Trenton, N.J. (November 26, 2019) – The New Jersey Economic Development Authority (NJEDA) today announced the creation of its new “Economist’s Corner,” which will delve into economic data, policies, and issues impacting New Jersey’s economy. Through bi-monthly blog posts, the Economist’s Corner will provide in-depth analysis of data for non-economists interested in understanding what’s happening in the Garden State.

The first post, entitled “The Impact of Small Business on the New Jersey Economy,” is available here: www.njeda.gov/EconomistCorner.

“Achieving Governor Murphy’s vision for a stronger, fairer New Jersey economy starts with being grounded in the data that reveal the critical trends in our state’s economic activity,” said NJEDA CEO Tim Sullivan. “The Economist’s Corner will provide clear, relevant information to help people stay informed about the variables that impact businesses of all sizes, students and workers, communities, and the State’s overall economic climate.”

Sullivan added that the Economist’s Corner is an important component of the NJEDA’s role in supporting Governor Murphy’s plan for a more equitable, inclusive economy, as it will shed light on the ways economic prosperity is distributed and will provide clear, accessible economic analysis that community leaders and business owners can use to implement changes that will drive more sustainable and equitable growth.

The Economist’s Corner is curated by the NJEDA’s Chief Economist Richard Kasmin.

“Our vision for the NJEDA’s Economist’s Corner is to offer a deeper dive into issues that will affect the State’s economy in both the near- and long-term,” said Kasmin. “The Economist’s Corner will provide context and common-sense interpretations of the large volume of data, policies, and issues impacting our economy, including labor and workforce issues, inflation, small business and entrepreneurship, and innovation.”

The Economist’s Corner launched today with a post focused on New Jersey’s small business climate, including identifying the percentage of businesses that can be defined as “small” relative to the number of people they employ, and the percentage of income this base of businesses provides.

Kasmin noted that the topic of small business is particularly relevant as we approach Small Business Saturday on November 30th.

“The majority of retail businesses rely heavily on the holiday season to make their target numbers for the year,” said Kasmin. “A bustling weekend over Black Friday and Small Business Saturday can be seen as a harbinger of a strong season to come for these businesses, their employees, and the communities they call home.”
 
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.
 

Cumberland County, Hackensack, Flemington, Paterson, and Jersey City to Receive Funding 

TRENTON, N.J. (November 14, 2019) – The New Jersey Economic Development Authority (NJEDA) today announced five communities that will receive grants through the Opportunity Zone Challenge Program. Cumberland County, Hackensack, Flemington Borough, Paterson, and Jersey City have each won $100,000 through the program. The plans will support efforts to attract community-supported Opportunity Zone investments, build investment readiness, and help the community to meet its goals for Opportunity Fund investment.
 
“Working hand-in-hand with community partners is critical to ensuring Opportunity Zone investments have the greatest possible positive impact. The Opportunity Zone Challenge facilitates the close partnerships between the NJEDA and municipal, county, and local leaders that are critical to realizing each community’s vision for equitable, inclusive revitalization,” said NJEDA Chief Executive Officer Tim Sullivan. “The five plans that will receive funding through this round of the Challenge represent the kind of proactive thinking we need to not only address the challenges we face today but also to lay the groundwork for long-term, sustainable economic growth.”
 
Championed by Senator Cory Booker, the Opportunity Zone program is a federal tax incentive designed to spur investment in the most disinvested rural and urban communities. The program includes over 8,700 Opportunity Zones in all 50 states, Puerto Rico, Washington DC, and the US territories. Through the program, private investors with capital gains can make investments in Opportunity Zone business equity or real estate projects through Qualified Opportunity Zone Funds, which are purposely designed to be long-term capital investments. The program grants tax breaks based on length of the investment. New Jersey employed a detailed, community-focused selection process to designate 169 zones in 75 communities, with at least one in each county.
 
While the Opportunity Zone program is designed to focus capital flows and economic investment into communities that have historically faced economic challenges, long-term investment scarcity and strained local governments have made it difficult for many of the communities most in need to develop and capitalize critical projects. The NJEDA developed the Opportunity Zone Challenge Program to help address this problem by encouraging communities to come up with specific plans for pursuing Opportunity Zone-based investments.
 
“Helping communities establish a strong foundation for attracting Opportunity Zone investment is critical to ensuring resources flow to projects that will have the greatest impact,” said Leslie A. Anderson, CEO and President of the New Jersey Redevelopment Authority. “The Opportunity Zone Challenge is an important piece of this puzzle that allows communities to develop the institutional capacity they need to make most of the Opportunity Zone program.”
 
The first round of applications for the Opportunity Zone Challenge opened on August 1, 2019 and concluded on September 16, 2019. Of the 22 applications submitted, the NJEDA selected five communities to receive grants. The five projects receiving funding are:

Cumberland County: The Cumberland County plan is a combined marketing and regulatory reform initiative built around a microtargeting-driven marketing campaign focused on attracting Opportunity Zone investment, a county-specific Opportunity Zone website, and stakeholder meetings. Regulatory reforms included in the plan will consist of an in-depth analysis of areas in need of redevelopment and rehabilitation in Cumberland County Opportunity Zones as well as the implementation of policies that will support community-backed projects.

Hackensack: The Hackensack plan will facilitate the Hackensack Life Science Zone Assessment Report. This report will build on the Bergen Life Science and Technology report, which found that specific areas within the City of Hackensack’s Opportunity Zones would serve as a feasible location for the construction of a life science park. The Hackensack Life Science Zone Assessment plan will further investigate these areas to assess their conditions and determine whether they are suitable for the creation of life science zone. The city will partner with the Hackensack University Medical Center (HUMC) to provide technical expertise and industry data that will guide the planning process. Once this plan is complete, the City will have the information it needs to designate the tract as an area in need of redevelopment for life science purposes.

Flemington: The Flemington plan includes a series of charettes (in-depth community stakeholder meetings) to help create community participation in Opportunity Zone strategic planning, a borough-wide examination of zoning to reduce regulatory hurdles and encourage development, and new project marketing plans designed to showcase Flemington’s Opportunity Zone investment projects.

Paterson: The Paterson plan will examine street-level zoning codes and regulations in each of the City’s eight Opportunity Zones to ensure investors have the information they need to successfully guide a project to completion. The Paterson plan will increase the City’s short-term capacity to attract Opportunity Zone investments by providing a user-friendly catalogue of zoning codes and regulations and will increase long-term capacity by jumpstarting efforts to update antiquated redevelopment plans in a way that capitalizes on the Opportunity Zone program.

Jersey City: The Jersey City plan will consist of an in-depth, partner-oriented financial feasibility study leading to an investment prospectus to enhance the infrastructural and economic capacity of the two Opportunity Zones located in the Journal Square neighborhood, which is poised to be the Jersey City Cultural Arts District. The Jersey City Department of Planning will hire a consulting firm and work with identified strategic partners to conduct a financial feasibility study of Journal Square. The project team will then use this study to create a financial prospectus showcasing the advantages of investing in the Journal Square Opportunity Zones.

In addition to the Opportunity Zone Challenge, the NJEDA has recently rolled out a variety of initiatives aimed at attracting investments in inclusive, equitable development that promote business growth and job creation, especially in communities that have been passed over by developers in the past. These resources include the recently-launched Opportunity Zone Marketplace – an online portal designed to connect investors nationwide with business investment, real estate, and community improvement projects in Opportunity Zones – and New Jersey’s Opportunity Zone “One-Stop Shop” website, which includes a Community Asset map with data on all the 75 Opportunity Zones and guides for preparing a project pipeline and connecting shovel-ready projects with Opportunity Zone fund investors. 
 
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.
 

5 Female-Led Startups Among Participants

iBalans Founder & CEO Diena Seeger was among more than two dozen New Jersey entrepreneurs pitching to investors at today’s New Jersey Founders & Funders event.

Princeton, N.J. (November 13, 2019) – The New Jersey Economic Development Authority (NJEDA) today connected more than two dozen New Jersey entrepreneurs with investors from around the Mid-Atlantic region during its latest New Jersey Founders & Funders event at Princeton Innovation Center Biolabs (PICb).

New Jersey Founders & Funders enables early-stage New Jersey technology and life sciences companies to meet potential investors in 10-minute, one-on-one “speed dating” sessions to discuss strategy, business models, and funding opportunities.

“We routinely hear from entrepreneurs about how beneficial New Jersey Founders & Funders is to the growth of their companies, in terms of both the connections made and the invaluable feedback received,” said NJEDA CEO Tim Sullivan. “Governor Murphy is focused on reclaiming New Jersey’s role as a leader in innovation and events such as this reinforce the importance of ensuring these young companies have access to the capital and resources they need to flourish.”

Brian Sabina, NJEDA Senior Vice President of Economic Transformation, spoke to participants about the tools the State offers to spur opportunities for early-stage companies, and in particular, the Murphy Administration’s focus on fostering a more diverse, inclusive innovation ecosystem.

“New Jersey Founders & Funders is an excellent opportunity for the investor community to see the exciting pipeline of up-and-coming companies in the Garden State,” Sabina said. “Today’s event serves as an important reminder of why we continue to work with our partners in the public and private sectors to jumpstart investment dollars flowing to New Jersey technology and life sciences businesses.”

Over the summer, Governor Murphy signed legislation expanding the New Jersey Angel Investor Tax Credit, increasing the amount of tax credits investors can receive for investments into early-stage companies in the Garden State. Under the expanded program, there will also be a bonus for investors that infuse funding into minority- or women-owned businesses. In addition, the NJEDA has been working closely with First Lady Tammy Murphy’s office to establish a New Jersey chapter of Golden Seeds, a nationwide network of angel investors focused on supporting female entrepreneurs. 

Today’s event also showcased the innovative work being done by young life sciences companies at PICb. PICb is also one of 16 incubators, accelerators, and coworking spaces to participate in the NJEDA’s NJ Ignite Program, which offers rent support to startups moving to a collaborative workspace.

Situated three miles from Princeton University, PICb offers 31,000 square feet of shared wet- and dry-labs as well as private and coworking office space. PICb can accommodate up to 200 scientists and entrepreneurs who have access to amenities such as conference rooms, videoconference capabilities, a freezer room for storage of samples, four dedicated cell culture rooms, polymerase chain reaction (or PCR) machines to make millions of copies of a particular section of DNA, flow cytometers to analyze the characteristics of certain cells and particles, and fume hoods.

Among the companies that participated in today’s New Jersey Founders & Funders event were:
Rizlab Health, Inc. Dr. Mehdi Javanmard, an Associate Professor of Electrical and Computer Engineering at Rutgers University, and Dr. Shahriar Azizpour co-founded Rizlab Health, Inc. last year to bring hematology analysis from bench to the patient’s fingertips. As a tenant of PICb, Rizlab Health has been benefiting from PICb’s amenities and resources. The company has already secured funding from the Baylor College of Medicine Translational Research Institute of Space Health (sponsored by NASA) and the federal Department of Human Health Services.

iBalans. Under the direction of Founder & CEO Diena Seeger, health-technology company iBalans develops exercise equipment and training programs for rehabilitation, athletic training and wellness that focus on the link between the brain and body.  The inaugural product developed by Atlantic County-based iBalans is the WAV Sensorimotor Trainer, a sensory based exercise bar powered by fluid motion. Seeger says WAV training encourages brain activity critical to healthy movement and better balance, posture and stability. 

Futurestay.  New Brunswick-based Futurestay offers a technology platform enabling vacation rental managers to connect with guests across Airbnb, Booking.com, VRBO/HomeAway and Expedia, from a single dashboard. Futurestay Founder S. Philip Kennard noted that the company’s proprietary Smart Connection™ technology automates everything that matters to a vacation rental business — from distribution, to payments, guest messaging, calendars, and creation of direct owner websites. Launched in 2014, Futurestay works with over 100,000 vacation rental properties in over 120 countries.  

Twenty angel and venture capital firms were represented at today’s event, including Golden Seeds, Tech Council Ventures, and the Edison Partners. 

For details on these and other programs, visit https://www.njeda.gov/tls.

To learn about the multitude of resources available to help technology and life sciences companies thrive, visit https://www.njeda.gov/tls and follow @NewJerseyEDA on Facebook, Twitter, and LinkedIn.
 

 

(From left) NJDOL Commissioner Robert Asaro-Angelo; Secretary of Higher Education Zakiya Smith Ellis; President & CEO, Federal Reserve Bank of NY, John C. Williams;  Dr. Carl Van Horn, Director of the John J. Heldrich Center for Workforce Development; Tim Sullivan, CEO NJEDA

Representatives of the Federal Reserve Bank of New York and New Jersey state leaders discuss strategy for alignment of New Jersey’s workforce and economic development programs.

TRENTON, N.J. (November 1, 2019) – Representatives of the Federal Reserve Bank of New York and the head of the John J. Heldrich Center for Workforce Development today met with leaders from the New Jersey Economic Development Authority (NJEDA), Office of the Secretary of Higher Education (OSHE), Department of Labor and Workforce Development (NJDOL), and the New Jersey Office of Innovation to discuss strategy for alignment of New Jersey’s workforce and economic development programs.
 
“Today’s meeting hosted by the New Jersey Economic Development Authority provided us with important insight into how New Jersey’s employers and higher education institutions are nurturing its workers through training and apprenticeship programs that prepare them for the evolving economy,” said David Erickson, head of Outreach and Education at the Federal Reserve Bank of New York. “This meeting is part of the New York Fed’s efforts to deepen our understanding of local economic conditions, by hearing from officials, business leaders, and community groups throughout our region.”
 
The New York Fed routinely meets with local community and business leaders to gain a deeper understanding of regional economic conditions and inform the policy making process. Today’s conversation focused on efforts to create a seamless economic development pipeline that provides resources for businesses looking to launch or expand in New Jersey while also preparing New Jersey workers with the skills they need to succeed. 
 
NJEDA Chief Executive Officer Tim Sullivan launched the conversation by laying out the NJEDA’s comprehensive approach to economic development that focuses on building the foundation for sustainable, equitable economic growth throughout New Jersey. This broader approach to economic development includes targeted incentive programs focused on job creation and urban redevelopment, but also includes a variety of new efforts, from the Office of Economic Transformation’s focus on growth in key sectors, including offshore wind, to the state’s whole-of-government approach to driving Opportunity Zone investment.
 
“Building a stronger, fairer New Jersey economy requires taking a holistic approach to economic development that recognizes talent’s critical role in attracting businesses and facilitating business growth,” said Sullivan. “Today’s meeting was an exciting opportunity to lay out New Jersey’s comprehensive approach to growing our economy and creating good jobs for our workers while brainstorming ideas to make our efforts even more successful. I look forward to partnering with the NY Fed as we continue this important work.”
 
While Sullivan focused on presenting New Jersey’s programs for attracting and growing businesses, NJDOL Commissioner Robert Asaro-Angelo and Secretary of Higher Education Zakiya Smith Ellis discussed the State’s workforce development efforts. Commissioner Asaro-Angelo highlighted ways the NJDOL is moving away from a transactional approach to workforce development toward a work-based approach fueled by input from businesses. In particular, he focused on NJDOL’s occupational skills training, expanded apprenticeship programs, and partnerships with industry leaders to ensure training programs are providing workers with the skills companies need.
 
Secretary Smith Ellis focused on ways New Jersey is making higher education more accessible, from the Community College Opportunity Grant program, which makes community college free for students whose families make less than $65,000 per year to expanded internship programs that give students a chance to earn money and gain on-the-job skills while in school. She also highlighted New Jersey’s work in high schools to get students on the college-bound track and the NJ Education to Earnings data system, which analyzes data on students from Pre-K to college graduation to determine interventions that will enhance retention and boost educational attainment.
 
“The key to building a thriving economy is to focus on creating good, family-sustaining jobs. Achieving that goal requires not only supporting companies, but also training workers with the skills they need to succeed,” said Dr. Carl Van Horn, Director of the John J. Heldrich Center for Workforce Development. “Today’s discussion highlighted the ways New Jersey is developing a cohesive economic development pipeline that simultaneously helps companies grow and prepares workers to take on the jobs these growing businesses create and laid the groundwork for future partnerships with the New York Fed to expand upon these efforts.”  
 
 
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.
 

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NJEDA and African American Chamber of New Jersey Support Small Businesses’ Pursuit of Government Contracts
 
TRENTON, N.J. (October 28, 2019) – Less than six months after graduating from the New Jersey Economic Development Authority’s (NJEDA’s) and African American Chamber of Commerce of New Jersey’s (AACCNJ) inaugural Small Business Bonding Readiness Program class, entrepreneur Franchesca Abed has greatly expanded the reach of Ralf’s Heating Plumbing & General Contractors, her Camden-based business.
Ralf’s has been family owned and operated since it was founded in 1989 by Abed’s uncle, Juan Delgado. Abed began working at the business after graduating from Stockton University with a degree in Accounting in the midst of the economic downturn in 2009. She started out doing bookkeeping, contract management, and other back office tasks, but soon discovered her passion for the contracting business. She and her husband Abdul Abed, a master plumber, purchased the company from Delgado earlier this year, allowing him to retire. 

Franchesca Abed was among 27 small business owners in the first class to graduate from the Small Business Bonding Readiness Assistance Program in May. The program provides a comprehensive series of classroom trainings, workshops, and strategic counseling sessions covering a variety of topics relevant to small businesses in all sectors, including bonding and insurance, business development, financial presentation, construction and contract law, construction management, estimating, and credit. At the end of the 18-week course, all participating businesses received a Bonding Readiness Segment Report, which provided an in-depth assessment of their strengths and weaknesses to help them plan for the future.
 
“It’s heartening to see graduates of the first class of the Small Business Bonding Readiness Program securing contracts for government projects,” said John Harmon, Founder, President, and CEO of AACNJ. “These business owners have worked hard to position themselves for growth, and that growth will spill over into their communities as they invest in their businesses and hire more local employees to help keep pace with demand. We are excited to continue that momentum with the next round of entrepreneurs in the coming months.”

Equipped with knowledge and tools Franchesca Abed gained through the program, Ralf’s secured a contract from the Borough of Sayreville for waterproofing and the excavation of the basement of the city’s municipal building. Abed noted that Ralf’s is in the process of bidding for several other projects throughout the state.
“The credentials we gained from this course have enhanced our credibility and confidence among potential customers that may not have given us a second look before,” Franchesca Abed said.
Abed also noted her company’s commitment to giving back to the community, as evidenced by Ralf’s employees’ work with Habitat for Humanity, and the St. Joseph’s Carpenter Society, both of which promote affordable housing and neighborhood development.
Members of the first class of the Small Business Bonding Readiness Assistance Program have, to date, qualified for more than $5 million in surety bonding that will better position these firms to bid on public contracts.
 
“The Small Business Bonding Readiness Assistance Program is helping to level the playing field for many women- and minority-owned businesses by enabling them to bid on lucrative government contracts,” said NJEDA Director of Small Business Services Christina Fuentes. “We are thrilled to see companies from the first round of program graduates succeeding.”
 
Businesses interested in participating in an upcoming Small Business Bonding Readiness Program class should visit the AACCNJ’s website for details.

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 EDA resources for businesses call NJEDA Customer Care at 609-858-6767 or visit https://www.NJEDA.com and follow @NewJerseyEDA on Facebook, Twitter, and LinkedIn.