La Autoridad está considerando un fondo semilla para la diversidad centrado en emprendedores de origen latino y afroamericano 
 
TRENTON, NEW JERSEY (28 de febrero de 2020). Hoy, la New Jersey Economic Development Authority (NJEDA) realizó una solicitud de información (RFI) que tiene como fin comprender los obstáculos y las desigualdades a las que se enfrentan las empresas emergentes dirigidas por personas de origen latino y afroamericano en New Jersey, así como también encontrar medidas recomendadas que podrían resolver estas diferencias. Una posible solución que la NJEDA está considerando es un fondo semilla para la diversidad que se centraría en destinar capital a las empresas pertenecientes a personas de origen latino y afroamericano.
 
“La diversidad es una de las fortalezas más grandes de Nueva Jersey, y es hora de que nuestro sector de empresas emergentes lo refleje”, expresó el gobernador Phil Murphy. “La información que recibamos mediante esta RFI será esencial a la hora de comprender las necesidades de los emprendedores de origen latino y afroamericano y de garantizar que diseñemos las herramientas eficaces necesarias para avanzar hacia nuestro objetivo de forjar el ecosistema de innovación más diverso e inclusivo de la nación”.

Apoyar una pequeña empresa y mejorar el acceso al capital para las empresas pertenecientes a personas de origen latino y afroamericano son pilares centrales del Plan integral de Desarrollo Económico del Gobernador Murphy, The State of Innovation, Building a Stronger and Fairer Economy in New Jersey. Esto resulta fundamental porque, de acuerdo con una encuesta reciente de Diversity VC y Rate My Investor realizada en el ámbito nacional, menos del uno por ciento de las inversiones de capital de riesgo se dirigen a empresas que son propiedad de personas afroamericanas y menos del dos por ciento, a empresas de personas de origen latino. Esto no solo les quita a los miembros de estas poblaciones una oportunidad, sino que también crea enormes costos de oportunidad al privar a las economías e industrias de la amplia gama de perspectivas y experiencias que podrían aportar los miembros de las poblaciones desatendidas.
 
"Bajo la administración del Gobernador Murphy, New Jersey está recuperando su histórica posición de liderazgo en innovación, pero queremos ser algo más que el estado más innovador, queremos tener el ecosistema de innovación más diverso e inclusivo de los Estados Unidos", dijo Tim Sullivan, Director Ejecutivo de la NJEDA. "Durante demasiado tiempo, se les ha negado a los emprendedores de origen latino y afroamericano el acceso al capital semilla en las etapas iniciales que puede ayudar a impulsar un negocio y llevarlo de la visión a la realidad. Con esta solicitud de información, estamos dando el primer paso concreto para brindarle más capital a un mayor número de visionarios de New Jersey".
 
La RFI lanzada hoy ayudará a la NJEDA a entender por completo la magnitud y las características de los desafíos que enfrentan los emprendedores y propietarios de empresas de origen latino y afroamericano cuando intentan acceder a capital público y privado. También es una oportunidad para que los interesados hagan aportes que la NJEDA utilizará para generar soluciones que satisfagan las necesidades de los inversores y de los emprendedores. Una solución que está considerando la NJEDA es un fondo semilla para la diversidad que pondría recursos adicionales a disposición para empresas de personas de origen latino y de afroamericano.
 
"Buscar proactivamente opiniones de emprendedores de origen latino y afroamericano es esencial para garantizar que este esfuerzo tenga como resultado un cambio significativo", dijo Sheila Y. Oliver, Vicegobernadora, que también es la comisionada del Departamento de Asuntos Comunitarios. "La disposición de la NJEDA a escuchar a los expertos en finanzas y negocios y aprender de ellos es un paso importante para ayudar a que se destine financiamiento a empresas innovadoras y de alto crecimiento en nuestras comunidades desatendidas".
 
El objetivo de la RFI es reunir información sobre los obstáculos estructurales y también sobre las soluciones, como estrategias para atraer los fondos existentes o la creación de uno nuevo. La RFI busca el aporte de una amplia variedad de interesados, incluidos los administradores de fondos, inversores ángeles, capitalistas de riesgo, propietarios de pequeñas empresas, investigadores y profesionales que trabajan en el ámbito empresarial, grupos industriales y comerciales, y otros gobiernos estatales. Las preguntas incluidas en la RFI están dirigidas a las necesidades de las empresas de personas de origen latino y afroamericano, y solicitan sugerencias sobre cómo desarrollar soluciones de la mejor manera, incluso atraer fondos semilla existentes a New Jersey o crear un nuevo fondo semilla con un enfoque específico en tales empresas.
 
"Es importante que dejemos que las comunidades a las que queremos ayudar tomen la iniciativa para identificar los problemas que enfrentan y para sugerir soluciones que funcionen para ellas", dijo Hester Agudosi, Directora de Diversidad de New Jersey. "Esta RFI es un paso importante en la dirección correcta que ayudará a New Jersey a desarrollar soluciones que aborden tanto los desafíos más superficiales que enfrentan los emprendedores de origen latino y afroamericano como las barreras más profundas y sistémicas que les impiden acceder al capital".
 
La RFI está aquí: https://www.njeda.gov/Bidding-Opportunities-General/Economic-Transformation-RFIs
 
Todas las preguntas relacionadas con esta RFI se deben enviar por escrito hasta el 27 de marzo de 2020, a las 11:59 p. m., hora del este, a RFI-ExpandingSeedCapital@njeda.com. El asunto del correo electrónico debe decir: “Questions-2020-RFI-099: Expanding Seed Capital to Black and Latinx Entrepreneurs.”

Las respuestas a estas preguntas se exhibirán públicamente en el sitio web de la NJEDA aproximadamente el 7 de abril de 2020.
 
Las respuestas a la RFI se deben enviar por escrito hasta el 23 de abril de 2020, a las 11:59 p. m., hora del este, a RFI-ExpandingSeedCapital@njeda.com. El asunto del correo electrónico debe decir “RFI Response-2020-RFI-099: Expanding Seed Capital to Black and Latinx Entrepreneurs”.Para leer el plan económico completo del gobernador Murphy, visite: https://nj.gov/economicplan.

Para leer el plan económico completo del gobernador Murphy, visite: https://nj.gov/economicplan.
 
Acerca de la New Jersey Economic Development Authority
The New Jersey Economic Development Authority (NJEDA) funciona como la principal agencia del Estado para impulsar el crecimiento económico. La NJEDA está comprometida a hacer de New Jersey un modelo nacional de desarrollo económico inclusivo y sostenible centrándose en las estrategias fundamentales para ayudar a desarrollar comunidades más fuertes y dinámicas, generar buenos puestos de trabajos para los residentes de New Jersey y ofrecer vías para una economía más sólida y justa.
 
Para obtener más información sobre los recursos de la NJEDA para empresas, llame a Atención al Cliente de NJEDA al 609-858-6767 o visite https://www.njeda.gov y siga a @NewJerseyEDA en Facebook, Twitter y LinkedIn.
 

 Authority considering a diversity seed fund focused on Black and Latinx entrepreneurs
 
TRENTON, N.J. (February 27, 2020) – The New Jersey Economic Development Authority (NJEDA) today released a request for information (RFI) seeking insights into the obstacles and disparities Black- and Latinx-led start-ups in New Jersey face as well as suggested measures that could address these inequalities. One potential solution the NJEDA is considering is a diversity seed fund that would focus on driving capital to Black- and Latinx-owned enterprises.  
 
“Diversity is one of New Jersey’s greatest strengths, and it is time that our start-up sector reflects that,” said Governor Phil Murphy. “The information we receive through this RFI will be critical to understanding Black and Latino entrepreneurs’ needs and to ensuring we craft effective tools to move us toward our goal of building the most diverse, inclusive innovation ecosystem in the nation.”  

Supporting small business and enhancing access to capital for Black- and Latinx-owned businesses are central pillars of Governor Murphy’s comprehensive Economic Development Plan, The State of Innovation, Building a Stronger and Fairer Economy in New Jersey. This is critical because, according to a recent survey by Diversity VC and Rate My Investor, nationwide less than one percent of all venture capital investments go to Black-owned firms and less than two percent of investments go to Latinx-owned companies. This not only deprives members of these populations of opportunity, but also creates massive opportunity costs by depriving economies and industries of the wide array of perspectives and experiences members of underserved populations could contribute.
 
“Under Governor Murphy’s leadership, New Jersey is reclaiming its historic leadership position in innovation – but we want to be more than just the most innovative state, we want to have the most diverse and inclusive innovation ecosystem in America,” said NJEDA Chief Executive Officer Tim Sullivan. “For too long, Black and Latinx entrepreneurs have been denied access to the early-stage seed capital that can help propel a business from vision to reality. With this request for information we are taking the first concrete steps to providing more capital to a broader array of New Jersey visionaries.”    
 
The RFI released today will help the NJEDA fully understand the scope and characteristics of the challenges Black and Latinx business owners and entrepreneurs face when attempting to access public and private capital. It is also an opportunity for stakeholders to provide input that the Authority will use to craft solutions that meet investors’ and entrepreneurs’ needs. One solution the NJEDA is considering is a diversity seed fund that would make additional resources available for Black- and Latinx-owned companies.
 
“Proactively seeking feedback from Black and Latinx entrepreneurs is critical to ensuring that this effort will result in meaningful change,” said Lieutenant Governor Sheila Y. Oliver, who also serves as Commissioner of the Department of Community Affairs. “The NJEDA’s willingness to listen and learn from financial and business experts is an important step in helping to drive funding to innovative, high-growth companies in our underserved communities.”
 
The goal of the RFI is to gather information on structural obstacles and also on solutions, such as strategies to attract existing funds or the creation of a new fund. The RFI seeks input from a diverse range of stakeholders, including fund managers, angel investors, venture capitalists, small-business owners, researchers and practitioners involved in entrepreneurship work, industry and trade groups, and other state governments. Questions included in the RFI address Black and Latinx businesses’ needs and solicit suggestions for how to best structure solutions, including attracting existing seed funds to New Jersey or creating a new seed fund with a specific focus on such businesses.

“It is important that we let the communities we want to help take the lead on identifying the problems they face and suggesting solutions that will work for them,” said New Jersey Chief Diversity Officer Hester Agudosi. “This RFI is an important step in the right direction that will help New Jersey craft solutions that address both the surface-level challenges Black and Latinx entrepreneurs face and the deeper, systemic barriers that prevent them from accessing capital.”
 
The RFI is available here: https://www.njeda.gov/Bidding-Opportunities-General/Economic-Transformation-RFIs
 
All questions concerning this RFI must be submitted in writing no later than 11:59 PM EST on March 27, 2020 to RFI-ExpandingSeedCapital@njeda.com. The subject of the email should read: “Questions-2020-RFI-099: Expanding Seed Capital to Black and Latinx Entrepreneurs.” Answers to these questions will be publicly posted on the Authority’s website on or about April 7, 2020.
 
RFI responses must be submitted in writing no later than 11:59 PM EST on April 23, 2020 to RFI-ExpandingSeedCapital@njeda.com. The subject line of the email should read “RFI Response-2020-RFI-099: Expanding Seed Capital to Black and Latinx Entrepreneurs.”
 
To read Governor Murphy's full economic plan, please visit: https://nj.gov/economicplan
 
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.
 
To learn more about NJEDA resources for businesses call NJEDA Customer Care at 609-858-6767 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, and LinkedIn.
 

From left: NJEDA Director of Business Development – South Derrick Benns, NJEDA CEO Tim Sullivan, Shakti Group Co-Founder Prathik Patel, Shakti Group Kinari Pachani, NJEDA Business Development Officer Kathleen Durand, Bank of America Senior Vice President Catherine Milioti, Bank of America Vice President – Relationship Manager Raj Satsangi, Bank of America Senior Vice President Michael Cantone​   

Hamilton, N.J. (February 27, 2020) – New Jersey Economic Development Authority (NJEDA) and Bank of America representatives visited Shakti Group USA in Hamilton Township, Mercer County, today to showcase resources available to small businesses throughout the Garden State. The family-owned-global importer and distributor of specialty food products recently doubled its footprint in New Jersey with support from the NJEDA’s Premier Lender Program.

Founded in 1999 by Bharat Patel and his son Prathik Patel, Shakti wholesales more than 25 brands of various commodities, ranging from spices, nuts, lentils, and beans, to dairy products to exclusive beverages. Shakti also retails many of these products under its exclusive brand called “Aara.” Additionally, Shakti provides private label packaging and offers clients a complete solution for their supermarket, specialty retail store or catalog needs. At any given time, Shakti Group has over two million pounds of spices, lentils, and beans, and more than 100,000 pounds of inventory of nuts in stock. In addition to its New Jersey operations, Shakti also maintains distribution centers in Illinois, California, Texas, and Florida. Shakti currently employs 20 people and expects to hire seven more within the next two years.
 
Last year, Shakti outgrew the 40,000-square-foot facility it had been renting in central New Jersey.
 
“We’ve been fortunate to experience continued year-over-year growth, which we attribute to our loyal customer base and the welcoming environment we’ve found in New Jersey,” Prathik Patel said. “The Garden State has been the perfect location for us to scale our business, so when it came time to establish ourselves in a permanent location, the decision to stay here was easy.”
 
The Patels turned to Bank of America and the NJEDA for support to purchase a larger facility. In December, Shakti Group purchased an 80,000-square-foot warehouse in Hamilton to serve as its national headquarters. Through the NJEDA’s Premier Lender Program, Shakti leveraged financing from a $5.4 million loan from Bank of America with a $1.3 million NJEDA participation to support the purchase.
 
“With easy access to five major, international airports and close proximity to some of the busiest ports in the country, New Jersey has tons to offer small businesses in the import and distribution sectors,” NJEDA Chief Executive Officer Tim Sullivan said. “Connecting these businesses to the resources they need to thrive is fundamental to fulfilling Governor Murphy’s vision for creating a stronger and fairer New Jersey economy.”
 
Sullivan was among NJEDA representatives to visit Shakti Group today. He was joined by Derrick Benns, Director of Business Development – South, and Business Development Officer Kathleen Durand. Bank of America Senior Vice Presidents Catherine Milioti and Michael Cantone, and Bank of America Vice President – Relationship Manager Raj Satsangi accompanied Sullivan on the visit.
 
Through the Premier Lender Program, the NJEDA works with more than two dozen banks throughout New Jersey to guarantee or participate in a portion of commercial loans or lines of credit. Businesses can use this financing for fixed assets or term working capital, and NJEDA’s involvement in the transaction provides lenders with greater flexibility by reducing their overall exposure.  
 
“Participating in the NJEDA’s Premier Lender Program has strengthened our ability to offer flexible financing options to our clients,” Milioti said. “Congratulations to Prathik and Bharat on this major milestone. We wish them continued success in the months and years ahead.”
 
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.

TRENTON, N.J. (February 11, 2020) – The New Jersey Economic Development Authority (NJEDA) today approved the creation of the NJ Accelerate program. NJ Accelerate will provide support to qualified startups after graduating from Approved Accelerators throughout the United States. The program will allow the NJEDA to support eligible domestic accelerators by supporting the hosting of events in the Garden State and will showcase New Jersey’s pool of talented entrepreneurs.

NJ Accelerate, which will begin as a $2.5 million pilot program, promotes greater participation by New Jersey entrepreneurs in qualified accelerator programs, where they will gain specialized expertise, mentorship, and technical assistance and funding. The program is also seen as a tool to showcase the talent in New Jersey to accelerators on a national stage and encourages newly forming accelerators to launch in the Garden State. The program is open to startups from around the world, provided they establish themselves in New Jersey within six months of graduating from an Approved Accelerator.

An accelerator is a cohort-based “boot camp” for startups. Accelerators offer educational and mentorship programs for startup founders, exposing them to a wide variety of mentors, including former entrepreneurs, venture capitalists, angel investors, and corporate executives. Accelerators also often support startups by providing investment capital and office space.

For qualified Accelerators from around the nation, the NJ Accelerate program will match up to $25,000 per event held in New Jersey, in the form of sponsorship for the approved accelerator(s). Examples of events include the accelerator’s “demo days” road shows, in-person classes, pitch competitions, and networking events. This support is also eligible for the five percent bonus for accelerators that demonstrate meaningful written policies and practices for attracting and promoting companies owned by female or minority entrepreneurs.

For the startup companies graduating from Approved Accelerators, NJ Accelerate  will provide up to $250,000 per startup in direct loans matching the funding from the Approved Accelerator plus up to six months of rent support to eligible businesses.  The company will have had to successfully graduated from an approved accelerator program anywhere in the nation and then set up their operations in the Garden State within six months and maintain 50 percent of their employees in NJ.  NJ Accelerate will also include a five percent bonus for startups that are certified as women- and minority-owned businesses. Full program eligibility requirements can be found at https://www.njeda.gov/njaccelerate.

“By supporting entrepreneurs during the early stages of developing a new business, we’re helping to unlock the economic potential of entrepreneurship in New Jersey and expand our innovation ecosystem.” NJEDA Chief Executive Offer Tim Sullivan said. “NJ Accelerate is designed to mitigate the many obstacles that early-stage entrepreneurs often face when starting their businesses, ranging from limited business expertise to lack of funding.”

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 technology and life sciences businesses, call NJEDA Customer Care at 609-858-6767 or visit https://www.njeda.gov/tls and follow @NewJerseyEDA on Facebook, Twitter, and LinkedIn.
 

Montclair State University Hosts Investor-Focused Event
 

First Lady Tammy Snyder Murphy addresses attendees at the Golden Seeds Kickoff event.
 

TRENTON, N.J. (February 5, 2020) – First Lady Tammy Snyder Murphy and representatives from the New Jersey Economic Development Authority (NJEDA) and Golden Seeds gathered at Montclair State University yesterday to kick off the New Jersey chapter of Golden Seeds. They were joined by angel investors and other members of the Garden State’s innovation ecosystem.
 
Founded in 2005, Golden Seeds is a nation-wide angel investor network dedicated to investing in female-led startup companies. The organization has more than 300 members that include accredited investors from a diverse range of locations, sectors, and backgrounds. The New Jersey chapter of the organization joins seven established Golden Seeds chapters in Arizona, Atlanta, Boston, Dallas, Houston, New York City, and Silicon Valley.
 
“We are honored and excited to welcome Golden Seeds investors to New Jersey, where they will find many accomplished women eager to learn from them,” First Lady Murphy said. “We are so impressed with Golden Seeds’ track record of ensuring that female-led startups have access to the capital they need to succeed and compete on the global stage. With Golden Seeds network of support, the potential for New Jersey’s female entrepreneurs is limitless.”
 
First Lady Murphy also thanked Montclair State University and its President, Susan Cole, for hosting Tuesday’s event, and commended the University for its ongoing focus on female entrepreneurs, including its support of Women Entrepreneurship Week in October.
 
Later this month, Golden Seeds will host its first information session and office hours at The Co-Co in Summit on February 27. The event will give entrepreneurs the chance to meet one-on-one with experienced angel investors to gain invaluable feedback and learn about Golden Seeds’ investing process. Due to overwhelming interest, this first event is at capacity and Golden Seeds is now accepting registrants for its March 25 session. Entrepreneurs can click here to register.
 
“New Jersey has a long history of innovation and entrepreneurship, with many important contributions coming from women,” Golden Seeds Deal Director Joan Zief said. “We are thrilled to open our New Jersey chapter and connect female entrepreneurs with our network of seasoned investors, who can provide guidance as well as funding.”
 
The NJEDA’s partnership with Golden Seeds supports Governor Phil Murphy’s efforts to create a diverse innovation ecosystem in New Jersey by increasing the availability of angel capital for female-led businesses and providing mentoring opportunities for female businesses leaders. It will also foster a strong, cohesive angel investing community in New Jersey by bringing members together to identify investment opportunities, conduct due diligence, and support companies in which they choose to invest.
 
“We are trying to change the reality that female entrepreneurs lag far behind their male counterparts when it comes to attracting capital, and the launch of the New Jersey chapter of Golden Seeds is an important step in that process,” Kathleen Coviello, Executive Vice President for Technology, Life Sciences & Entrepreneurship. “The NJEDA is proud to partner on this initiative and we look forward to hearing many success stories in the months and years ahead.”  
 
Investors interested in getting more information about the NJ Chapter of Golden Seeds should contact GoldenSeeds@njeda.com.
 
Learn more about the NJEDA’s collaboration with Golden Seeds here: www.njeda.gov/goldenseeds
 
To read Governor Murphy's full economic plan, please visit: https://nj.gov/economicplan
 
About the New Jersey Economic Development Authority
The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.
 
To learn more about NJEDA resources for businesses call NJEDA Customer Care at 609-858-6767 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, and LinkedIn.