Annie D'Agostino, Author at NJEDA


Jim Gunton	Steve Socolof

TRENTON, N.J. (August 9, 2018) – As key players in the Garden State’s innovation ecosystem, Jim Gunton and Stephen Socolof know the importance of nurturing early-stage technology and life sciences companies. They also understand the value that strategic investments can provide to these businesses. Together the duo spearheads Tech Council Ventures, the venture fund arm of the New Jersey Technology Council.

Last year, the New Jersey Economic Development Authority (EDA) made a limited partnership investment of up to $7.5 million in Tech Council Venture’s latest venture fund – Tech Council Ventures II – to support emerging companies in fast growing sectors, including healthcare information technology, life sciences, education technology, financial technology, media technology and energy. The objective of Tech Council Ventures II is to invest in 20 to 25 early-stage companies with an average initial investment of $500,000 to $2 million. A variety of New Jersey Fortune 50 corporations, health systems, multiple university endowments, and Wall Street financial institutions also invested in the Fund.

Tech Council Ventures II recently made its first investment into Holmdel-based Vydia. Located at Bell Works, Vydia provides a platform for over 200,000 video content creators to share their content through all the online distribution channels. The Inc. 500 company currently has approximately 60 employees and was named by NJBIZ as one of its Best Places to Work in New Jersey this year. Vydia Founder Roy LaManna was a 2018 finalist for EY’s Entrepreneur of the Year.

The EDA previously invested in the Tech Council Ventures’ initial venture fund – NJTC Fund I, which was also led by Gunton. The EDA’s $7.15 million limited partnership investment in the $70 million fund resulted in a public/private leverage multiplier of 51.76 times the total $370 million of third-party partner capital into New Jersey-based businesses. The 24 New Jersey companies that benefited have generated an estimated 1,983 jobs in the State.

“Quality of leadership is one of the criteria we weigh when choosing to invest in a venture fund,” EDA Vice President of Technology and Life Sciences Investments Kathleen Coviello said. “Jim and Steve bring a wealth of expertise to their positions, specifically in the area of cultivating emerging companies from infancy through commercialization.”

Gunton is a member of the EDA’s Technology Advisory Board, where his guidance and input helps EDA in the decision-making process regarding which companies should receive funding under the Edison Innovation Fund. Gunton spent the early part his career working with Fortune 500 companies in Silicon Valley, including Oracle and PricewaterhouseCoopers. He moved east in 1994 to work at Edison Partners, now located in Princeton, before transitioning to the New Jersey Technology Council to spearhead its venture funds.

Socolof spent decades of his own career creating opportunities for early-stage New Jersey companies. Born in Long Branch and later living in Franklin Lakes, he joined Lucent Technologies in 1996, a week after the telecommunications giant filed its initial public offering. As Vice President of New Ventures for Lucent, Socolof was instrumental in the launch of a venture incubator that helped Bell Labs, Lucent’s research and development arm, bring its innovation to market. In 2001, Socolof left Lucent to become Managing Partner at New Venture Partners, in New Providence, where he worked with large companies such as IBM, Intel, Motorola and Philips to commercialize their technology.

“It used to be that 90 percent of venture capital investments were focused on Silicon Valley and 10 percent on Boston,” Socolof said. “But now, there’s a startup ecosystem everywhere, and we are seeing lots of investment opportunities up and down the Mid-Atlantic region and in New Jersey in particular. The time has never been better for our strategy and how we can foster innovation.”

Another indication of Gunton and Socolof’s commitment to New Jersey’s innovation sector is the pair’s participation in New Jersey Founders & Funders events, which provide them the opportunity to engage with new startup companies. During the semi-annual events, investors meet one-on-one with entrepreneurs during “speed dating”-type sessions to discuss strategy, business models, and funding opportunities. EDA staff pre-matches these meetings based on the needs of the companies and the interest areas of the investors. Entrepreneurs can apply online to attend an upcoming New Jersey Founders & Funders event. The next one is scheduled for November 1 in North Brunswick.

@NewJerseyEDA spoke to the partners about their experience investing in New Jersey:

What attracted you to New Jersey as a place to invest in early-stage companies?
New Jersey has tremendous advantages as a home for early-stage companies. As the most densely-populated state providing a range of business and living communities and nestled next to New York and Philadelphia, there is great talent and opportunity to work with leaders in almost every industry sector.
The Garden State is home to many corporate headquarters and research centers of American and international companies. It’s a communication and transportation hub for the East Coast. It has fantastic universities building startup ecosystems and supporting organizations like the EDA and the New Jersey Technology Council provide great connectivity.

What advice do you offer entrepreneurs at New Jersey Founders & Funders?
We always try to offer (1) some feedback regarding the entrepreneur’s thinking about the business, (2) a connection that might be helpful to the business, and (3) what demonstrations or milestones would make us excited about it as an investment.

How do you recommend that entrepreneurs initiate contact with you for possible investment from Tech Council Ventures II?
We’re always open to hearing from new people. We encourage entrepreneurs to email us directly at jim@techcouncilventures.com and steve@techcouncilventures.com.

To learn about the EDA’s range of programs and resources to support economic growth, visit www.njeda.gov 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 Friday, August 10, 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, NJ (August 1, 2018) – In support of Governor Phil Murphy’s stronger and fairer economic agenda, the New Jersey Economic Development Authority (EDA) today announced it has created a new Office of International Trade and Investment (OITI), which will be the lead international business development office in State government. EDA Vice President Wesley Mathews will serve as Director of OITI, working with government and private-sector partners to promote the strengths of New Jersey as a premier business and investment destination.

“Governor Murphy and I are focused on creating a stronger and fairer economy for the state of New Jersey, and that includes supporting the expansion of international trade and investment,” said Acting Governor Sheila Oliver. “New Jersey has historically been a crucial hub for global trade and the new Office of International Trade and Investment will allow us to strengthen our economy by attracting new business to New Jersey and widen our global reach. Our renewed focus on international economic development will help foster sustainable job growth for the State, while developing our place as a leader in the world market."

OITI is charged with increasing Foreign Direct Investment (FDI) into New Jersey; recruiting international businesses to the State; strengthening New Jersey’s relationships with the diplomatic community in the greater New York area; and coordinating trade missions and other international outreach by the State, in partnership with Choose New Jersey. The Business Action Center will retain an Office of Export Promotion, which will continue to be focused on helping New Jersey-based businesses export globally.

“With 70 percent of the world’s purchasing power and 95 percent of the world’s consumers located outside the United States, strengthening our international trade and investment efforts is vital to New Jersey’s global competitiveness and to our ability to create sustainable economic growth,” said EDA Chief Executive Officer Tim Sullivan. “As one of the most diverse and globally-connected states in the country, New Jersey is well positioned to revive this critical component of our economy under Governor Murphy.”

New Jersey is currently home to more than 1,100 multi-national companies and the headquarters of an estimated 270 foreign companies. The State offers unrivaled access to national and international markets through world-class logistics and distribution infrastructure, 2,800 miles of Interstates and highways, the nation’s highest railroad density, the largest seaport on the East Coast, and the largest airport system in the country, offering daily non-stop flights to more than 90 U.S. cities and 110 international destinations.

“Choose New Jersey looks forward to continuing our mission to attract new business to our State with Wesley and the OITI team augmenting our international efforts,” said Jose Lozano, President and CEO of Choose New Jersey. “Whether it’s coordinating a trade mission overseas, or one-on-one interaction with an international business seeking to expand into the U.S. markets, New Jersey’s economic development team will have a unified message regarding the incredible benefits of growing in our State.”

Sullivan noted that Mathews brings a diverse international background to this new role, citing his career in the U.S. Foreign Service as well as in the private sector. He has served at U.S. embassies and consulates in Nigeria, Germany, India, and Pakistan, and advanced U.S. development strategies in emerging economies.

“I am thrilled to establish the new Office of International Trade and Investment at the EDA and I am confident that, under the leadership of Governor Murphy and through our partnerships with Choose NJ, the Business Action Center and other stakeholders, we will return New Jersey to a best-in-class model of global trade and investment,” Mathews said. “New Jersey offers an unmatched value proposition for international companies looking to expand in the U.S. market, and the EDA and our partners will effectively translate that value into a compelling story for the global marketplace.”

To learn about the EDA’s range of programs and resources to support economic growth, visit www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter and LinkedIn.

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A Special Meeting of the New Jersey Economic Development Authority has been scheduled for Wednesday, July 25, 2018 at 10:30 am at the EDA offices at 36 West State Street, Trenton NJ.

The Members will meet to discuss and act upon requests to approve the Incubator and Collaborative Workspace Initiative, approve entering into a contract with a vendor to provide economic development strategic planning consulting services for the State of New Jersey, and bond resolutions for the Atlantic City Sewerage Company, Oaks Integrated Care, Inc., Dakota Properties, Inc., and Friends of TEAM Charter Schools.

The agenda can be found 48 hours prior to the meeting at our website: www.njeda.gov.

TRENTON, N.J. (July 19, 2018) – Now that genomic analytics company Health Interactive, Inc. has expanded into New Jersey, it is strategically positioned within the state’s vast pharmaceutical and biotechnology research ecosystem.

Health Interactive’s research and development (R&D) focuses on developing capabilities in bioinformatic analysis and reporting of genetic sequencing data. The company notes that these analyses and reports can be challenging to clinical labs, hospitals, clinicians, and even to researchers and scientists who are not in the genomics field. Health Interactive has developed proprietary software to interpret genetic mutations related to disorders and cancers. In addition, Health Interactive's software can generate reports on how patients react and respond to certain medications.

Health Interactive was founded in Massachusetts in 2016 but quickly expanded its footprint into New Jersey in 2017, setting down roots at the New Jersey Economic Development Authority’s (EDA’s) Commercialization Center for Innovative Technologies (CCIT), the Garden State’s leading life sciences incubator.

By establishing a New Jersey presence, Health Interactive is near 13 of the world’s top 20 biopharmaceutical companies, plus more than 3,200 life sciences establishments. The company can also offer its services to the Garden State’s numerous top-notch research universities, including the New Jersey Institute of Technology, Princeton, Rowan, Rutgers, the State University of New Jersey, and Stevens Institute of Technology.

Located in North Brunswick, CCIT provides businesses with access to a variety of professional and support services including open office hours by professional firms from the life sciences community. The 46,000-square-foot incubator also offers tenants access to affordable lab space and offices, conference rooms, support staff, and a variety of additional resources.

“Finding the genetic cause of a disease could provide doctors and patients the insight to find the most effective treatment or cure,” Health Interactive Co-founder and Chief Executive Officer (CEO) Hanzhong Zhang, PhD said. “We are excited to connect with the CCIT community and the Garden State’s pharmaceutical ecosystem as we continue to grow.”

CCIT is located in the EDA’s Technology Centre of New Jersey, a 50-acre, five-building research park. Consisting of 300,000 square feet of lab and office space, with over $70 million invested in facilities and improvements, the Technology Centre was developed to meet the lab and office needs of entrepreneurial startups, to emerging R&D companies, to large established corporations in the life sciences.

Health Interactive currently has five employees at CCIT and plans to hire additional people in the coming months.

“New Jersey’s impressive number of pharmaceutical companies and world-class research institutions are major differentiators as we continue to market New Jersey on the global arena,” EDA CEO Tim Sullivan said. “We are pleased that Health Interactive has chosen to locate here and expect the company will find CCIT and the State’s larger life sciences community to be welcoming and supportive.”

@NewJerseyEDA spoke with Dr. Zhang about his company's experience in New Jersey and its plans for the future:

What have you found most beneficial about your time at CCIT?
Beside the excellent facility, CCIT provides us with opportunities to interact with our peers — other startup companies. We also benefit from business mentoring activities, including seminars, organized by CCIT and consultations from CCIT staff.

What do you consider Health Interactive’s biggest success to date?
We have established the platform and have entered the application development phase. It’s an exciting time for us here at Health Interactive as we begin to see the impact of our efforts.

What’s on the horizon for your company?
We’re expecting to have the first version of our platform released by the end of September. Future plans call for the creation of a search engine for medical and health information, and as well as a clinical pathway analysis system.

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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LugTrack's smart-tracking device can be tucked into a traveler’s bag for real-time monitoring.

TRENTON, N.J. (July 16, 2018) –LugTrack, LLC, which has already helped thousands of travelers track their luggage in real-time, is now setting its sights on providing tools for businesses of all sizes to track, monitor, and maintain assets worldwide. The Red Bank-based company will use the $50,000 it recently received for winning the New Jersey Economic Development Authority’s (EDA’s) inaugural New Jersey Founders & Funders All-Stars pitch competition to ramp up development of its next-generation tracking devices.

“Governor Murphy is committed to reclaiming the Garden State’s place as the capital of invention and innovation,” EDA Chief Executive Officer (CEO) Tim Sullivan said. “Providing companies like LugTrack the opportunity to showcase their cutting-edge technologies to an audience of savvy investors through New Jersey Founders & Funders has the dual benefit of fostering a collaborative ecosystem and showcasing the up-and-coming businesses that are transforming the global technology landscape.”

New Jersey Founders & Funders directly connects entrepreneurs with multiple investors in a speed-dating environment. LugTrack was one of 20 companies selected by an independent panel to participate in the one-on-one sessions with investors at the All-Stars event in December 2017. LugTrack’s award of up to $50,000 comes in the form of a forgivable loan, presented on the condition that the recipient receive a minimum 1:1 matching of outside, third-party investor equity in the year following attendance at the event.

During her five-minute New Jersey Founders & Funders All-Stars pitch, LugTrack Chief Financial Officer Denise Brouder discussed her company’s successful global launch of its Intelligent Luggage Tracking Solution. It includes a smart device that can be tucked into a traveler’s bag, and uses LugTrack’s patented GPS tracking, cellular and Wifi technologies to enable travelers to check the whereabouts of their luggage in real time via their smartphones.

LugTrack intends to provide greater data visibility and business intelligence to their enterprise customers through improved asset tracking and big data analytics. The company will continue to support businesses of all sizes with what it describes as “best in class” hardware and software technologies. Brouder noted that LugTrack’s next generation solution will further expand the company’s presence in its established travel and lifestyle vertical by offering broader product choices for the consumers.

The closing of the EDA’s funding coincides with the arrival of seasoned telecommunications and cyber security executive Adnan Qadeer as LugTrack’s new President & CEO. Qadeer brings more than a decade worth of experience at Lucent Technologies and Alcatel-Lucent, where he led the financial and operations management for various manufacturing, sales, and services business divisions. Most recently, Qadeer served as Co-Founder & CEO for Allweb Technologies, providing a unique biometrics-based online identity authentication platform for financial and healthcare industries.

“It’s an exciting time for LugTrack and we are grateful to the EDA for hosting New Jersey Founders & Funders All-Stars and to the investors for their votes of confidence,” Qadeer said. “The funding provided by the EDA enables us to be well-positioned as we take the next step in our company’s growth, expand into new markets and attract even more customers.”

For more information on LugTrack, visit the company’s website.

The next New Jersey Founders & Funders will be held on November 1, 2018. For more information or to apply to attend an upcoming event, visit the EDA’s website.

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, N.J. (July 16, 2018) – Several new small businesses will soon be adding to the resurgence of Market Street in Camden, once two property owners make improvements to five recently acquired properties. The improvements are supported by a grant program designed to help landlords and newly established businesses take advantage of increased economic momentum in select, legislatively designated urban areas of New Jersey, including parts of downtown Camden.

Improvements to the buildings, three of which are owned by Ashton Alexander Properties, LLC, and two by Market West 1 LLC, are being made with funding provided through 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). The GSGZs are designated as Atlantic City, Camden, Passaic, Paterson 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 properties. 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.

Ashton Alexander has been approved for three separate grants of up to $20,000 for each of its Market Street properties.

A fast-casual restaurant will occupy the first floor of 309 Market Street with office space on the remaining two floors. Renovation plans include replacing windows with high-strength glass and modernizing the framing of the doors and windows. The building will also have new signage and its brick facade will be repainted.

Just a short distance away, a three-story building at 423 Market Street will be repurposed as office space for several small businesses and a small takeout bakery/café on the first floor. The eatery will specialize in light baked goods, gourmet coffees and teas, and smoothies. Renovations to the first floor will include facade improvements, signage and an updated entrance that will be inviting to the public and will allow access to second and third floor businesses.

Among the tenants at 517-519 Market Street, directly across from Camden City Hall, will be a technical services company and a non-profit organization. Improvements to the building façade will include pressure washing and repainting, and installation of a new awning, windows and doors.

Market West 1’s properties at 223 and 225 Market Street will receive such improvements as new windows, doors and awnings. The two projects combined were approved for up to $19,000 in BII funding.

Nearby, another property owner, Damon Pennington, will soon open a restaurant at 315 Market Street, which received support from the BII Program when it and the BLI Program were originally offered only in Camden through the Economic Recovery Board (ERB). The ERB is a subsidiary of the EDA created under the Municipal Rehabilitation and Recovery Act, P.L. 2002 C. 43. The programs were relaunched in June 2017 and expanded to include the four additional cities.

Pennington is also developing the “Camden Arts Yard” in an adjacent vacant lot. The “pop-up” venue, opening this summer, will feature art, appetizers, and beverages, with the goal of attracting young professionals to the downtown area after business hours, adding to the “restaurant renewal” taking shape in downtown Camden.

“The influx of professionals in downtown Camden has created a need for places to go after work for good food, cocktails, and entertainment,” said Pennington. “The investment happening on Market Street has created a ripple effect that spurred the idea for the Camden Arts Yard, and we are optimistic that this will contribute to the emergence of this area as a vibrant lifestyle hub.”

In addition to the BII Program, the BLI Program offers reimbursement of fifteen 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.

“With Subaru’s new headquarters taking shape at one end, and the new Waterfront Development rising at the other, Market Street businesses are seeing increased foot traffic and investors are recognizing new opportunities on Market Street and other downtown locations,” said Senior GSGZ Development Officer Christina Fuentes, who manages the BII and BLI programs for the EDA. “The BII and BLI programs are helping landlords and entrepreneurs establish and improve their businesses, supporting the revitalization of downtown areas in communities around the State.”

The BII and BLI programs were launched last year on a pilot basis and up to $200,000 is available per city, per year, over the three-year life of the programs. A detailed map of eligible locations in Camden is available at /wp-content/uploads/pdfs/GSGZ_Camden_Map.aspx.

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

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The year's largest voice-technology event sponsored by Amazon Alexa provides rare opportunity for developers and companies from across the state to get ahead of a fast-moving industry shift

Illustrating the City of Newark’s rise as a global technology hub, the VOICE Summit sponsored by Amazon Alexa and other leading companies such as Microsoft, Yext and Panasonic will take place July 24-26 at the New Jersey Institute of Technology (NJIT). The largest voice-tech event of the year is expected to bring together more than 1,500 software developers, designers, brands, agencies and media companies focused on the next generation of applications that leverage conversational input via voice and chat.

“As we reestablish New Jersey’s leadership in the innovation economy, the decision to host the VOICE Summit at the New Jersey Institute of Technology in Newark highlights how well-positioned the state is to become the hub of cutting-edge technology,” said Governor Phil Murphy. “With Amazon, Google and Microsoft providing hands-on training under one roof for three days, this is a remarkable event for technologists from across the state and country and shouldn’t be missed.”

The New Jersey Economic Development Authority (EDA) is sponsoring the event in concert with 60 other sponsors, including Audible, Panasonic, Prudential, Phone.com, the New Jersey Business and Industry Association, and the NJ Tech Council.

As part of this effort, the EDA is supporting a statewide campaign to encourage developers to capitalize on this rare opportunity. Through this campaign, developers can access a $100 three-day pass through July 16th, a $295 savings off the list rate of $395. After the 16th, the passes will be $150.

In all, there are more than 175 speakers from eight countries and 30 states providing training, research and thought leadership at the cutting edge of the voice-first era. Speakers from LEGO, Panasonic, Audible, Yext, Prudential, Capital One, Mercedes Benz, and Mayo Clinic will be in attendance.

“We’re thrilled with the results for our inaugural event and the partnerships we’ve been able to forge locally in Newark and statewide,” said Pete Erickson, event creator and founder of Modev, the organization producing VOICE. “The stage is set for all those who wish to get into the voice-first market or those tasked with staying ahead of the impending disruptions that are set to take place.”

Those wishing to use the EDA campaign can access the event at www.voicesummit.ai and use the code "NJDEV" at checkout for the three-day pass.

About Modev:
Modev was founded by Pete Erickson in 2008 on the simple belief that human connection is vital in the era of digital transformation. Today, Modev leverages exponential technologies and methods to build communities at scale, manage transformation strategies and produce market leading events such as VOICE Summit sponsored by Amazon Alexa and Spinnaker Summit sponsored by Netflix. Modev also curates specialty communities such as Voicehacks, Machinery.ai and Security by Design. Modev staff, better known as “Modevators”, include more than 45 community building and transformation experts from around the world.

About VoiceSummit:
VOICE is a three-day summit at the forefront of natural language processing, Sponsored by Amazon Alexa and hosted by Modev. The Summit will be held at the New Jersey Institute of Technology (NJIT) on July 24-26, and serve as a gathering place for more than 1500 developers, designers, C-level executives, leading brands and agencies who are reimagining how we interact with technology through voice. The program will consist of keynotes, breakout sessions, workshops and demos. Host Committee includes NJIT, City of Newark, Greater Newark Convention and Visitors Bureau, The Newark Community Economic Development Council and Medina Citi. www.voicesummit.ai

Contact:
For VOICE Summit
Lisa Throckmorton, 703-287-7803
lthrockmorton@speakerboxpr.com