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 Colab at Bell Works in Holmdel is one of 11 collaborative workspaces currently approved by NJEDA to participate in NJ Ignite.

TRENTON, N.J. (March 25, 2019) – In 2017, TrueConnect founder Michael Glaicar was deciding whether to start his company in New York City or New Jersey. After touring Colab, Bell Work’s coworking space in Holmdel, he immediately knew that it would be a natural fit for his cloud-based software startup.

Among the things that impressed Glaicar was the magnitude of the innovation ecosystem forming at Bell Works. He noticed technology companies like iCIMS and WorkWave were flourishing at Bell Works and saw the potential for a fast-growing tech company to thrive in Monmouth County. The decision to locate at Bell Works was also based on his feeling that the impressive building and its resources would be valuable for recruiting talent, and the opportunity to network with entrepreneurs from a broad range of industries would be beneficial to his company’s growth.

Glaicar’s sentiments are echoed by many of the more than 170 entrepreneurs currently calling Colab home.

“We’ve experienced exponential growth in the past year as more people realize the value of the ‘metroburb’ work-shop-play environment taking shape at Bell Works,” said Colab Managing Director Sean Donohue. “We attribute this growth to word-of-mouth referrals and are optimistic that the New Jersey Economic Development Authority’s (NJEDA’s) NJ Ignite Program will help attract even more tenants to the coworking space.”

NJ Ignite supports technology and life sciences startups moving to collaborative workspaces by offering rent support, making lab and office space more affordable, and providing eligible startups with greater access to environments where they can work alongside other growing technology and life sciences companies. For incubators, accelerators, and coworking spaces, the program serves as a tool to help attract young businesses to their facilities, while encouraging the creation of new collaborative workspaces throughout the state. Colab is one of 11 collaborative workspaces currently approved by NJEDA to participate in NJ Ignite.

“Governor Murphy often talks about how forming technology hubs where entrepreneurs can gather and collaborate is essential to reclaiming New Jersey’s role as a leader in innovation,” NJEDA CEO Tim Sullivan said. “The community of innovators at Bell Works is a representation of this model in action. Through NJ Ignite, we aim to make collaborative workspaces more accessible to New Jersey technology and life sciences companies in their earliest stages.”

TrueConnect was one of 22 companies that participated in New Jersey Founders & Funders this past November. New Jersey Founders & Funders enables early-stage businesses to meet with potential investors in 10-minute, one-on-one “speed dating” sessions to discuss strategy, business models, and funding opportunities. Each participating entrepreneur meets an average of six investors in curated one-on-one meetings during the event.

The next New Jersey Founders & Funders event is scheduled for May 9. Entrepreneurs interested in participating in New Jersey Founders & Funders can apply online at https://application.njeda.com/tls/. Participation is a on a first-come-first-served basis. 
 

To learn about the various resources available to support the technology industry, visit https://www.njeda.gov/tls and follow @NewJerseyEDA on Facebook, Twitter, and LinkedIn.

 

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Jose Lozano, President & Chief Executive Officer for Choose New Jersey, discusses efforts to expand New Jersey's film and TV industry. 
 

NEWARK, N.J. (March 20, 2019) – State and local officials joined a wide array of film and television industry leaders in Newark to discuss diversity and inclusion in New Jersey’s film industry at today’s Diversity in Film and Television Production Forum. Speakers including First Lady Tammy Snyder Murphy, Newark Mayor Ras J. Baraka, and Senator Loretta Weinberg addressed attendees on the current state of New Jersey’s film production industry, tax credits and other resources available to productions filming in New Jersey, and additional incentives designed to promote diversity and inclusion in film and television hiring practices.
 
“New Jersey has one of the most diverse workforces in the country and it is critical that we ensure everyone has access to new opportunities, especially women and minorities who have been shut out in the past,” said Hester Agudosi, Chief Diversity Officer with the New Jersey Office of Diversity and Inclusion. “Today’s forum showed how we can stimulate economic growth and support industries that create new jobs without losing our focus on building a fairer, more inclusive economy.”
 
The forum featured a range of speakers and panelists, including elected officials, agency leaders, and film industry experts from Paramount Pictures, NBC Universal, Sony Pictures, Warner Media, and the Motion Picture Association of America, who discussed the current state of the film and television industry in New Jersey as well as strategies for attracting more productions to the State and encouraging diversity and inclusion on set.
 
“New Jersey has everything a production company needs: scenery ranging from tranquil beaches, to bucolic farmland, to bustling urban centers; a hardworking and diverse workforce; and robust infrastructure. Companies recognize this, which is why interest in producing films and television programs in New Jersey is at an all-time high,” said New Jersey Secretary of State Tahesha Way, one of the event’s featured speakers. “Today was an important step forward in our efforts to build a robust New Jersey production industry that is stronger, more inclusive, and allows for long-term, sustainable growth.”   
 
One topic that came up frequently throughout the day was the New Jersey Film Tax Credit Program, which is administered by the New Jersey Economic Development Authority (NJEDA). Signed into law by Governor Phil Murphy last summer, the program aims to rejuvenate New Jersey’s film industry by providing a 30 percent tax credit against corporate business tax and gross income tax for qualified film production expenses and a 35 percent credit for goods and services purchased through vendors located in targeted areas of the state. To qualify for the credits, a film must spend at least 60 percent of its total budget in New Jersey or incur more than $1 million qualified production expenses in the state.
 
The program also includes a bonus tax credit of 2 percent of qualified film production expenses aimed at encouraging companies to develop a diversity plan for the recruitment and hiring of women and minority persons in their productions. The NJEDA will review these diversity plans in collaboration with the Office of Diversity and Inclusion. Plans approved for the diversity bonus may receive the credit upon completion if the production company can demonstrate a good-faith effort to undertake the strategies and meet the goals of the approved plan.
 
“Promoting diversity by creating new opportunities for all New Jerseyans is a critical part of Governor Murphy’s plan for a stronger, fairer economy,” said NJEDA Chief Executive Officer Tim Sullivan. “The Film Tax Credit Program will contribute to building a stronger film and television production industry in New Jersey by creating new opportunities for our State’s diverse workforce.”
 
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 EDA resources for businesses call EDA Customer Care at 609-858-6767 or visit https://www.njeda.gov  and follow @NewJerseyEDA on Facebook, Twitter, and LinkedIn.
 

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1776 in the Cherry Hill Mall 
 

TRENTON, N.J. (March 15, 2019) – The New Jersey Economic Development Authority (NJEDA) announced today that it will hold its next New Jersey Founders & Funders event on May 9 at 1776’s retail incubator in the Cherry Hill Mall. 1776, the nation’s largest network of entrepreneurial incubators, cut the ribbon on the 11,000-square-foot collaborative workspace earlier this year, expanding its footprint into the Garden State.

Now in its sixth year, New Jersey Founders & Funders enables early-stage businesses to meet with potential investors in 10-minute, one-on-one “speed dating” sessions to discuss strategy, business models, and funding opportunities. Each participating entrepreneur meets an average of six investors in curated one-on-one meetings during the event. Follow-up responses from attendees at the November 2018 New Jersey Founders & Funders event indicated that over 90 percent of those participants secured additional meetings with at least one investor. Entrepreneurs interested in participating in New Jersey Founders & Funders can apply online at https://application.njeda.com/tls/. Participation is a on a first-come-first-served basis. 

1776 is one of the first 11 collaborative workspaces approved by the NJEDA to participate in NJ Ignite. NJ Ignite supports technology and life sciences startups moving to collaborative workspaces. Specifically, the program offers rent support which makes lab and office space more affordable, providing eligible startups with greater access to environments where they can work alongside other growing technology and life sciences companies. The program also benefits incubators, accelerators, and coworking spaces by providing a tool to help attract young businesses to their facilities, while encouraging the creation of new collaborative workspaces throughout the state. 

As a requirement of participating in NJ Ignite, 1776 must host a minimum of eight innovation ecosystem-building events throughout the year. In addition to the upcoming New Jersey Founders & Funders event, 1776 previously hosted the South Jersey Tech Collective, a group of founders, leaders, and investors associated with technology companies in and around Southern New Jersey. At the event, 1776 and the NJEDA discussed tips and resources for local entrepreneurs considering starting their businesses in New Jersey. 

“We are thrilled that 1776 has quickly become an engaged member of our state’s innovation community and is connecting its tenant companies with resources that support their growth,” NJEDA Chief Executive (CEO) Officer Tim Sullivan said. “Repurposing existing real estate assets in ways that foster a synergetic ecosystem is a core component of Governor Phil Murphy’s vision for making New Jersey the State of Innovation.”

1776 CEO Jenn Maher was one of several panelists to discuss how shared workspaces are beneficial to entrepreneurs across a broad spectrum of industries in front of a standing-room only crowd at Friday’s New Jersey Future Redevelopment Forum. The panel was moderated by NJEDA Vice President of Technology and Life Sciences Investments Kathleen Coviello. 

Forty-five entrepreneurs at 30 startups have already set down roots at 1776’s New Jersey location. Approximately 25 of the tenants are artisans and makers, and the rest are focused on technology and life sciences, event planning, branding and marketing, real estate, and customer experience management. In addition to offices and an open floor plan conducive to networking and collaboration, 1776 also includes an artisan market, which sells products created by maker tenants.

“Entrepreneurs on both sides of the Delaware River are flocking to 1776’s Cherry Hill location and NJ Ignite will help even more technology and life sciences companies to become a part of our vibrant startup family,” 1776 President Ron Braunfeld said.

The Cherry Hill Mall retail incubator is 1776’s first collaborative workspace in a mall and its 10th in the Mid Atlantic- Northeast Region. 1776 sees its New Jersey location as integral for its vision of having a presence throughout the Northeast region.

“You can’t think about a Northeast strategy without including New Jersey, so when mall developer PREIT contacted us about the possibility, we jumped at the opportunity,” Braunfeld said.

To read Governor Murphy's full economic plan, please visit: https://nj.gov/economicplan

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.

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During the weekend of March 16-17th, EDA will be performing scheduled maintenance on the web servers that host www.njeda.gov, affirmative action and the online application web sites. Because users may experience loss of data when submitting forms, EDA is disabling the online application and affirmative action sites completely during this time.  These areas should be working normally following the maintenance period.  We apologize for any inconvenience this may cause.

TRENTON, N.J. (March 13, 2019) – The state of New Jersey is seeking artists to design, construct, and install artwork for the new state office buildings being constructed in downtown Trenton, the NJ Economic Development Authority (NJEDA) and the NJ Department of the Treasury announced today.
 
The NJEDA, in consultation with the NJ State Council on the Arts (NJSCA), issued a Request for Expression of Interest for the building projects. Interested artists must submit samples of their work and a letter of interest by 3:00 p.m. on Tuesday, March 26, 2019.
 
“New Jersey is a state of innovative thinkers who celebrate creativity. Including artistic elements in the new State office buildings highlights the State’s commitment to the arts and brings new beauty to the capital city,” said NJEDA Chief Executive Officer Tim Sullivan. “We look forward to hearing from artists interested in undertaking these projects and to giving people that live and work in Trenton an opportunity to enjoy their work in and around these new buildings.”
 
The State Office Building Development Project is a partnership between the NJEDA and the NJ Department of the Treasury, Division of Property Management and Construction (DPMC), to construct the new Division of Taxation and Department of Health buildings in downtown Trenton. Both buildings will include decorative art elements as well as finished art pieces created by New Jersey residents.
 
“Showcasing the work of local artists will add unique visual elements to these projects that will remain a part of Trenton for many generations to come,” said NJ State Treasurer Elizabeth Muoio. “We are excited to engage New Jersey’s thriving arts community to incorporate interesting and meaningful artwork that will enliven the new Health and Taxation buildings for the enjoyment of both state employees and visitors.”   
 
The NJEDA is currently seeking expressions of interest from artists to design, fabricate, and install decorative elements in the following mediums: a wall mural, a terrazzo floor, a digital ceramic printed art glass wall, three-dimensional sculptural wall-mounted artwork, and an exterior streetscape and outdoor sculpture.

Artists interested in this opportunity must register and submit applications through CAFÉ, a web-based call for entry portal tailored to artists. A complete application will include a letter summarizing the artist’s interest and experience in creating public artwork, at least three references, and four to six samples of the artist’s work. Only artists who will create their art in New Jersey, Delaware, New York, or Pennsylvania are eligible for these opportunities.
 
After processing submissions, an Art Selection Committee at NJSCA will select a short list of up to three artists for each project. These artists will make in-person presentations at the NJEDA headquarters in Trenton and the Arts Selection Committee will choose projects based on which proposal best fits the architect’s intention as well as the style and design of the relevant building.
 
Additional information on the Artworks Projects is available here. Artists interested in this opportunity must submit proposals through CAFÉ by 3:00 p.m. on Tuesday, March 26, 2019. 
 
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 EDA resources for businesses call EDA Customer Care at 609-858-6767 or visit https://www.njeda.gov  and follow @NewJerseyEDA on Facebook, Twitter, and LinkedIn.
 

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TRENTON, N.J. (March 12, 2019) – As part of Governor Phil Murphy’s efforts to build a stronger, fairer New Jersey economy through targeted investments in communities, the New Jersey Economic Development Authority (NJEDA) and Department of Environmental Protection (DEP) announced an agreement today to expand the Community Collaborative Initiative (CCI) to enable DEP staff to provide ground-level support on brownfields redevelopment and urban revitalization efforts to a wider range of targeted urban areas. In addition to the cities where CCI is currently operating – Bayonne, Camden, Perth Amboy and Trenton—the initiative will be expanded to new municipalities around the state. The list of additional cities, which has not been finalized, will include Newark and Paterson.

“Building a stronger, fairer New Jersey economy requires taking an innovative approach to community revitalization that acknowledges economic prosperity and environmental sustainability are not competing goals but mutually reinforcing ideals,” said Governor Murphy. “CCI has already made significant progress toward achieving both of these goals by working with local leaders to protect the environment and transform dangerous eyesores into valued community assets.”
 
The CCI embeds DEP staff at the ground-level within communities, providing a more direct connection to the necessary expertise that will enable communities to address environmental concerns effectively and appropriately. By making this expertise more easily accessible in targeted communities where multiple environmental stressors exist, the initiative fosters the communication, relationships, and insights necessary to open pathways to successful remediation and redevelopment of contaminated sites.
 
CCI is already producing impressive results in Bayonne, Camden, Perth Amboy, and Trenton. In Camden, CCI staff collaborated with local leaders and DEP experts to jumpstart the process of transforming a 61-acre landfill into restored shoreline and uplands, with improvements such as the creation of new tidal wetlands, recreational amenities for residents, and a solar field. CCI has had similar success in Perth Amboy, where embedded staff facilitated the launch of a project to clean up a 6-acre scrap heap and build a new park on the site. In Trenton, CCI staff helped to advance the development of the Assunpink Greenway Park—a 99-acre redevelopment project that will include soccer fields, a waterfront walk, and other amenities.
 
“The Community Collaborative Initiative exemplifies Governor Murphy’s commitment to revitalizing New Jersey’s communities in a way that puts environmental sustainability front and center and remains true to residents’ priorities,” said DEP Commissioner Catherine R. McCabe. “The program has already been a tremendous success, with significant benefits for New Jersey’s most vulnerable populations. We are excited to collaborate with the NJEDA to replicate this success around the state.”
 
Recognizing CCI’s successful track record, the NJEDA is partnering with the DEP to expand the initiative into more New Jersey cities that will benefit greatly from this initiative, such as Newark and Paterson, among others. Under the agreement, NJEDA funding will supplement the existing two full-time equivalent DEP employees dedicated to CCI with an additional six full-time equivalent employees. The six new full-time employees will be selected from current DEP staff, with replacements hired by DEP through a state-approved vendor. The NJEDA’s total funding commitment is approximately $1 million.
 
“Governor Murphy’s vision for a stronger and fairer New Jersey economy focuses on making smart, targeted investments in our communities in a way that recognizes each of their unique assets and challenges,” said Tim Sullivan, CEO of the NJEDA. “With this expanded partnership, DEP and the EDA will be able to help more cities and towns throughout the state do the long-term planning necessary to remediate and redevelop brownfields. We are thrilled to be partnering with Commissioner McCabe and her team on this comprehensive approach to tackling longstanding environmental and economic challenges.”
 
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 EDA resources for businesses call EDA Customer Care at 609-858-6767 or visit https://www.njeda.gov  and follow @NewJerseyEDA on Facebook, Twitter, and LinkedIn.
 

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TRENTON, N.J. (March 12, 2019) –The New Jersey Economic Development Authority (NJEDA) announced today that it will award $100,000 to each of the following five communities as part of the second round of the Innovation Challenge: Cape May County, Hoboken, Newark, Paterson, and Plainfield. The Innovation Challenge is designed to encourage municipalities and counties to advance plans to strengthen their local innovation ecosystems in collaboration with local higher education institutions and other strategic partners.

Governor Phil Murphy first announced the Innovation Challenge last summer, which resulted in nine communities being awarded NJEDA funding to help advance their planning projects. Due to the interest and positive response generated through the first round of the Innovation Challenge, the NJEDA allocated an additional $500,000 for grants of up to $100,000 each for a second round of funding that launched in November and accepted applications through the end of January.

“The robust and creative responses to both rounds of this challenge illustrate that communities throughout the Garden State are embracing Governor Phil Murphy’s vision for making New Jersey the State of Innovation,” NJEDA Chief Executive Officer Tim Sullivan said. “Strengthening local ecosystems where new ideas can thrive will have long-term positive effects that will impact the state’s entrepreneurs and small businesses for years to come.”  

The five proposals receiving awards include:

Cape May County

Cape May County officials and local partners have proposed a project that will create an Entrepreneurial Resource Center to support the economic development plans of the county and local municipalities inside and around designated opportunity zones. Cape May County expects that these plans will help to expand the breadth and depth of existing business support systems through the coordination of local assets to increase economic development within the county.

"This is a great partnership among key stakeholders and shows how the County tries to work with local municipalities to spur on economic growth,” Cape May County Freeholder Director Gerald M. Thornton said. “Creating jobs is important and we in County government will always look for ways to promote job growth for our entire County."
 
City of Hoboken
Hoboken has proposed plans to team up with Stevens Institute of Technology, the Hoboken Public Library, and Propelify, LLC to launch a planning process for the creation of a co-working innovation center that will make the vital resources of space, mentorship, capital, and community available to innovative practitioners and entrepreneurs. The city anticipates that this innovation center will support the incubation of Smart City small businesses in northern New Jersey.

“I’d like to thank Governor Murphy and the NJEDA for recognizing Hoboken in this second round of funding,” Hoboken Mayor Ravinder S. Bhalla said. “We are thrilled to partner with local innovation leaders and this investment by the NJEDA will help solidify and nurture the emerging tech community in North Jersey.”

City of Newark
The City of Newark intends to create a plan for the expansion of its technology infrastructure and to extend existing fiber optic and wireless communication systems by providing street-level kiosks where residents can access the Internet. Newark officials believe that these projects will provide immediate quality of life benefits citywide while serving as beacons to guide local investments into the technology infrastructure. The city will partner on the plan with the New Jersey Institute of Technology, the Newark Community Economic Development Corporation, the New Jersey Innovation Institute, Public Service Electric & Gas, and iNeighborhoods.

“Our goal has been to extend the reach of our internet beyond our downtown and to all of our residents,” Newark Mayor Ras J. Baraka said. “This grant from the NJEDA will help us accomplish that. I thank Governor Murphy and the NJEDA for developing this program and helping to make Newark a stronger city.”

City of Paterson
The City of Paterson plans to work with Montclair State University, William Paterson University – Small Business Development Center, and two long-term lessees at the Paterson Food Incubator site to create a business strategy that involves consistent training resources and workforce development opportunities for tenants at the incubator. The City anticipates that the project will result in a strategically-developed business plan to ensure the long-term sustainability of the incubator.

“We are extremely excited about this news,” Paterson Mayor Andre Sayegh said. “This will allow us to develop a strategic business plan for the food incubator to maximize the investment already made. More importantly, we will work in partnership with nearby academic institutions to build new partnerships for the incubator’s long-term success. Our new slogan is: ‘Great Falls, Great Food, Great Future!’”

City of Plainfield
The City of Plainfield will conduct a technology-needs assessment of the community’s underutilized and vacant industrial and commercial properties. The goal of the assessment will be to determine the feasibility of creating a network of commercial, industrial, and mixed-use corridors within the city so that it can be an epicenter of New Jersey’s innovation economy.

"We are thrilled to receive this grant from the NJEDA,” Plainfield Mayor Adrian O. Mapp said. “This technology needs assessment study is another important piece in the continued redevelopment of Plainfield. Governor Murphy continues to demonstrate that he is plugged into the needs of our communities and is focused on bringing real change to New Jersey. This level of support lends impetus as we work to transform our city.”  

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 read Governor Murphy's full economic plan, please visit: https://nj.gov/economicplan

To learn more about NJEDA resources, 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 CEO Tim Sullivan moderates a panel focused on the potential for the State’s innovation economy to benefit from redevelopment in opportunity zones. From left: Tim Sullivan, Christopher Paladino, President DEVCO; Carl E. Van Horn, Ph.D., Distinguished Professor of Public Policy, Director, John J. Heldrich Center for Workforce Development; Mike Meyer, Hugo Neu Corporation, Aisha Glover, President & CEO Newark Alliance. 

Trenton, NJ (March 11, 2019) – Governor Phil Murphy used today’s New Jersey Opportunity Zone Summit to demonstrate the State’s preparedness for attracting investment to the 169 Opportunity Zones in 75 municipalities spread across New Jersey’s 21 counties.

“Attracting investment to areas of the state that have been overlooked or perceived by investors as overly risky is key to achieving our goals for a stronger and fairer economy,” said Governor Murphy. “We are working together across state government to help Opportunity Zone communities put their best foot forward as they compete for investment dollars on a national scale.”

The New Jersey Opportunity Zone Summit, hosted by Choose New Jersey, featured a discussion between Governor Murphy and Anthony Foxx, Chief Policy Officer, Lyft, and former United States Secretary of Transportation. The discussion was facilitated by Choose New Jersey Chief Executive Officer (CEO) Jose Lozano.

Governor Murphy and Secretary Foxx discussed how the Opportunity Zone program will help to raise the profile of urban areas that have experienced long-term disinvestment. Foxx highlighted Lyft’s commitment to equitable mobility in New Jersey, particularly in areas underserved by existing traditional transit options. Foxx spoke to Lyft’s focus on forging public-private partnerships, growing the Lyft driver community, and the company’s plans to open a driver Hub in Jersey City later this year.

“Transportation is critical to economic opportunity and at Lyft, we are committed to providing rides to those who need them most,” said Foxx. “Not only is it imperative that we help people move around the state affordably and reliably, but we want to invest in New Jersey through growing our driver community and supporting local businesses. I commend Governor Murphy on not only highlighting this important initiative, but on investing in projects that will make a difference in Opportunity Zones across the state.”

Governor Murphy also highlighted several initiatives that will help to facilitate investment in New Jersey’s Opportunity Zones. As proposed in the Governor’s Economic Plan announced last October, the New Jersey Economic Development Authority (NJEDA), in partnership with the New Jersey Department of Community Affairs (DCA) and the New Jersey Redevelopment Authority (NJRA), will develop the NJ Opportunity Zone Marketplace, a real estate and business equity project sharing portal. As envisioned, the Marketplace will be a nationwide access point where qualified investors and eligible New Jersey projects can meet up and begin the development process. Based on best practices from leading community development and economic empowerment philanthropies, this portal will allow projects from New Jersey’s 75 Opportunity Zone municipalities to market their investment opportunities nationwide. The Marketplace is expected to launch in summer 2019.   

The NJEDA, DCA, and NJRA will also partner to launch the New Jersey Opportunity Zone Challenge, a competitive funding program which will be designed to leverage community knowledge, skills, and abilities. Its goal is to boost local community-based capacity in financial and technical planning. The funding will help selected entities write plans to identify their specific needs, leverage local resources, and advance projects through the development process. A Request for Proposals is expected to be issued by the NJEDA in the spring.   

“Opportunity Zones are designed to attract investments to some of our most underserved communities to spur economic growth and job opportunities in all 21 counties,” said Lieutenant Governor Sheila Y. Oliver, who also serves as Commissioner of the Department of Community Affairs. “We are optimistic that the partnerships we are building today between stakeholders and municipalities will provide the competitive edge needed to reach a broader audience so development projects succeed at every stage – from concept to completion.”

NJEDA CEO Tim Sullivan moderated a panel focused on the potential for the State’s innovation economy to benefit from redevelopment in opportunity zones, including unique, revitalized facilities for shared workspaces, small businesses, and entrepreneurs. The panel featured Carl E. Van Horn, Ph.D., Distinguished Professor of Public Policy, Director, John J. Heldrich Center for Workforce Development; Aisha Glover, President & CEO Newark Alliance; Christopher Paladino, President DEVCO; and Mike Meyer, Hugo Neu Corporation.

“Governor Murphy and his entire administration are committed to making New Jersey the premier destination for Opportunity Zone investments that can catalyze inclusive, sustainable economic development,” said Sullivan.
“The Opportunity Zone Challenge will provide mayors and local leaders with vital resources to advance their unique visions for the transformative investments they would like to see in their own communities.”

Choose New Jersey’s Opportunity Zone Summit was supported by PSE&G, New Jersey Resources, Hackensack Meridian Health, and New Jersey Business Magazine.

“The lively discussions among experts from the real estate, academic, economic development, and investment communities we saw throughout the day are indicative of New Jersey’s collective determination to maximize the potential for returning these long-neglected pockets of our cities to economic productivity,” said Lozano. “New Jersey’s drive to showcase its Opportunity Zones enhances Choose New Jersey’s ability to appeal to investors in both the national and international arenas.” 

To read Governor Murphy’s full economic plan, please visit: https://nj.gov/economicplan

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TRENTON, N.J. (MARCH 7, 2019) – Cross River Bank, a New Jersey financial institution known for its innovative use of new technology, is expanding in the Garden State with support from the New Jersey Economic Development Authority (NJEDA). The bank has acquired a 70,000-square-foot facility in Fort Lee, which will be home to 200 employees from the bank’s current Fort Lee headquarters, along with an additional 250 new employees it plans to hire.
 
“Innovative fintech companies like Cross River choose to locate in New Jersey because of our unrivaled pool of diverse, tech-savvy talent, and the unique advantages of our location,” said Governor Phil Murphy. “We are thrilled that Cross River is committed to growing in the Garden State and creating the kind of job opportunities that align with our vision for a stronger and fairer New Jersey economy, with a focus on high-growth, high-tech industries that promote financial inclusion.”

Established in 2008, Cross River is a fast-growing financial services organization that merges the established expertise and traditional services of a bank, with the forward-thinking offerings of a technology company. The bank makes a point of staying on the cutting edge of emerging “Fintech,” or financial technology. This focus on innovation has brought Cross River significant acclaim in the banking and fintech industries, including being recognized as the “Most Innovative Bank” at the LendIT Fintech Industry Awards in 2017 and 2018 as well as being named to Forbes’ 2019 list of “Most Innovative Fintech Companies.” Cross River’s commitment to supporting employees and fostering a healthy work/life balance also earned the bank a spot on American Banker’s “Best Fintechs to Work for” list.  
 
Cross River was approved by the NJEDA in December for Grow New Jersey (Grow NJ) tax credits to encourage the company to expand in Fort Lee over a competing location in Orangeburg, NY.  The bank will initially occupy 36,447 square feet of its new facility, and will take on additional space as its employee base grows. 
 
“The State’s support will enable us to expand within New Jersey instead of leaving the state we have always called home,” said Gilles Gade, President and CEO of Cross River. “Governor Murphy’s focus on supporting companies that look to the future and take advantage of innovative new solutions is exactly what New Jersey needs right now. We are proud to call New Jersey home and look forward to hiring hard-working Garden State residents as we continue to grow.”
 
Since Grow NJ is a performance-based incentive program, Cross River is required to meet the commitments upon which its approval was based, including generating new tax revenue, completing capital investments, and hiring the promised number of employees prior to receiving any approved benefits. No funds are provided up front, and annual certification of jobs is required throughout the term of the award. The Grow NJ program will stop accepting new applications at the end of June 2019.
 
“Governor Murphy’s plan for a stronger, fairer New Jersey economy is centered on supporting innovative companies that create new, good-paying jobs for New Jersey workers,” said NJEDA Chief Executive Officer Tim Sullivan. “Cross River is the kind of innovative, high-growth company that will drive New Jersey’s economy forward.”
 
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 EDA resources for businesses call EDA Customer Care at 609-858-6767 or visit https://www.njeda.gov  and follow @NewJerseyEDA on Facebook, Twitter, and LinkedIn.
 

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Database now includes all six research universities in the Garden State

TRENTON, N.J. (March 6, 2019) – Montclair State University has now been integrated into the “Research with NJ” online database, joining the Garden State’s five other research universities—New Jersey Institute of Technology; Princeton University; Rowan University; Rutgers, the State University of New Jersey; and Stevens Institute of Technology. Research with NJ is a collaborative effort by the New Jersey Economic Development Authority (NJEDA) and the Office of the Secretary of Higher Education (OSHE) to forge stronger connections between New Jersey’s research universities and industry.
 
“Innovation is the foundation of Governor Murphy’s plan for building a stronger and fairer New Jersey economy and Research with NJ provides a crucial tool for connecting university researchers who are pushing the limits of science and technology with business leaders who can turn those discoveries into new products and businesses of the future,” said NJEDA Chief Executive Officer Tim Sullivan. “Adding Montclair State University’s researchers to the database is an exciting step forward that will pave the way for more of the collaborations and innovations that power New Jersey’s innovation economy.”
 
Research with NJ is a free portal that showcases New Jersey’s experts in science, technology, engineering, and mathematics (STEM). The database includes researchers’ professional backgrounds, publications, and achievements. It is structured to encourage collaborations between entrepreneurs, businesses, and New Jersey’s research institutions that lead to innovative products and businesses. The database can be accessed at www.ResearchwithNJ.com.
 
“New Jersey’s talented researchers are working on cutting-edge discoveries that strive to make our lives healthier, safer, and more efficient,” said Secretary of Higher Education Zakiya Smith Ellis. “The addition of Montclair State University makes Research with NJ an even more comprehensive resource and expands opportunities for more researchers to share their ideas with industry leaders who can turn those breakthroughs into innovative businesses that benefit us all.”
 
The New Jersey State Legislature designated Montclair State University as a Public Research University in July 2017. Now that the university has been fully integrated into the database, Research with NJ includes nearly 3,700 faculty profiles, which collectively contain more than 210,000 published articles. Consolidating this robust body of research in an easy-to-navigate database will facilitate the kind of collaboration between researchers, entrepreneurs, and commercial enterprises that is necessary for building innovative businesses and products based on the latest scientific and technological breakthroughs.
 
“We are thrilled to be part of the Research with NJ project,” Dr. Susan Cole, President at Montclair State University. “Providing entrepreneurs and industry leaders with a streamlined portal where they can access the cutting-edge research taking place at Montclair State and around New Jersey will foster the next generation of collaborations our state needs to reclaim our position as a leader in the innovation economy.”
 
Research with NJ was developed under the leadership of an Advisory Board consisting of the participating research universities and industry representatives from the New Jersey Business & Industry Association, Choose New Jersey, BioNJ, the HealthCare Institute of New Jersey, the R&D Council of New Jersey, and the New Jersey Tech Council. The Advisory Board provides oversight and recommendations to ensure the portal’s sustainability and success.
 
 
To read Governor Murphy's full economic plan, please visit: https://nj.gov/economicplan
 
About the Office of the Secretary of Higher Education
 
The Secretary of Higher Education is the primary advisor to the Governor on higher education policy in New Jersey. The Office of the Secretary of Higher Education (OSHE) advocates for and develops policies and programs that provide students from all backgrounds accessible and affordable higher education opportunities that prepare them for success in life after college. In addition, the Secretary works to maximize the talent and resources in our colleges and universities, matching world-class research with the needs of industry, the demands of students, and the policy goals of the State.
 
To learn more about the Office of the Secretary of Higher Education, visit https://www.state.nj.us/highereducation/ and follow @NJHigherEd on Twitter.
 
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 EDA Customer Care at 609-858-6767 or visit https://www.njeda.gov  and follow @NewJerseyEDA on Facebook, Twitter and LinkedIn.
 
 

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