TRENTON, N.J. (January 18, 2024) – The New Jersey Economic Development Authority (NJEDA) today announced the inaugural cohort of the New Jersey Innovation Fellows (NJIF) program. The cohort consists of 10 new businesses, made up of 30 entrepreneurs, that will receive a total of $3.6 million in income replacement grants, as well as mentorship and training. The inaugural cohort marks an important milestone in the NJEDA’s commitment to fostering innovation and supporting business ventures in their critical early stages.

“Governor Phil Murphy has been committed to growing our state’s innovation economy and ensuring entrepreneurs of all backgrounds have the tools to get their businesses off the ground,” said NJEDA Chief Executive Officer Tim Sullivan. “The NJIF, a first-in-the-nation program, levels the playing field for first-time entrepreneurs by providing the funding and training needed to succeed. By supporting these 10 new, cutting-edge companies, New Jersey is firmly cementing itself as a national leader in innovation.”

The competitive program’s innovative approach of providing income replacement grants to diverse teams ensures entrepreneurs of all backgrounds can fully dedicate themselves to growing their ventures without the financial strain typically associated with the early stages of businesses development. This is particularly true for many first-time entrepreneurs, diverse entrepreneurs, and recent grad students, who may not be able to forego steady income, leaving a gap in the state’s innovation economy.

Each team receives an income replacement grant of $200,000. A bonus grant is available to teams located in designated opportunity zones. Additionally, bonus grants are available to teams with members who self-certify as a woman or minority or graduated from a New Jersey college or university. A team can receive a total of up to $400,000 in grants. This year’s cohort welcomes 20 first time entrepreneurs accumulating $1.7million in bonus grant funding.

Selected from a competitive pool of entrepreneurs, the inaugural round of NJIF companies will support ventures in the fields of life sciences, film, information technology, and professional services over a two-year period. In future NJIF cohorts, the NJEDA will look forward to that might additionally include infant and maternal health care and clean energy. Understanding the potential impact new businesses will have on innovation and the statewide economy, the NJEDA, through the NJIF program, will continue providing economic and social capital to underserved and under-resourced first-time entrepreneurs

“New Jersey has a long history of innovators and change-makers, and the NJIF program would make it so people from diverse backgrounds including first-time entrepreneurs, minorities, and women have a chance to demonstrate their potential,” said Majority Leader Teresa Ruiz (D-Newark). “By granting the fellows the financial freedom to focus entirely on their businesses, NJIF is providing an opportunity to accelerate their success.”

A cornerstone of the program is its robust mentorship initiative, designed to complement the financial support. Each startup will participate in a comprehensive mentorship program facilitated by the New Jersey Innovation Institute (NJII) or The Rowan Center for Innovation & Entrepreneurship (RCIE). Mentorship and network support can help mitigate the risk business failure, which many first-time entrepreneurs experience, and can propel businesses to the next level.

The curriculum will provide training in subjects such as managerial finance, accounting, and financial statement preparations; human resources development and management; business model design; marketing and customer development; and more. The program will pair each startup with experienced mentors who guide them through the multifaceted challenges of building a business.  Through their mentors, startups gain access to an expansive network of industry contacts, potential partners, and investors.

“New Jersey Innovation Institute is proud to partner with the NJEDA in this inaugural NJIF program and is well positioned to support this cohort of fellows through its Entrepreneurship program.,” said NJII President, Michael Johnson, Ph.D. “This initiative reflects NJII’s commitment to fostering innovation, supporting local entrepreneurs, and contributing to the economic development of New Jersey through collaborative efforts with organizations like the NJEDA.”

“Since its establishment in 2017, the Rowan Center for Innovation and Entrepreneurship has mentored dozens of startup companies who have created new products, services, and jobs as economic catalysts in our State,” said Dr. Michael Dominik, Professor at the Rowan University School of Innovation and Entrepreneurship. “Rowan is thrilled to work with the NJEDA as part of the Innovation Fellows program to mentor these startups to become shining stars in the New Jersey entrepreneurial ecosystem.”

Through the NJIF program, the NJEDA is demonstrating the power of diversity as a catalyst for business innovation and success. Diverse teams bring together varied viewpoints, leading comprehensive and creative problem solving.  The inaugural cohort of startups showcase a rich tapestry of diverse backgrounds, experiences, and perspectives, with many startups at the forefront of the current AI/technology revolution.

The inaugural cohort includes the following startups:

AbilityHUB, West Windsor – $350,000
The company will facilitate collaboration among service providers, caregivers, disabled community members and their families by connecting, collaborating, predicting, and ensuring the delivery of services that impact whole person health for the disabled community. The company’s proposed technology infrastructure will be built upon a combination of powerful and scalable technologies that ensure a robust and reliable platform from front to back-end development and management.

AntaMed, East Orange – $350,000

The medical device company is developing a one-of-a-kind durable back brace which also enables rehabilitative movements to innovatively treat patients with core and back pain. With remote patient monitoring in the device, the company’s goal is to aid healthcare professionals in preventing and alleviating back pain while increasing compliance and convenience for patients.

Fire Start Productions, Gloucester Township – $250,000
This start-up film and digital media company specializes in virtual production technologies. The company will focus on delivering comprehensive digital production and creative services that will streamline the production process of traditional film and other video production models. The company aims to forge new pathways in storytelling, animation and content delivery leveraging technology.

Helloboss, Jersey City – $350,000
The company aims to provide small businesses with high-quality professional services that are offered through their digital mobile marketing application. The range of services will include design, marketing, research, analytics, consulting, and engineering.

Klick Studios, Burlington City – $400,000
The digital content creation studio will provide high quality visual media production content for marketing and advertising purposes for its clients. The company aims to fuse innovative digital media technologies with traditional video and content marketing tools to create interactive, immersive experiences.

Liv Again Wellness, Vineland – $350,000
The company offers mobile IV hydration services through IV Hydration therapy, and will focus on immediate, personalized, nutritional support, beyond traditional medical settings. Moreover, the company will utilize integrative therapies to make clients feel restored, exhilarated, and energetic and will focus on helping clients achieve optimal health with preventative care. 

My FitPlate, Jersey City – $400,000
The company is developing a digital mobile fitness and nutritional wellness application that will integrate virtual reality technology into client wellness plans as well as the gamification of home workout programs, meditation, and stress management strategies. The innovative application will embrace cutting edge technology to connect users across its platform. 

Planthopper Corp, Keansburg – $350,000
The bio-controls company is designed to defend and protect food security, which is under threat by the spotted lanternfly infestation in at least 14 states in the Eastern United States. The business is developing, modifying, and scaling production and dispersion methods for entomopathogenic fungus that are maximally pathogenic to and selective for the spotted lantern flies.

Quarks Advantage, Jersey City – $400,000
The high-tech digital consulting firm will focus on helping small businesses achieve their goals through the use of artificial intelligence tools. The company will focus on building their digital proprietary platform and easy to use digital application.

Thrivio Health, North Bergen – $400,000

Thrivio Health offers an AI-driven health care platform and digital therapeutics for primary care, urgent care, mental health, and pediatric care. The company aims to provide accessible and affordable health care solutions by leveraging AI and data analytics.

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 NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn

Recently-Announced AI Hub at Princeton University, Powered by the NJEDA, Will Enable Growth of AI in New Jersey

TRENTON, N.J. (January 8, 2024) – Following last month’s announcement by Governor Phil Murphy and Princeton University President Christopher Eisgruber that the New Jersey Economic Development Authority (NJEDA) will collaborate with Princeton University to establish a hub for Artificial Intelligence (AI), the AI industry continues to gain momentum in New Jersey heading into 2024.

“The AI hub announced in December by Governor Murphy and President Eisgruber will build on New Jersey’s legacy in innovation and continue to drive the state’s leadership in the rapidly-growing AI industry,” said Tim Sullivan, CEO of the New Jersey Economic Development Authority. “The opportunity presented by AI aligns with Governor Murphy’s vision for cultivating high-growth sectors, with the goal of creating family-sustaining career opportunities. Showcasing New Jersey’s bustling innovation community, talent pool, and robust resources will help AI companies recognize the state’s value proposition for growing innovative companies of the future.”

Sullivan added that the initial development of the Princeton AI hub will be supported with $250,000 in planning funds from the NJEDA’s Strategic Innovation Center initiative. The hub will bring together AI researchers, industry leaders, start-up companies, and other collaborators to advance research and development, house dedicated accelerator space, advance the use of ethical AI for positive societal impact, and promote workforce development to support new technology development, in collaboration with other New Jersey universities, community colleges, and vocational schools. 

NJEDA’s announcement with Princeton joins a strategic suite of support for attracting and retaining AI companies in the state. 

One AI-focused company that has recently been approved for support under the NJEDA’s Angel Match Program that has found success in New Jersey is Summit-based AlphaRoc, which provides AI-driven, predictive insights into investment opportunities.

“The Angel Match Program is designed to channel critical capital investment dollars to New Jersey startup companies so they can grow here, stay here, and create jobs and significant economic activity,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello. “Advancing creative solutions like the Angel Match Program that are directly responsive to the needs of entrepreneurs will help to ensure the next generation of companies, including those focused on AI, have the resources they need for the best possible chances of success.”

The Angel Match Program was designed to disburse funding from the State Small Business Credit Initiative (SSBCI), a federal program administered by the U.S. Department of Treasury. Its purpose is to propel the creation of an entrepreneurial ecosystem that stimulates innovation and economic development, providing employment opportunities for New Jersey residents.

Four startup entities recently approved for support through the New Jersey Innovation Fellows Program (NJIF) also intend to integrate AI technology into their products, including a healthcare solutions platform, a data-driven small business consulting practice, a mobile fitness application, and a digital marketplace for disabled individuals to better access service providers  The NJIF program supports would-be entrepreneurs, particularly diverse entrepreneurs, with “income replacement” grants. This resource creates an opportunity for the entrepreneurs to pursue unique startup business ventures with the security of initial income replacement funding in the two-year ideation and formation period of their businesses. NJIF pairs fellows with subject matter experts that can help them navigate the challenges and opportunities that AI presents.

In addition to these and other AI-focused startup companies finding a home in New Jersey, innovative research collaborations and outputs continue to flourish in the state in the broad area of AI. As shown through the state’s Research with NJ free online platform, over 50,000 research outputs can be found on the site in topics that range across a broad spectrum of disciplines, such as AI, advanced computing, digital communication, quantum computing, and machine learning. In addition to research output, the site highlights over 500 researchers conducting research in these fields, 140 research units and facilities, and 400 grants/projects awarded in these areas.  Research with NJ offers details about research taking place at six universities, New Jersey Institute of Technology (NJIT); Princeton University; Rowan University; Rutgers, the State University of New Jersey; and now, Stevens Institute of Technology.

The site, which can be accessed at www.researchwithnj.com, now offers more than 325,000 pieces of research that commercial enterprises, from startups to global corporations, can use to fuel their growth. Research with NJ is managed by the New Jersey Commission on Science, Innovation and Technology (CSIT).

“The NJEDA and CSIT offer a host of resources designed for innovative companies in all stages of growth,” said CSIT Executive Director Judith Sheft. “From grants and loans to technical support, and even mentorship and networking opportunities to connect entrepreneurs with qualified investors, we are eager and poised to support companies that are already here, and to welcome those who choose New Jersey as their home.”

These examples of AI companies thriving in New Jersey are indicative of the NJEDA’s commitment to nurturing the development of new technologies, including AI. New Jersey is home to more than 10,000 technology companies, and the NJEDA offers programs designed to help them grow, including unmatched resources for accessing essential capital.

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 NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.
###

TRENTON, N.J. (October 18, 2023) – The Commission on Science, Innovation and Technology (CSIT) will host two informational webinars to outline several programs that are aimed to support innovative, early-stage, and clean teach startups across the state.

WHAT:          The first webinar will provide an overview of CSIT’s Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) Direct Financial Assistance Program Pilot, which enhances New Jersey’s innovation economy by providing technical and financial support to small businesses seeking to or participating in the federal SBIR/STTR program. The next round of the program will open in the coming weeks and will offer $25,000 and $50,000 grants.

The second webinar will highlight new rounds of funding available from CSIT’s Research and Development Voucher Programs. The Catalyst R&D Voucher Program helps offset the cost of leveraging R&D resources, facilities, and equipment at the state’s academic universities and colleges, federal, and non-profit laboratories to advance their technology development. The Clean Tech R&D Voucher Program supports early-stage clean tech companies access core facilities, equipment, and makerspaces at any participating state universities or government labs.

WHEN:          CSIT SBIR/STTR Direct Financial Assistance Program Webinar
Monday, October 23, 2023
2:00 p.m. – 3:00 p.m.
Click here to register

CSIT Research and Development (R&D) Voucher Programs Webinar
Monday, October 23, 2023
3:00 p.m. – 4:00 p.m.
Click here to register

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. Visit https://www.njeda.gov/csit/ for more information about CSIT incentive programs.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn. 

###

207 Applications Approved for over $8 Million in Tax Credits to Support Investment in 28 Companies

TRENTON, N.J. (October 2, 2023) – The New Jersey Economic Development Authority (NJEDA) announced today that 28 emerging New Jersey technology businesses benefitted from $63.2 million in private investment as supported in 2023 by the New Jersey Angel Investor Tax Credit Program (ATC). The NJEDA approved 207 investor applications in 2023, for a total of more than $8.2 million in tax credits, based on a percentage of eligible investment. Approved investments support emerging New Jersey-based companies in the life science, technology, and clean technology sectors. Since the ATC program’s inception in 2013, 2,900 investments totaling $872 million have been approved to support 141 New Jersey companies.

Through the Angel Investor Tax Credit Program, an investor is eligible to receive a 20 percent refundable tax credit by investing in a qualified New Jersey emerging technology business. Eligible companies for investment include those focused on commercializing technologies in advanced computing, advanced materials, biotechnology, carbon footprint reduction technology, electronic device technology, information technology, life sciences, medical device technology, mobile communications technology, or renewable energy technology. In addition, the business receiving the investment must employ fewer than 225 employees, at least 75 percent of whom work in New Jersey. There is also a 5 percent bonus for investments in businesses located in a qualified Opportunity Zone or New Markets Tax Credit census track, or a business that is certified by the State as a Minority- or Women Business Enterprise.

Complete eligibility requirements can be found at https://www.njeda.gov/angeltaxcredit. The program is open to investors outside of NJ when investing in a qualified NJ business.

“The ATC continues to drive private investment into promising, emerging New Jersey businesses, following enhancements to the program resulting from Governor Phil Murphy’s signing of the Economic Recovery Act of 2020 in early 2021,” said NJEDA Chief Executive Officer Tim Sullivan. “The ATC is a proven and powerful tool for promoting growth of the state’s innovation sector in an equitable and inclusive manner.”

Of the 28 companies receiving investments, 7 companies are new to the ATC program. Additionally, 10 entities qualified for an additional bonus in credits, including 5 state-certified women or minority business enterprises and 5 businesses located in an Opportunity Zone or New Market Tax Credit census track.

Two companies benefitting from the ATC program in the second quarter of 2023 include EV Edison and Beable Education Inc. The two highlight New Jersey entrepreneurs with a proven record of successful business growth in the state.

Based in Kearny, EV Edison is a leading developer and provider of high-power electric vehicle charging solutions. The company provides a range of innovative stationary and mobile charging along with energy storage solutions for quick, modular on-demand EV charging at any location, along with equipment sales, installation and service, and comprehensive planning and EV charging consultation. EV Edison’s products and services are powered by proprietary cloud-based, utility-grade software. The company received a credit bonus for operation in an Opportunity Zone.

“The ATC continues to be a vital component of EV Edison’s success in attracting investment and delivering innovation to meet New Jersey’s clean energy goals,” said EV Edison President David Daly. “With our partnership with the NJEDA, we are committed to further expanding our New Jersey-based operations while bringing the benefits of clean technology to traditionally underserved communities through workforce development and supplier diversity.”

Based in Lakewood, Beable Education Inc. used capital from the ATC program to support its work on the Beable IQEngine, a proprietary software using machine learning, automation, and data science to create an individualized learning path for each user. The woman-owned company closes the literacy and opportunity gap in education using emerging and innovative technology.

“The ATC has enabled Beable to offer investment attractive terms which, together with our profound mission of helping kids succeed, has served as a magnet for investors,” said Saki Dodelson, CEO of Beable. “Beable is proud to impact the lives of students nationwide through in-school and after-school literacy and career programs, and we thank NJEDA for assisting us in making it happen.”

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 NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

###

Three Additional Firms Can Now Leverage Up to $12.5M Annually to Invest in NJ-Based Companies

TRENTON, N.J. (September 12, 2023) – The New Jersey Economic Development Authority (NJEDA) today approved three additional venture capital firms as Qualified Venture Firms (QVFs) in the New Jersey Innovation Evergreen Fund (NJIEF). With these latest approvals, a total of 10 QVFs can each access up to $12.5 million annually per investor from the NJIEF to co-invest in innovative, high-growth New Jersey-based businesses. 

Established under the New Jersey Economic Recovery Act (ERA) of 2020, signed into law by Governor Phil Murphy in 2021, the NJIEF allows the State to become an equity investor in innovative early-stage businesses based in New Jersey, investing up to $300 million in New Jersey companies alongside approved QVFs for a total of $600 million. The capital raised from the sale of tax credits auctioned off to eight corporations in December 2022 will result in the funding of initial investments into high-growth businesses in New Jersey.

“Governor Phil Murphy has always prioritized connecting New Jersey startups with access to the funding they need to succeed,” said NJEDA Chief Executive Officer Tim Sullivan. “The NJIEF offers a unique and responsive solution for getting capital into the hands of the state’s youngest companies while also building on New Jersey’s role as a leader in innovation.”

Sullivan noted that venture capital firms throughout the world can apply to be QVFs to invest in early-stage businesses and potentially receive matching capital to further benefit the startups. The QVFs approved today have a proven track record of investing in the growth of emerging companies throughout the country.

The three QVFs approved today are:

“Venture firms nationwide are taking notice of New Jersey’s leadership in innovation and are eager to invest into our state’s high-growth startups through the NJIEF,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello. “We are excited to partner with the approved QVFs as we begin to make strategic investments that will benefit emerging companies as they expand and thrive in the Garden State.”

Applications for venture firms seeking to qualify as a QVF can be found here and are being accepted on a rolling basis. The ten firms approved to date represent diversity in terms of investment strategy, industry, and stage. Additionally, there continues to be strong momentum from interested managers.   

Applications for approved QVFs to apply for Qualified Investments into high-growth, innovative businesses based in New Jersey are also now open. The total unallocated capital available for new investments stands at over $46 million. 


About the New Jersey Economic Development Authority

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

###

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, 2023) – The New Jersey Economic Development Authority (NJEDA) opened applications this week for its 2023 Technology Business Tax Certificate Transfer Program, commonly known as the Net Operating Loss (NOL) Program. The 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 NOL Program is accepting applications through June 30, 2023, at http://www.njeda.gov/nol. Participants can use the capital raised through the NOL Program to help cover allowable costs incurred in connection with operating their businesses such as salaries, R&D, and other working capital expenditures.

The New Jersey Economic Recovery Act of 2020 (ERA), which was signed into law by Governor Phil Murphy in 2021, 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.

“It’s fitting that the application for this year’s NOL Program opened during Small Business Week, as the program routinely helps companies keep their lights on, their employees paid, and propels their research and development forward,” said NJEDA Chief Executive Officer (CEO) Tim Sullivan. “Enhancements made to the program by the ERA help ensure emerging companies have access to the capital they need to succeed, which is a key component of fulfilling Governor Murphy’s vision to establish New Jersey as a leader in innovation.”

In line with Governor Murphy’s vision to create the most diverse and inclusive innovation ecosystem in the nation, $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 eligibility requirements in detail at http://www.njeda.gov/nol and attend the NJEDA’s upcoming NOL Program webinar on May 9. Registration can be found at http://www.njeda.gov/nol. A recording of the webinar, which will include a walk-through of the application, will be available at http://www.njeda.gov/nol following the event.  

Since the program’s inception in the late 1990s, more than $1.17 billion in funding has been distributed to over 570 technology and life sciences companies. The average award for companies approved to sell their net operating losses through the program in 2022 was over $3.1 million.

“Given the broad range of acceptable funding uses, the NOL Program has been hailed for decades as a lifeline for emerging companies that have yet to reach profitability,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello. “The ability to secure an average award of over $3 million without giving up any equity makes this extremely attractive to entrepreneurs. At the same time, it complements the state’s many assets as an attraction tool for entrepreneurs choosing to grow their businesses in New Jersey.”   

United Silicon Carbide, BioAegis Therapeutics, and Palatin Technologies are among the hundreds of companies that have taken advantage of the program. Here’s what their CEOs had to say about the program:

“The NOL Program was a consistent source of funding for us and was among the many state resources that helped sustain us until we were acquired by Qorvo in 2021. My advice to entrepreneurs just starting out is simple: Apply for this program. It gives you cash without requiring you to give up equity.”

–Dr. Christopher Dries, former United Silicon Carbide President and CEO and current General Manager of Power Device Solutions for Qorvo
United Silicon Carbide also previously benefited from the NJEDA’s Angel Investor Tax Credit Program and its Edison Innovation Fund

“We’ve been fortunate to leverage a variety of New Jersey’s assets as we’ve worked to develop groundbreaking discoveries in inflammation and infection. The ability to sell our losses for cash through the NOL Program, combined with the Garden State’s proximity to major pharmaceutical companies and highly talented scientists, make this the ideal place for biotechnology companies like ours.”

–Dr. Susan Levinson, CEO of BioAegis Therapeutics
BioAegis Therapeutics is a tenant at the NJEDA’s NJ Bioscience Center – Step-Out Labs and a graduate of its NJ Bioscience Center – Incubator.

“New Jersey’s decision to increase the lifetime cap from $15 million to $20 million has afforded us the opportunity to realize the benefits of the NOL program for additional years. Funding provided through the program has been critical to the growth of our bio-pharmaceutical R&D company, and we are thankful to the NJEDA for aiding our efforts as we work to continue to develop drugs for various indications.”

–Dr. Carl Spana, CEO of Palatin Technologies

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.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

###

Program offers loans to finance clean energy projects or the creation or expansion of clean energy businesses

TRENTON, N.J. (April 12, 2023) – The New Jersey Economic Development Authority (NJEDA) will host a virtual public information session on the New Jersey Clean Energy Loans (NJ CELs) Program on Monday, April 17 at 1:00 p.m. The session will provide information on program eligibility, loan terms, engagement with banking partners, and the application process.

NJ CELs is an $80 million co-lending program created by the NJEDA for small businesses seeking to finance qualifying clean energy projects or for the formation or expansion of clean energy businesses that create jobs in state.

The program’s funds come from the U.S. Treasury’s State Small Business Credit Initiative (SSBCI), which was reauthorized under the American Rescue Plan in order to stimulate state and local economies in the wake of COVID-19. NJ CELs will offer loans of $500,000 to $20 million with a term of one to 25 years, with the NJEDA financing up to 50 percent of the total loan amount ($250,000 to $10 million). NJEDA loans must be matched at least dollar for dollar with capital from a financial institution. NJ CELs will unlock capital for small businesses and start-ups, catalyze the deployment of clean energy in New Jersey, and support minority-, woman-, and veteran-owned businesses to participate in the State’s energy transition.  

Potential applicants, banking partners, and other interested parties, including members of the media, can register for the April 17 information session here. A recorded version of the webinar will be posted at https://www.njeda.gov/njcels/ following the event.

Applications for the NJ CELs program open Wednesday, April 19, 2023, and will be available here.  Those considering applying may conduct an Eligibility Self-Assessment here. Financial institutions interested in offering the benefits of the NJ CELs program to their clients can find information here, and may complete an expression of interest form here.

To be eligible, an entity must have fewer than 750 Full-Time Equivalent (FTE) employees and be seeking financing for a clean energy business or project located in New Jersey. Complete eligibility requirements can be found here.

Businesses certified as minority-, woman-, or veteran-owned, as well as businesses or projects located in an overburdened community, are eligible for an additional one percent rate reduction and ten percent loan forgiveness if the project results in at least one job being created per $100,000 of aggregate loan. 

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 NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

###

Program Will Award Grants of up to $75,000

TRENTON, N.J. (March 31, 2023) – The New Jersey Commission on Science, Innovation and Technology (CSIT) plans to create a $750,000 grant program to help New Jersey startups develop innovative solutions designed to improve food security statewide.

Through the Food and Agriculture Research & Development (R&D) Pilot Seed Grant Program, CSIT will provide grants of up to $75,000 to startups working on food and/or agriculture-related innovation in the life sciences, technology, and food and beverage (non-retail) sectors.

The grants will enable awardees to accelerate their R&D to transform new discoveries from the research stage into commercially viable products and services that address food security needs of communities across New Jersey. Projects do not need to be located within a food desert community, but applicants should describe how their proposal will impact residents in food desert communities and food-insecure New Jerseyans more broadly. Complete eligibility requirements can be found here.  

“Food insecurity is a critical issue and New Jersey startups are developing innovative solutions in areas surrounding food processing, food access, and information on nutrition,” said CSIT Executive Director Judith Sheft. “Under Governor Phil Murphy’s leadership, we are supporting this next generation of entrepreneurs as they work to address the needs of the hungry. From companies like Campbell’s Soup Company and Wakefern Food Corporation to B&G Foods and Mars Chocolate, New Jersey is already home to numerous food and beverage giants, and we look forward to watching startups in this vital sector grow and expand their footprints in the Garden State.”

Sheft noted that this program will bolster New Jersey’s leadership role as it gains further recognition as one of the nation’s key hubs for food innovation and technology. New Jersey has many assets that are helping attract and retain companies in this growing sector, specifically its strategic location, expansive transportation infrastructure, and easy access to the Port of New York and New Jersey, which serves as the second busiest port in North America and is the largest on the East Coast.

CSIT will host an informational webinar on the Food and Agriculture R&D Pilot Grant Program prior to the application opening. Details of that webinar will be posted on CSIT’s website once it is scheduled. A recorded version of the webinar and copy of materials presented will be made available on the CSIT webpage following the event.

CSIT expects to begin accepting applications for this program later this Spring. 

A commitment of $750,000 from the New Jersey Economic Development Authority (NJEDA) to CSIT to fund the Food and Agriculture R&D Pilot Seed Grant program was approved by both Boards this month. The funding allocation from the NJEDA was appropriated through New Jersey’s Fiscal Year 2022 state budget, which dedicated $3.5 million to the Authority for “Food and Agriculture Innovation.”

“The Food and Agriculture R&D Pilot Seed Grant Program is an important tool in furthering Governor Murphy’s vision to make New Jersey a leader in innovation while increasing access to healthy food for every resident,” said NJEDA Chief Executive Officer Tim Sullivan. “This program will also harness the brainpower of New Jersey entrepreneurs – one of our state’s greatest assets – to aid in our whole-of-government approach to combatting food insecurity.”

In keeping with Governor Murphy’s goal of creating the most diverse and inclusive innovation ecosystem in the country, bonus scoring will be awarded to applicants that are New Jersey-certified women-owned, minority-owned, or veteran-owned businesses or have a primary place of business/research and development located either within an opportunity zone eligible census tract or within Trenton, Paterson, or Atlantic City. Bonus scoring will also be awarded to applicants using intellectual property initially developed at a New Jersey university, under an executed license agreement with such university. To increase the percentage of first-time CSIT awardees, staff will implement a new scoring bonus for applicants that have not previously been awarded a CSIT grant or voucher.

“Given the food insecurity in New Jersey and throughout the world, the Commission is proud to launch this important pilot program which will support entrepreneurs as they innovate to address this challenge,” said CSIT Chair Debbie Hart. “This program literally has the potential to change the world starting in the neighborhoods of New Jersey.”

The CSIT Board approved the creation of the Food and Agriculture R&D Pilot Seed Grant Program at its meeting last week.

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.gov/csit and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

###

Award Will Provide Gap Financing for Future World-Class Hub of Innovation

TRENTON, N.J. (February 9, 2023) – The New Jersey Economic Development Authority (NJEDA) Board yesterday approved the first award under the Aspire program to support the development of the New Jersey Health + Life Sciences Exchange (HELIX) in downtown New Brunswick. The HELIX will bring together New Jersey’s public, private, and academic sectors to create a world-class hub of innovation and a strong base of support and talent pipeline for innovative companies. The award was provided to NJ Innovation Associates Urban Renewal, LLC, a special purpose entity, of which New Brunswick Development Corporation (Devco) – the developer of the HELIX – is the sole member.

Created under the New Jersey Economic Recovery Act of 2020, Aspire is New Jersey’s new gap financing program designed to support commercial, industrial, mixed-use, and residential real estate development projects, with an emphasis on underserved communities.

“Yesterday’s Board approval represents an important step in our efforts to create jobs and revenue-generating assets in the innovation economy, with a particular focus on high-growth, high-wage strategic sectors,” said Governor Phil Murphy. “The HELIX will bring the state’s corporate, innovation, and higher education communities together and will provide the dual benefit of spurring the growth of startups and attracting global companies looking to benefit from a New Jersey location.”

The award approved yesterday is specific to the first phase of the HELIX, known as H-1. H-1, with estimated capital investments of $750 million, entails the construction and development of a 12-story, 573,400-square-foot building in downtown New Brunswick, consisting of three major components: the New Jersey Innovation HUB, which will offer space for innovation and startups, new research laboratories for Rutgers – the State University of New Jersey’s translational research effort, and a new medical education facility for the Rutgers Robert Wood Johnson Medical School. In addition, the following entities will be anchor tenants at the HUB: Rutgers – the State University of New Jersey, Hackensack Meridian Health, RWJ Barnabas Health, and Middlesex County. Princeton University and DEVCO also plan to have a presence onsite. The project also includes public space connecting the Rutgers campus, the Robert Wood Johnson University Hospital District, the New Brunswick Train Station, and the Government and Arts District in the City’s downtown. Governor Murphy first announced plans for an innovation hub in New Brunswick in 2018.

“The Aspire Program was specifically created to support projects that revitalize our downtowns into premier destinations, enabling communities to better serve residents and help attract successful companies and top-notch talent,” said NJEDA Chief Executive Officer (CEO) Tim Sullivan. “The HELIX, a signature part of Governor Murphy’s economic plan to recapture New Jersey’s role as a leader in innovation, will foster the growth of startups and new technologies in a range of industries and will benefit entrepreneurs for decades to come.”

Sullivan noted that the project leverages the state’s leadership position by targeting the high growth life sciences industry and builds on the competitive advantages that the State’s mass transit, world-class universities, and other economic development assets offer. 

The project represents the largest capital investment in translational research in the state’s history and Rutgers has committed to investing $270 million to recruit and retain clinical researchers to further advance these translational research efforts. Additionally, the significant expansion of the state’s leading medical school will greatly increase clinical opportunities for students.

“The HELIX will be transformative for Rutgers, for New Brunswick and for the entire state,” said Rutgers President Jonathan Holloway. “This visionary project brings together academics, researchers and innovators under a single banner, it will create thousands of good-paying union jobs and will supercharge the innovation economy.  Simply put, the HELIX will put New Jersey on the cutting edge of global innovation.”

The NJEDA Board approved NJ Innovation Associates Urban Renewal, LLC for an award of up to 40 percent of total eligible project costs, not to exceed $271.19 million in Aspire tax credits over 10 years. According to the NJEDA’s calculations, the present value of the economic benefit of this project to the State is $340.4 million, which is 187 percent of the present value of the tax credit award.

Devco was established in 1976 as a nonprofit development company to initiate redevelopment projects and to serve as the vehicle for public and private investment in the City of New Brunswick. Since that time, Devco has overseen and managed over $3.5 billion of redevelopment activity including the development of residential, commercial, office, and other projects in order to aid in the city’s economic revitalization.

“The creation of H-1 at the HELIX represents a singular opportunity to create a first in class ecosystem to fuel New Jersey’s innovation economy, allowing the state to reclaim its leadership of the American innovation economy,” said Devco President Christopher Paladino. “This ecosystem will allow academic translational research to expand its connection to the innovation economy, state of the art medical education to lay the groundwork for a healthier New Jersey, the attraction of more National Institute of Health (NIH) research funding, and the NJ Innovation HUB’s establishment of a collaborative platform where companies will accelerate innovation and commercialization.”

“This is another step forward in the transformation of New Brunswick as a world-class center for innovation in the modern economy,” said Senator Bob Smith. “The HELIX initiative will help create jobs and spur economic activity as New Brunswick becomes a prime center for health and life sciences. Combining the resources of higher education, research and medical care will allow us to capitalize on the talent and abilities of our most valuable assets as we continue to move forward.”

“We continue to see the fruits of the Economic Recovery Act of 2020 as we cement New Jersey’s leadership on innovation and economic opportunity,” said Assembly Speaker Craig J. Coughlin. “The first transformative project under the law to be approved in Central Jersey, this is a historic day. It’s this type of vision for collaboration and strategic cross-sector partnership, all converging under one roof, that serves as the foundation for getting big things done. I thank all those, at every level, involved in taking this momentous step forward into our state’s bright future.”

“Today’s exciting investment into the HELIX will bring the public, private, and academic sectors together in New Brunswick to create opportunity and grow our innovation economy,” said Assemblymen Joseph Egan and Joe Danielsen. “This project will bring our state forward by establishing New Jersey as a leader in innovation and attracting business to our state.”

“The HELIX is directly aligned with the County’s strategic plan for economic growth, Destination 2040,” said Middlesex County Commissioner Director Ronald G. Rios. “Our future-forward vision is aimed at fostering emergent opportunities and established industries from Autonomous Technology, Food Innovation, and Life Sciences. We’re poised to become an economic powerhouse in Central Jersey – attracting industry giants to new entrepreneurs as well as top talent to our region. The County’s key investment in the HELIX development and our long-standing partnerships will have a reverberating, positive impact to our business eco-system and the residents for decades to come.”

“New Brunswick has long been on the cutting edge of new initiatives introduced by our State leadership,” said New Brunswick Mayor Jim Cahill. “The HELIX project, catapulted by the backing of the Aspire tax credit program, propels this exciting endeavor rapidly forward and sets a new standard for successful economic redevelopment.”

“RWJBarnabas Health is incredibly proud to be associated with the HELIX project, not only as a founding tenant of the New Jersey Innovation HUB, but also as an anchor institution for Middlesex County and the City of New Brunswick,” said Mark E. Manigan, President & CEO, RWJBarnabas Health. “We view the projects within this phase of the HELIX to be truly transformational for all of the collaborating organizations – particularly our academic partner Rutgers University – and the many constituents we serve across the region.”

“Our mission at Hackensack Meridian Health is to transform healthcare and be the leader of positive change and our participation in the HELIX and future projects is a great example of living this mission,’’ said Robert C. Garrett, CEO of Hackensack Meridian Health. “This new venture also supports New Jersey’s great legacy of innovation and we look forward to continued collaboration to continue this rich tradition.’’

“Today’s announcement represents an important step forward in establishing the HELIX, a new model for multi-institutional and multi-disciplinary partnerships that will help attract and retain the best talent and establish Central New Jersey as a global example for innovation and entrepreneurship,” said Craig B. Arnold, Vice Dean of Innovation at Princeton University. “Princeton University remains committed to fostering a diverse and inclusive innovation ecosystem throughout our region and we are eager to work with our academic, government and industrial collaborators.”

“Today’s announcement is incredibly important,” said BioNJ President and CEO Debbie Hart. “The HELIX will be a game-changer for New Jersey – bringing together public and private sectors, along with academia and investors, allowing for ‘new businesses to be born’ and ‘new jobs to be created.’ This is a significant milestone for New Jersey’s innovation ecosystem.”

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 NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

###

First Lady Tammy Murphy (immediately left of podium) poses with NJEDA Chief Executive Officer Tim Sullivan (behind podium), CSIT Executive Director Judith Sheft (far right), CSIT staff members and Maternal and Infant Health R&D Grant Program awardees following today’s event.

Trenton, N.J. (January 20, 2023) – The Commission on Science, Innovation and Technology (CSIT) Board today awarded a combined $1.275 million in grants to 17 startups to accelerate the development of technologies, products, and services that support maternal and child wellbeing. The grants were awarded through CSIT’s Maternal and Infant Health Research & Development (R&D) Grant Program, which launched last June.

Through 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 support 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.

“New Jersey is home to some of the most innovative startups across a myriad of industries, and it is my honor to be here today to recognize some of the top startups in maternal and infant health,” said First Lady Tammy Murphy. “As we celebrate our sixth annual Maternal Health Awareness Day here in New Jersey, I reflect on the significant work we have accomplished and what has yet to come. In the next three years, a top priority is to build a thriving Maternal and Infant Health Innovation Center in Trenton that will continue this groundbreaking work long past the Murphy administration. I am certain that today’s grant recipients will be essential partners to the Center and to Nurture NJ.”

In line with Governor Murphy’s vision to create the most diverse and inclusive innovation economy in the nation, the awardees announced today represent a diverse group of entrepreneurs focused on supporting maternal health in New Jersey. Nearly 40 percent of awardees are self-reported minority-owned startups and 33 percent are self-reported women-owned businesses. The following startups within New Jersey’s life sciences, technology, and non-retail food and beverage sectors were each awarded grants of up to $75,000:

“We are proud to work with First Lady Murphy and our partners around the state to support the crucial and lifesaving work being done through the Nurture NJ initiative,” said CSIT Executive Director Judith Sheft. “Helping these startups to advance their products and services from ideas through commercialization will have a lasting impact on the quality of care for New Jersey’s mothers and infants.  The awardees are working on a variety of drug, diagnostic, hardware and software solutions to address and improve maternal and infant health.”

The Maternal & Infant R&D Seed Grant Program started as a $750,000 program, but given the high volume of quality applications and interest from the startup community, the CSIT Board announced additional funding today that nearly doubles the amount available for awards to $1.275 million. As part of the agreement signed last year between the New Jersey Economic Development Authority (NJEDA) and CSIT, the NJEDA dedicated $250,000 from the Economic Recovery Fund towards this program. CSIT provided the remainder of the funding from its Fiscal Years 2022 and 2023 budgets.

NJEDA Chief Executive Officer Tim Sullivan noted that the NJEDA’s investment in this program represents the Authority’s commitment to maternal and infant health innovation. The awardees exemplify the type of innovative work that will be housed at the Maternal and Infant Health Innovation Center currently being developed in Trenton.

“Under Governor Murphy’s and First Lady Murphy’s leadership, CSIT and the NJEDA are finding innovative ways to help make New Jersey the safest place to give birth and focusing on ending racial disparities in maternal and infant health,” Sullivan said. “These grant awards serve the dual purpose of prioritizing investment into programs, research, and services that improve the lives of women and children, while also working to drive down the racial inequities that exist in access to care. In addition, we are furthering opportunities for young, innovative companies in the Garden State.”

First Lady Murphy joined Sheft, Sullivan, CSIT Board members, legislators, and industry leaders to announce the awards today at the NJEDA’s New Jersey Bioscience Center (NJBC) – Step-Out Labs in North Brunswick. Strategically located in the heart of the State’s research corridor between Rutgers and Princeton universities, the NJBC Step-Out Labs provides a life sciences workplace environment for post-incubation and rapidly growing biopharmaceutical companies.

“Today, through the combined work of so many partners, 17 startups are poised to receive more than $1 million in funding to move their projects forward,” said CSIT Chair Debbie Hart. “We applaud those innovators who are creating solutions where they are so desperately needed, as well as the First Lady for her foresight and commitment to this important work. We are grateful to have the opportunity to partner in this way and that babies and their families will benefit in meaningful ways.”

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, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

###