Event Features Competition, Networking for Technology and Life Sciences Entrepreneurs

TRENTON (October 12, 2017) – The stakes have been raised for competitors in the New Jersey Economic Development Authority’s (EDA) New Jersey Founders and Funders All-Stars event on December 6, 2017.   For the first time, past NJ Founders and Funders participants are being offered the opportunity to reconnect with and update investors on their progress, while competing for an award of up to $50,000 approved today by the EDA’s Board for one selected, registered presenting life sciences or technology company.

The New Jersey Founders and Funders program was launched in June 2014 to directly connect entrepreneurs with multiple investors in a speed-dating environment. New Jersey Founders and Funders enables early-stage New Jersey businesses to meet with investors in 10-minute, one-on-one sessions to discuss strategy, business models, and funding opportunities. These discussions help early-stage companies gain critical insight on how best to position their startups within the Garden State’s vibrant technology ecosystem. The December 6 “All-Stars” event will be held at the newly-created, 32,600-square-foot Biotechnology Development Center on the Technology Centre of New Jersey campus in North Brunswick.

The EDA will host New Jersey Founders and Funders All-Stars in recognition of the more than 225 companies and over 75 investors that have participated in the program over the last three years. More than 1,200 successful connections between businesses and investors have been made through this program, resulting in investment, insight, and inspiration to help fuel the State’s technology and life sciences ecosystem.

All past participant companies are invited to register, and 20 will be selected by an independent panel to participate in the one-on-one sessions. The event will be capped-off with lightning presentations by five companies selected by investors from the 20 participating in the one-on-one meetings to determine the recipient of the prize. The event also will include a panel of entrepreneurs sharing their insights on fundraising, maximizing the relationship with investors, and the path to exit. There also will be ample networking opportunities for entrepreneurs, investors and other community stakeholders.

“The State’s technology and life sciences ecosystem is very supportive to emerging companies, and the EDA shares that goal of encouraging new ideas,” EDA Chief Executive Officer Melissa Orsen said. “The award that will be available to a past New Jersey Founders and Funders participants will provide a boost to one of many deserving companies.”

The award of up to $50,000 will be 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.

Returning companies, other entrepreneurs, investors, and industry partners may register at https://application.njeda.com/tls/. Returning companies wishing to participate in one-on-one meetings must submit a one to two-page executive summary no later than October 31, 2017. All others must register by November 17, 2017. 
 
To stimulate the growth of New Jersey’s innovation economy and drive commercialization of pioneering technology within the state, the EDA offers a continuum of assistance specifically designed to help technology and biotechnology companies at every stage of development. From networking and mentoring opportunities, such as New Jersey Founders and Funders, to financial assistance such as loans and tax credits, hundreds of entrepreneurs, emerging businesses, and established companies benefit from EDA support each year.

Examples of this support include the New Jersey Angel Investor Tax Credit Program, the State’s Technology Business Tax Certificate Transfer (NOL) Program and resources available through CCIT.

To learn about the various programs available to support the technology industry, visit www.njeda.gov/tls and follow @NJEDATech on Twitter and LinkedIn.

Life Sciences Experts to Discuss 505(b)(2) Pathway

TRENTON (October 10, 2017) –  An alternate path to Food and Drug Administration (FDA) approval that is gaining popularity will be the focus of a panel discussion on Wednesday, October 18 at the New Jersey Economic Development Authority’s (EDA) Commercialization Center for Innovative Technologies (CCIT) in North Brunswick. 

Known as the 505(b)(2) new drug application (NDA), this approach to pursuing FDA approval represents an appealing regulatory option for many companies launching new drugs, as it helps them to avoid unnecessary expense, reduce risk, and potentially gain market exclusivity. Aside from being a regulatory pathway, this competitive strategy affords companies a faster speed-to-market than generics and allows them to avoid duplication of studies already performed on previously approved active ingredients. 

This panel discussion, entitled Biotech Growth in New Jersey’s 505(b)(2) Sector, will feature three leading New Jersey biotechnology executives who have successfully navigated the 505(b)(2) process, for a discussion of this route to FDA approval.  The panel will be moderated by Paul Woitach, Managing Partner of Pharmaceutical Advisors LLC.  Panelists will include:
 

• Navneet Puri, PhD, CEO, Nevakar (former CEO of InnoPharma)
• S. George Kottayil, PhD, CEO, Grace Therapeutics  
• John W. Maki, President and CEO, Vicus Therapeutics

Notably, both Puri and Kottayil are associated with companies that have benefited from EDA resources for technology and life sciences companies.

Biotech Growth in New Jersey’s 505(b)(2) Sector will take place on Wednesday, October 18, 2017 from 5:00 p.m. to 7:00 p.m. at CCIT, 675 US Highway One, North Brunswick, New Jersey 08902. To register, visit www.njeda.gov/505b2panel.

This event also presents an opportunity for companies to visit CCIT, one of the more significant incubation facilities in the nation dedicated to life sciences and biotechnology companies. CCIT is a 46,000-square-foot life sciences incubator that is home to nearly two dozen businesses. With 27 wet labs and access to offices, conference rooms, a supportive staff, and a variety of additional resources, CCIT is ideal for emerging companies looking to grow in the Garden State. CCIT is located within the Technology Centre of New Jersey, a 50-acre research park that houses such companies as Chromocell and Orthobond, both of which are CCIT graduates, and Merial. Companies interested in touring CCIT should visit www.njeda.gov/CCIT or contact Harcum at lharcum@njeda.com.
 

TRENTON, NJ (October 10, 2017) – The New Jersey Economic Development Authority (EDA) and the Cities of Passaic and Paterson have announced two new programs that will provide grants to street level businesses in designated commercial areas of these two cities as well as in the other Garden State Growth Zones (GSGZs). These GSGZs were created through the New Jersey Economic Opportunity Act (EOA) of 2013, and include five cities; Passaic, Paterson, Atlantic City, Camden, Trenton.

Administered by the EDA in collaboration with GSGZs, the Business Lease Incentive (BLI) and Business Improvement Incentive (BII) programs are designed to support the growth of new and expanding retail and service businesses in targeted commercial corridors. 

In Passaic, businesses located in the Market/First Street Corridor and Central Business District on Main Avenue are considered eligible. A detailed map of eligible locations is available via www.njeda.gov/pdfs/GSGZ_Passaic_Map.aspx.  

In Paterson, businesses in the Urban Enterprise Zones as well as those in the Downtown Historic District, Main Street (from lower main to Crooks Ave.), 21st Ave. from Main to Madison, and 10th Ave. are considered eligible. A detailed map of eligible locations is available via  www.njeda.gov/pdfs/GSGZ_Paterson_Map.aspx.  

“Programs administered under the EOA are attracting private investment and creating momentum in Passaic and Paterson,” said EDA Chief Executive Officer Melissa Orsen. “The BLI and BII programs help to position surrounding small businesses to take advantage of increased foot traffic and interest in these areas.”

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. The BLI program application is available at www.njeda.gov/bli.

The BII program offers grants of up to 50 percent of total project costs, grant amount not to exceed $20,000, for improvements made to the first floor of a facility in an eligible GSGZ location, with a minimum project cost of $5,000. The BII program application is available at www.njeda.gov/bii.

Reflecting on the value of these grants, Ruben Gomez, Director of Economic Development, City of Paterson, remarked on how “these programs are not only helpful to business owners looking to locate or expand in Paterson, but can also be leveraged by commercial realtors and landlords as an incentive to attract tenants.” 
Developed in collaboration with the GSGZs, EDA worked with each community to ensure the programs meet the needs of the respective local markets. The programs are available on a pilot basis and up to $200,000 is available per city, per year, over the three-year life of the programs. 

“Passaic City is constantly looking for new opportunities to support our local small business owners.  These grant-funded incentive programs encourage business owners to invest in our City and continue the economic momentum we are focused on within eligible business districts,” said City of Passaic Mayor Hector C. Lora.  “These programs offered through the State provide a boost to businesses by providing important funding for facade improvements or renovations that benefit local businesses.”

For general program questions please contact Christina Fuentes, Senior Community Development Officer, EDA at 609-858-6663 or cfuentes@njeda.com. For more information on eligible locations in each city, please contact:

Passaic:  Soraya Stam                                                    
UEZ Coordinator – City of Passaic
973-365-5500
sstam@cityofpassaicnj.gov

Paterson:  Ruben A. Gomez
Director of Economic Development
973-321-1220
rgomez@patersonnj.gov

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

TRENTON, NJ (October 3, 2017) – The availability of two new programs that will provide grants to street level businesses in designated commercial areas of Trenton and other Garden State Growth Zones (GSGZs) was announced today by the New Jersey Economic Authority (EDA) in partnership with the City of Trenton. Created through the New Jersey Economic Opportunity Act (EOA) of 2013, GSGZs include Trenton, Atlantic City, Camden, Paterson and Passaic.

Administered by the EDA in collaboration with GSGZs, the Business Lease Incentive (BLI) and Business Improvement Incentive (BII) programs are designed to support the growth of new and expanding retail and service businesses in targeted commercial corridors. In Trenton, businesses located in the downtown Broad Street and State Street business corridors are considered eligible. A detailed map of eligible locations is available via www.njeda.gov/pdfs/GSGZ_Trenton_Map.aspx. 

“Programs administered under the EOA and initiatives like the State Office Building project are designed to help attract private investment in Trenton, which could be the impetus for growth in surrounding business hubs,” said EDA Chief Executive Officer Melissa Orsen. “The BLI and BII programs serve as a complement to these efforts as they help to position small businesses to capitalize on the increased activity.”

The State Office Building project includes reducing the state footprint in downtown Trenton to pave the way for new private investment along Warren and Market streets. 

The BLI program will offer reimbursement of a percentage 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 would be eligible, but the BLI grant would only incentivize the first 5,000 square feet. The BLI program application is available at www.njeda.gov/bli.

The BII program will offer grants of up to 50 percent of total project costs, grant amount not to exceed $20,000, to businesses operating within the first floor of a commercial corridor in GSGZs that are planning to make building improvements, with a minimum project cost of $5,000. The BII program application is available at www.njeda.gov/bii.

“Opportunities for small businesses in Trenton are plentiful due to renewed efforts to revitalize downtown and drive foot traffic in key commercial corridors – both during regular business hours and into the evenings and weekends,” said Trenton Mayor Eric Jackson. “These programs could give business owners the extra boost they need to start a new business in Trenton, or refresh or expand an existing business.” 

Developed in collaboration with the GSGZs, EDA worked with each community to ensure the programs meet the needs of the respective local markets. The programs have been launched on a pilot basis and up to $200,000 is available per city, per year, over the three-year life of the programs. 

For general program questions please contact Christina Fuentes, Senior Community Development Officer, EDA at 609-858-6663 or cfuentes@njeda.com. For more information on eligible locations in Trenton, businesses are encouraged to contact Eric Maywar, Economic Development Specialist, City of Trenton, 609-989-3529 or emaywar@trentonnj.org.

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

EDA Visit Highlights Its Portfolio of Lending Programs to Support Small Business Growth
 

  

Pictured, from left: Tim Lizura, EDA President & Chief Operating Officer; Ken Hart, EDA Business Development Officer; Ramesh Nuthi, Owner, Flame Cut Steel.

TRENTON, N.J. (September 20, 2017) – When Ramesh Nuthi was looking for a permanent location for his manufacturing business in 2015, he turned to the New Jersey Economic Development Authority (EDA) for support. With just over $645,000 in EDA direct loan funds in hand, Nuthi was able to establish Flame Cut Steel’s new home in an 18,291-square-foot facility in Irvington and purchase new machinery to help expand the company’s services.

The company manufactures precision cut steel components for a broad range of sectors, including the military, aerospace, energy, construction, medical, and electronics industries.  It specializes in flame cutting of steel plate sheet and round bar, and also offers waterjet and plasma cutting services.

“With our new facility and high-tech laser cutting machine, Flame Cut Steel is now in a better position to customize our offerings to clients and grow our business even further,” said Nuthi. “The financing provided by the EDA was critical to our company moving forward.”

Nuthi also noted the new facility’s proximity to the New Jersey Turnpike, Route 78, and New York City as advantages of locating in Irvington, as well as the power capacity of the industrial building to support the company’s operations.

Low-interest direct loans from the EDA can provide eligible businesses with up to $2 million for fixed assets and up to $750,000 for working capital.  Direct loans are one solution in the EDA’s portfolio of programs designed to increase access to capital and support the growth of small businesses in New Jersey. Through the Premier Lender Program, the EDA partners with banks to offer low-interest financing through loans, loan participations and guarantees, and line of credit guarantees; its Small Business Fund offers direct loans of up to $500,000 for businesses that may not have an ability to get bank financing; manufacturing companies and 501(c)(3) not-for-profit organizations may be eligible for long-term financing through the Bond Financing Program; and, entrepreneurs and small businesses can take advantage of technical assistance and training through EDA’s strategic partnership with UCEDC, a statewide, not-for-profit economic development corporation.

EDA President and Chief Operating Officer Tim Lizura visited Flame Cut Steel today to raise awareness of these programs. The visit coincides with the launch of the EDA’s new marketing campaign – “Look Here First” –  which encourages business owners to contact EDA early in the process of making a borrowing decision so that they can be informed of all financing options available to support their growth in New Jersey.

“We urge any New Jersey business owner in need of financing to explore options available through the EDA,” Lizura said. “Flame Cut Steel is a great example of how the EDA’s cost-effective financing solutions can help small businesses access capital and grow.”

To learn more about EDA resources for small businesses, visit www.njeda.gov/lookherefirst  and follow @NJEDAWasHere on Twitter and LinkedIn.

New Jersey Partnership for Action to Oversee Coordinated, Comprehensive Response to RFP

TRENTON, N.J. (September 13, 2017) –  With the opportunity to bring 50,000 jobs and billions of dollars of private investment to the State, the New Jersey Partnership for Action (PFA) today formally announced its plans to submit a response to Amazon’s Request for Proposals (RFP) seeking a location for its second corporate headquarters.
 
“We have restored New Jersey’s status as a premier location for business, a fact demonstrated by every economic indicator – from eight years of steady employment growth and rising wages, to the historic number of new businesses filing annually to open in our state,” said Governor Chris Christie. “The Garden State is an epicenter of innovation with a burgeoning pool of tech talent, and we plan to make a compelling case to Amazon as they locate a second corporate headquarters.”
 
Comprised of Choose New Jersey, the New Jersey Economic Development Authority (EDA), the Business Action Center and the Office of the Secretary of Higher Education, the PFA has reached out to every county in the State to ensure a coordinated and comprehensive proposal is submitted.
 
“From our ideal location and highly educated labor pool to our world-class infrastructure and top-notch research universities, New Jersey offers inherent advantages to businesses operating in an increasingly global marketplace,” said Michele Brown, President and Chief Executive Officer of Choose New Jersey.  “Together with the State’s powerful incentives and responsive government, New Jersey has a compelling case to make as we pursue this exciting opportunity.” 
 
The PFA today reached out to the State’s 21 counties, encouraging each to work with respective municipal leaders to identify locations that meet the criteria established by Amazon in its RFP. The State intends to submit the strongest possible proposal, identifying only those sites that meet all the main evaluative criteria set forth by Amazon. This includes metropolitan areas with more than one million people; urban or suburban locations with a significant labor pool with expertise in computer software development and engineering, executive management, legal, and accounting; direct access to mass transportation on site; and, real estate and infrastructure to support a minimum 500,000 square feet of space that can expand over time to support up to eight million square feet. Counties also were asked to provide an overview of the community and quality of life of the proposed location, focusing on available recreational opportunities, cultural amenities and other characteristics that make them unique. 
 
“We view this as an opportunity to transform the State’s economic landscape, and a coordinated and comprehensive response to the RFP will allow us to put our best foot forward as we showcase why Amazon should choose to locate in New Jersey,” said EDA Chief Executive Officer Melissa Orsen.  “The PFA has successfully worked with local and county officials over the last seven years to spur business growth and expand employment opportunities, and we look forward to continuing this partnership as we seek what would likely be the largest corporate investment in our State’s history.”
 
The PFA has requested responses from interested parties by September 26 to ensure there is enough time to finalize one proposal on behalf of the State. Responses that are not able to demonstrate an ability to meet the core preferences outlined in the RFP will not be included in the State’s submission.