Due to uncertainty regarding the weather, the NJEDA Board Meeting scheduled for March 13, 2018 has been postponed.
Due to forecasted inclement weather, the meeting of the New Jersey Biotechnology Task Force scheduled for Thursday, March 8, 2018 has been canceled and will be rescheduled at a later date.
BackEnd Benchmarking is quickly becoming a global leader in investment analytics and transparency. Its President and Founder Ken Schapiro is pictured here.
TRENTON, N.J. (March 1, 2018) – With the robo-advising industry surpassing $200 billion worldwide, Bridgewater-based BackEnd Benchmarking is quickly becoming a global leader in investment analytics and transparency. At the same time, the company remains grounded in its local community, nurturing the next generation of entrepreneurs by hiring New Jersey-educated employees, and benefiting from resources available to the Garden State’s technology community.
BackEnd Benchmarking’s President and Founder Ken Schapiro created the company to provide a research tool to help investors make informed decisions when considering investing in a robo-advisor. To that end, he pumped close to $500,000 of his own dollars into investments handled by several of the largest robo-advising products, including offerings from TD Ameritrade, Charles Schwab Corporation, Fidelity, Betterment, and others. This enabled his company to use its proprietary software platform to aggregate data and analyze various aspects of the investments, such as equity positions and fixed income. BackEnd Benchmarking tracks these investments and publishes “The Robo Report™,” which monitors the largest and most well-known robo- advisors, with the goal of providing transparency via quarterly analysis of robo-advisor performance, portfolios and news.
In 2017, BackEnd Benchmarking received $470,000 in funding from investors who participated in the State’s Angel Investor Tax Credit Program. Administered by the New Jersey Economic Development Authority (EDA) and the New Jersey Division of Taxation, the 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. The EDA approved 256 Angel Investor Tax Credit applications in 2017, representing the injection of a total of $111 million of private capital into 39 different technology and life sciences companies throughout the Garden State. Since the program began in 2013, the EDA has approved 929 applications for investments in 65 New Jersey-based technology businesses totaling more than $332 million.
“The Angel Investor Tax Credit Program is a great extra incentive to invest in our company,” Schapiro said. “Of course, there are a lot of other criteria on which our investors base their decisions on where to deploy capital, but when they look for funding, every extra incentive helps.”
Shapiro added that, for investors that are local to New Jersey, the program helps emphasize that they are investing in their community and helping to create jobs and a robust economy where they live. Schapiro is also president of Condor Capital Wealth Management, an investment advisor from which BackEnd Benchmarking spun out in 2016. Condor, which has been in central New Jersey for three decades, was recognized in the 2017 Barron’s Top Advisor List and was recently named one of NJBIZ’s Best Places to Work in New Jersey. Its offices are in a former school renovated by Schapiro. Both Condor Capital Wealth Management and BackEnd Benchmarking are committed to fostering entrepreneurship in the State and routinely offer internships and full-time employment to Rutgers University students and graduates.
“The State’s proximity and accessibility to New York City’s financial markets and its highly-educated workforce make New Jersey an ideal location for financial technology companies,” said EDA Chief Executive Officer Tim Sullivan. “The Angel Investor Tax Credit Program and other resources are helping early-stage companies like BackEnd Benchmarking flourish in the Garden State.”
@NJEDATech asked Schapiro about his experience in New Jersey and his company’s plans for the future:
Why did you decide to grow BackEnd Benchmarking in New Jersey? Having spent 30 years growing multiple successful businesses here, I can leverage my existing resources to help get BackEnd Benchmarking and The Robo ReportTM off the ground. Also, when considering the best use of raised capital, I would rather rent affordable office space and hire more software developers than pay astronomical rents in a place like New York City and have a less robust team. This affordability also benefits employees, who can focus more on building a great product if they are not under the stress of high living costs or long commutes. Schools like Rutgers and Stevens Institute of Technology also have robust programs that are educating young people with the skills I need to build out our businesses. Proximity to New York City, access to young talent, and affordability are just a few reasons New Jersey makes a lot of sense for us.
What do you consider BackEnd Benchmarking’s biggest success to date? Our work and research were featured in a cover story in Barron’s Magazine in July, which really validated what we are doing to bring transparency to robo-advisors. The day the story came out was invigorating for the team and gave us a lot of energy to continue with our mission. The success we have in helping our users and readers make more informed and better decisions with their money is more important than press coverage to us, but when Barron’s called our research “groundbreaking” in a cover story, it helped us to step back and look at how far we have come.
What’s on the horizon for BackEnd Benchmarking? The robo-advice industry is just the first area of finance to which we are bringing transparency. We are building a digital personal investments and finance tool that is going to bring the underlying concept of The Robo ReportTM across the investment services landscape. Our goal is to bring transparency to all corners of the financial services industry, while guiding and empowering our users to make informed, quality decisions about their finances, service providers, and products. We will be seeking additional funding in the third and fourth quarters of this year to help us take the next steps in our mission.
The EDA offers a multitude of resources to help technology grow and thrive. To learn about these resources, visit https://www.njeda.gov/tls.
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CEO Touts State’s Talent Pool and Business Environment as Critical to Company’s Growth
Under the direction of its President and Chief Executive Officer Bob Oliver, V ClinBio develops a robust pipeline of new medicines addressing unmet medical needs across diverse therapeutic areas.
TRENTON, N.J. (February 22, 2018) – In recent months, biopharmaceutical company V ClinBio has taken several steps to make 2018 a banner year for its development and for the creation of new drugs for millions of patients that suffer from multiple sclerosis, ulcerative colitis, and psoriasis. These actions, under the new leadership of President and Chief Executive Officer (CEO) and veteran New Jersey pharmaceutical executive Bob Oliver, include expanding the company’s footprint in the Garden State with the opening of a new office in Mercer County, executing a strategic acquisition, and obtaining critical funding through New Jersey’s Angel Investor Tax Credit Program.
V ClinBio entered 2018 with funds raised from 10 investments approved last year under the Angel Investor Tax Credit Program. Administered by the New Jersey Economic Development Authority (EDA) and the New Jersey Division of Taxation, the 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.
The funding will help V ClinBio further its mission to develop a robust pipeline of new medicines addressing unmet medical needs across diverse therapeutic areas including neurology, inflammation and metabolic diseases. Scientists at V ClinBio take the core ingredients of already-existing drugs and combine them in new ways to make new therapies that both increase their efficacy and reduce potential side effects for patients.
“Through resources like the Angel Investor Tax Credit Program, the EDA provides growing technology and biotechnology companies like V ClinBio with resources that help them to attract private investors and receive the funding they need to continue developing life-saving and life-enhancing therapeutics,” EDA CEO Tim Sullivan said.
The EDA approved 256 Angel Investor Tax Credit applications in 2017, representing the injection of a total of $111 million of private capital into 39 different technology and life sciences companies throughout the Garden State. Since the program began in 2013, the EDA has approved 929 applications for investments in 65 New Jersey-based technology businesses totaling more than $332 million.
As a former executive at pharmaceutical giants Johnson & Johnson, Wyeth (now Pfizer) and Otsuka, Oliver, who took the helm at V ClinBio in November, is familiar with New Jersey’s pharmaceutical landscape and its advantages for early-stage biopharmaceutical companies, such as its proximity to large pharmaceutical companies, its top-notch workforce and the many resources available to the life sciences community.
Oliver moved V ClinBio’s operations to Ewing last month, where it leased approximately 3,000 square feet of space. The company also maintains its presence at the Enterprise Development Center (EDC) at the New Jersey Institute of Technology (NJIT) in Newark, where it has grown over the past four years led by its founder Dr. Subbu Apparsundaram. While at the incubator, V ClinBio had access to NJIT resources, mentors and other programming.
Earlier this month, V ClinBio acquired a nearly 50 percent stake in Cellix Bio, an innovative drug design and development biopharmaceutical company. Through this acquisition, V ClinBio obtained Cellix Bio’s proprietary Synergix drug delivery platform, which unlocks the clinical and regulatory potential of existing therapies and offers biopharma companies the potential to shorten development times and reduce the risk of clinical failure. V ClinBio expects to file an Investigation New Drug Application later this year with the U.S. Food and Drug Administration for CLX-106 and CLX-103 to treat relapsing-remitting multiple sclerosis and ulcerative colitis respectively. Both CLX-106 and CLX-103 were generated by Synergix. V ClinBio plans to start human clinical trials on these drugs later this year.
@NJEDATech spoke with Oliver about V ClinBio’s experience in New Jersey and its plans for the future:
Why did you choose to grow your company in New Jersey?
New Jersey has an excellent talent pool and the business environment is conducive to innovation.
How have investments made through the Angel Investor Tax Credit Program benefitted V ClinBio?
The clear majority of investors have converted equity to shares in our company, rather than holding onto convertible notes, ensuring that they have a long-term, vested interest in V ClinBio.
What do you consider V ClinBio’s biggest success to date?
We are very proud of our accomplishments in advancing our lead compounds through the regulatory and clinical development process.
What is on the horizon for your company?
We look forward to continuing to create partnerships and commercializing our best-in-class medicines.
The EDA offers a multitude of resources to help technology grow and thrive. To learn about these resources, visit https://www.njeda.gov/tls and follow @NJEDATech on Facebook, Twitter and LinkedIn.
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A meeting of the Capital City Redevelopment Corporation (CCRC) Board has been scheduled for Wednesday, February 21, 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. (February 14, 2018) – As part of ongoing efforts to support small business growth in the State, the New Jersey Economic Development Authority (EDA) Board yesterday approved New Jersey based ConnectOne Bank as a Premier Lender. The Premier Lender Program is a partnership between the EDA and more than two-dozen banks throughout New Jersey that is designed to help small businesses overcome financial obstacles that can stall growth and expansion.
Through the Premier Lender Program, 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.
“ConnectOne Bank’s partnership with the EDA will enable us to support the growth of more New Jersey businesses and in turn, drive our local economy,” said Elizabeth Magennis, Executive Vice President and Chief Lending Officer of ConnectOne Bank. “The EDA shares our commitment to our clients’ success, and our values of being accessible and responsive to their needs.”
ConnectOne Bank is a community-based, full-service New Jersey-chartered commercial bank that was founded in 2005. ConnectOne operates from its Englewood Cliffs headquarters and through its 20 other banking offices across New Jersey and New York.
“Resources like the Premier Lender Program are designed specifically for New Jersey’s many small businesses, which are the backbone of the State’s economy and a critical job creation engine,” said EDA President and Chief Operating Officer Tim Lizura. “EDA has an array of programs and resources to support small business growth and our new partnership with ConnectOne Bank will help ensure we are able to help even more companies in the state.”
The Premier Lender Program offers loans with up to a $2 million EDA loan participation or $1.5 million loan guarantee for fixed assets, up to a $750,000 loan participation or $1.5 million loan guarantee for term working capital, and up to a $750,000 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 800-858-6767 or visit www.njeda.gov/lookherefirst and follow @NJEDAWasHere on Twitter, LinkedIn and Facebook.
TRENTON, NJ (February 14, 2018) – Governor Philip D. Murphy today announced the designation of Laurence M. Downes as Chairman of the Board of the New Jersey Economic Development Authority (EDA). Mr. Downes joined the EDA Board in 2010 and has served as Vice Chair since 2016.
“I am honored that Governor Murphy has selected me to serve as Chairman of the EDA and I look forward to helping advance his vision for a stronger and fairer economy,” Downes said. “The EDA is staffed by a professional and dedicated group of individuals and I am pleased to have the opportunity to continue our efforts to create jobs and revitalize communities across the state.”
Mr. Downes is Chairman of the Board and Chief Executive Officer (CEO) of New Jersey Resources (NJR) and its principal subsidiary, New Jersey Natural Gas (NJNG). He joined NJR in March 1985 and has served as CEO since July 1995. Mr. Downes is a Director and past Chairman of the American Gas Association and the Natural Gas Council, as well as a Trustee of the American Gas Foundation. He chairs the John J. Heldrich Center for Workforce Development’s National Advisory Board at Rutgers University and serves as a member of the Boards of the Drumthwacket Foundation and Choose New Jersey.
“I applaud the Governor’s decision to designate Larry Downes as the EDA Board’s new Chairman,” said Tim Sullivan, who will join the EDA as CEO on February 20. “With a long and distinguished professional and public service career, including eight years on the EDA Board, Larry’s knowledge and insight will be indispensable as we work to grow New Jersey’s economy.”
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 more about EDA resources, follow @NJEDAWasHere and @NJEDATech on Twitter, LinkedIn and Facebook.
TRENTON, NJ (February 13, 2018) – The Board of the New Jersey Economic Development Authority (EDA) today voted to approve Tim Sullivan as the Authority’s next Chief Executive Officer.
“As a highly regarded professional with an established record of achievement in economic development, Tim Sullivan’s depth of experience and knowledge will help ensure we are able to strengthen and grow New Jersey’s economy to benefit all residents and businesses,” said Governor Phil Murphy. “Tim will be a tremendous asset to the state and I applaud the EDA Board’s decision to appoint him as the Authority’s new Chief Executive Officer.”
Mr. Sullivan most recently served as Deputy Commissioner of the Connecticut Department of Economic and Community Development (DECD), where he oversaw State tourism and branding, brownfield redevelopment, transit-oriented development, and waterfront initiatives. Mr. Sullivan joined the DECD in January 2014 as Director of Brownfield, Waterfront, and Transit-Oriented Development, and became Deputy Commissioner in 2015.
“We are delighted to welcome Tim Sullivan to the EDA,” said EDA Board Chairman Thomas P. Scrivo. “We look forward to working with him as we continue EDA’s longstanding tradition of supporting business growth in New Jersey.”
Mr. Sullivan previously served as Chief of Staff to the New York City Deputy Mayor for Economic Development, focusing on transportation and transit-oriented development, brownfield redevelopment, waterfront and maritime/port redevelopment, public and affordable housing policy, small business support, infrastructure finance, and public/private partnerships.
Prior to joining city government in 2010, Mr. Sullivan worked at Barclays Capital as Chief of Staff to the Head of Global Investment Banking. He began his career in investment banking at Lehman Brothers in 2003 as a healthcare banker, focusing on mergers and acquisitions and capital markets transactions for leading companies in the managed care, biotechnology, and healthcare services sectors. Born and raised in Bergen County, Mr. Sullivan is a graduate of Georgetown University.
“Returning to my home state of New Jersey to join the Murphy Administration and lead the EDA is an honor,” said Tim Sullivan. “With Governor Murphy’s clear vision of building a stronger and fairer economy, and an experienced team of professionals in place, I am excited to join the EDA at this pivotal time and strengthen our focus on supporting the growth of small, innovative businesses and thriving communities.”
In his role as CEO, Mr. Sullivan will oversee the EDA’s strategic direction, leading policy and governance initiatives, and serve as the principal representative of the Authority throughout the State. He will join the Authority on February 20.
To learn about the EDA’s range of programs and resources to support economic growth, visit www.njeda.gov.
Like the EDA’s page on Facebook: www.facebook.com/NJEDA/ and follow @NJEDAWasHere and @NJEDATech on Twitter and LinkedIn.
Apprentice Chief Executive Officer and Co-Founder Angelo Stracquatanio was present at today's EDA Board meeting as the Board approved a $250,000 loan for his company through the NJ CoVest Fund.
TRENTON, N.J. (February 13, 2018) – With a focus on fostering innovation in the Garden State, the New Jersey Economic Development Authority (EDA) today approved a $250,000 loan for Jersey City-based Apprentice.io through the NJ CoVest Fund. Launched last year, the Fund was designed to help emerging technology companies bridge the funding gap between product development and commercialization and furthers the EDA’s ability to support businesses throughout their lifecycle of growth.
Apprentice is a leader in enterprise augmented reality, offering solutions for complex manufacturing processes, biopharma and research and development. Its proprietary technology provides for virtual collaboration, creates automated documentation for labs and manufacturing suites, and improves adherence to regulatory requirements through intelligent data capture. The company previously earned the ‘Best New Product/Service’ award from INTERPHEX for its three augmented reality modules: Tandem, Manuals, and BioCapture.
“Our company’s motto is, ‘We don’t just augment reality, we augment human ability,’” Apprentice Chief Executive Officer and Co-Founder Angelo Stracquatanio said. “With support from the NJ CoVest Fund, we will be able to further our mission of helping today’s scientists and manufacturers work with artificial intelligence to accomplish their goals, reduce errors and help with troubleshooting and general processes.”
The NJ CoVest Fund provides funding to New Jersey-based early-stage technology companies in the form of convertible notes with warrants, requiring a negative pledge and springing lien on protected intellectual property. With a total funding pool of $3 million, eligible technology companies can receive investments ranging from $100,000 to $250,000. NJ CoVest funds feature three percent interest and 10-year maturity, with no payments due for the first seven years.
Also today, the EDA announced that it approved 256 Angel Investor Tax Credit applications in 2017, representing the injection of a total of $111 million of private capital into 39 different technology and life sciences companies throughout the Garden State. 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. Since the program’s inception in 2013, the EDA has approved 929 applications for investments in 65 New Jersey-based technology businesses totaling more than $332 million.
2017 saw several additional milestones for New Jersey’s technology and life sciences sector, including partnering with two New Jersey-based venture capital firms that will deploy EDA capital on a 1:3 basis in New Jersey companies. A $1 million investment supported Newark Venture Partners’ $23 million early stage venture fund, providing capital, company building services and residence to innovative tech startups; up to a $7.5 million investment will support Tech Council Ventures, which will make early stage venture capital investments. Tech Council Ventures has committed to invest up to 50 percent of their fund in New Jersey companies.
2017 also marked the arrival of six new tenants at the EDA’s Commercialization Center for Innovative Technologies (CCIT), New Jersey’s leading life sciences incubator located on the 50-acre Technology Centre of New Jersey campus in North Brunswick: Angex Pharmaceuticals, Genomic Prediction, EUProtein, Health Interactive, Innovera Pharmaceuticals, and SPES Pharmaceuticals. In August, the EDA announced the expansion of its successful incubator program with the creation of the Biotechnology Development Center (BDC), also on the Tech Centre campus. The BDC offers suites of intermediate lab and office space from 3,400 to 10,000 square feet for emerging life sciences companies including those that have outgrown incubator space.
“From the early stages of a technology or life sciences company’s growth to the post-product phase and beyond, the EDA offers a continuum of assistance to meet specific needs,” EDA President and Chief Operating Officer Tim Lizura said. “I encourage entrepreneurs to visit our website to learn how the EDA can help their companies grow here in the Garden State.”
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. All Board actions will take effect at the expiration of the statutory period for the Governor’s review and consideration of the meeting minutes.
The EDA offers a multitude of resources to help technology grow and thrive. To learn about these resources, visit https://www.njeda.gov/tls and follow @NJEDATech on Facebook, Twitter and LinkedIn.
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Fast Growing High-End Tile Provider Relocates to Burlington County
Representative from the New Jersey Economic Development Authority and TD Bank visited Soho Studio in Delanco today to raise awareness of programs available for small businesses. Pictured from left: TD Bank Vice President of Commercial Lending Matt Verney, TD Bank President Robert Curley, EDA President/Chief Operating Officer Tim Lizura, Soho Studio Founder/President Eli Mechlovitz, and Soho Studio Chief Financial Officer Craig Swimmer.
TRENTON, N.J. (February 12, 2018) – Growing up, Eli Mechlovitz developed an affinity for interior design and mosaics by spending time working in his family’s tile store. In 2006, at the age of 22, Mechlovitz acted on that passion and founded Soho Studio in his parents’ basement to provide high-quality and cost-effective tile solutions to customers.
As a direct importer and wholesaler, Soho Studio provides its customers with a diverse collection of over one thousand tiles, which have a wide variety of uses, such as backsplashes or flooring in both commercial and residential settings. The business’s initial focus was offering mosaic and “water jet” tiles, for which a high-pressure stream of water is used to cut precise patterns. In recent years, Soho Studio expanded its offerings by importing and distributing hundreds of styles of porcelain tiles.
As it grew from its humble beginnings in Brooklyn, Soho Studio moved first into an 18,000-square-foot facility and then to a 50,000-square-foot facility, both in New York. In 2016, to accommodate further expansion, Soho Studio purchased a 275,000-square-foot warehouse in Delanco and moved most of its operations to New Jersey. Mechlovitz cited the Garden State’s proximity to New York and the availability of large warehouse space as crucial factors in the company’s decision.
In March 2017, Soho Studio took advantage of the New Jersey Economic Development Authority’s (EDA’s) Premier Lender Program to help improve its cash flow. The company closed on a $9 million TD Bank loan that included a 22.2 percent EDA participation.
“We learned about the EDA from various financial institutions we spoke with and could not have been more pleased with the process,” Mechlovitz said. “The EDA offers good loan to value, the rates are competitive, and the process is quite seamless.”
EDA President and Chief Operating Officer Tim Lizura visited Soho Studios today to raise awareness of the Premier Lender Program and the range of other low-cost financing solutions offered by the EDA to support the growth of small businesses in New Jersey. Lizura was joined by representatives from TD Bank including South Jersey President Robert Curley, Vice President – Commercial Lending Matt Verney, and Regional Vice President Joe Tredinnick. TD Bank is one of EDA’s two dozen Premier Lender partners.
Through the Premier Lender Program, EDA partners with banks throughout New Jersey to guarantee or participate in a portion of commercial loans or lines of credit. Businesses can use this financing for fixed assets or term working capital, and EDA’s involvement in the transaction provides lenders with greater flexibility by reducing their overall exposure.
“Resources like the Premier Lender Program are designed specifically for small businesses like Soho Studio, which are the heart and soul of New Jersey’s economy,” Lizura said. “We encourage small businesses to reach out to us to find out how EDA programs can help them grow.”
To learn more about EDA resources for small businesses, visit www.njeda.gov/lookherefirst and follow @NJEDAWasHere on Facebook, Twitter and LinkedIn.
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