PNC Bank, TD Bank Honored at Event
 
Trenton, N.J. (December 4, 2008) – The New Jersey Economic Development Authority (EDA) recently hosted a roundtable event for its preferred lenders to discuss the launch of new financing programs for New Jersey businesses and to recognize the lenders for their partnership with the EDA in serving the needs of companies throughout the state.  The Preferred Lender Program, which supports Gov. Jon S. Corzine’s commitment to enhance New Jersey’s economy, enables certain banks to utilize a streamlined loan-approval process with the EDA, the result of which speeds the flow of capital to growing businesses in the state.

“The Preferred Lender Program helps to ensure that New Jersey businesses have the resources necessary to expand and that our communities have a healthy climate for growth,” said EDA Chief Executive Officer Caren S. Franzini.  “That’s why, particularly during these tough economic times, our partnerships with banks are critical to overcoming the financial obstacles that can stall the growth and expansion of New Jersey-based businesses.”


At the event, each of the twelve bank participants in the program was recognized for its participation, with four of the banks (Roma, Peapack Gladstone, Cornerstone and Susquehanna) welcomed as new Preferred Lenders admitted in 2008.  The remaining banks in the Preferred Lender group worked with the EDA on over 100 transactions totaling over $220 million this year.  In particular, PNC Bank and TD Bank were honored for their strong commitments to lending in New Jersey under the Preferred Lender Program.  PNC was honored for closing the greatest number of transactions with the EDA, which amounted to nearly 50 transactions that provided a total of approximately $25 million to New Jersey businesses.  TD Bank was honored for closing the largest dollar volume of transactions with the EDA on behalf of New Jersey companies, with a total of over $92 million in financing to companies through it partnership with the EDA.


“PNC’s leadership position in the EDA’s Preferred Lender Program reflects the commitment of our banking teams in the central, northern and southern regions of the state to supporting the small business community,” said Kevin Tylus, regional president for central New Jersey, PNC Financial Services Group. “The program serves as a key funding resource for small businesses and we will continue to actively participate and help foster the state’s economic growth in this challenging environment.”


“TD Bank is proud of its partnership with the EDA and happy that we have always offered, and will continue to offer, sound and beneficial lending programs to New Jersey businesses,” said D Nicholas Miceli, Central Market President, TD Bank.


The program features a three-day turnaround time for loan approval and applies to transactions in which the EDA buys a participation in bank financing and/or guarantees a portion of a bank loan.   It is designed to help New Jersey businesses grow by providing funds at below-market interest rates with flexible terms. Funds can be used for fixed assets, working capital to meet operating needs, and the refinancing of other debt.  Quick turnaround time from approval to closing provides a strong incentive for borrowers, while the EDA’s exposure by participating in or guaranteeing a portion of a loan reduces the lender’s risk. 


The EDA’s current Preferred Lenders include: Bank of America, Capital One Bank, TD Bank, Cornerstone Bank, Columbia Bank, PNC Bank, Sovereign Bank, Sun National Bank, Peapack-Gladstone Bank, The Bank, Roma Bank and Susquehanna Bank.  A bank can become a preferred lender by submitting credit policies, samples of underwriting and resumes of the senior executives of the bank for consideration.


To learn more about the Preferred Lender Program or other products and services of the EDA, contact EDA Customer Care at CustomerCare@njeda.com or (609) 777-4898.  For more information about doing business in New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov or call (866) 534-7789.


The EDA is a 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 real estate development activities.

 

Financial Assistance Will Help New Product Reach Commercialization

 

Trenton, N.J. (November 12, 2008) – The New Jersey Economic Development Authority (EDA) has finalized a $200,000 Edison Innovation Fund investment to assist in the growth of Princeton-based SterraClimb, LLC, a company that has invented and prototyped the world’s first portable, motorized stair-climbing hand truck.  The Edison Innovation Fund, a key element of Governor Jon S. Corzine’s Economic Growth Strategy, was created to support life sciences and technology companies throughout their discovery, development and commercialization stages. 

 

“The support of technology companies within the state is crucial to growing New Jersey’s economy and reputation as a home for innovation,” said Caren Franzini, EDA chief executive officer. “SterraClimb is a perfect example of a company that is using the Edison Innovation Fund to take a great idea and develop it to meet the needs of the marketplace.”

 

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 Edison Innovation Fund. Since the launch of the Fund in October 2006, New Jersey has delivered over $330 million in financing assistance, venture fund investments, business incentives and tax credits to early-stage and established life sciences and technology businesses. In addition, over $670 million in total public/private capital has been leveraged by Edison Innovation Fund investments.

 

Franzini noted that this investment was made under the Edison Innovation Commercialization Fund.  The Commercialization Fund, one component of the Edison Innovation Fund, was designed to improve the probability of commercialization.  The Commercialization Fund was created to assist New Jersey life sciences or technology companies that have not yet achieved “proof of concept” to take the next critical steps, such as beta testing, on the path towards commercialization.

 

“SterraClimb is extremely pleased that the EDA has recognized our technology and the many goals we have set for the near future,” says CEO Gregory Rollins, who joined the SterraClimb team last year with a 35-year track record as a successful entrepreneur in previous ventures.  “We are confident that this investment will aid in the deliverance of a very exciting array of high-technology products, as well as creating jobs here in New Jersey.” 

 

SterraClimb is the first portable, fully powered stair-climbing hand truck, which eliminates the need to carry heavy objects up and down stairs.  The company’s patent-pending technology enables users to transport loads across uneven surfaces and up and down stairs without physical exertion or strain.  SterraClimb is the brainchild of Princeton University undergraduates Steven Kamara and Michael Yang. Two versions of the product are being developed – one for the everyday consumer, and one for businesses such as UPS and FedEx, which deliver heavy packages on a daily basis.

 

The EDA is a state financing and development agency that works to promote economic growth, job creation and the revitalization of New Jersey’s communities with financing and incentives, access to technical support and real estate development assistance.

 

For information on the Edison Innovation Fund and to learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov.

 


Newest Partnership Reinforces Bank’s Commitment to the City of Camden

 

Trenton, N.J. (November 10, 2008) – The New Jersey Economic Development Authority (EDA) has approved Susquehanna Bank as its newest Preferred Lender.  The program, which supports Gov. Jon S. Corzine’s commitment to enhance New Jersey’s economy, streamlines the EDA’s loan-approval process and speeds the flow of capital to growing businesses in the state.

 

This is the latest partnership between the EDA and Susquehanna Bank. Susquehanna benefited under the 5-4-3-2-1 Business Lease Incentive program, which the state designed to attract businesses to Camden by providing rental rebates to commercial tenants within the city.  Susquehanna, the first financial institution headquartered in the city in over two decades, is located in the Ferry Terminal Building on the Camden waterfront.  The building is among the latest additions to the city’s revitalized waterfront and stems from an agreement between EDA and Steiner + Associates that established a comprehensive development plan for 30 acres between Camden’s Adventure Aquarium and the Ben Franklin Bridge.

 

“We are excited to once again partner with Susquehanna Bank to better serve the needs of residents and businesses in the City of Camden, and throughout southern New Jersey,” said EDA Chief Executive Officer Caren S. Franzini.  “The Preferred Lender Program offers an attractive choice for EDA banking partners and their borrowers that seek affordable capital for fixed assets like buildings and equipment, working capital for operating expenses and refinancing higher-cost debt.”

 

“Susquehanna Bank is honored to become part of the EDA’s Preferred Lender Program,” said Joe Lizza, president and chief executive officer of Susquehanna Bank.  “This is an important time of growth for our company and we are excited about the opportunity to further enhance our commitment to the City of Camden and the markets that we serve.”


The Preferred Lender Program features a three-day turnaround time for loan approval and applies to transactions in which the EDA buys a participation in bank financing and/or guarantees a portion of a bank loan.   It is designed to create new opportunities for EDA’s lending partners because it makes funds available at below-market interest rates with flexible terms for growing New Jersey businesses.  Quick turnaround time from approval to closing provides a strong incentive for borrowers, while the EDA’s exposure by participating in or guaranteeing a portion of a loan reduces the lender’s risk.

 

Under the Preferred Lender Program, the EDA provides up to 50 percent of the bank loan amount for fixed asset loans, with a maximum participation of $1.25 million and a maximum guarantee of $1.5 million.  For working capital loans, the EDA offers up to 50 percent of the bank loan amount, with a maximum participation of $750,000 and maximum guarantee of $1.5 million.  EDA participation and guarantee terms may be up to 10 years for fixed asset loans and up to five years for working capital loans. Businesses must be New Jersey-based, in operation for at least two years, and commit to creating at least one new job per $50,000 in EDA exposure.  Manufacturers need only to maintain one job per $50,000 of EDA exposure. 

 

Susquehanna Bank operates branches throughout Atlantic, Burlington, Camden, Cumberland and Gloucester counties in New Jersey.  It is a subsidiary of Susquehanna Bancshares, Inc., which has assets of $13.5 billion.  Through its subsidiaries, Susquehanna Bancshares operates additional bank branches throughout the Mid-Atlantic region. For more information, please visit www.susquehanna.net.


The EDA is a state financing and development agency that works to promote economic growth, job creation and the revitalization of New Jersey’s communities with financing and incentives, access to technical support and real estate development assistance.

 

For more information on the EDA’s Preferred Lender Program, please visit www.njeda.gov.  To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov.

 

New program encourages company to maintain facility in downtown business district

 

Trenton, N.J. (Oct. 28, 2008) – The State of New Jersey today approved the first project to qualify for assistance under the new Urban Transit Hub Tax Credit, a program created earlier this year by Governor Jon S. Corzine as part of an effort to encourage business development, capital investment and employment in designated communities near commuter rail stations.

The New Jersey Economic Development Authority (EDA), which administers the program, approved Verizon New Jersey, Inc. to receive tax credits estimated at just over $2 million per year for 10 years based on its plans to lease approximately 140,000 square feet of space at 540 Broad St., Newark, from Accordia Realty Ventures and make a capital investment of more than $25 million in the project.  Accordia will purchase the nearly 428,000-square-foot Class A office building from Verizon and offer all the space for lease. 


“This new program is an important addition to the financial tools that we have available in New Jersey to spur urban redevelopment and attract and retain jobs in key urban areas of our state,” Governor Corzine said.  “Just as significant, this project will add almost 300,000 square feet of office space to a tight Newark office market and enable the city to attract new businesses to its downtown.”


Added EDA Chief Executive Officer Caren S. Franzini.  “The Urban Transit Hub Tax Credit Program augments the broad portfolio of programs available in New Jersey that support smart-growth redevelopment, urban revitalization and the creation and maintenance of important urban jobs.  It is particularly meaningful in this case and in this tight economic environment because it will act as a stimulus to bring other businesses to Newark.”


The Urban Transit Hub Tax Credit Program provides tax credits equal to from 80 percent to 100 percent of qualified capital investments made in a project within an eight-year period.  Projects must be located within one-half mile of New Jersey Transit, Port Authority Transit Corporation (PATCO) or Port Authority Transit – Hudson (PATH) stations in nine urban municipalities – Camden, East Orange, Elizabeth, Hoboken, Jersey City, Newark, New Brunswick, Paterson and Trenton.  Entities receiving tax credits may apply 10 percent of the total credit amount per year over a 10-year period against their corporate business tax, insurance premiums tax or gross income tax liability.


To qualify for this tax credit program, businesses must make a minimum $75-million capital investment in a single business facility where no less than 250 employees must work full-time.  Tenants also may qualify if they occupy space that represents at least $25 million of the capital investment in the facility and employ at least 250 full-time workers at that location. 


Verizon plans to make total capital improvements exceeding the $25-million threshold and employ more than 700 people at the location, which is within one-half mile of a Broad Street rail station.  Accordia’s capital investment is also expected to surpass the minimum $75-million requirement.


Verizon New Jersey is a subsidiary of Verizon Communications, Inc, which provides wireline and wireless communications services and technology globally.  Verizon and its affiliates employ more than 8,000 people in nearly 300 New Jersey locations.


To learn more about the products and service available in New Jersey to assist redevelopment projects, contact the Business Call Center at 1-(866) 534-7789.  For more information about doing business in New Jersey, visit www.NewJerseyBusiness.gov.


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 real estate development activities.


Camden, N.J. (October, 9, 2008) – The 138-year old commitment of Campbell’s Soup Company to New Jersey was bolstered today as Governor Jon S. Corzine and company officials broke ground for the firm’s new world headquarters.

 

“This expansion project is a testament to how public/private partnerships can bring about significant change in our urban areas,” said Governor Corzine. “Stimulating urban revitalization in the state’s cities is a cornerstone of our Economic Growth Strategy, and critical to New Jersey’s ability to spur private capital investment, business growth, and job creation.

 

“Campbell’s commitment has been vital to our ongoing efforts to revitalize Camden, and this kind of leadership should serve as an example to other companies in cities across New Jersey. This is a great day for the Campbell Soup Company, a great day for the City and County of Camden, and great day for the State of New Jersey.”

 

This $90 million project will generate construction jobs and additional tax revenue for the city.  Of that total, the state, county and city plan to invest $23 million in the area’s infrastructure, including improvements to roads, as well as water and sewer upgrades. In addition to an 80,000-square-foot employee services building, Campbell’s will also develop 200,000 square feet of office space on the adjacent redevelopment site.

 

The project will retain approximately 1,200 jobs and anchor the redevelopment of the surrounding area.

 

Governor Corzine thanked Campbell’s President and CEO Doug Conant for his unwavering commitment. He also recognized Camden Mayor Gwendolyn Faison and Camden Chief Operating Officer Judge Theodore Davis for their steadfast support which was critical to the project.

 

In February 2007, Campbell’s announced it would expand its world headquarters in Camden.

 

“Getting to this point has not been easy,” said Douglas R. Conant, Campbell’s  President  and CEO. “But good things often don’t come easy.

 

“We have a vested interest in seeing our city grow. With our government partners, we will work tirelessly to attract new businesses to Camden. Simply stated, Campbell’s expansion is good for our employees, it’s good for our business and for our shareowners, and it’s good for our community.”

 

Recently, Campbell’s made an additional pledge to the City of Camden when the company announced a $10 million Public Benefits Initiative, for the benefit of Camden and its residents. 

 

Campbell’s Soup Company is the largest private taxpayer and employer in the City of Camden with approximately 1,200 jobs at its world headquarters at Campbell Place.


 


NJ, Jersey City Officials Laud Financial Services Firm for Choosing Garden State

 

Trenton, N.J. (August 14, 2008) – State and local officials today applauded Arch Insurance Group Inc.’s decision to relocate its corporate executives and support divisions to New Jersey following an announcement that the company has leased over 100,000 square feet of office space at the Harborside Financial Center, Plaza 3, on the Jersey City Waterfront.  The insurer expects to bring nearly 300 new jobs to New Jersey from New York City.


“We are excited that our efforts to attract high-quality jobs to New Jersey has achieved another success with the announcement that Arch Insurance Group will join the long list of financial services and insurance companies that have established key facilities in the state,” said Gov. Jon S. Corzine.   “Our talented workforce, strategic location, quality of life and pro-growth, pro-business initiatives create an environment that continues to make New Jersey a great place to do business.”

 

“The decision by Arch to lease space within Jersey City’s Gold Coast means hundreds of new, high-paying jobs in a targeted industry sector for New Jersey and is another example of how Governor Corzine’s Economic Growth Strategy continues to benefit our state,” said New Jersey Economic Development Authority (EDA) Chief Executive Officer Caren S. Franzini.

 

Arch Insurance Group, Inc., a division of Arch Capital Group, Ltd., provides a wide range of property, casualty and specialty insurance for corporations, professional firms and financial institutions across the United States and Canada.   

 

“Arch Insurance Group is excited to be moving our corporate executives and support divisions to Three Harborside,” said Chief Administrative Officer Dennis Brand. “Jersey City offers an unmatched combination of economic incentives, first-class facilities and a top-tier workforce to sustain and grow these critical business functions well into the future.”  

 

During its process of exploring  relocation sites in New Jersey and New York,  Arch contacted New Jersey, which provided site selection services and assistance in applying for a Business Employment Incentive Program (BEIP) grant.  The BEIP grant, worth an estimated $9.6 million over 10 years, was approved in June.

 

“We are pleased that Arch Insurance has selected Harborside Financial Center in Jersey City to lease more than 100,000 square feet for 15 years,” said Mayor Jerramiah T. Healy.  “As the 12th-largest downtown commercial center in the nation, Jersey City continues to attract Fortune 500 companies and leaders in the financial, real estate and insurance industries.  Jersey City continues to be extremely competitive in relation to Manhattan due to our lower overall operating costs, our skilled work force and our comprehensive mass transportation system.”

 

For information on New Jersey’s commitment to growing jobs in its urban areas and to learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov.

 


State-Assisted Amicus Therapeutics, Inc. Celebrates 100th Employee

 

Trenton, N.J. (August 13, 2008) – Governor Jon S. Corzine, along with other state and local officials, were invited by Amicus Therapeutics, Inc. today to celebrate a significant milestone in the Cranbury-based company’s surging growth. The biopharmaceutical company, who has benefited from several EDA and state programs, began as a seven-person startup venture in 2002 and hired its 100th employee in July.

 

“Growing technology and life sciences companies in New Jersey is crucial to our economy,” said Governor Corzine. “Amicus Therapeutics exemplifies the kind of company we are encouraging through programs like the Edison Innovation Fund. The remarkable growth Amicus has experienced is a success story that will help to ensure New Jersey’s impressive history of innovation and discovery for years to come. I congratulate the company for this tremendous achievement.”

 

Amicus Therapeutics focuses on developing novel, oral therapeutics known as pharmacological chaperones for the treatment of a range of human genetic diseases. Pharmacological chaperone technology involves the use of small molecules that selectively bind to and stabilize proteins in cells, leading to improved protein folding and trafficking, and increased activity. Amicus is currently conducting Phase 2 clinical studies of potential treatments for Gaucher and Pompe diseases and has completed Phase 2 studies of a potential treatment for Fabry disease.

 

“The passion, commitment and competence of each and every employee at Amicus is the foundation of our success, and this is a great milestone for Amicus in building momentum in the fight against human genetic diseases,” said Amicus Therapeutics CEO John Crowley during the event whose speakers also included Rep. Rush Holt and representatives of the National Organization for Rare Disorders and BIO NJ, a biotechnology advocacy organization. “The great success that Amicus has become in New Jersey was made possible, also, by the state’s programs and assistance in our early days as a startup company.”

 

In 2005, the company became the first graduate of the New Jersey Economic Development Authority’s (EDA) Commercialization Center for Innovative Technologies — often referred to as its “business incubator” — which is part of the larger Technology Centre of New Jersey in North Brunswick. Amicus also utilized the state’s Technology Business Tax Certificate Transfer Program and received funding from the Garden State Life Sciences Venture Fund, which was created by the EDA and Quaker BioVentures to invest in emerging life sciences companies in New Jersey.

 

Today, Amicus provides jobs, makes charitable donations and supports the patient community through a variety of educational programs.

 

 “Amicus represents a notable example of the success businesses can achieve when they take advantage of the resources available to companies looking to grow in New Jersey,” said EDA Chief Executive Officer Caren S. Franzini. “Governor Corzine created the Edison Innovation Fund to attract and develop businesses just like Amicus – a company whose innovative vision and dedicated staff has allowed it to grow from a seven-person startup to a Nasdaq-listed company in just six years.”

 

The Edison Innovation Fund, a key element of Governor Jon S. Corzine’s Economic Growth Strategy, is a group of financial incentive vehicles brought together for the purpose of providing financial resources to New Jersey’s life sciences and technology companies. The Fund is an integrated State resource that provides qualified New Jersey companies with real estate development services and technical assistance to help create, sustain and grow business. Since the launch of the Fund in October 2006, New Jersey has delivered more than a quarter billion dollars in financing assistance, venture capital investments, job creation incentives and New Jersey tax credits to early-stage and established technology and life sciences businesses. In addition, over a half billion dollars in total project costs has been leveraged by Edison Innovation Fund investments.


For information on the Edison Innovation Fund and to learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov.



 


First Two Companies Awarded Financing Under Program


Trenton, N.J. (August 4, 2008) – New Jersey-based technology and life sciences companies that are working on applied research projects through the Edison Innovation R&D Fund are now eligible for supplemental financing for non-research and development-related costs, such as rent, capital, construction, and utilities, through the new Edison Innovation R&D Wraparound program.  Aestus Therapeutics, Inc. of North Brunswick and TreadStone Technologies, Inc. of Princeton are the first two companies to take advantage of this new financing, which is part of the State’s commitment to grow technology and life sciences companies in New Jersey.


 “Cultivating an environment supportive of research and development activity is a critical component of New Jersey’s economy,” said Governor Jon S. Corzine.  “New Jersey has an impressive history of innovation, and this new program further demonstrates the state is an attractive location for pioneering companies to grow.”


To be eligible for the wraparound financing, companies must first be approved for an Edison Innovation R&D grant from the New Jersey Commission on Science and Technology.  Upon approval, the New Jersey Economic Development Authority (EDA) will then provide up to 20 percent of the approved grant for non-research and development-related costs, up to a maximum of $100,000.  The funding consists of a 10-year subordinated convertible note with a below market fixed interest rate of 2-percent for five years. 


“The wraparound program provides a very user-friendly tool that allows early-stage companies to secure much sought after growth capital,” said EDA Chief Executive Officer Caren S. Franzini.  “This new program complements the broad range of resources available under the state’s Edison Innovation Fund, which was developed as part of Governor Jon S. Corzine’s Economic Growth Strategy to encourage the growth of technology and life sciences companies in New Jersey.”


Aestus, a pharmaceutical company focused on the treatment of nervous system disorders, and TreadStone, which is developing technologies centered on hydrogen-based energy forms, have both been awarded $100,000 wraparound investments.  They were among five early-stage technology and life sciences businesses to be awarded $500,000 Edison R&D grants in December 2007 to support their research and development activities.


“The Wraparound program provides an important new resource for emerging companies with promising new technologies. We believe that this program will strongly complement our existing programs and enhance New Jersey’s attractiveness to entrepreneurs world-wide,” said Peter R. Reczek, Ph.D., Executive Director of the New Jersey Commission on Science and Technology.


Aestus is currently a tenant at the Commercialization Center for Innovative Technologies (CCIT), part of the larger Technology Centre of New Jersey in North Brunswick; Princeton-based TreadStone was formerly located at the Waterfront Technology Center at Camden and is still a “virtual” tenant of the Applied Communication and Information Networking (ACIN) Program, a company that continues to occupy space at the Center.  Both companies are located in Edison Innovation Zones, “technology neighborhoods” created in the Greater New Brunswick area and within the cities of Camden and Newark.


For information on the Edison Innovation Fund and to learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov.



 

 

In accordance with sec. 25.a. of P.L. 2008, c.27, the New Jersey Development Authority for Small Businesses, Minorities and Womens Enterprises (NJDA) created by section 3 of P.L. 1985, c.386 (C.34:1B-49), in but not of the Department of Treasury, is abolished and all of its functions, powers, and duties are continued and transferred to the New Jersey Economic Development Authority.  Please be advised that all scheduled public meetings of the NJDA are herein canceled.

 

In support of the states efforts to spur the growth of small businesses throughout New Jersey, particularly those owned by women and minorities, the EDA is committed to continuing its assistance to small businesses through its various programs and initiatives. These include technical assistance, real estate development services, and low-cost financing, like that offered through the FastStart for Small Business Program and the Fund for Community Economic Development, which, among other uses, provides capital to micro lenders to increase their lending capacity and services to small businesses.  To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov.



Trenton, N.J. (July 24, 2008) – The State of New Jersey has approved a $1-million limited partnership investment in the OmniCapital Fund, which has been created by OmniCapital Group, LLC to invest in next-generation communication and information technologies.
 
The investment, authorized by the New Jersey Economic Development Authority (EDA), will be made under the state’s Edison Innovation Fund, a key element of Governor Jon S. Corzine’s Economic Growth Strategy. The fund is an integrated set of resources that support technology and life science initiatives throughout all stages of discovery, development, and commercialization.  To date, the combined resources of the EDA and the New Jersey Commission on Science and Technology, in consultation with the New Jersey Commission on Higher Education, have enabled state investments of more than $256 million since the fund’s launch in October 2006.  In addition, over $458 million in total project costs has been leveraged by Edison Innovation Fund investments.


OmniCapital, a venture capital firm with offices in New Jersey and Boston, invests in innovative technology businesses in security and monitoring, media technology, broadband, home networking, convergence/bundling and other communications and information technology fields.  Between 25 percent and 35 percent of these technology investments are expected to be in New Jersey.


“This investment in OmniCapital is designed to attract and develop technology businesses and support job growth in New Jersey and well as assist in the development of a venture network in New Jersey,” said EDA Chief Executive Officer Caren S. Franzini.  “We expect our $1-million investment to leverage a total of $2 million of capital investment in New Jersey technology businesses and result in the creation of a minimum of 15 new high-tech jobs.”


“We chose to invest in OmniCapital because it brings together a combination of operating and investing experience, industry knowledge and an extensive network of contacts with industry executives,” said Kathleen W. Coviello, the EDA’s director of technology and life sciences programs.


The state’s latest venture fund investment in Omni Capital complements other similar EDA investments in New Spring Health Capital II, L.P., NextStage Capital, L.P., the Edison VI Venture Fund, the Garden State Life Sciences Venture Fund and the New Jersey Technology Council Venture Capital Fund.  To date, the EDA has committed over $30 million in venture capital funds, which has resulted in more than $90 million being invested in New Jersey companies based on the 2:1 matching requirement.


Created in 2006, the OmniCapital Group invests in early-growth businesses and has a special interest in working with corporate partners to create new companies.  One of the four current Omni portfolio companies,  Narrowstep of Princeton, a pioneer in the field of Internet-based video content delivery, is New Jersey-based.


OmniCapital’s management team has more than 100 years of cumulative operating and investment experience in identifying, analyzing, structure and managing technology startup investments.  The team includes: Managing Partner Dr. Arun Netravali, formerly chief scientist at Lucent Technologies and president of Bell Laboratories; General Partner Dr. David Stahl, a former director and founding member of Lucent New Ventures and director of Bell Labs technology commercialization; Venture Partner John Harrington, formerly a managing partner at Accenture’s Communications and High Tech Practice and member of its Executive Committee, and Executive in Residence Frank Galuppo, former president of Lucent Optical Network Systems and chief executive officer of Amedia, Inc. 


Besides the core team, the extended team of investors in the fund include business leaders with extensive executive-level contacts worldwide.  OmniCapital leverages the network of its extended team to help portfolio companies acquire important customers and partners.


Dr. Netravali said of the investment:  “I am very pleased to welcome the EDA to our fund.  We share an interest in developing innovative new businesses in New Jersey.”


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 real estate development activities.


For information on the Edison Innovation Fund and to learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov.