A meeting of the Capital City Redevelopment Corporation (CCRC) Board has been scheduled for Wednesday, December 19, 2018 at 10:00 am in the EDA Board Room, 36 West State Street, Trenton, NJ.
A copy of the proposed agenda can be found at http://web.njeda.com/ccrc/page.aspx?id=2461
TRENTON, N.J. (December 17, 2018) – Film and television production companies can now apply for tax credits through the New Jersey Film Tax Credit Program, the New Jersey Economic Development Authority (NJEDA) announced today. As part of the Garden State Film and Digital Jobs Act signed by Governor Phil Murphy earlier this year, the program is designed to spur economic growth and industry development by encouraging production companies to undertake projects in New Jersey.
“From beautiful beaches to bucolic farmland, quaint downtowns, and bustling urban centers, plus proximity to talent, New Jersey has much to offer production companies,” Governor Murphy said. “The state has a long history of arts and culture, and this program will help to bring the film and media industry back to New Jersey, spurring economic activity that will have a ripple effect throughout local communities.”
In July, Governor Murphy signed Senate Bill No. 122, the Garden State Film and Digital Media Jobs Act, which provides tax credits equal to 30 percent of qualified film production expenses, or 35 percent of qualified film production expenses incurred for services performed and tangible personal property purchased through vendors whose primary place of business is located in Atlantic, Burlington, Camden, Cape May, Cumberland, Gloucester, Mercer or Salem County. In order to be eligible, 60 percent of the film’s total production expenses (excluding post-production costs) must be incurred for services and goods purchased through vendors authorized to do business in New Jersey, or the qualified film production expense must exceed $1 million per production.
“Film and digital media is one of the growth industries targeted by Governor Murphy’s plan for a stronger and fairer New Jersey economy, and this program will help pave the way for cutting-edge production companies to choose a New Jersey location,” NJEDA Chief Executive Officer Tim Sullivan said. “We welcome projects of all sizes, which will create jobs and other economic opportunities for the State’s diverse communities and businesses.”
Sullivan noted that the program was designed to maximize its impact to New Jersey and local communities. This includes a bonus of two percent for applications accompanied by a diversity plan, which would include goals that prioritize the hiring of women and minorities. In addition, while "reality shows" are generally ineligible, production companies that own, lease, or otherwise occupy a production facility of at least 20,000 square feet in an Urban Enterprise Zone for at least two years—and make a capital investment of at least $3 million in that facility—are eligible.
An application and a complete list of eligibility requirements can be found at www.njeda.gov/njfilmtaxcredit. The Digital Media tax credit is a separate application and is expected to be available in January.
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.
TRENTON, N.J. (December 13, 2018) – Technology and life sciences startups considering a move into incubators, accelerators or coworking spaces are now able to apply for rent support grants at nine collaborative workspaces throughout the state. These nine workspaces are the first to be approved by the New Jersey Economic Development Authority (NJEDA) to participate in NJ Ignite.
In support of Governor Phil Murphy’s strategy to create a thriving innovation ecosystem, NJ Ignite benefits both emerging technology and life science companies and participating collaborative workspaces. The program provides up to nine months of rent support for startup businesses moving to collaborative workspaces. For the collaborative workspaces, NJ Ignite serves as a powerful tenant attraction tool.
“We often hear from the entrepreneurial community about the difficulty that startups have finding affordable lab and office space in New Jersey,” Governor Murphy said. “Through NJ Ignite, we are striving to remove that obstacle, enabling Garden State innovators to preserve precious capital for product development, connecting with investors, and everything else it takes to successfully grow and prosper here.”
The rent support available to startups through NJ Ignite is made possible through a combination of support from the NJEDA and the collaborative workspace, with the NJEDA supporting up to six months’ rent and the collaborative workspace supporting rent for half the length of NJEDA’s commitment. In exchange for the grant, the startup business must commit to paying rent for a term equal to the NJEDA and collaborative workspaces’ combined months of support.
“Fostering an environment where young, innovative businesses are able to thrive is core to Governor Murphy’s vision of making New Jersey into the State of Innovation,” NJEDA Chief Executive Officer Tim Sullivan said. “NJ Ignite is the latest in the NJEDA’s growing list of resources designed to support New Jersey companies throughout their lifecycles.”
While all participating collaborative workspaces are free to set their own criteria on how they will select eligible startups, all participating locations must adhere to certain rules, which include hosting a minimum of eight innovation ecosystem-building events per year such as networking events and office hours to provide tenants with access to professional services.
The NJEDA is currently reviewing additional applications from collaborative workspaces for participation in NJ Ignite. Workspaces that have not yet applied but are interested in learning more about the program should visit https://www.njeda.gov/njignite or email njignite@njeda.com. The website also has information for entrepreneurs and startups looking to benefit from the program, including steps they can take to apply.
The following collaborative workspaces were approved to participate in NJ Ignite:
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 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.
TRENTON, N.J. (December 13, 2018) – To Integrated Dental Systems (ids) co-founders Carey Lyons and David Singh, building a successful enterprise is about more than simply selling products. ids provides a full line of dental implant systems and innovative dental products as well as world-class education for dental clinicians.
Lyons, ids’s chief executive officer (CEO), noted that the products are designed to benefit both the patients and the doctors by featuring innovative designs and technologies that lead to shorter and more precise procedures and less recovery time for patients.
Thanks to support from a loan through the New Jersey Economic Development Authority’s (NJEDA’s) Premier Lender Program, ids will soon set down permanent roots in Bergen County.
After years of operating out of a leased facility, ids is poised to purchase a 13,385-square-foot building in Englewood. The company recently closed on a $1.8 million ConnectOne Bank loan, with a $307,500 NJEDA participation. The purchase will secure a permanent location, enable the small business to expand, and eliminate rental costs.
“In line with Governor Phil Murphy’s vision for a stronger and fairer economy, improving access to capital for small businesses like IDS is an investment in New Jersey’s economic future,” NJEDA CEO Tim Sullivan said.
“In addition to creating jobs and generating sales, companies like ids have far-reaching impact, as they give back to their communities and the marketplace at large.”
Ids currently employs 40 people and expects to add 10 more jobs in the next two years.
In partnership with Advanced Implant Education, ids also provides education through its network of Key Opinion Leaders, which has trained over 3,000 post-graduate students. The goal of the training is to provide better outcomes for patients and greater success for dental practices. Additionally, through its Smiles for Vets Program, ids provides free implants to dentists allowing them to provide critically-needed dental care for U.S. veterans who might otherwise go without treatment.
“We’ve been fortunate to experience year-after-year growth as our customers recognize the value of the all-in-one array of services that we provide,” Lyons said. “Purchasing our own facility will allow ids to benefit from the appreciation of this property, and we are grateful to ConnectOne Bank and the NJEDA for helping us achieve this milestone.”
Through the Premier Lender Program, the EDA can guarantee or participate in a portion of a Premier Lender’s commercial loans or lines of credit. Businesses can use this financing for fixed assets or term working capital. EDA’s involvement in the transaction provides access to lower cost financing for businesses and offers lenders greater flexibility by reducing their overall exposure. The Premier Lender Program offers loans with up to a $2 million EDA participation or $1.5 million guarantee for fixed assets or term working capital, and up to $750,000 participation or line of credit guarantee. The list of eligibility requirements and Premier Lender banks can be found at www.njeda.gov/premierlender.
“We are committed to helping our clients succeed by providing them with the best available financial resources to meet their specific needs,” said Elizabeth Magennis, Executive Vice President and Chief Lending Officer of ConnectOne Bank. “Thanks to our partnership with the NJEDA, we can offer small businesses attractive financing terms, helping them bridge financing gaps, allowing businesses to propel their growth.”
ConnectOne Bank is a full-service commercial bank serving the New Jersey and New York markets. The bank was founded in 2005 by local business leaders to prove that putting people first is a better way to do business. The Bank serves small to mid-size business owners and consumers through its 22 locations and full suite of business, cash management and consumer banking products.
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.
TRENTON, N.J. (December 12, 2018) – The RealReal, Inc., an online marketplace for authenticated, high-end resale clothing and home furnishings, has committed to expanding its presence in New Jersey, including increasing its workforce by more than 770 employees. The company has signed a lease to occupy more than 492,000 square feet in Perth Amboy, where it plans to create a new, state-of-the-art fulfillment center.
Founded in 2011 by Chief Executive Officer (CEO) Julie Wainwright, The RealReal is headquartered in San Francisco and has locations throughout the United States, including New York City, Los Angeles, Chicago, Washington, DC, Dallas, and Miami, plus a site it will maintain in Secaucus.
“New Jersey is well-positioned to support the growth of companies like The RealReal that are built around novel concepts that are catching the eye of a new generation of consumers,” said Governor Phil Murphy. “We are happy to have The RealReal as part of our diverse business ecosystem as we roll out our plan for a stronger and fairer economy.”
The RealReal was approved by the New Jersey Economic Development Authority (NJEDA) in September for Grow New Jersey (Grow NJ) tax credits to encourage the company to choose the Perth Amboy site over a competing location in Bethlehem, PA.
“Growing companies like The RealReal are recognizing the logistical advantages of establishing operations in New Jersey,” said NJEDA CEO Tim Sullivan. “New Jersey offers proximity to major highways, ports and airports, and access to our skilled workforce will enable The RealReal to quickly find the many employees it needs to continue its expansion.”
The New Jersey Department of Labor and Workforce Development has also played a role in The RealReal’s growth in New Jersey by providing six on-the-job-training grants for participants of the Temporary Assistance for Needy Families Program, and two customized training grants totaling more than $110,000 in 2017 and 2018.
“Much of The RealReal’s success comes from the ability to turn inventory around quickly, and New Jersey is ideally situated to support our growing operations in the US,” said Wainwright. “The State’s vast pool of skilled talent will enable our recruiting efforts to keep pace with our expansion.”
To read Governor Murphy's full economic plan, please visit: /wp-content/uploads/pdfs/StrongerAndFairerNewJerseyEconomyReport.pdf
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.
48 Companies Approved to Share $60 Million
TRENTON (December 7, 2018) – The New Jersey Economic Development Authority (EDA) today announced that it has approved more than $1 billion in funding for over 540 technology and life sciences companies through the Technology Business Tax Certificate Transfer Program, more commonly known as the Net Operating Loss (NOL) Program, since the program’s inception 20 years ago.
Heralded as a lifeline for companies going through unprofitable times, the NOL Program enables eligible technology and life-sciences companies to sell New Jersey net operating losses and unused research and development tax credits to unrelated profitable corporations for cash. The cash can then be used for working capital or to fund research. The EDA and the New Jersey Department of Treasury’s Division of Taxation administer the program.
This year, 48 companies were approved to share $60 million through the NOL Program, the maximum amount of funding allocated for the program. Of those, 14 companies are new to the program, a 27 percent increase from last year. Sixteen companies previously leveraged additional EDA resources, such as New Jersey Founders & Funders, the Angel Investor Tax Credit Program, and the Edison Innovation Fund. The EDA saw an 18 percent increase in the number of applications this year as compared to 2017, and the highest number since 2014. This year, the average award was $1.25 Million.
“The vision Governor Phil Murphy has laid out for the innovation economy reiterates the need for tools like the NOL Program to fuel technology and life sciences companies’ growth from their earliest stages through commercialization and beyond,” EDA Chief Executive Officer (CEO) Tim Sullivan. “This year’s roster of participating companies is doing promising work, and it will be fascinating to watch as they further develop their contributions to the state’s vast body of innovation.”
Participating companies hail from across New Jersey’s technology and life sciences industry. However, there was a particularly strong showing this year from the state’s biotechnology and health technology sectors, including the following first-time participants:
Celsion Corporation is a biopharmaceutical company that develops cancer treatments, including targeted chemotherapies and immunotherapies. The company’s clinical stage products focus on combatting liver and ovarian cancer. Celsion, which started in Maryland in 2000, relocated to Lawrenceville in 2011. The company currently employs 25 people.
“Since bringing Celsion here to tap into New Jersey’s tremendous pharmaceutical talent, I have been impressed by the array of resources the State offers life sciences companies like ours,” Celsion Chairman and CEO Michael Tardugno said. “The non-dilutive funding we received through the NOL Program will allow us to continue to bring our groundbreaking products through clinical trials and eventually to the marketplace.”
Newark-based WellSheet Inc. applies physician-driven design and machine learning to Electronic Medical Records (EMRs) to improve the physician experience and early intervention for at-risk patients. Founded in 2015, the company currently has offices in New Jersey and New York, serving some of the largest hospitals in these states. WellSheet graduated from Newark Venture Partners’ NVP Labs program, a 10-week accelerator program, last year.
“We’re a relatively young company that has reaped the benefits of locating in New Jersey, such as access to the NVP Labs accelerator and the NOL Program,” Wellsheet CEO Craig Limoli said. “Funding from the NOL Program will allow us to build out our system and help even more doctors as they treat their patients.”
Jersey City-based TrialScope provides proven solutions designed to optimize the efficiency of clinical trial disclosure activities, maximize trial data transparency, and foster more informed, engaged patients through open research sharing. TrialScope previously received support from Edison VII, an Edison Partners venture fund in which the EDA invested.
“We’re proud to offer our products and services to large and small pharmaceutical companies throughout the world and to support them with all their clinical trial transparency and compliance needs,” TrialScope CEO Jeff Kozloff said. “We were attracted to the NOL Program because it will allow us to raise working capital without giving up equity in our company.”
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 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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| Company | Municipality | County |
| Acuitive Technologies, Inc. | Allendale | Bergen |
| Admera Health LLC. | South Plainfield | Middlesex |
| Angel Medical Systems | Eatontown | Monmouth |
| Arable Labs Inc. | Princeton | Mercer |
| Bellerophon Therapeutics, Inc. | Warren | Somerset |
| Brilliant Light Power, Inc. (f/k/a BlackLight Power) | Cranbury | Middlesex |
| Cancer Genetics, Inc. | Rutherford | Bergen |
| Celsion Corporation | Lawrenceville | Mercer |
| CircleBlack, Inc. | Kingston | Middlesex |
| Connotate, Inc. | New Brunswick | Middlesex |
| ContraVir Pharmaceuticals, Inc. | Edison | Middlesex |
| CorMedix Inc. | Berkeley Heights | Union |
| Crescenta Biosciences, Inc. | Union | Union |
| CytoSorbents Medical, Inc. | Monmouth Junction | Middlesex |
| Deltronic Crystal Industries, Inc. | Dover | Morris |
| doForms NJ, Inc. | Cranford | Union |
| Edge Therapeutics | Berkeley Heights | Union |
| Elite Laboratories, Inc. | Northvale | Bergen |
| Engage Therapeutics | Summit | Union |
| Enhatch Inc. | Hoboken | Hudson |
| Eos Energy Storage LLC | Edison | Middlesex |
| Gadget Software, Inc. | Newark | Essex |
| Hemispherx Biopharma, Inc. | New Brunswick | Middlesex |
| Impactivate Networks, Inc. | Atlantic City | Atlantic |
| IoTecha Corp | Piscataway | Middlesex |
| Matinas Biopharma Nanotechnologies | Bedminster | Somerset |
| MDx Medical, Inc. | Lyndhurst | Bergen |
| Miami International Holdings, Inc. | Princeton | Mercer |
| Moblty Inc. | Livingston | Essex |
| MYOS RENS Technology Inc. | Cedar Knolls | Morris |
| Nanotech Industrial Solutions | Avenel | Middlesex |
| Nephros, Inc. | South Orange | Essex |
| Ocean Power Technologies, Inc. | Monroe Township | Middlesex |
| Oncobiologics | Cranbury | Middlesex |
| Provention Bio, Inc. | Oldwick | Hunterdon |
| Radius8, Inc. | Princeton | Mercer |
| Rafael Pharmaceuticals, Inc. f/k/a Cornerstone Pha | Newark | Essex |
| Reflik, Inc. | Somerset | Somerset |
| Rive Technology, Inc. | Monmouth Junction | Middlesex |
| SCYNEXIS, Inc. | Jersey City | Hudson |
| Solidia Technologies | Piscataway | Middlesex |
| Soligenix, Inc. | Princeton | Mercer |
| Special Needs Ware, Inc. d/b/a Oneder | Newark | Essex |
| Svelte Medical Systems, Inc. | New Providence | Union |
| TAXIS Pharmaceuticals, Inc. | Monmouth Junction | Middlesex |
| TrialScope, Inc | Jersey City | Hudson |
| United Silicon Carbide, Inc. | Monmouth Junction | Middlesex |
| WellSheet Inc. | Newark | Essex |
The New Jersey Economic Development Authority's next public Board Meeting will be held on Tuesday, December 11, 2018 at 10 a.m. at the EDA offices at 36 West State Street, Trenton. A copy of the proposed agenda can be found prior to the meeting at www.njeda.gov/Board. Following the Board Meeting, minutes and the full agenda will also be available at www.njeda.gov/Board.
TRENTON, N.J. (December 3, 2018) – The New Jersey Economic Development Authority (NJEDA) today announced that it is now accepting applications for the 21st Century Redevelopment Program, which will provide grant funding to assist communities with developing solutions for repurposing local vacant or underutilized commercial and retail properties.
The 21st Century Redevelopment Challenge comes as a response to a number of demographic and economic trends that have resulted in an outmigration of jobs and population, leaving many office parks and shopping malls that once thrived now underutilized or vacant. These properties create many planning challenges for the communities that host them, including the loss of tax revenues and lack of resources to maintain infrastructure and roads around these properties.
“Repositioning these sites will help drive the innovation economy via a range of new uses, from modern office space to mixed use development to catalytic open space,” said NJEDA CEO Tim Sullivan. “The 21st Century Redevelopment Program will facilitate investment in communities, one of the four strategic priorities of Governor Phil Murphy’s plan for a stronger and fairer New Jersey economy.”
The 21st Century Redevelopment Program will launch as a pilot program with a total of $250,000 in funding available in the form of grants of up to $50,000 per recipient. New Jersey municipalities, counties, or county redevelopment agencies can apply for grant funding through the 21st Century Redevelopment Program to support ideas that focus on several elements including, but not limited to:
Applications will be accepted on a first come, first serve basis and will be scored by an evaluation committee based on publicly available scoring criteria. Projects that achieve a minimum score will be recommended for grant funding.
As part of the terms of the grant, grantees will be required to participate in at least two events hosted by the EDA to share lessons learned from the planning process, foster a dynamic discussion about repurposing stranded assets, and provide guidance and assistance to similarly situated communities. Applications can be found at www.njeda.gov/21stCentury
For Governor Murphy's full economic plan, please visit: /wp-content/uploads/pdfs/StrongerAndFairerNewJerseyEconomyReport.pdf
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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Research with NJ, an online database spearheaded by the New Jersey Economic Development Authority (NJEDA) and the State’s Office of the Secretary of Higher Education, won Collaborator of the Year for its efforts to drive economic activity by facilitating and encouraging collaboration between industry and academia. The portal can be found at www.researchwithnj.com.
Research with NJ provides local, national, and international commercial enterprises, ranging from entrepreneurs and start-ups to global corporations, with insight into groundbreaking research taking place within the state’s network of research universities. This includes information on subject matter experts, facilities, publications, intellectual property, news, and events that can help Research with NJ users forge partnerships and build innovative new businesses and products based on the latest scientific and technological breakthroughs.
“Making New Jersey the State of Innovation is the cornerstone of Governor Phil Murphy’s plan for a stronger and fairer economy, and fostering collaboration between the state’s academic researchers and our robust technology and life sciences community is an essential step toward that goal,” NJEDA Chief Executive Officer (CEO) Tim Sullivan said. “The Research with NJ portal provides a window into the groundbreaking developments taking place within our esteemed research universities, allowing commercial entities to access a vast body of knowledge and talent.”
Research with NJ currently includes nearly 3,500 faculty profiles from five public and private universities — New Jersey Institute of Technology, Princeton University, Rowan University, Rutgers—the State University of New Jersey, and Stevens Institute of Technology. Additionally, data from Montclair State University, which was designated as a research university in 2017, is now being integrated into the Research with NJ database.
Potential Research with NJ users include businesses seeking experts to partner with for a business venture or research initiative; global corporations considering relocating or expanding into New Jersey wanting to determine if a suitable academic environment exists to support research and development (R&D) growth and workforce development; prospective post-graduate students exploring academic programs in a specific STEM field; and investors seeking business opportunities verifying the credentials of a specific researcher involved in a start-up business under consideration.
“New Jersey is home to some of the finest academic institutions in the world,” Secretary of Higher Education Zakiya Smith Ellis said. “Research with NJ provides a one-stop shop for innovators looking to benefit from the ground-breaking work being done at these top-notch universities.
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 Tech Council. The Advisory Board provides oversight and recommendations to ensure the portal’s sustainability and success.
Several NJEDA-supported companies were also honored at last night’s Tech Council ceremony. These include Apprentice.io, which was approved earlier this year for an NJ Covest Fund loan, TerraCycle, which previously benefited from the NJEDA’s Net Operating Loss Program as well as the Edison Innovation Fund, and Modern Meadow, which moved its headquarters from Brooklyn to the former Roche Campus in Nutley with the support of Grow New Jersey (Grow NJ) tax credits. Other honorees approved for Grow NJ tax credits include Maestro Technologies, which has established its headquarters in Trenton, and Mars Wrigley, which is expanding its presence in New Jersey.
JumpStart New Jersey Angel Network Executive Director Katherine O’Neill also received an award for her support of emerging companies within the Garden State. O’Neill regularly participates in the NJEDA’s New Jersey Founders & Funders events, which connect investors like her with early-stage technology and life sciences companies.
“Governor Murphy has laid out a clear vision for re-establishing New Jersey as a leader in innovation,” NJ Tech Council President and CEO James Barrood said. “The innovators honored last night embody the entrepreneurial spirit necessary to turn that vision into a reality.”
About Us
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 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.
TRENTON, N.J. (November 30, 2018) – Suuchi Inc., a woman-owned technology and supply chain startup, announced today that it will remain and grow in New Jersey, finalizing a lease to occupy space at Kearny Point, a 130-acre business center that will be home to pioneering companies of the new economy. Suuchi, Inc. plans to create 410 advanced manufacturing jobs at its new 113,100-square-foot facility in New Jersey instead of a competing location in Charlotte, North Carolina.
The company, which was founded by Suuchi Ramesh, an immigrant from India, began operations in 2016. Suuchi Inc. designs, manufactures, and ships clothing for American fashion brands and Fortune 1000 companies. The company’s proprietary technology, Suuchi Grid, connects businesses with their “smart” shop floor, affording businesses and their customers with real-time access to their supply chains, including updates and analytics on sourcing, design, production and drop shipping. Suuchi Inc. currently employs individuals from 27 different nationalities, 75 percent of which are women. Suuchi Inc. is also home to Suuchi University, which trains the local community in advanced manufacturing skills before and on the job.
“Visionary companies like Suuchi Inc. recognize that New Jersey provides access to an unparalleled pool of skilled, diverse talent, and the distinct logistical advantages of our unmatched location,” said New Jersey Governor Phil Murphy. “A critical part of our vision for a stronger and fairer New Jersey economy is creating an environment that fosters the growth of diverse and innovative companies in high-growth sectors, including advanced manufacturing. We are delighted that Suuchi Inc. has chosen to grow here and provide more opportunities for New Jerseyans.”
Suuchi Inc.’s client roster includes American fashion brands and several Fortune 1000 companies. Suuchi sells to businesses including young designers launching fashion labels, retailers seeking to make private-label clothing in America, and large firms supplying uniforms to the casino and hospitality industries. Grow New Jersey (Grow NJ) tax credits of up to $37.17 million over ten years were approved for Suuchi, Inc. at the New Jersey Economic Development Authority’s (NJEDA’s) September 2018 Board meeting, and encouraged the company to expand in New Jersey instead of relocating operations to North Carolina.
“We have experienced great success in New Jersey, and attribute much of our momentum to our ability to recruit savvy and skilled employees from a diverse pool of talent,” said Suuchi Inc. Founder and CEO Suuchi Ramesh. “We are excited to continue to grow and support our customer base, while contributing to the local economy.”
Suuchi Inc. will be located at Kearny Point, a two million square foot flexible office and light industrial business hub on 130 acres undergoing redevelopment. Kearny Point is home to Building 78 and Kearny Works, a collaborative workspace offering creative office and coworking options for a diverse community of pioneering businesses. Building 78 was recently approved under NJ Ignite, a new NJEDA program that provides rent support for technology and life sciences companies moving to incubators, accelerators, or other collaborative workspaces in New Jersey.
“Making New Jersey the State of Innovation is a top priority of Governor Murphy’s economic development strategic plan, and Suuchi Inc.’s business model aligns with this vision,” said NJEDA CEO Tim Sullivan. “Between its technology-based business model and its commitment to creating advanced manufacturing jobs, New Jersey is positioned to support Suuchi’s continued growth.”
To read Governor Murphy's full economic plan, please visit: /wp-content/uploads/pdfs/StrongerAndFairerNewJerseyEconomyReport.pdf
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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