Financing will Fuel Relocation of Wholesaler OEM Source from Brooklyn to Union County

TRENTON, N.J. (September 21, 2018) – A recently-approved ConnectOne Bank loan with a New Jersey Economic Development Authority (EDA) participation will support the relocation of OEM Source, a wholesaler of electronic accessories, to the Garden State, the EDA announced today. The project marks the first time the EDA is participating in a ConnectOne Bank loan since the commercial bank joined the EDA’s growing list of Premier Lenders earlier this year.

Funding from the $2.97 million ConnectOne Bank loan, with a $1 million EDA participation, will enable OEM Source to purchase a 32,000-square-foot industrial building in Roselle Park to which it will relocate its operations from New York. OEM Source plans to consolidate its operations into the newly-purchased facility from its leased locations in Brooklyn, where it has been for more than a decade.

“The EDA’s partnerships with Premier Lender banks like ConnectOne are more important than ever as we work to align our offerings with the needs of small and mid-sized businesses in support of Governor Murphy’s vision for a stronger and fairer economy,” EDA Chief Executive Officer Tim Sullivan said. “The Premier Lender Program helps to extend our reach to more businesses like OEM Source to improve access to capital and fuel growth and job creation.”

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.

“Together with the EDA, ConnectOne Bank offered us attractive financing options that will enable us to purchase the real estate we need,” said OEM Source General Manager Joseph Yusufov. “This loan allowed for a lower down payment and a more competitive interest rate, both of which will help to preserve precious capital.”

OEM Source plans to bring 70 existing jobs from Brooklyn and hire 10 new employees in the next two years.

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.

“We have long been committed to helping small businesses like OEM Source grow and spurring economic opportunities in our local communities,” said Elizabeth Magennis, Executive Vice President and Chief Lending Officer of ConnectOne Bank. “Our partnership with the EDA gives us the flexibility to support even more entrepreneurs whose needs go beyond traditional financing options.”

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.

The EDA regularly partners with financial institutions, local organizations and other State agencies to help borrowers bridge financing gaps and increase their access to capital. This includes offering low-interest loans, bond financing for manufacturers and not-for-profit organizations, and technical assistance and training through EDA’s strategic partnership with UCEDC, a statewide, not-for-profit economic development corporation.

To learn more about EDA resources for small businesses, call EDA Customer Care at 609-858-6767 or visit https://www.njeda.gov/small_midsize_business and follow @NewJerseyEDA on Facebook, Twitter and LinkedIn.

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TRENTON, N.J. (September 14, 2018) – The New Jersey Economic Development Authority (EDA) today announced it will be hosting a series of informational webinars for entrepreneurs to learn about NJ Ignite, a new program that provides rent support for technology and life sciences companies moving to incubators, accelerators, or other collaborative workspaces in New Jersey.

In support of Governor Phil Murphy’s strategy to create a thriving innovation ecosystem, NJ Ignite will provide up to 50 percent off rent for up to nine months for early-stage technology and life sciences businesses moving to a new collaborative workspace. Thirty-three percent of the funding will come from the EDA and the other 17 percent will come from the participating workspace.

EDA Chief Executive Officer Tim Sullivan noted that, with dozens of sites potentially eligible throughout the state, NJ Ignite will offer significant advantages for both startup companies and collaborative workspaces.

“NJ Ignite will help entrepreneurs access the benefits of participating in these workspaces, including increased productivity and motivation, easier access to information, faster setup timelines, and increased brand exposure,” Sullivan said. “At the same time, NJ Ignite is a tool that owners of collaborative workspaces can use to attract new tenants to their facilities. We encourage anyone thinking about participating in the program to sign up for a webinar to learn more.”  

The webinars will be held on September 24 at 10:00 a.m. and October 3 at 2:00 p.m. Anyone interested in attending one of the webinars is asked to register online at https://www.njeda.gov/njignite.

Following a survey conducted by the EDA that enlisted the creativity of the State’s technology, life sciences and greater business community, “NJ Ignite” was announced at yesterday’s EDA Board meeting as the official name of the program originally announced in July as the “Incubator and Collaborative Workspace Rent Initiative.”

Governor Murphy announced in July that the EDA will make an initial investment of $500,000 in NJ Ignite to provide grants for two, four, or six months of rent payments, with the workspace committing to subsidize half that amount. For a startup, there is a maximum benefit of up to $15,000.

A tenant company must commit to continuing to work from the collaborative workspace (paying rent) for a period no less than EDA and the collaborative workspace’s combined months of support.   

The EDA will also provide an additional month of support if the workspace is located in an Opportunity Zone, affiliated with a hospital system or New Jersey university, or is recently established. These months can be added together for a total of three additional months. These months do not count toward the workspace match requirement or the tenant commitment requirement. 

Governor Murphy noted that, according to research by the National Business Incubation Association, companies nurtured in a business incubator have a survival rate of 87 percent, compared with 44 percent for unassisted enterprises. He also said that the presence of an accelerator has been associated with a 104 percent annual increase in a region’s seed and early stage venture capital deals.

The EDA expects to begin accepting NJ Ignite applications in the coming weeks. The application, when available, and details on program requirements can be found at https://www.njeda.gov/NJIgnite.

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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TRENTON – Governor Phil Murphy today announced that the New Jersey Economic Development Authority (EDA) will award $100,000 each to nine communities to advance plans to strengthen their local innovation ecosystems through the pilot round of the Innovation Challenge. The nine communities receiving awards for their planning proposals are: the City of Bridgeton, the City of New Brunswick, Passaic County, the City of Trenton, Atlantic County, the City of Atlantic City, Camden County, Union Township, and Monmouth County.

“Communities across New Jersey responded to this challenge with a clear commitment to spurring innovation in their local ecosystems,” said Governor Murphy. “From the installation of a high-speed 5G fiber network to the creation of a collaborative research-driven incubator and maker's campus, these plans will help further New Jersey’s ability to compete and win in the 21st century economy.”

In July, the EDA launched the Innovation Challenge through a Request for Qualifications/Proposals (RFQ/P), offering individual communities or teams of municipalities an opportunity to compete for planning awards of up to $100,000 to catalyze the growth of local ecosystems throughout New Jersey. Proposals were scored against pre-established evaluation criteria, including the plan’s ability to achieve one or more goals of the Innovation Challenge, strength of the established partnership, commitment of additional funding from partners, presence and strength of a defined collaborative stakeholder engagement process, evidence of the plan’s ability to grow the number of small businesses/attract employers, planning for solutions based on the use of new and emerging technologies, and an ability to execute the project or viability of the planning project. Applicants also received points based on their Municipal Revitalization Index (MRI) ranking.

“We designed the Innovation Challenge to help communities take the next step forward in building an inclusive, sustainable culture of entrepreneurship and innovation – whether they already had an established ecosystem or were just beginning,” said EDA CEO Tim Sullivan. “The uniqueness and quality of the proposals we received illustrates New Jersey’s spirit of innovation, from the south to the north. We look forward to working with these communities as they turn their plans into reality.” 

The nine proposals receiving awards include:

City of Bridgeton

"Bridgeton: A Center for Smart Food Manufacturing" is a project that seeks to develop a national model for innovation and emerging technology for the food sector by establishing a technology hub for the food industry cluster in Bridgeton. The plan calls for creating a 15,000 to 20,000 square foot facility dedicated to development, testing, and training on the latest cutting-edge technology to make food production, processing, and packaging safer and more efficient.

City of New Brunswick

The City of New Brunswick, together with its higher education partner and strategic partners, has established the parameters of a project to address two significant issues as part of its overall Innovation Initiative which it sees as essential components to growing the local innovation economy. First, the Center for Advanced Infrastructure & Technology (CAIT) at Rutgers University will direct a project focused on improving mobility through universal connectivity. Second, the partnership will work with an architect and lab planner to design a prototype Lab of the Future for start-up companies that require the availability of flexible lab spaces. 

Passaic County

The County of Passaic, City of Paterson, and City of Passaic will develop a needs assessment to determine the future of physical infrastructure and workforce/sector development strategy in the County's most distressed urban centers. Specifically, the assessment will analyze and evaluate options to install a high-speed 5G fiber network in the commercial and industrial areas of Paterson and Passaic so they can better attract and support entrepreneurs and emerging sector employers. This plan will involve discussion on how best to implement a 5G fiber optic network along commercial corridors. 

City of Trenton 

The City of Trenton will plan the Trenton Production and Knowledge Innovation Campus (TPKIC) in the city's creative, education, and transit districts, anchored by a build out of Mercer County Community College's James Kerney Campus as a multi-university collaborative hub and a new research and commercialization nexus near Trenton Transit Center. This partnership will be led by a consortium of all five institutions of higher education in Mercer County: Mercer County Community College, Princeton University, Rider University, The College of New Jersey, and Thomas Edison State University. The vision behind TPKIC is to build a collaborative research-driven incubator and maker's campus for existing and start-up businesses, local creators, students and faculty at partner colleges and universities, and Trenton Public Schools students and recent graduates.

Atlantic County 

The Atlantic County Government, in conjunction with the Atlantic County Economic Alliance, Atlantic Cape Community College, and the Atlantic County Improvement Authority, has put forth a proposal to fund a Strategic Plan and Action Agenda for the location, design, and development of the Atlantic County Aviation and Technical Academy near the Atlantic City International Airport, to provide an adequately trained workforce to serve these facilities and address the current and emerging needs of the aviation industry. This proposed plan will establish the Academy close to the Atlantic City International Airport to address the growing workforce demands of the industry and leverage the potential for new business within the existing cluster of aviation and aeronautic industries in and around the Airport.

City of Atlantic City

Atlantic City and Stockton University propose a Center for Marine & Environmental Science to be located in Atlantic City, potentially on the waterfront at Bader Field. The Center will be a multi-story, multi-tenant building serving as the home for its Center for Marine and Coastal Sciences, office and lab space for the NJ Department of Environmental Protection, and a coastal resilience/Blue Economy Coastal Research Incubator. The Innovation Challenge will assist the City, Stockton University, and strategic partners advance the Center for Marine & Environmental Science and build the capacity needed to drive innovation-centered economic development. The Center will synthesize a state agency-higher education partnership and catalyze new businesses and research as a result.

Camden County 

Working together with Rowan University's College of Engineering, Cooper's Ferry Partnership, Verizon, and Camden City, Camden County will seek to demonstrate and evaluate a holistic, integrated approach to improve downtown Camden's surface transportation performance and integrate this approach with other best practices involving public safety. Working with its public and private sector team members, Camden County intends to address how emerging transportation data, technologies, and applications can be integrated with existing systems to address Camden's transportation challenges.

Township of Union 

Union Township and its strategic partners aim to develop a plan to expand within Union the current incubator housed at the Institute for Life Science Entrepreneurship (ILSE) at Kean University. ILSE operates an 8,000 square foot business incubator for startups and for companies relocating or expanding into New Jersey, provides business accelerator services, hosts industry events, and conducts R&D through its research unit.

Monmouth County 

Monmouth County is seeking to facilitate the growth of an emerging technology cluster at Fort Monmouth, which already includes three tech company headquarters with over 1,000 employees currently located on the former Fort. 

The awards were approved at the EDA’s monthly Board meeting. At the meeting, Sullivan announced that the EDA will be continuing the Innovation Challenge, with additional details expected to be posted shortly at www.njeda.gov/InnovationChallenge.

TRENTON, N.J. (September 6, 2018) – As the principal founder of the New Jersey Institute of Technology (NJIT) Highlanders Angel Network, investor Emil C. Herkert is a regular participant in the New Jersey Economic Development Authority’s (EDA’s) Founders & Funders events.

Held semi-annually at the EDA’s Commercialization Center for Innovative Technologies (CCIT) in North Brunswick, New Jersey Founders & Funders events pair investors with entrepreneurs in 10-minute, “speed dating” sessions to discuss strategy, business models and funding opportunities. Herkert brings nearly 40 years’ worth of fundraising experience to these sessions.

Driven by a desire to bolster New Jersey’s technology ecosystem, Herkert founded NJIT Highlanders Angel Network in 2013. The group is comprised of 10 investors, including NJIT faculty, staff and alumni.

“NJIT Highlanders Angel Network is dedicated to driving entrepreneurship by investing in businesses we feel can have an impact around the world,” Herkert said. “New Jersey companies are conducting cutting-edge research and engaging in many forms of innovation and we’re proud to help fund their ventures.”

During one New Jersey Founders & Funders event, Herkert met with Eventcombo Co-Founder Joe Kaufman, who pitched his company’s online ticketing platform. Kaufman’s pitch sparked subsequent meetings, which led to NJIT Highlanders Angel Network members investing in Eventcombo. NJIT Highlanders Angel Network often partners with other New Jersey angel investor networks in funding rounds, as it did with JumpStart NJ Angel Network on the Eventcombo investment.

Herkert encourages entrepreneurs to attend the group’s meetings and to connect with investors online at https://gust.com/organizations/njit-highlanders or by emailing them at njithan@gmail.com.

Prior to establishing NJIT Highlanders Angel Network, Herkert served on NJIT’s Board of Overseers for over 30 years. NJIT’s Board of Overseers is the governing body for the Foundation at NJIT, a 501(c) (3) tax-exempt organization that serves as the fundraising arm of the university and assists in meeting its research and funding goals. It also provides a critical link between academia and the business community, by sharing information on corporate and state priorities. Herkert joined the Board in 1980 and became its chairman several years later.  By the time he transitioned to Chairman Emeritus of the Board in 2011, the Foundation’s endowment had grown to over $100 million.

“Governor Murphy sees connecting academia and the technology industry as a critical step toward his vision for re-establishing New Jersey’s leadership in innovation,” EDA Vice President of Technology and Life Sciences Investments Kathleen Coviello said. “Investors like Emil play an integral role in strengthening those ties while creating opportunities for the Garden State’s next generation of entrepreneurs.”

Herkert also brings over 25 years of experience in the corporate world to his Founders & Funders meetings. In 1977, Herkert took over as Chief Executive Officer of Killam Group, an engineering firm based in Millburn. He led the company through three ownership changes. In 2001, Killam Group was acquired by Mott MacDonald, a global engineering firm whose United States headquarters are in Iselin. At the time of Herkert’s retirement in 2004, the company had over 600 employees in 15 offices. Today, Mott MacDonald employs 4,500 nationwide.

The next New Jersey Founders & Funders event is scheduled for November 1 and companies can apply online at https://application.njeda.com/tls/.  

@NewJerseyEDA spoke to Herkert about his role in New Jersey’s technology ecosystem:

What do you consider your greatest successes during your time as Chairman of NJIT’s Board of Overseers?
Two particular successes come to mind. During my time as Chairman, we added other consulting engineering firms to the Board of Overseers, further strengthening the link between academia and the business community. We also established the Excellence in Research Prize and Medal. Awarded annually, this honor recognizes researchers who have made outstanding contributions to science in their fields. 

What type of companies do NJIT Highlanders Angel Network investors primarily invest in?
We primarily invest in technology-based companies, but avoid life science companies due to the length of time it takes to bring products to market.

What advice do you offer entrepreneurs at New Jersey Founders & Funders?
I always tell entrepreneurs to take advantage of New Jersey’s rich field of early-stage investors with many funding groups. And I recommend that they use the investors’ experiences and connections as they develop their concepts.

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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The New Jersey Economic Development Authority's next public Board Meeting will be held on Thursday, September 13, 2018 at 10 a.m. at the NJEDA Offices, 36 West State Street, Trenton NJ 08625. 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. (August 29, 2018) – A newly-opened restaurant on Lexington Avenue and a bakery on Market Street are the latest Passaic City businesses to make improvements to their facilities with support from the New Jersey Economic Development Authority’s (EDA’s) Business Improvement Incentive (BII) Program.
 
Together with the Business Lease Incentive (BLI) Program, the BII Program is designed to support the growth of first-floor retail and services businesses operating in eligible commercial areas of Garden State Growth Zones (GSGZ), designated as Passaic, Paterson, Atlantic City, Camden, and Trenton through the New Jersey Economic Opportunity Act.

Administered by the EDA in collaboration with the GSGZs, the BII Program offers grants of up to 50 percent of total project costs for small businesses that are planning to make improvements to their property. The grant amount cannot exceed $20,000, with a minimum project cost of $5,000. The program is available to first-floor businesses in targeted commercial corridors.
 
Entrepreneur Jenny Zapata opened Arepa Express at 2327 Lexington Avenue earlier this month, transforming a formerly unoccupied building into a 2,500-square-foot restaurant offering Hispanic food. Arepa Express was approved for up to $19,000 through the BII Program, which supported the installation of a new kitchen, plumbing, painting, electric work, counters and signage.
 
“We’re excited to be a new option for diners here in Passaic City,” Zapata said. “I am grateful that the EDA’s BII Program helped fund many of infrastructure improvements necessary to get us to this point.”
 
Zapata expects to hire 16 full-time and 18 part-time employees within the next two years.
 
La Flor De Puebla Bakery & Pastry, named for owner Josefa Cabrera’s hometown of Puebla City in Mexico, sells baked goods including cakes, cupcakes and Gelatina Flotatina, which is a ring-shaped confection with cream filling. Cabrera plans to renovate a formerly-vacant commercial property at 174 Market Street as the new location for her business, with support of up to $20,000 from the BII Program. She intends to open La Flor De Puebla at its new spot, which is down the street from where the eatery stood for a decade, once renovations are complete.
Project costs for each business were estimated at $45,000.
 
“Our new, more-visible location has the potential to attract many more clients,” Cabrera said. “Thanks to support from the BII Program, we can make much-needed upgrades and continue providing delicious food to the local community.”
 
Cabrera currently has three full-time employees and expects to double that number – and hire two part-time workers – within two years of completing the renovations.
 
The BII and BLI programs were launched in June 2017 on a pilot basis and up to $200,000 is available per city, per year, over the three-year life of the programs.
 
“Investing in locally-owned business is essential to spurring economic opportunities within cities around New Jersey,” said Senior GSGZ Development Officer Christina Fuentes, who manages the BII and BLI programs for the EDA. “Helping entrepreneurs like Jenny and Josefa further their goals of providing goods and opportunities to their local communities is at the core of the EDA’s mission.”
 
Detailed maps of eligible locations in Passaic and all GSGZs are available at https://www.njeda.gov/bii.

For general program questions and more information about eligible locations, contact Fuentes at 609-858-6663 or cfuentes@njeda.com.

The EDA offers a range of resources to support small business growth, including low-interest loans and bond financing. Visit https://www.njeda.gov/small_midsize_business and follow @NewJerseyEDA on Facebook, Twitter and LinkedIn to learn more.

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TRENTON, N.J. (August 24, 2018) – Downtown Trenton will soon welcome a new women-owned pharmacy, and two other retail businesses will make external improvements with support from programs offered by the New Jersey Economic Development Authority (EDA). The Business Lease Incentive (BLI) and Business Improvement Incentive (BII) programs were created to encourage owners of first-floor retail and services businesses to establish or improve their facilities in eligible commercial areas of Garden State Growth Zones (GSGZ), designated as Passaic, Paterson, Atlantic City, Camden, and Trenton through the New Jersey Economic Opportunity Act.

The BLI Program offers reimbursement of 15 percent of annual lease payments for two years to for-profit businesses and non-profit organizations in eligible areas that plan to lease between 500 and 5,000 square feet of new or additional market-rate, first-floor office, industrial or retail space for a minimum five-year term. An applicant leasing over 5,000 square feet can be eligible, but the BLI grant will only incentivize the first 5,000 square feet. Applicants must apply for BLI assistance before signing a lease.

At 334 South Broad Street in Trenton’s Mill Hill neighborhood, two registered pharmacists plan to establish a 1,400-square-foot independently-owned pharmacy. Elina Elkind and Tatyana Orlova will open Mill Hill Pharmacy, with the vision of providing an extensive variety of services to local residents. The business owners have been approved for a grant to reimburse up to $2,993 of rent payments each year, for two years.

“Mill Hill Pharmacy will offer residents of the surrounding neighborhood a community- and customer service-focused pharmacy,” said Elkind. “Our philosophy is based on old-fashioned customer service and educating our customers in maintaining a healthy lifestyle.” 

Orlova added that along with the ease and comfort of walking into a local, family-owned business, Mill Hill Pharmacy expects to create 18 part- and full-time jobs for local residents.

The BII Program offers grants of up to 50 percent of total project costs for small businesses that are planning to make improvements to their facilities. The grant amount cannot exceed $20,000, with a minimum project cost of $5,000. The program is available to first-floor businesses in targeted commercial corridors.

At the corner of Broad Street and East State Street in Trenton, a Dunkin Donuts franchise has been approved for a BII grant of up to $20,000 to support facade improvements to modernize its appearance and make it visually more cohesive with the neighborhood. Improvements include replacing exterior insulation and awnings, and repainting. Total project costs are estimated at $43,500. 

“We are excited for these upgrades as we are on a busy, highly-visible corner. These improvements will not only help to make our business more appealing to customers, but will contribute to the attractiveness of the general area,” said owner Naresh Patel.

Just a few blocks away at 302 East State Street, similar improvements will be made to a building that houses East State Deli and Deals, Deals, Deals, a clothing and accessories retailer. Building owner Stanley Choung plans to strip paint from the front half of the building, restore the original brick and replace all exterior window trim. The project also includes stripping and repainting all fire escapes. Through the BII program, Choung will be reimbursed for up to $20,000 of estimated project costs of $53,000.

“We have been thinking about restoring this old building to its original grandeur for some time, and the BII program presented a perfect opportunity to move forward,” said Choung. “Improving the façade of the building will help to draw more foot traffic to our commercial tenants and will improve the overall aesthetics of the neighborhood.”

The BII and BLI programs were launched in June 2017 on a pilot basis and up to $200,000 is available per city, per year, over the three-year life of the programs.

“Combined, these three projects demonstrate the impact investment in small businesses can have on a neighborhood,” said Senior GSGZ Development Officer Christina Fuentes, who manages the BII and BLI programs for the EDA. “A thriving downtown depends largely on the success of small businesses, and we encourage business owners to learn how these programs can help them prosper and add to existing economic momentum in their neighborhoods.”

Detailed maps of eligible locations in Trenton and all GSGZs are available at http://njeda.com/bli.

For general program questions and more information about eligible locations, contact Fuentes at 609-858-6663 or cfuentes@njeda.com.

The EDA offers a range of resources to support small business growth, including low-interest loans and bond financing. Visit https://www.njeda.gov/small_midsize_business and follow @NewJerseyEDA on Facebook, Twitter and LinkedIn to learn more.

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TRENTON, N.J. (August 20, 2018) – The Garden State has been selected as one of four states to participate in a policy academy to identify best practices, partnerships, and policies to strengthen the manufacturing industry in their communities, the New Jersey Economic Development Authority (EDA) announced today.

Funded by the National Institute of Standards and Technology Manufacturing Extension Partnership and organized by the State Science & Technology Institute (SSTI) in Ohio and the Center for Regional Competitiveness, the Policy Academy on Strengthening Your State’s Manufacturers (Policy Academy) will offer New Jersey and other selected states dedicated technical assistance to help develop and implement policies that will strengthen their manufacturing bases. New Jersey joins Kentucky, Puerto Rico, and Utah in the Policy Academy.

“New Jersey’s selection into the Policy Academy reaffirms Governor Murphy’s proactive approach to reclaiming the State’s role as a leader in innovation and manufacturing,” EDA Chief Executive Officer (CEO) Tim Sullivan said. “We are confident that SSTI’s programming and expertise will help us build actionable plans that effectively support this crucial sector as part of the Governor’s larger goal to strengthen our state’s economy.”

The technical assistance provided by the Policy Academy will support the State in developing and implementing a plan to support manufacturing-related partnerships and policies that will help to move its economic development strategy forward. Peer-to-peer learning opportunities, webinars, visits by a lead technical expert and experience facilitator, and one-one-one meetings with Policy Academy instructors are all included in the Academy. Participation in the Academy will result in the identification of a set of actions for New Jersey and its manufacturing community to implement to ensure the State is well-positioned to capture 21st century manufacturing jobs and growth.

More than 11,000 small and large manufacturing firms currently employ over 375,000 workers within the Garden State, with an emphasis on technologically-advanced manufacturing processes across industries. In total, New Jersey’s manufacturing sector is worth $44.52 billion in output and represents 7.8 percent of the State’s gross domestic product.

Since January, the Murphy administration has taken the following steps to increase support of its manufacturing sector:

  • Created a Jobs and Economic Opportunity Council to provide Governor Phil Murphy’s office with economic advice for stimulating job growth and workforce development in the State.
  • Launched the New Jersey Apprenticeship Network to bolster on-the-job training in advanced manufacturing, clean energy, and other high growth sectors and strengthen the connections between our education and workforce systems.
  • Made important investments in critical transit and intercity rail infrastructure that are essential to the manufacturing sector in New Jersey and the nation.
  • Ordered the development of a new Energy Master Plan to create a roadmap to get to 100 percent clean energy by 2050, ensure a modern, affordable, and reliable energy system, and attract clean energy supply chain companies.

 
“For more than twenty years, we’ve helped develop and implement initiatives that support prosperity through science, technology, innovation and entrepreneurship," SSTI President and CEO Dan Berglund said. “We’re excited to launch this new Academy and have included New Jersey based on the critical role manufacturing plays in its economy and its forward-thinking vision for the industry’s future.”

By choosing New Jersey for this year’s Policy Academy class, or “cohort”, SSTI also recognized the State’s long history of research and development, its highly-educated workforce, and its strategic Northeast Corridor location. These factors are enhanced by connections to international markets, with the Port of New York and New Jersey being the third-largest port in the United State by volume and the largest by value of goods.

The EDA will spearhead the State’s delegation to the academy. The EDA submitted the Garden State’s application in partnership with the New Jersey Manufacturing Extension Partnership (NJMEP). Brian Sabina, the Senior Vice President of the new Office of Economic Transformation (OET) within the EDA, will lead New Jersey’s 15-person delegation, which will include senior government and private sector officials, academics, as well as industry group leaders. NJMEP is a non-profit organization that offers training and resources to support small- and mid-size manufacturing businesses within New Jersey.

“Advanced manufacturing has been identified by the Governor and OET as one of several sectors that will be pivotal in fortifying the State’s long-term competitiveness,” said Sabina. “We are confident that our work with the SSTI and the NJMEP will fuel meaningful policy that will serve as a foundation for a viable long-term strategy for economic development.”

Sabina expects that lessons learned through the year-long Policy Academy will not only strengthen the state’s manufacturing economy, but also promote long-term benefits to the entire state, including reduced unemployment, increased private sector investment, and a more diverse and knowledgeable workforce.
"NJMEP and its Industry Partners are very excited about this next logical step being taken by our State in regard to this National Policy Academy. Coupled with the year-old New Jersey Legislative Bi-Partisan Manufacturing Caucus, this teaming is unprecedented in my more than 30 years in the manufacturing and engineering sectors in New Jersey,” said NJMEP CEO John W. Kennedy, Ph.D. “Now we are adding applicable and viable tools that did not exist in the past."

The EDA offers a range of resources to support New Jersey’s manufacturing sector, including low-interest loans and bond financing. Visit https://www.njeda.gov/manufacturing and follow @NewJerseyEDA on Facebook, Twitter and LinkedIn to learn more.

“Research with NJ” Database Showcasing New Jersey’s Scientific and Technological Expertise Also Launched
 
NORTH BRUNSWICK –  Continuing his commitment to strengthen the Garden State’s innovation economy and better connect industry and academia, Governor Phil Murphy today signed Assembly Bill 3652, re-establishing the former New Jersey Commission on Science and Technology as the New Jersey Commission on Science, Innovation and Technology. The Governor signed the legislation at the Biotechnology Development Center (BDC) in North Brunswick and also unveiled the comprehensive scientific database Research with NJ.
 
“For eight years, New Jersey’s reputation as a hub for technology and innovation languished,” said Governor Phil Murphy. “Today, I’m pleased to sign legislation that re-establishes the New Jersey Commission on Science, Innovation and Technology to spur long-term planning, research and entrepreneurship in the Garden State. When coupled with the Research with NJ database, we now have two new tools to help jumpstart the state’s innovation economy.”
 
The former New Jersey Commission on Science and Technology was originally created in 1985 and became non-operational in 2010. The newly revitalized Commission will be established in, but not of, the Department of the Treasury.
 
Assembly Bill 3652 requires the Commission to appoint an Innovation Council from its membership. The Council will be charged with determining how to stimulate technology transfer between public and private research institutions of higher education and industry, including the transfer of information available from federal agencies. 
 
“Now more than ever we need to support and promote science and technology in New Jersey with an emphasis on ‘innovation’,” said Senator Paul Sarlo, the chairman of the Senate Budget and Appropriations Committee. “We have great research universities, a strong high-tech sector, and businesses that can effectively capitalize on innovative research and development. A commission devoted to this effort will help to facilitate the work and bring new ideas to market. We want to be on the cutting edge with new technologies that offer new opportunities.”
 
“Reinstating the NJ Commission on Science and Technology and adding 'Innovation' to its name both emphasizes the rich history and the importance to NJ of innovation as an economic driver. It also provides a focal point for the work we have already begun this year of spurring the creation of high-quality 21st century jobs for all New Jerseyans,” said Assemblyman Andrew Zwicker, who is the chair of the Assembly Science, Innovation and Technology Committee. “The past work of the Commission accounted for economic growth, job creation and aid in the positioning of New Jersey as a global leader and I expect great things from this body of science and technology experts as we move forward.” 
 
The Commission will be comprised of 17 members including the Secretary of Higher Education; the Commissioner of Education; and the CEO of the New Jersey Economic Development Authority (EDA).
 
Sponsors of the legislation include Assemblyman Andrew Zwicker, Speaker Craig Coughlin, Assemblyman Christopher DePhillips, former Assemblyman Tim Eustace, as well as Senator Paul Sarlo and Senator Robert Singer.
 
Governor Murphy was also joined by university leadership and officials from New Jersey’s Office of the Secretary of Higher Education (OSHE) and the EDA to showcase the newly created Research with NJ database, which will provide access to the State’s cutting-edge research assets, with the goal of strengthening collaboration between academia and industry.
 
Research with NJ is a free portal that showcases New Jersey’s experts in science, technology, engineering and mathematics (STEM), including their professional backgrounds, publications, and achievements. The portal is structured and branded in such a way to encourage collaboration between entrepreneurs, businesses, and New Jersey’s academic research institutions. The portal can be accessed at www.ResearchwithNJ.com.
 
“The Research with NJ initiative supports Governor Murphy’s vision for a vibrant innovation economy by facilitating collaboration between the State’s vast technology and life sciences sectors and the thousands of university researchers continuously advancing new discoveries,” said EDA CEO Tim Sullivan. “Research with NJ serves as an economic development tool, as it provides a window into labs at our universities, allowing them to serve as a resource to industry, and creating opportunities for both companies and academics.”
 
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. In addition, data from Montclair State University, which was designated as a research university in 2017, will now be integrated into the Research with NJ database.
 
“Collaboration between businesses and academic institutions will help to drive New Jersey’s innovation economy by creating opportunities for our institutions of higher education to engage with industry partners on national and global levels,” said Secretary of Higher Education Dr. Zakiya Smith Ellis. “Each university integrated into the database adds visibility into its own unique body of research and the potential for more industry opportunities. We are glad to be working with all of the state’s research universities on this exciting endeavor, and we welcome Montclair State University and its researchers into the collaborative Research with NJ community.”
 
This robust body of information allows New Jersey’s entrepreneurs and commercial enterprises to readily find a university’s research, experts, and facilities to help them build innovative new businesses and products based on the latest scientific and technological breakthroughs.
 
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 will provide oversight and recommendations to ensure the portal’s sustainability and success.
 
What Universities and Industry Groups are saying about Research with NJ: https://www.njeda.gov/Press-Room/News-Articles/Press-Releases/New-Jersey-Launches-Research-Portal-to-Drive-Indus

TRENTON, N.J. (August 10, 2018) – Investors infused nearly $39 million into New Jersey’s innovation economy through the State’s Angel Investor Tax Credit Program during the first six months of 2018, the New Jersey Economic Development Authority (EDA) announced today. The investments add to the growing momentum of Governor Phil Murphy’s strategy for bolstering the Garden State’s innovation ecosystem, which is the centerpiece of his vision for creating a stronger and fairer economy.

Between January and June, the EDA approved 60 Angel Investor Tax Credit Program applications representing $38.8 million in investments into 20 different New Jersey technology and life sciences companies. 

The Angel Investor Tax Credit Program offers a 10 percent refundable tax credit against New Jersey corporation business or gross income tax for qualified investments in an emerging technology business with a physical presence in New Jersey and that conducts research, manufacturing, or technology commercialization in the state. Applications must be submitted within six months of date of investment.

In the second quarter of 2018 alone, 36 investors pumped nearly $16.9 million through the program. The average investment size was $469,099.

“The fact that more people are supporting early-stage companies and the ground-breaking work they are doing reaffirms Governor Murphy’s vision for re-establishing New Jersey’s leadership position in the innovation economy,” EDA Chief Executive Officer (CEO) Tim Sullivan said. “These latest Angel Investor Tax Credit Program statistics illustrate how New Jersey’s expanding portfolio of support spurs innovation throughout the entire technology and life sciences sector.”  

Sullivan noted that in the second quarter of 2018, approvals included investments in three companies that were new to the program, totaling $2.7 million in combined private investment. 

Located at Newark Venture Partners in Newark, Boxcar, Inc. offers an app that helps commuters find and reserve parking spots at select New Jersey train stations. Boxcar, Inc., also runs buses from Madison, Chatham, Westfield, Livingston, West Orange, and Cranford into and out of Manhattan. The company, which was founded in 2016, secured $50,000 in investment through the Angel Investor Tax Credit Program in its seed round of funding. Boxcar, Inc. CEO Joe Colangelo indicated the company plans to use the funds to further support infrastructure following the closing of the round.

“We’re a relatively new company and a portion of our fundraising to date has come from investors who are participating in the Angel Investor Tax Credit Program for the first time,” Colangelo said. “The program has been a major selling point as we pitch and attract investors and the money we raised will enable us to expand our offerings.” 

AptaPharma, located in Pennsauken, provides clients with an array of oral drug delivery technologies and product development services for the pharmaceutical industry. The company also manufactures a broad range of over-the-counter products. AptaPharma expects to use the $2.2 million it raised from four investors through the Angel Investor Tax Credit Program to support the financing of new machinery and equipment and to hire additional researchers. The investments were made into the company’s seed round of funding. AptaPharma, which was founded in 2006, was approved last year for a Grow New Jersey (Grow NJ) award of $4.52 million to expand its facility in Pennsauken rather than relocating its manufacturing facility to neighboring Pennsylvania.

Urigen Pharmaceuticals is a clinical-stage biopharmaceutical company specializing in the design and implementation of innovative products for patients with urological ailments including Interstitial Cystitis/Bladder Pain Syndrome (IC/BPS), among others. Urigen is located within the EDA’s Commercialization Center for Innovative Technologies, New Jersey’s leading life sciences incubator in North Brunswick. To date, twelve investors have participated in the Angel Investor Tax Credit program, injecting a total of $460,000 into the company. The funding, which went into Urigen’s Series D round, was used to complete Phase II trials of the company’s lead product, URG101, to treat acute pain associated with IC/BPS.

The EDA is an independent State agency that finances small and mid-sized businesses, administers tax incentives to retain and grow jobs, revitalizes communities through redevelopment initiatives, and supports entrepreneurial development by providing access to training and mentoring programs.  The EDA is guided by a 16-member Board, which includes 10 public members, one non-voting member, and five ex-officio members. EDA Board meetings are typically held at 10 a.m. on the second Tuesday of each month at 36 West State Street in Trenton. The Board meeting schedule, as well as Board agendas and minutes, are available at www.njeda.gov.
 
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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