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Press Release
June 25, 2007
2 minute read

TECH COMPANY TO RELOCATE TO CAMDEN WITH EDISON INNOVATION FUND INVESTMENT



TRENTON, N.J. (June 25, 2007) – The New Jersey Economic Development Authority (EDA) has closed a $1-million investment through the Edison Innovation Fund to assist in the growth of myLEADERBOARD, Inc., a service provider of real-time event information at professional golf tournaments.  The company, currently operating out of a facility in Pennsylvania, will be relocating to the EDA’s Waterfront Technology Center at Camden.  The Edison Innovation Fund, a key element of Governor Jon S. Corzine’s Economic Growth Strategy, was created to support technology companies throughout their discovery, development and commercialization stages.


“Investing in myLEADERBOARD is a perfect example of how the Edison Innovation Fund is working to enhance New Jersey’s strong record of innovation by bringing cutting-edge technology to the state,” said EDA Chief Executive Officer Caren Franzini.  “Governor Corzine’s Economic Growth Strategy has made technology and life sciences investment a priority, and the EDA is committed to nurturing the growth of these companies as we work toward creating a more vibrant state economy.”


The EDA, in consultation with the New Jersey Commission on Higher Education and the New Jersey Commission on Science and Technology, is responsible for managing the $150-million Edison Innovation Fund. The fund will leverage $350 million in private capital that will be targeted to emerging companies as well as existing mid-sized and large technology and life science businesses.


“As a young but rapidly growing company, we were looking for a business environment that provided support and access to the right resources to enhance our growth,” said John Geary, CEO and President of myLEADERBOARD, “and a move to the Waterfront Technology Center at Camden fit the bill perfectly.”


With the goal of enhancing the tournament experience, myLEADERBOARD has created a service utilizing a hand-held device for spectators at professional golf tournaments that electronically transmits real-time event information, including golf scoring for all players, the location of players on any hole, player biographies, past round information, course data and real- time statistics, and information and directions on concession stands, restrooms, first aid stations, and shopping. The company also provides a new and unique medium for advertisers to reach a sought-after demographic (the golf enthusiast) resulting in a highly interactive, consumer- determined experience.


The EDA financing will help support the commercialization of the myLEADERBOARD, salaries of new employees and the purchase of hardware.  The five-year investment was made at a fixed interest rate of 4 percent with no payments or interest due in the first year.  As a result of this investment, the company estimates that 21 new jobs will be created. 


The company will be located within the Rutgers Camden Business Incubator in the Waterfront Technology Center before it moves to the 2,000-square-foot space it has leased on the first floor in the facility.


The Waterfront Technology Center at Camden is a five-story, 100,000-square foot facility developed by the EDA along the Camden Waterfront to accommodate businesses in the technology and life sciences sectors. The facility opened in 2006, and current tenants include Gestalt, ACIN’s Camden Center for Entrepreneurship in Technology, and the Rutgers Camden Technology Campus.


The EDA is an independent, self-sustaining state financing and development agency that works to promote economic growth, job creation and the revitalization of New Jersey’s communities with financing assistance, technical support and entrepreneurial training, and real estate development activities.           


For information on the Edison Innovation Fund, visit www.edisoninnovationfund.com.  To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.nj.gov/njbusiness.


 

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