ICGF Focuses on Investing in Minority- and Women-Owned Businesses

TRENTON, N.J. (September 23, 2022) – The New Jersey Economic Development Authority (NJEDA) today announced that its Board has approved investing up to $1 million into Innovate Capital Growth Fund (ICGF) through a limited partnership investment. ICGF marks the NJEDA’s 21st venture fund investment approval to date.

ICGF, a Delaware limited partnership, was created last year to provide growth capital, primarily in the form of equity, to minority- and women-owned businesses located substantially in the Mid-Atlantic region. ICGF is expected to invest an additional $2 in New Jersey-based companies for every $1 the NJEDA commits. This would result in a target of $3 million of capital invested into New Jersey companies.

“ICGF’s investment strategy aligns perfectly with Governor Phil Murphy’s vision to create the most diverse and inclusive innovation ecosystem in the nation,” said NJEDA Chief Executive Officer Tim Sullivan. “Through investments such as this one, we are providing much-needed capital for young companies to leverage as they grow, commercialize, and create good-paying jobs in New Jersey.”

Sullivan noted that, among its myriad resources for New Jersey’s innovation sector, the NJEDA helps increase available capital for emerging innovation-focused companies by investing as a limited partner in venture capital funds that invest in New Jersey-based enterprises. Gains resulting from these investments are then used to offer new funding opportunities to support New Jersey businesses. To date, the NJEDA has committed over $64.5 million to 20 venture capital funds since 1999, not including this latest approval.

The Fund will be managed by Innovate Capital Growth GP, LLC, which is owned in part by  The Enterprise Center (TEC). TEC is a nationally recognized community economic development center in Philadelphia that focuses solely on advancing economic growth by connecting minority and women-owned companies with business, capital, and community. TEC operates three federally contracted business centers, including the Camden Cares Business Center. The Camden Cares Business Center employs nearly 10 percent of TEC’s investment and operations professionals. TEC also operates a certified Community Development Financial Institution (CDFI). Across all of these instruments, TEC has helped small businesses earn more than $1 billion in contracts and financing, secure more than $7 million in start-up loans, and created more than 3,000 jobs for the local community.

ICGF managers recently participated in the NJEDA’s New Jersey Founder & Funders event, where they met one-on-one with emerging innovation-focused companies. ICGF Co-Managing Partner and TEC President Della Clark indicated that, as part of ICGF’s growing commitment to New Jersey’s innovation ecosystem, she and her co-managers intend to participate in additional New Jersey Founders & Funders events in the future.

“In recent years, New Jersey has shown a strong commitment to bolstering opportunities for minority- and women-led businesses and we are excited to have the NJEDA as one of ICGF’s investors,” said Clark. “We have been continually impressed with the high-caliber startups we have found in New Jersey and are proud to bolster our ability to support these emerging companies through this fund.”

ICGF was awarded a Small Business Investment Company (SBIC) license from the United States Small Business Administration. Having this designation will enable the firm to access a wider pool of capital from private lenders and banks that may support companies in their portfolio.

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. NJEDA is developing the Wind port on behalf of the State.

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. (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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Program Dedicates $750,000 in Grant Funding to New Jersey-Based Early-Stage Innovation Companies to Tackle Maternal & Infant Health Challenges

Trenton, N.J. (June 30, 2022) – The New Jersey Commission on Science, Innovation, and Technology (CSIT) will open applications for its $750,000 Maternal and Infant Health Research and Development (R&D) Seed Grant Program on Friday, July 1. The application will be available at https://www.njeda.com/maternal-and-infant-health-grant.

Through the Maternal and Infant R&D Seed Grant Program, CSIT will award 10 grants of up to $75,000 each to help New Jersey-based early-stage innovation-based companies accelerate the development of technologies, products, and services that support pregnant women and new mothers. Specifically, the Maternal and Infant Health R&D Seed Grant Program will support investments in R&D and new technologies supporting maternal and infant health in targeted sectors including life sciences, technology, and non-retail food and beverage.

With the Maternal and Infant Health R&D Seed Grant Program, CSIT will advance the innovation economy through the development of critically necessary research, products, and services designed to enhance maternal and infant health. This effort supports the goals established by the Nurture NJ Strategic Plan, which aims to make New Jersey the safest place in America to deliver a baby, specifically focusing on ending racial disparities in maternal and infant health outcomes. Launched in 2019 by Governor Phil Murphy and First Lady Tammy Murphy, Nurture NJ is a comprehensive, whole-of-government effort to reduce maternal and infant mortality and morbidity and ensure equitable care among women and children of all races and ethnicities in New Jersey.

In order to be eligible, applicants must be authorized and in good standing to conduct business in New Jersey, must have $1 million or less in 2021 calendar year sales revenue, and must have 25 or fewer full-time equivalent workers. Complete eligibility requirements can be found at https://www.njeda.com/maternal-and-infant-health-grant. Applications from businesses located in an Opportunity Zone-eligible census tract or a Government Restricted Municipality (Atlantic City, Paterson, or Trenton), or businesses that are minority-, woman-, or veteran-owned are all eligible for bonus points with respect to the scoring criteria.

CSIT hosted an information session about the new grant program earlier this week. A recording of that session is available on CSIT’s website www.njeda.com/csit

CSIT signed an agreement last month with the New Jersey Economic Development Authority (NJEDA) whereby the NJEDA will dedicate $250,000 from the Economic Recovery Fund towards this program and CSIT will provide the remainder of the funding from its current budget.

About the New Jersey 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 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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Dedicates $750,000 in Grant Funding to New Jersey-Based Early-Stage Innovation
Companies to Tackle Maternal & Infant Health Challenges

Trenton, N.J. (May 16, 2022) – The New Jersey Commission on Science, Innovation, and Technology (CSIT) and the New Jersey Economic Development Authority (NJEDA) today announced plans to enter into an agreement that will lead to the establishment of a $750,000 Maternal and Infant Health Research and Development (R&D) Seed Grant Program. Through the program, CSIT will award 10 grants of up to $75,000 each to help New Jersey-based early-stage innovation-based companies accelerate the development of technologies, products, and services that support pregnant women from pre-natal, through birth and post-partum, and into infancy.

With the Maternal and Infant Health R&D Seed Grant Program, CSIT will advance the innovation economy through the development of critically necessary research, products, and services designed to enhance maternal and infant health. This effort supports the goals established by the Nurture NJ Strategic Plan, which aims to make New Jersey the safest place in America to deliver a baby, specifically focusing on ending racial disparities in maternal and infant health outcomes. Launched in 2019 by Governor Phil Murphy and First Lady Tammy Murphy, Nurture NJ is a comprehensive, whole-of-government effort to reduce maternal and infant mortality and morbidity and ensure equitable care among women and children of all races and ethnicities in New Jersey.

“Mothers, those who are pregnant, and families are at the heart of the Nurture NJ Strategic Plan, which aims to make New Jersey the safest and most equitable place in the nation to give birth and raise a baby,” said New Jersey First Lady Tammy Murphy. “Investing in research and new technologies strengthens our families by ensuring the health and safety of mothers and their babies. I’m thrilled the Maternal and Infant Health R&D Seed Grant Program will advance our work to end racial disparities by funding New Jersey companies committed to supporting maternal and infant health through innovation.” 

As part of the agreement announced today, the NJEDA will dedicate $250,000 from the Economic Recovery Fund towards this program and CSIT will provide the remainder of the funding from its current budget. Both the NJEDA and CSIT Boards approved the agreement during their monthly meetings last week.

The Maternal and Infant Health R&D Seed Grant Program will support investments in R&D and new technologies supporting maternal and infant health in targeted sectors including life sciences, technology, and non-retail food and beverage. CSIT will be hosting an information session about the new grant program in June and details will be available on the CSIT website www.njeda.com/csit.  Applications for the program will open July 1, 2022.

“The Maternal and Infant Health R&D Seed Grant Program joins a suite of CSIT R&D Seed Grant programs designed to advance New Jersey’s innovation economy,” said CSIT Executive Director Judith Sheft. “By supporting early-stage innovationcompanies, the NJEDA and CSIT will help transform new discoveries from the research state into commercially-viable products and services that enhance the quality of care for women and infants.”

“Today’s announcement of $750,000 for CSIT’s Maternal and Infant Health R&D Seed Grant Program serves as a testament to New Jersey’s commitment to ending racial disparities and adverse health outcomes for New Jersey mothers and their children,”said CSIT Vice Chair Debbie Hart. “This funding will support research in an underinvested area of research while aiding in the development and discovery of new technologies designed to support pregnant people to reduce future rates of maternal and infant mortality.”

“Inequity in healthcare access is unacceptable, and under Governor Murphy and First Lady Murphy’s leadership, New Jersey is taking bold steps to invest in technologies, resources, and programs that ensure equitable care for women and children of all races and ethnicities,” said NJEDA Chief Executive Officer Tim Sullivan. “Providing seed funding to early-stage New Jersey-based companies dedicated to advancing maternal and pediatric health outcomes will not only contribute to our state’s growing innovation economy, but will produce long-lasting economic returns through advancements in research and increased health outcomes for mothers and infants. The Maternal and Infant Health R&D Seed Grant Program joins a suite of innovative products that leverages investment to drive real, meaningful, change within one of our state’s most vulnerable populations.”

About the New Jersey 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 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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NJ Tech & Life Sciences Companies Can Now Apply to Sell Their
Net Operating Losses & Unused Research & Development Tax Credits for Cash


TRENTON, N.J. (May 3, 2022) – The New Jersey Economic Development Authority (NJEDA) today announced that it has opened applications for the 2022 Technology Business Tax Certificate Transfer Program, commonly known as the Net Operating Loss (NOL) Program. Hailed as a lifeline for companies that have yet to reach profitability, the NOL Program enables early-stage technology and life sciences businesses in the Garden State to sell a percentage of their New Jersey net operating losses and unused research and development (R&D) tax credits to unrelated profitable corporations for cash. The NJEDA is accepting applications online through June 30, 2022 at http://www.njeda.com/nol.

Participants can use the capital raised through the NOL Program to help cover allowable costs incurred in connection with the operating their business such as salaries, R&D, and other working capital expenditures. The NJEDA and the New Jersey Department of Treasury’s Division of Taxation jointly administer the program.

Since the program’s inception in the late 1990s, $1.126 billion in funding has been distributed to more than 570 technology and life sciences companies. The average award for companies approved to sell their net operating losses through the program in 2021 was $1.82 million.

The New Jersey Economic Recovery Act of 2020 (ERA), which Governor Phil Murphy signed into law last year, 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.

“Innovative New Jersey companies will be able to benefit from enhancements made to the NOL Program by the ERA as they work toward commercialization,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello. “Connecting early-stage businesses with access to non-dilutive funding and helping them fuel their growth are key to achieving Governor Murphy’s goal of recapturing New Jersey’s role as a leader in innovation. We look forward to supporting even more young companies as a result of expanding this critical program.”

Coviello noted that $15 million of the $75 million program allocation will be reserved for the surrender of transferable tax benefits exclusively by eligible companies operating within the boundaries of the State’s three Innovation Zones of Newark, Camden, and the Greater New Brunswick area, companies located in Opportunity Zones, and/or women- or minority-owned businesses certified by the State of New Jersey.

Potential applicants interested in learning more should visit the program website which covers the program’s eligibility requirements in detail. Companies are strongly encouraged to review the reference materials and  watch the program review and application walk-through videos posted on the program’s website at http://www.njeda.com/nol.

In addition to being vital to emerging companies, the NOL Program also provides enormous benefits to the profitable companies that are buying the net operating losses and unused R&D tax credits. A profitable company can purchase tax credits at a discount, based on the market price at the time. These tax credits have traditionally traded somewhere between 88 and 94 cents on the dollar. Once purchased, the tax credits can then be applied to reduce the buyer’s state tax obligation. For example: a purchase of $1,000,000 of tax credit at 92 cents on the dollar would enable a buyer to decrease their New Jersey taxes payable by $1,000,000 for the price of $920,000, representing a savings of $80,000. Buyers can be publicly listed are on the NOL Program’s website, if they so choose. Entities interested in becoming a buyer through the NOL Program can visit the website http://www.njeda.com/nol or reach out via email to nol@njeda.com for more information.

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 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 Will Offer up to $150,000 in grants to NJ Startups

TRENTON, N.J. (November 23, 2021) – The New Jersey Commission on Science, Innovation and Technology (CSIT) today announced the creation of a $1.5 million Catalyst Seed Research and Development (R&D) Grant Program to help New Jersey-based startups accelerate development of technologies. The funding will help the companies transform new discoveries from the research stage into commercially viable products and services. The application, which opens on December 6, will be available at http://www.njeda.com/csit.

The Catalyst Seed R&D Grant Program will be open to companies conducting R&D or testing technologies in the following areas that were identified as targeted industries in Governor Phil Murphy’s economic development plan, “The State of Innovation: Building a Stronger and Fairer Economy in New Jersey: Advanced Manufacturing, Transportation and Logistics, Film and Digital Media, Life Sciences (including, but not limited to: therapeutic drug development, diagnostics, and medical devices), Non-Retail Food and Beverage, Finance and Professional Services, and Technology.

“The new Catalyst Seed R&D Grant Program will vastly expand the scope of projects and companies that CSIT is able to support,” said CSIT Executive Director Judith Sheft. “Providing seed capital to businesses in high-wage, high growth sectors is both beneficial to the individual entities and important to the strength of our overall innovation economy.”

The program will offer two grant components:

  • Grants of up to $150,000 for projects that are developing life sciences therapeutics. It is anticipated that five awards will be made in this area.
  • Grants of up to $75,000 for other innovation projects – non–life sciences therapeutics drug R&D projects and projects that are not eligible for the Clean Tech Seed Grant. It is anticipated that 10 awards will be made in this area.

Sheft noted that the Catalyst Seed R&D Program is modeled after CSIT’s successful Clean Tech R&D Seed Grant Program, which awarded nearly $750,000 to startups statewide earlier this year. CSIT anticipates opening a second round of its Clean Tech Seed Grant program in early 2022. Therefore, companies that are working on research regarding the avoidance of emissions of, or recapture, greenhouse gases and/or criteria pollutants, or to enable such avoidance or recapture, will not be eligible to participate in the Catalyst Seed R&D Grant Program. 

Applications for the Catalyst Seed R&D Grant Program will open on December 6, 2021. CSIT will host an information webinar on December 7, 2021 at 10:00 a.m., which will include a walk-through of the application. Anyone interested in attending can visit http://tinyurl.com/NJCSIT to register. A recording of the webinar will also be available on CSIT’s website. Entrepreneurs can also get information about this and other programs designed to help their early-stage companies grow during the NJEDA’s November 30 Innovation Economy Programs webinar. Attendees can register for the event at http://tinyurl.com/NJ-Innovation.

“Under Governor Murphy’s leadership, New Jersey is receiving national and international attention as an excellent place to locate and grow a startup,” NJEDA Chief Executive Officer Tim Sullivan said. “The Catalyst Seed R&D Grant Program will be an important tool for helping us continue to foster an environment where these startups can succeed and thrive.”

Applicants for the Catalyst Seed R&D Grant Program will be required to demonstrate at least one of the following for their projects in order to be eligible for funding: description of the proof of concept results, published paper outlining results achieved, successful completion of a federal Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) grant or contract related to the project, and/or confirmation documentation from a university tech transfer office if the project relates to technology that has been developed at a university. Complete eligibility requirements can be found at http://www.njeda.com/csit.

In support of CSIT’s mission to foster diversity and inclusion, one grant award will be reserved for an applicant meeting the minimum scoring criteria of 70 points that is women-owned as certified by the State of New Jersey and one grant award will be reserved for an applicant meeting the minimum scoring criteria of 70 points that is minority-owned as certified by the State of New Jersey. If there are no applicants that meet these criteria the funds may be allocated to other applicants.

In their roles on the CSIT Board, New Jersey State Senator Robert Singer and Assemblyman Andrew Zwicker have been vocal champions of creating resources such as the Catalyst Seed R&D Program to support New Jersey startups.

“Access to seed capital is among the most vital tools for very young companies that are often too early-stage to attract outside capital,” Senator Singer said. “Giving them that access now will pay dividends for our innovation ecosystem in the future.”

“New Jersey startups already have a tremendous number of assets available to them – including proximity to world-class universities, a top-notch talent pool, and a supportive innovation ecosystem,” Assemblyman Andrew Zwicker said. “Adding the Catalyst Seed R&D Grant Program to the suite of resources that CSIT offers startup companies will further Governor Murphy’s goal vision of making New Jersey the nation’s premier hub for innovative, science-and-technology focused entrepreneurism.”


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 https://www.njeda.com/csit or follow @NewJerseyEDA on Twitter, Facebook, LinkedIn and Instagram.

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TRENTON, N.J. (November 10, 2021) – The New Jersey Economic Development Authority (NJEDA) today released for public feedback rules for the Net Operating Loss (NOL) Program as updated under the New Jersey Economic Recovery Act of 2020 (ERA) and P.L. 2021, c. 160, including new measures to support woman- and minority-owned businesses. Members of the public are encouraged to review the preliminary rules and submit written feedback through an online form available on the Economic Recovery Act website.

“Governor Phil Murphy is committed to driving long-term economic growth in New Jersey by building the most diverse, inclusive innovation ecosystem in the nation,” said NJEDA Chief Executive Officer Tim Sullivan. “The NOL Program has a long history of success helping early-stage companies with the greatest growth potential launch and grow in New Jersey. The updated program rules released today will increase this important program’s impact and help us continue to grow New Jersey’s innovation economy.”

The NOL Program enables tech and life sciences companies to sell their New Jersey net operating losses and/or research and development (R&D) tax credits for cash. Buyers can purchase tax credits at a discount and apply them to reduce taxable income.

To date, more than $1.07 billion in funding has been distributed to over 550 technology and life sciences companies since the NOL Program’s inception in the late 1990s. In 2020, 49 companies were approved to sell a combined $54 million through the program. The average award for companies approved to sell their net operating losses through the program last year was $1.1 million.

The updated rules released today incorporate changes mandated in the ERA, including increasing the NOL Program’s annual cap from $60 million to $75 million and raising the lifetime cap for an individual company from $15 million to $20 million. The updated rules also expand the type of participating companies subject to the initial allocation to include companies located within an opportunity zone and certified woman- or minority-owned businesses.

Draft NOL Program rules will be available for public comment until November 24, 2021. Members of the public can review the rules and provide comment at https://www.njeda.com/economicrecoveryact/program-specific-feedback/.

In addition to the NOL Program, the ERA creates a suite of programs that includes tax credits to incentivize job creation, new construction, and revitalization of brownfields and historic properties; financial resources for small businesses; support for new supermarkets and healthy food retailers in food desert communities; new funding opportunities for early-stage companies in New Jersey; and support for the growing film and digital media industry. The NJEDA will continue to engage the public as new programs and rules are developed.

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.com and follow @NewJerseyEDA on FacebookTwitter, Instagram, and LinkedIn.

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