said CSIT Vice Chair and BioNJ Founding President and CEO Debbie Hart. “The Catalyst Seed R&D Grant and Clean Tech Seed Grant Programs reinforce the State’s commitment to its small businesses and nurtures advancements in a range of innovation areas including technology, life sciences, and clean tech sectors.”

A total of $1.3 million in funding will also be awarded to 18 companies chosen in Round 2 of the Clean Tech Seed Grant Program. The Clean Tech Seed Grant Program, which was jointly developed by CSIT and the New Jersey Economic Development Authority (NJEDA), provides grants for R&D activities to very early-stage, New Jersey-based clean technology companies that will help them to advance their development on products and services to a point where they can more readily appeal to outside investors and, in some cases, begin to generate revenue. Seventy-two percent (13) of awardees have five or fewer employees. Additionally, 15 percent (3) of the awardees are certified as minority-owned businesses, and 15 percent (3) are certified women-owned. Eleven percent (two companies) awardees have licensed technology from a NJ university.

“Under Governor Murphy’s leadership, New Jersey has become one of the best places in the nation to grow and scale a company, especially a startup,” said NJEDA Chief Executive Officer Tim Sullivan. “CSIT’s Catalyst Seed R&D Grant and Clean Tech Seed Grant programs allow entrepreneurs to secure funding for vitally important research and new technologies that not only better our society, but also create new high-paying jobs grow our economy and solidify New Jersey’s reputation as a leader in equitable, diverse, and transformative innovation.” 

“Grants such as the Clean Tech Seed Program bring us one step closer to achieving Governor Murphy’s goal of 100 percent clean energy by 2050,” said New Jersey Board of Public Utilities (NJBPU) President Joseph L. Fiordaliso. “Our partnership with NJEDA and CSIT, coupled with today’s announcement, exemplifies this Administration’s cross-agency approach to developing and implementing initiatives that will simultaneously help us meet our clean energy goals and grow our green economy with exciting innovation.”

The funding for the Clean Tech Seed Grant Program, which is being provided through the NJBPU’s Clean Energy Program, will advance innovation that will help the state achieve Governor Murphy’s clean energy goals as outlined in New Jersey’s Energy Master Plan.  The plan, created in 2019, helps to set New Jersey on a path toward 100 percent clean energy by 2050.  

A list of all awardees can be found below:

Catalyst Seed Grant Program
(Drug Development)

Applicant Name (Funding Amount)

Catalyst Seed Grant Program
Other Categories
Applicant Name (Funding Awarded)

Clean Tech Seed Grant Program Awardees

About CSIT

In August 2018, Governor Murphy signed legislation re-establishing the former New Jersey Commission on Science and Technology as the CSIT. Comprised of representatives from the public and private sectors, as well as academia, the Commission is tasked with leading the way in promoting the State as a home for academic and technological research, development, and commercialization.


About NJEDA

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 844-965-1125 or visit https://www.njeda.com and follow @NewJerseyEDA on FacebookTwitterInstagram, and LinkedIn. 

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Parcel to be Purpose-built for Tier 1 wind component manufacturing, Co-located with a Marshaling Port and with Ready Access to East Coast Offshore Wind Sites

Trenton, N.J. (May 20, 2022) – The New Jersey Economic Development Authority (NJEDA) today announced that it will shortly launch the next phase of its eagerly-anticipated tenant selection process for the New Jersey Wind Port. This phase will involve seeking offers from Tier 1 wind component manufacturers, such as blades, for an approximately 70-acre parcel of property at the Port.   

The New Jersey Wind Port, located on the Delaware River in Lower Alloways Creek, Salem County, will be a transformative, hub-style port serving offshore wind projects in New Jersey and up and down the U.S. East Coast. The Port is being developed by the NJEDA on behalf of the State and represents a new approach to economic development that will spur both job creation and opportunities for businesses throughout the offshore wind supply chain. It has the potential to create up to 1,500 manufacturing, assembly, and operations jobs, with wind projects supported by the Port driving billions more dollars in economic growth.

The Port is situated at the geographical center of the United States’ burgeoning offshore wind sector – with approximately 40 gigawatts (GW) of committed and planned offshore wind projects along the East Coast, including 7.5 GW of projects off the coast of New Jersey. The Port will offer offshore wind industry tenants the following key features:

  • Access to the Atlantic Ocean free of vertical restrictions;
  • Upland acreage purpose-built for marshalling and component manufacturing;
  • A wide approach channel from the main Delaware River Channel;
  • A purpose-built heavy-lift wharf, comprising both delivery and installation berths; and
  • Heavy-haul Road connections between inland port parcels and the Wharf.

The NJEDA will shortly seek non-binding offers from Tier 1 offshore wind component manufacturers, such as blades manufacturers, for an approximately 70-acre parcel at the Port. The parcel is currently undeveloped but is intended to be purpose-built for manufacturing and would adjoin a deep-water port. The parcel would be connected to two marshalling parcels via a purpose-built heavy-haul road corridor, providing unrivalled cost efficiencies for a manufacturer and their developer clients. The NJEDA anticipates that the parcel will be available for sublease from late-2026. A notice for the sublease of property will be issued in coming weeks and will be available at Bidding Opportunities – NJEDA.

“There is simply no better site to anchor an offshore wind manufacturing facility in the nation than at the New Jersey Wind Port, the nation’s only purpose-built greenfield wind port and epicenter of the nation’s fast emerging wind supply chain hub,” said NJEDA CEO Tim Sullivan. “For a manufacturer, being co-located with two marshalling parcels means significantly lower logistics costs, a win for industry and a win for energy consumers. At the same time, being part of the nation’s supply chain hub means ready access to a growing ecosystem of tier two suppliers across Southern New Jersey and throughout the state.”

Home to a high concentration of skilled labor, a well-established maritime industry and workforce, and a network of highly-regarded colleges and universities, New Jersey is ideally-placed to drive the development of the offshore wind industry in the United States.

“Manufacturing critical components of the offshore wind supply chain here in New Jersey will not only benefit our own offshore wind projects, but the entire industry up and down the East Coast,” said New Jersey Board of Public Utilities (NJBPU) President Joseph L. Fiordaliso. “By diversifying the manufacturing opportunities available, we will bring more jobs and economic development opportunities to the Garden State as we work to achieve Governor Murphy’s goal of 7.5 GW by 2035.”

Last fall, Governor Phil Murphy led the celebration for the New Jersey Wind Port’s groundbreaking, alongside Federal Secretary of Labor, Martin J. Walsh and a host of state and local officials. The event also included the signing of a Project Labor Agreement (PLA), with the State committed to using union labor to construct the Port and to setting a new standard for inclusion of minority and women workers and business owners.

Governor Murphy announced last month that the NJEDA and Orsted North America had executed a letter of intent (LOI) for Orsted to marshal its Ocean Wind 1 project from the Port. As part of its bid to the NJBPU Orsted had proposed to marshal Ocean Wind from an interstate port, with its commitment to instead use the Wind Port creating over 200 pre-assembly, load out and stevedoring jobs in New Jersey that would otherwise have been lost to other states.

Core construction of the Wind Port commenced in January of this year, with the first phase of the Port due to reach completion in early 2024.

Further information on the Port is available at: https://www.nj.gov/windport/.

About the NJEDA

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 state resources available to New Jersey entrepreneurs and early-stage companies, visit https://www.njeda.com and follow @NewJerseyEDA on FacebookTwitterInstagram, and LinkedIn.

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TRENTON, N.J. (April 26, 2022) – The New Jersey Economic Development Authority (NJEDA) has released for public feedback a draft rule proposal for the Garden State Film and Digital Media Jobs Program.

The program, which was first established in 2018, was expanded under the New Jersey Economic Recovery Act of 2020 (ERA), signed by Governor Phil Murphy in January 2021. The Garden State Film and Digital Media Jobs Act, P.L. 2018, c. 56, (N.J.S.A. 54:10A-5.39b and N.J.S. 54A:4-12b) provides a transferable credit against the corporation business tax and the gross income tax for qualified expenses incurred for the production of certain film and digital media content in New Jersey. The goal of the program is to incentivize production companies to film and create digital media content in New Jersey.

“Like other programs established by the ERA, The Film and Digital Media Tax Credit program is designed to encourage equitable and inclusive development,” said NJEDA Chief Executive Officer Tim Sullivan. “The proposed rules establish criteria for the program that will ensure it is administered in a way that will create the economic impact Governor Murphy and the Legislature intended.”

Proposed rule changes include increasing the benefit for productions that submit a diversity hiring plan from two percent to four percent for hiring minority, local, on-screen talent, which will help to make sure opportunities are accessible to qualified individuals from all backgrounds. Additionally, the changes include the availability of new Studio Partner and Film-lease Partner designations which provide extra benefits to production companies who commit to establishing large production facilities in New Jersey.

Members of the public will also be able to submit feedback on the Garden State Film and Digital Media Jobs Program through the NJEDA’s ERA website (https://www.njeda.com/economicrecoveryact/) between the following dates:

  • PUBLIC FEEDBACK OPEN: April 25, 2022
  • PUBLIC FEEDBACK CLOSES: May 6, 2022

We welcome constructive input on how to ensure new programs created through and amended by the ERA are structured and administered in a manner that drives opportunities for all residents and communities. Members of the public can do that by sending an email to FilmTaxCredit@njeda.com or through the online portal on the NJEDA’s website.

All feedback received through this process will be assessed and considered when preparing the final version of the rule amendments that is proposed by the Authority for Board approval. Following potential Board approval, there will be a 60-day period for formal public comment.

For more information and to provide written input on the design and implementation of ERA programs, visit https://www.njeda.com/economicrecoveryact/.

About the NJEDA

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 state resources available to New Jersey entrepreneurs and early-stage companies, visit https://www.njeda.com and follow @NewJerseyEDA on FacebookTwitterInstagram, and LinkedIn.

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Agreement with Salem County Vocational Technical School will help prepare local workers for offshore wind opportunities

Trenton, N.J. (April 14, 2022) – The New Jersey Economic Development Authority (NJEDA) received approval from its Board yesterday to enter an agreement with Salem County Vocational Technical School (SCVTS) that will support the expansion of the school’s offshore wind-related painting and welding programs. Under the agreement, the NJEDA will provide up to $200,000 to support the expansion of programs that will prepare students and workers for jobs in heavy steel offshore wind component manufacturing.

“NJEDA’s support of offshore wind programs at SCVTS is part of our efforts to ensure New Jersey’s pipeline of skilled workers keeps pace with growing demand from the high-growth offshore wind industry,” said NJEDA Chief Executive Officer Tim Sullivan. “This focus on offshore wind education supports Governor Phil Murphy’s vision for New Jersey as a global leader in the industry, and also advances his goal of a stronger and fairer economy by creating equitable educational and career opportunities.”

The NJEDA will help to fund equipment, materials, instructor time, and other expenses required to train secondary and post-secondary students for the specific skills required for large scale steel component manufacturing. This agreement complements an similar agreement between NJEDA and Gloucester County Institute of Technology (GCIT) announced in December 2021.

“Since the beginning of this process, the NJEDA has been committed to making sure that Salem County residents are given the opportunity for employment at the Wind Port facility.” Said Salem County Commissioner Director, Ben Laury. “The Board of Commissioners is pleased to see that commitment manifest in an investment for SCVTS and its students.”

“NJEDA’s commitment to funding these growing programs is an investment in the future of our local workforce,” said SCVTS Superintendent John Swain. “Training and reskilling workers will prepare them for high-quality offshore wind career opportunities that will sustain our families and communities well into the future.”

“This agreement will result in opportunities for high school students and adult learners to gain the specialized skills needed for jobs in the offshore wind large-scale steel component manufacturing sector,” said Jen Becker, Managing Director of Wind Institute Development. “We’re really excited to launch these programs in the coming months.”

This agreement utilizes funding from memorandum of understanding between NJEDA and the NJ Board of Public Utilities to support offshore wind training and research initiatives.

About the NJEDA

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 state resources available to New Jersey entrepreneurs and early-stage companies, visit https://www.njeda.com and follow @NewJerseyEDA on FacebookTwitterInstagram, and LinkedIn.

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Fund Will Drive Investment and Cultivate Entrepreneurship

Trenton, N.J. (April 13, 2022) – The New Jersey Economic Development Authority (NJEDA) Board today approved the creation of the New Jersey Innovation Evergreen Fund (NJIEF), a groundbreaking new tool to increase access to strategic resources and venture capital in New Jersey. The NJIEF will create partnerships between the state and the private sector to collaboratively align New Jersey’s well-resourced corporations, and national investors to support entrepreneurs and grow the innovation economy in the state.

Under the NJIEF, the State will become an equity investor in startups deploying up to $600 million into companies alongside professional venture capital groups. This strategic investment will not only support New Jersey’s entrepreneurs, but will also ensure that more companies start, grow, and stay in state. Established by the New Jersey Economic Recovery Act of 2020, the NJIEF is an innovative tool designed to incentivize investment in emerging New Jersey companies while creating mentoring, networking, and educational opportunities to help position these companies for success.

The New Jersey Innovation Evergreen Fund is a groundbreaking public-private partnership that will fuel our innovation economy by attracting entrepreneurs and venture capital to the state,” said Governor Phil Murphy. “The NJIEF draws on the strengths of New Jersey’s world-class corporate leaders to create a steady stream of investment and expertise that will nurture the next generation of innovators. By fostering investments in entrepreneurship and start-up companies, we are driving job creation and economic growth for New Jersey.”

The concept for the NJIEF was first announced in October 2018 as part of Governor Murphy’s economic development strategic plan The State of Innovation: Building a Stronger and Fairer Economy in New Jersey.

“New Jersey has long served as fertile ground for inventions that changed our world – from Thomas Edison and the creation of the lightbulb to Beatrice Hicks and the development of a switch that helped land the Apollo spaceship on the moon,” said New Jersey State Senator Andrew Zwicker. “Our state has a long history of investing in entrepreneurs, and the NJIEF is a key component of reclaiming New Jersey’s leadership role in innovation by creating a vibrant culture of investment that is dedicated to growing the companies of the future.”

“When entrepreneurs think of leaders in innovation, New Jersey should be at the top of their list,” said NJEDA Chief Executive Officer Tim Sullivan. “The NJIEF will not only serve as a novel approach to investing in entrepreneurs, but also a key contributor for job creation and sustainable economic growth. Today’s announcement serves as a testament to Governor Murphy’s leadership in growing NJ’s innovation economy by investing in New Jersey companies and startups.”

“The NJIEF is a game-changing program that will catalyze venture capital investments into New Jersey startups,” said Kathleen Coviello, NJEDA’s Chief Economic Transformation Officer. “The state’s role as an equity investor will encourage established corporations to commit capital and knowledge-sharing resources, creating a dynamic cycle of innovation.”

The seed capital to launch the NJIEF will be raised by auctioning up to $300 million in transferrable tax credits — with an annual cap of $60 million during each of the first five years after program launch — to corporations registered to do business in New Jersey. Corporations seeking to purchase the tax credits must commit to supporting the state’s innovation economy through activities such as mentorship, internships, sales and distribution pipeline access, and availability to serve on the NJIEF Advisory Board for one year.

Auction bids will be evaluated according to price and the specific strategic commitments the bidding company makes to support NJIEF’s portfolio companies and the state’s broader innovation ecosystem, including networking and mentorship opportunities. Once the funding is raised, the NJEDA will partner with professional venture capital firms operating anywhere in the country to co-invest the funds in eligible high growth businesses in New Jersey.

Full details on the NJIEF are available at https://www.njeda.com/economicrecoveryact/. The NJEDA expects to launch the NJIEF later this year.

About the NJEDA

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 state resources available to New Jersey entrepreneurs and early-stage companies, visit https://www.njeda.com and follow @NewJerseyEDA on FacebookTwitterInstagram, and LinkedIn.

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Programs Connect NJ Startups with Amenities at NJ Universities & Federal Laboratories

TRENTON, N.J. (April 11, 2022) – The New Jersey Commission on Science, Innovation and Technology (CSIT) today announced plans to open applications for the newly-created Catalyst Research & Development (R&D) Voucher Pilot Program and Round 2 of the state’s Clean Tech R&D Voucher Program. The programs are designed to connect early-stage New Jersey technology companies with access to laboratory facilities and specialized equipment statewide. CSIT expects to open applications for both programs on May 2, 2022 at http://www.njeda.com/csit. The programs were developed in partnership with the New Jersey Economic Development Authority and New Jersey Board of Public Utilities (NJBPU).

Both the Catalyst R&D and Clean Tech R&D Voucher programs will help the state’s startups accelerate development and transform new discoveries from research stage to commercially viable products and services. Eligible applicants can receive vouchers to defray the costs associated with the use of equipment and technicians for testing and development, and for training in preparation for independent use of the equipment from participating University Facilities or Government or non-profit labs.

“New Jersey’s universities and colleges are uniquely positioned to assist and support entrepreneurs that are developing innovative technologies,” said CSIT Executive Director Judith Sheft. “By harnessing the resources of these world-class higher education institutions and other facilities statewide, the programs announced today will help accelerate the growth of New Jersey startups and strengthen our innovation ecosystem as we continue to reclaim our status as a leader in innovation.”

CSIT will host an informational webinar on the programs on April 19 at 10:00 a.m. to offer tips and advice to potential applicants. Registration information can be found at http://tinyurl.com/CSIT-May2022. A recorded version of the webinar and copy of materials presented will be made available on the CSIT webpage following the event. Applications will be accepted beginning May 2 on a rolling basis until funding from both programs is allocated.

“New Jersey entrepreneurs are creating truly extraordinary things and developing technologies that will have a lasting impact,” said CSIT Acting Chair Debbie Hart. “The programs announced today will enable some of the best minds to leverage state resources as they continue to make their mark on their communities and the innovation ecosystem as a whole.”

Through the $275,000 in total funds provided by the Catalyst R&D Voucher Program, eligible applicants can apply for vouchers to defray the cost associated with eligible services or activities. The vouchers can also be used to hire technicians for testing and development as well as the use of participating facilities. A startup can apply for multiple vouchers, capped at $25,000, within any 12-month period. An approved voucher will be valid for a period of twelve months, starting from the date of the voucher reservation approval letter.

The following technology areas are eligible under the program: advanced manufacturing, advanced transportation and logistics, film and digital media, life sciences (therapeutic drug development and other), non-retail food and beverage, professional and financial services, and technology. Complete eligibility criteria and usage of funds can be found at https://www.njeda.com/catalyst-voucher.

The Catalyst R&D Voucher Program is a complement to CSIT’s Catalyst R&D Seed Grant Program, which saw a high level of interest from New Jersey’s startup community. That program provided seed funding to approved applicants developing technologies in all industry sectors except clean tech (which has a separate dedicated funding pool).

CSIT also announced today that it will provide vouchers totaling up to $375,000 to eligible startups within the clean technology sector through Round 2 of the Clean Tech R&D Voucher Program. Eligible startups can apply for multiple vouchers up to a cap of $25,000 within any 12-month period. Each approved voucher will be valid for a period of six months, starting from the date of the voucher reservation approval.

The program is open to New Jersey companies with fewer than 25 full-time employees that are developing or testing clean technologies intended to avoid emissions of, or recapture, greenhouse gases and/or criteria pollutants, or to enable such avoidance or recapture in the following target areas: chemicals/advanced materials; energy distribution/storage; energy efficiency; energy generation; green buildings; transportation; waste processing; and water and agriculture. Complete eligibility criteria and usage of funds can be found at https://www.njeda.com/cleantechvoucher.

Funding for the Clean Tech R&D Voucher Program is provided by NJBPU.

“Our support of these programs will help pave a path for New Jersey to reach Governor Murphy’s important goal of 100 percent clean energy by 2050,” said NJBPU President Joseph L. Fiordaliso. “Startups play an essential role in our state’s growth and success and supporting them will push us forward toward a sustainable future.”

About CSIT
In August 2018, Governor Murphy signed legislation re-establishing the former New Jersey Commission on Science and Technology as the CSIT. Comprised of representatives from the public and private sectors, as well as academia, the Commission is tasked with leading the way in promoting the state as a home for academic and technological research, development, and commercialization.

To learn more about state resources available to New Jersey entrepreneurs and early-stage companies,
visit http://www.njeda.com/csit or follow @NewJerseyEDA on Twitter, Facebook, LinkedIn and Instagram.

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NJ’s Venture Capital Deal Flow More Than Doubles to $5.5 Billion in 2021
as State’s Innovation Ecosystem Sees Flurry of Activity

Trenton, N.J. (March 4, 2022) – The New Jersey Economic Development Authority (NJEDA) today announced that New Jersey now ranks ninth in the nation based on venture capital (VC) dollars invested per state. According to PitchBook, innovation-focused companies in New Jersey secured $5.5 billion in 219 venture capital deals in 2021, up from $1.7 billion thorough 154 deals in 2020. This represents a significant improvement for New Jersey relative to 2017, when the state saw a total of $818 million in 143 venture capital deals. In this latest ranking, New Jersey jumped three spots from where it stood at #12 in 2020, and seven spots from #16 in 2013. New Jersey’s share of the Northeast market also grew, by 1.4 percentage points in 2021 to 5.5 percent.

“We’re very encouraged to see the VC community invest in New Jersey startups on a scale we haven’t seen in decades,” said Governor Phil Murphy. “It’s well known that New Jersey is the birthplace of innovation, but investors are clearly showing that our state is the future of innovation as well.”

Throughout his first term, Governor Murphy prioritized recapturing New Jersey’s role as a leader in innovation and creating the most diverse and inclusive innovation ecosystem in the nation. In January 2021, the Governor signed the New Jersey Economic Recovery Act of 2020 (ERA). In part, the ERA calls for the establishment the New Jersey Evergreen Fund (NJIEF), which is designed to create the ecosystem conditions necessary for entrepreneurs to succeed. Expected to launch this year, the NJIEF will create a platform for even greater investment opportunity in NJ businesses by leveraging public and private funds to invest in New Jersey-based companies. Details of the NJIEF, which is currently under development, can be found at https://www.njeda.com/evergreen/.

The ERA also made enhancements to the state’s Angel Investor Tax Credit Program. Last summer, the NJEDA approved expanding the Angel Investor Tax Credit Program based on those enhancements as well as revisions made to the program through legislation signed by Governor Murphy in 2019. Examples of the enhancements include increasing the amount of tax credits available annually under the program from $25 million to $35 million. It also increased the amount of tax credits available per qualified investment in an emerging New Jersey technology business from 10 percent to 20 percent and adding five percent bonus credit for qualified investments made in a New Jersey certified minority-or women-owned technology business or a technology business that is located in a qualified Opportunity Zone or New Markets Tax Credit Census Tract.

Last year, the NJEDA approved a record-breaking 559 Angel Investor Tax Credit Program applications, a nearly 400 percent increase over 2020. These approved applications represented the injection of more than $100 million in 39 New Jersey businesses. This constitutes a more than threefold year-over-year increase in investment and tax credit totals.

“The Murphy Administration has taken numerous steps to bolster New Jersey’s innovation economy and the investment community is taking notice,” said NJEDA Chief Executive Officer Tim Sullivan. “In addition to our spot within the Top 10 spot for venture capital dollars, we are also seeing companies of all size choosing to benefit from all that New Jersey has to offer. This, in turn, will lead to the creation of thousands of jobs and bring in even more investment dollars in the coming years.”

As an example, Sullivan cited the commitment of the NJEDA and Princeton-based venture capital firm SOSV to bring SOSV’s acclaimed HAX hard tech startup development program to Newark. SOSV will also establish the U.S. headquarters of the HAX program at the Newark site. SOSV selected Newark as the location for the new HAX program through a competitive process that included locations across the country. SOSV intends to take 100 companies through the HAX program over the next five years and invest $25 million in these startups. The NJEDA has also committed $25 million toward this initiative.  Participating companies may receive up to $50 million from SOSV as follow-on financing to support the companies as they grow. With this support, companies participating in the HAX program are expected to create at least 2,500 new, high-paying jobs in the decade ahead as well as attract millions in new capital.

The NJEDA’s Angel/Venture Capital Funding website launched in early 2021 to showcase capital raises, along with mergers and acquisitions throughout the Garden State. Investors or founders interested in having their investments listed on the page should email njinvestments@njeda.com.

About NJEDA

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 state resources available to New Jersey entrepreneurs and early-stage companies, visit https://www.njeda.com and follow @NewJerseyEDA on FacebookTwitter, Instagram, and LinkedIn.

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Program Provides Up to $75,000 to NJ Startups Furthering Clean Tech R&D in NJ

TRENTON, N.J. (January 24, 2022) – The New Jersey Commission on Science, Innovation and Technology (CSIT) opened applications today for the $1.5 million Round 2 of its Clean Tech Seed Grant Pilot Program. The program is designed to help accelerate development and innovation of clean technologies by furthering research and development (R&D) within the Garden State’s clean technology startup community. CSIT developed the program in coordination with the New Jersey Board of Public Utilities (NJBPU) and the New Jersey Economic Development Authority (NJEDA).  

The application for Round 2 of the Clean Tech Seed Grant Pilot Program can be found at: https://www.njeda.com/clean-tech-grant/. Applications will be accepted through March 21, 2022 at 5:00 p.m.

Similar to the inaugural round of the program, Round 2 of the Clean Tech Seed Grant Pilot Program will provide grants of up to $75,000 for R&D activities to very early-stage, New Jersey-based clean technology companies. These grants will help clean technology-focused businesses create proof-of-concepts and prototypes so the companies can more readily attract outside investors and, in some cases, begin to generate revenue. Specifically, the program will fund projects that are developing or testing clean technologies intended to recapture or avoid emissions of greenhouse gases and/or criteria pollutants, or to enable such avoidance or recapture. The following technology areas are eligible under the program: Chemicals/Advance Materials, Energy Distribution/Storage, Energy Efficiency, Energy Generation, Green Buildings, Transportation, Waste Processing, and Water and Agriculture.

CSIT will host an informational webinar, including a walk-through of the Clean Tech Seed Grant Program – Round 2 application on Wednesday, January 26, 2022.  Registration information can be found here. A recorded version of the webinar and copy of materials presented will be made available on the CSIT webpage following the event

This latest round offers double the amount of funding that was available in the initial round of the Clean Tech Seed Grant Pilot Program. CSIT awarded a total of nearly $750,000 to 10 companies statewide through the program’s first round last year. 

All applicants for the Clean Tech Seed Grant Program should be between a minimum technology development level of Technology Readiness Level (TRL) 2 (applied research) and maximum of TRL 7 (full-scale, similar (prototypical) system demonstrated in relevant environment), based on the Department of Energy definitions. Applicants should use the tool included in the Technical Proposal attachment on the application portal to determine TRL score.

Additional eligibility criteria require that applicants:

  • Be authorized and in good standing to conduct business in New Jersey as evidenced by a New Jersey current New Jersey tax clearance certificate;
  • Have a minimum of one full-time equivalent employee (working 35 hrs. per week) including founders, with at least one employee working 50% of their time on the project being proposed;
  • Have 50 percent or more of the work of its employees, including founders and contractors conducted in NJ (calculated on a full-time equivalent basis – 35 hours per week);
  • Have 50 percent or more of employees including founders/contractors live or pay withholding taxes in NJ;
  • Have less than two million dollars ($2,000,000) in prior third-party funding over its lifetime (excluding government grants);
  • Have less than five hundred thousand dollars ($500,000) in previous calendar year sales revenue.

Applications from businesses located in an Opportunity Zone-eligible census tract, minority- or woman-owned businesses or businesses with technology coming out of New Jersey universities are all eligible for bonus points with respect to the scoring criteria. At least one award will be reserved for an applicant that is a women-owned company as certified by the State of NJ and one award will be reserved for an applicant that is minority-owned as certified by the state of NJ.

About CSIT

In August 2018, Governor Murphy signed legislation re-establishing the former New Jersey Commission on Science and Technology as the CSIT. Comprised of representatives from the public and private sectors, as well as academia, the Commission is tasked with leading the way in promoting the state as a home for academic and technological research, development, and commercialization.


To learn more about state resources available to New Jersey entrepreneurs and early-stage companies, visit http://www.njeda.com/csit or follow @NewJerseyEDA on Twitter, Facebook, LinkedIn and Instagram.

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Trenton, N.J. (December 20, 2021) – The New Jersey Economic Development Authority (NJEDA) and the Gloucester County Institute of Technology (GCIT) today announced plans to enter a Memorandum of Understanding (MOU) to support the expansion of the GCIT’s welding and painting programs. Through the MOU, the NJEDA will provide up to $75,000 for programs that prepare students and workers for jobs in heavy steel offshore wind component manufacturing. Supported by funding from the New Jersey Board of Public Utilities (NJBPU), this MOU is aligned with the creation of the Wind Institute which will accelerate offshore wind workforce development and innovation in New Jersey.

“Job creation in the high-growth offshore wind industry has been a priority for Governor Phil Murphy and cultivating a pipeline of skilled workers is vital to achieving that goal,” said NJEDA Chief Executive Officer Tim Sullivan. “This MOU is latest in a series of bold steps the NJEDA is taking to establish New Jersey as a hub for offshore wind manufacturing.”

“Investing in the future of the offshore wind industry is just as important as investing in the education to create skilled employees,” said Senate President Steve Sweeney. “The partnership with NJEDA allows the school to tailor their program to fit the skills necessary to work in this industry. The goal is to educate our students so they can find employment at Paulsboro Marine Terminal, located only 20 minutes from their high school.”

GCIT, a four-year vocational-technical public high school in Sewell, New Jersey is collaborating with EEW American Offshore Structures (EEW), a leading manufacturer of offshore wind monopile foundations, to expand and tailor its welding and painting programs. GCIT students will learn the specific job skills required by EEW and other large scale offshore wind turbine component manufacturers.

In December 2020, EEW announced a $250 million investment in a state-of-the-art manufacturing facility to build steel components, known as monopiles. These monopile will be used as foundations for offshore wind turbines across the Eastern Seaboard. The facility, which is located at the Paulsboro Marine Terminal in Gloucester County, is the largest industrial offshore wind investment in the United States to date. Construction on the facility broke ground earlier this year and hiring of specialized welders and painters will begin by the end of next year.

“Gloucester County is a leader in job innovation and prioritizes creating opportunity for individuals to learn the skills necessary to excel in their future careers,” said Robert M. Damminger, Director of the Gloucester County Board of Commissioners. “Strong partnerships between the County, GCIT, Rowan College of South Jersey and Rowan University is the reason Gloucester County is the fastest growing county in New Jersey and will continue to add talented, hard-working and successful applicants into the career pool.”

“MOUs provide critical access to funding and opportunity which allows programs like GCIT’s to create incredible future employees,” said Commissioner Lyman Barnes, Gloucester County Liaison to the Department of Education. “Our welding and painting programs at GCIT were already impressive, but this will create another level of professional enhancement for our students.”

“We are excited to enter into this partnership and look forward to providing this training to current and future secondary and post-secondary students,” said GCIT Superintendent Michael C. Dicken. “This MOU, coupled with our centralized location near the Port of Paulsboro, will enable us to enhance our partnership with Rowan College of South Jersey, Rowan University, and other vocational technical schools in our region to build capacity and develop programs related to the wind sector.”

EEW anticipates hiring hundreds of workers for the project, the majority of which will be welders and painters. Job skills learned through the expansion of GCIT’s welding and painting programs will position GCIT graduates as attractive candidates for jobs at the Paulsboro Marine Terminal as well as other large scale component manufacturing facilities as the industry grows in New Jersey.

“Workforce development and skills training are critical, as we look to staff our new offshore wind factory in Paulsboro,” EEW CEO Lee Laurendeau said. “The collaboration with industry, education and government is necessary to realize the hundreds of clean energy manufacturing jobs in South Jersey. EEW would like to thank their partners, knowing that this is the beginning of an entirely new industry being brought to the State of New Jersey.”

EEW and GCIT have already made commitments to support the expansion of these programs, including securing donated welding equipment from welding manufacturer Lincoln Electric that will be used in production. Welding for these offshore wind tower foundations occurs onshore in fabrication facilities using specialized machines and welding consumables. To support these technical needs of this project, Lincoln Electric will also be conducting a “Train the Trainer” program for GCIT and other regional vocational school welding instructors focused on the primary welding processes and materials used in production. The training program offered will focus on theory and will provide hands-on experience using Lincoln Electric’s equipment and welding consumables used to weld these large foundations together. This training program will expose local students to the technology necessary to be productive employees in the offshore wind industry. 

The NJEDA’s financial support will help GCIT secure additional specialized equipment and materials, fund instructor time for additional evening/weekend classes that will train adults, and market and promote these programs to attract a diverse array of participants.

Congressman Donald Norcross, who has been a strong proponent of New Jersey’s burgeoning offshore wind industry, welcomed the news of the MOU and applauded the impact it will have on the South Jersey’s economy.

“The offshore wind industry will provide long-term, family-sustaining careers for a new generation of workers in South Jersey,” Congressman Norcross said. “As the product of a registered apprenticeship, I know firsthand how valuable these educational opportunities are. This partnership will fill a demand for highly-skilled welders and painters in the offshore wind industry, which is quickly establishing itself as a powerful force for economic growth in South Jersey. This is another example of how renewable energy and jobs go hand-in-hand.”

Paulsboro Mayor Gary Stevenson echoed Congressman Norcross’s sentiments and noted that positive impact the expansion of GCIT’s welding and painting programs will have on Paulsboro residents.

“As Mayor of Paulsboro, and on behalf of the governing officials and our residents, we are very excited to hear about the progress being made on the beginning of the process to hire and train people, especially local residents, to work at the Port of Paulsboro,” Mayor Stevenson said. “There is much anticipation throughout on hearing the news. This is a huge step in getting folks good paying jobs, and hopefully buying homes and living in Paulsboro. This will have a huge POSITIVE impact on which our community and other local business’s will benefit greatly. This day has been a long time coming and we stand ready to assist in any way. I look forward to working with EEW, NJEDA, & GCIT officials in their efforts to begin the process of hiring and training of workers.”

These efforts complement awards earlier this year by the NJEDA to Rowan College of South Jersey to establish an offshore wind turbine technician training program and to Atlantic Cape Community College to establish an industry-recognized Global Wind Organization (GWO) safety training program and facility.  The GWO facility will prepare New Jersey workers for jobs in the state’s growing offshore wind industry. Like the MOU announced today, these initiatives were funded by the NJBPU.

“New Jersey is emerging as a leader in offshore wind supply chain thanks to both the leadership of Governor Murphy and the collective efforts of industry leaders and other stakeholders working to put the Garden State at the forefront of this vital sector,” said NJBPU President Joseph L. Fiordaliso. “Funding critical programs such as the one GCIT is creating strengthens our ability to ensure New Jerseyans have the tools they need compete for the jobs of tomorrow.”

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.


About GCIT

The Gloucester County Institute of Technology (GCIT) offers educational opportunities for Gloucester County high school students with a focus on becoming college and career ready. The school is a full-time, four-year comprehensive high school. The programs afford students a well-rounded experience with a full complement of extracurricular activities and athletics. 
 
To learn more about NJEDA resources for businesses call NJEDA Customer Care at 609-858-6767 or visit https://www.njeda.com and follow @NewJerseyEDA on FacebookTwitter, Instagram, and LinkedIn.

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This latest version of The Economist’s Corner focuses on trends in New Jersey’s manufacturing sector. The report shows manufacturing in recent years is gaining an increased share of New Jersey’s economy following years of contraction. Moreover, recent trends towards job reshoring provide further impetus behind New Jersey’s manufacturing sector continuing to increase share of New Jersey’s dynamic economy.

New Jersey’s Manufacturing Sector: Industrial Vigor, as Viewed Through Four Charts

Manufacturing industry Gross State Product – Trending upward since 2018

Over the past four years, manufacturing has been one of New Jersey’s fastest expanding industries, growing at a 5.6 percent annualized pace. The strength has been concentrated in non-durable manufacturing – areas such as food and chemical products. This recent strength in manufacturing is quite a contrast to what the experience was in the aftermath of the 2008-09 recession, when manufacturing contracted at a 3.0% annualized rate through 2016.


Manufacturing, along with some other high value-added industries,
is increasing as a share of New Jersey’s economy

Not only is manufacturing expanding at a solid clip, but it is becoming an increasing share of New Jersey’s overall economy. This chart looks at how shares of GDP have changed since the period right before the pandemic to today. As the chart shows, manufacturing as a share of the economy has increased by approximately 0.5 percentage points. Manufacturing currently accounts for around 11.3 percent of private-sector GDP.


Labor market indicators and Federal Reserve surveys point to continued solid growth

Economists are always on the lookout for leading indicators that provide information on how economic activity is performing now and into the future. These next two charts do just that.

This is a chart of year-over-year changes in both the manufacturing index of hours worked and manufacturing GDP for New Jersey. The manufacturing index of hours worked is the product of the number of manufacturing employees and the hours they have worked. Essentially, it provides a measure of the amount of labor input in a given quarter. Given labor is a significant input in the manufacturing process, tracking labor output can tell us about manufacturing output. Here we see, through Q3, that manufacturing labor input continued to grow at very strong rate in line with manufacturing GDP near 10 percent year over year growth. Thus, manufacturing output continued to grow at a solid clip in Q3.

This chart shows data from two very useful surveys of manufacturing activity run by the Federal Reserve Banks of New York and Philadelphia. Here we are focused on indices for new orders, which is extremely helpful data for understanding near-term manufacturing activity because today’s orders become tomorrow’s production. Thus, when new orders are growing at a strong pace, it is a clear sign future production will, in turn, be strong.

In this context, anything above 0 indicates growth, so current levels near 20 signal double-digit growth. The one disclaimer is that it depends on whether demand is being filled by new production or previously produced inventories. However, given that inventories are stretched fairly thin currently, the ongoing growth of new orders signals a solid pace of manufacturing sector activity in Q4 and, likely, beyond.


A New Jersey Geography of Manufacturing Jobs, 2010-2019

This section provides an analysis of New Jersey residents who are manufacturing industry workers, as reported by the United States Census Bureau. The data presented here pertains to New Jersey residents and where they live, in contrast to where the manufacturing jobs or employers are located.

In the nine years just prior to the COVID-19 pandemic (2019 vs. 2010), New Jerseyans employed in manufacturing decreased from 396,000 (8.6 percent of the work force) in 2010 to 361,000 (7.7 percent of the work force) in 2019 — a 9.9 percent decrease in residents employed in manufacturing. However, there are some interesting trends throughout the state, including some places where the number of residents employed in manufacturing has increased. Moreover, as the analysis above shows, manufacturing in New Jersey in recent years is growing at a solid clip, which may reverse the shifts of the past nine years.

Top five municipalities in manufacturing worker residents in New Jersey,
by percentage of workforce, 2019 vs 2010

Looking at the raw numbers of residents in each municipality, the most populous cities unsurprisingly have the largest numbers of residents employed in manufacturing. The top five municipalities for manufacturing worker residents in 2010 included Paterson (9,884), Newark (9,327), Jersey City (7,953), Elizabeth (7,269), and Clifton (6,402). These rankings stayed mostly the same through 2019, except for the fifth spot, which switched from Clifton to neighboring Passaic. Clearly, the center of New Jersey manufacturing workers remains the northeast urban areas near New York City. The following map shows manufacturing worker density by municipality, both in levels and as a percent of labor force.


Map of manufacturing worker residents in New Jersey, levels and share of work force, 2019

Looking at the following map related to changes across the state, rural areas generally saw decreases in manufacturing employees. Whether this is caused by changes in manufacturing locations, movement of residents, or a combination of factors would need further study support. However, there is evidence from the 2020 Census that indicates rural communities are losing population.

Map of percent change in manufacturing worker
residents in New Jersey, 2019 vs 2010

Outside of the northeastern manufacturing area, there is a notable increase in manufacturing employees in Atlantic County and Southern Ocean County. It will be of interest to follow how New Jersey’s new wind port, which is being built in Salem County, supports further manufacturing sector employment in and around the region.

The towns that saw the biggest decreases in residents employed in manufacturing from 2010-2019 share some similarities to those above. Plainfield (-1,537), Newark (-1,441), Woodbridge (-1,431), and Linden (-1,265) are also in this concentrated northeast urban area, while Trenton (-1,341), which has the fourth most manufacturing residents in the state, is not.


Reshoring Jobs: a Pre-COVID Trend Accelerated by the Pandemic

Among the many lessons the world has learned from the COVID-19 pandemic is the is the vulnerability of the global supply chain. Estimates suggest the pandemic affected 98 percent of global supply chains.[1] Companies that had previously prioritized a lean supply chain model that prioritized cost reduction and just-in-time production were not well prepared for major worldwide disruptions.[2]

As a result of the pandemic, some firms started to consider “reshoring” – the practice of bringing manufacturing and services back to the United States from overseas.[3] A May/June 2020 survey of 750 North American manufacturing firms found that 69 percent were either “likely” or “extremely likely” to reshore their overseas operations.[4] It is worth noting that the pandemic did not seem to cause the sudden interest in reshoring – rather, it accelerated an existing trend.[5] Evidence shows, over the past decade, China has lost the most reshored U.S. jobs (40 percent), followed by Mexico (23 percent) and Canada (10 percent). Over the past several years, the number of jobs cumulatively reshored to the United States has increased from about 100,000 in 2013 to over 500,000 in 2020.[6] In 2020, reshoring logged a record high 109,000 jobs announced.

The pandemic was the main driver of this recent surge, but analysts also view this landmark development as a combination of other factors, including greater U.S. competitiveness due to corporate tax and regulatory cuts, and rising concern over China’s competitiveness.[7] In general, a number of variables unrelated to the pandemic factor into a company’s decision to reshore. Rising wages in hosting countries are one of the most frequently cited reasons. Other reasons include protection of intellectual property, shorter supply chains, and the value of the “Made in USA” label as factors in decisions resulting in reshoring.[8] Despite the impact of COVID-19 and some promising developments in recent years, it’s important not to assume that reshoring is inevitable. Decisions on supply chains are made based on business fundamentals such as production costs and access to large markets. COVID-19 will likely not significantly affect those factors.


[1] https://www.supplychaindive.com/news/supply-chains-reshoring-decisions-sourcing-manufacturing-china/597596/

[2] https://www.brookings.edu/research/reshoring-advanced-manufacturing-supply-chains-to-generate-good-jobs/

[3] https://www.brookings.edu/research/reshoring-advanced-manufacturing-supply-chains-to-generate-good-jobs/

[4] https://www.areadevelopment.com/BusinessGlobalization/Q1-2021/job-creation-through-reshoring.shtml

[5] https://www.areadevelopment.com/BusinessGlobalization/Q1-2021/job-creation-through-reshoring.shtml

[6] Reshoring Initiative 2020 Data Report

[7] Ibid

[8] https://www.areadevelopment.com/BusinessGlobalization/Q1-2021/job-creation-through-reshoring.shtml; https://www.supplychaindive.com/news/supply-chains-reshoring-decisions-sourcing-manufacturing-china/597596/