TRENTON (September 6, 2017) – As part of its commitment to developing the next generation of technology and life sciences leaders, the New Jersey Economic Development Authority’s (EDA) Technology and Life Sciences (TLS) team offered two college interns the opportunity to experience New Jersey’s vibrant innovation economy firsthand this summer. The interns benefited from working at the EDA’s Commercialization Center for Innovative Technologies (CCIT) in North Brunswick, a nationally respected incubation facility dedicated to life sciences and biotechnology companies.

EDA summer internships offer college students multi-faceted, real-world learning opportunities designed to prepare them for a fast-paced work environment. This includes interaction with peer mentors, networking events, and workshops, and exposure to a range of financial assistance programs, including the New Jersey Angel Investor Tax Credit Program, the State’s Technology Business Tax Certificate Transfer (NOL) Program, the Edison Innovation Fund, and venture fund investments.

Hadeka Rasul, a senior at Seton Hall University, and Erik Aborde, a junior at Boston College, are returning to campus this fall with a deeper understanding of the technology sector in New Jersey, and increased excitement for the dynamic employment opportunities the industry may hold for them after graduation.

Employers see the State’s vast pool of well-educated, savvy professionals as a competitive advantage,” EDA Chief Executive Officer Melissa Orsen said. “Through EDA’s internship program, we aspire to support college students with practical experience, and an awareness of the multitude of career opportunities the State has to offer.”

Orsen added that as a bonus, interns bring renewed energy and a fresh perspective to the EDA each year.
In addition to supporting the review of applications for the 2017 NOL program, Rasul, a graduate of Woodbridge High School, and Aborde, a Carteret native who graduated from Saint Peter’s Preparatory School in Jersey City, performed historical data analysis for the various TLS programs. This included using a new data visualization tool to unlock historical trends in the NOL program and mining EDA’s Customer Relationship Management (CRM) tool to conduct an in-depth analysis of new NOL applicants to identify their path to application. Another project consisted of reviewing all companies that have participated in NJ Founders & Funders to track their progress toward follow-on funding. Aborde and Rasul also revised and updated the EDA’s historical CrunchBase profile page to highlight investments and exits to date. The interns’ efforts have helped to deepen EDA’s understanding of its customers, reveal cross-program opportunities, identify new marketing channels and refine its existing outreach.

Rasul is double majoring in Economics and Political Science, and serves on the Pi Sigma Alpha Executive Board. She is also Executive Editor of Seton Hall’s Political Analysis, and a member of the Economics Honor Society and Division of Volunteer Efforts (DOVE). After graduating in December 2017, she hopes to pursue her J.D. or M.B.A degree to diversify and broaden her skill set.

Aborde is also a double major, in Computer Science and Finance, and is a Project Manager of the Boston College chapter of the Enactus Team, a nationwide leadership program which encourages entrepreneurship for the greater good among university students. Aborde, who is also a member of the Student Business Consortium, hopes to work in the startup community in an investor or operational role; he is set to graduate in 2019.

Both Rasul and Aborde agreed that the most beneficial aspect of their EDA internships was being able to work on a variety of projects, which allowed them to challenge themselves and think innovatively.
Aborde said, “While classroom knowledge is critical, the intangible skills of working hard, analyzing data, and dealing with uncertainty will serve me well in my future career.”

Rasul’s reasoning for choosing the EDA TLS internship was based on her “growing interest in the economy, as well as the technology world.” She added, “This position was ideal for me, as it combined both of those interests and I gained vast insight in both areas.”

The EDA employed seven interns this summer, two at CCIT and five in various departments at its Trenton headquarters. EDA internships provide college students with the opportunity to get hands on experience in the business, community development, real estate, human resources and technology fields. Since formally launching its intern program in 2015 the EDA has hired two interns as full-time employees.

Students interested in Summer 2018 technology-focused internships should visit www.njeda.gov and follow @NJEDATech on Twitter and LinkedIn. Information will be posted on these sites when the application process opens.

TRENTON, NJ (September 6, 2017) – The New Jersey Economic Authority (EDA) and Camden Mayor Dana Redd today announced that street level small businesses can now apply for grants to help them locate or expand in selected areas of Camden. The grants will help businesses take advantage of the economic momentum underway in the City and other legislatively-created Garden State Growth Zones (GSGZs) as the result of programs the EDA administers under the Economic Opportunity Act of 2013 (EOA). Other GSGZs include Atlantic City, Passaic, Paterson, and 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 Camden, businesses located on Market Street, Cooper Street, and 5th Street in the Cooper Grant and Downtown neighborhoods, and roughly 12 blocks of Federal Street in East Camden, are considered eligible. A detailed map of eligible locations is available via www.njeda.gov/pdfs/GSGZ_Camden_Map.aspx.
 
Similar programs, which were administered and funded by the Economic Recovery Board for Camden, were previously available in the City. In response to the success of these programs, and a request from Camden business owners to continue them, the EDA launched the new BLI and BII programs and expanded eligibility to include businesses in designated areas of all GSGZs.

“The BLI and BII grants will help eligible small business owners improve the appearance and functionality of their facilities and enable them to capitalize on local economic momentum," said EDA Chief Executive Officer Melissa Orsen. “These programs serve as a complement to the private investment occurring in GSGZs driven by the EOA.” 

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 incentive would only reimburse for 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, 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.

“The owners of many businesses that have grown in Camden with support from the prior BLI and BII programs will attest to their value,” said Mayor Redd. “We encourage all eligible business owners to seize this opportunity to either start a business or expand in Camden at this exciting time.”
 
Developed in collaboration with the GSGZs, the 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 capitalized with a total of $3 million. Of that, $1 million will be available per year over the three-year life of the programs, evenly divided and reserved for projects in GSGZs.

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 Camden, contact Vincent F. Basara, Ombudsman/Communications, City of Camden, Office of the Mayor, 856-757-7679 or vibasara@ci.camden.nj.us.

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.

NIH and NSF SBIR/STTR representatives available for 1:1 meetings

Early-stage technology and biotechnology companies seeking research and development (R&D) funding are encouraged to learn about federal funding opportunities at an upcoming seminar offered by the New Jersey Small Business Development Centers (NJSBDC) on Friday, September 15. The program will be held at the New Jersey Economic Development Authority’s (EDA) Commercialization Center for Innovative Technologies (CCIT) in North Brunswick. CCIT, one of the more significant incubation facilities in the nation dedicated to life sciences and biotechnology companies, is located at the Technology Centre of New Jersey, a 75-acre life sciences research park in the heart of New Jersey’s Research Corridor.

This seminar will provide participants with an overview of the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs, presented by representatives of the National Cancer Institutes (NCI) and the National Institute of Allergy and Infectious Diseases (NIAID), the two largest institutes of the National Institute of Health (NIH) and the National Science Foundation (NSF). The program will also include a presentation by Oncoceutics, Inc. which is successfully leveraging SBIR funding to build its business, followed by a networking lunch and 1-to-1 conversations with NCI and NIAID representatives in the afternoon.
Scheduled speakers include:
 

  • Todd Haim, Ph.D., Program Director, NCI SBIR Development Center
  • Natalia Kruchinin, Ph.D., SBIR/STTR Program Coordinator, NIAID
  • Michael Minnicozzi, Ph.D., Program Officer, NIAID
  • Randy Harmon, NJSBDC Technology Commercialization Consultant
  • Lee Schalop, M.D., Chief Operating Officer, Oncoceutics, Inc.
  • Anthony Faugno, Certified Public Accountant, Partner, EisnerAmper
  • Vincent Smeraglia, Executive Director, Rutgers Office of Research Commercialization

CCIT Manager Lenzie Harcum noted that eleven federal agencies, including the NIH and NSF, are obligated to commit approximately three percent of their annual extramural R&D budget to support entrepreneurs and small businesses undertaking research. This commitment translates to approximately $2.5 billion annually in competitive grants to fund small businesses.

After registering, a representative of each company wishing to meet 1-on-1 with program participants should email rgharmon@njsbdc.com by September 11 and include a one-page overview of its technology, highlighting the specific objectives any approved SBIR and/or STTR funding would support.
Visit www.njsbdc.com/sbir to view the agenda or to sign up.

For more information about resources available to support New Jersey’s technology industry, visit https://www.njeda.gov/tls and follow @NJEDATech on Twitter and LinkedIn.

TRENTON, N.J. (August 29, 2017) – Emerging technology and life sciences companies can now apply for seed capital through the new NJ CoVest Fund, offered by the New Jersey Economic Development Authority (EDA). The NJ CoVest Fund is designed to fill the funding gap that occurs between product development and commercial operation expansion, while at the same time helping New Jersey companies thrive and compete in the global marketplace. The online application is available at www.njeda.gov/njcovest.

The NJ CoVest Fund, which was approved by the EDA Board in April, provides this 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.  EDA expects to fund approximately two dozen (between 12 and 30) companies over the next three years under this program.  NJ CoVest funds must be matched by $2 of external funding from experienced outside investors for every $1 of funding requested from the Fund. NJ CoVest funds will feature three percent interest and 10-year maturity, with no payments due for the first seven years.

“The EDA keeps a finger on the pulse of the market to adapt and expand its portfolio of solutions that meet the needs of businesses and encourage them to grow in New Jersey,” EDA Chief Executive Officer Melissa Orsen said. “The NJ CoVest Fund will help by providing funding for successful start-up technology and life sciences companies that need a boost to get to the next stage of growth.”

A complete list of NJ CoVest Fund program guidelines and company requirements can be found at www.njeda.gov/njcovest.

The NJ CoVest Fund aligns with the EDA’s ongoing strategy to stimulate the growth of New Jersey’s innovation economy and drive commercialization of pioneering technology within the State. Among its myriad resources, the EDA has a long history of helping increase available capital for emerging companies by investing as a limited partner in venture capital firms that invest in New Jersey-based enterprises. To date, EDA has committed over $48 million to 14 venture capital funds since 1999. Cumulatively, these partner funds invested approximately 6x the EDA’s investment into more than 60 New Jersey early-stage technology and life science companies. Including other third-party investors, companies in the EDA venture fund portfolio received $2.3 billion of funding and employed almost 2,000 full time employees as of December 31, 2016.

To learn more about the resources available to New Jersey’s emerging technology and life sciences companies, visit www.njeda.gov/tls and follow @NJEDATech on Twitter and LinkedIn.

TRENTON, N.J. (August 23, 2017) – Billtrust, a payment cycle management software company, today announced a decision to expand its operations and workforce in New Jersey, following approval of Grow New Jersey (Grow NJ) tax credits by the New Jersey Economic Development Authority (EDA) Board at its August meeting. Advanced under the New Jersey Economic Opportunity Act (EOA), Grow NJ is the State’s main job creation and retention incentive program.
 
Founded in 2001, Billtrust provides automated invoice-to-cash solutions for the business-to-business market via a proprietary, end-to-end cloud-based solution. The company has chosen to establish a new 88,759-square-foot headquarters in Lawrenceville over a competing location in Warminster, Pennsylvania. Billtrust, which is consolidating existing operations from two leased facilities, expects to create 200 new jobs in the State and retain 228 employees.
 
“The availability of highly educated, skilled technology professionals in New Jersey has been a tremendous asset to our ability to create a corporate culture that fosters creativity and collaboration,” said Billtrust Founder and CEO Flint Lane. “Support from Grow NJ will help us to expand our presence here in New Jersey and further leverage the local talent pool as we grow.”
 
One of the primary legislative objectives of the Grow NJ program is to drive growth in targeted industries. To date, more than 70 percent of approved Grow NJ tax credits have been for projects in targeted industries, including technology, energy, finance, manufacturing and logistics.
 
“Innovative companies like Billtrust play an important role in our economy through the jobs they create as well as the resources they provide to help other businesses succeed,” EDA CEO Melissa Orsen said. “We are pleased that New Jersey’s robust technology ecosystem, and the Grow NJ program, helped to encourage Billtrust to expand and invest in the State.”
 
Billtrust currently employs more than 400 employees across the U.S. and Canada. While widely recognized for its financial technology leadership, Billtrust has also been rated among the “Best Places to Work in New Jersey” by Best Companies Group for the fourth consecutive year. This year, Billtrust moved up to the number 11 spot within the large employer category. Recently, Billtrust earned a spot on the Inc. 5000 list for the 11th consecutive year, placing them among one-tenth of a percent of companies to ever do so.
 
In addition to the Grow NJ program, the EDA offers an expanding portfolio of support to nurture technology and life sciences companies throughout their life cycle. To learn more about the resources available to New Jersey’s emerging technology and life sciences companies, visit https://www.njeda.gov/tls and follow @NJEDATech on Twitter and LinkedIn.
 
The EDA is part of the State’s results-driven Partnership for Action. Created by Governor Christie and led by Lt. Governor Guadagno, the Partnership is the hub for all economic development activity in New Jersey and is comprised of four interconnected and highly focused organizational elements: Choose New Jersey, The Business Action Center, the Office of the Secretary of Higher Education and the EDA.
 
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.
 
To learn more about opportunities for business growth throughout New Jersey, visit the State’s business portal at www.NewJerseyBusiness.gov or call the Business Action Center at 1-800-JERSEY7.
 
About Billtrust

Billtrust accelerates cash flow by automating invoice delivery, invoice payment, and cash application. Companies can improve operational efficiency throughout the invoice-to-cash process with electronic invoicing and payments in a flexible, cloud-based solution. Finance executives and AR specialists love and recommend Quantum, Billtrust’s payment cycle management solution, for the remarkable cost savings, ease-of-use, and improved customer satisfaction rates. See how these Billtrust clients achieved stellar results:

https://www.billtrust.com/clients/testimonials.
 
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TRENTON (August 17, 2017) –  The New Jersey Economic Development Authority (EDA) today announced it will again expand its successful incubator program with the creation of the Biotechnology Development Center (BDC) on the 50-acre Technology Centre of New Jersey research park in North Brunswick. The BDC will offer 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 and other early stage companies looking to expand. More than 32,600 square feet of new space is now available at the BDC.

The Technology Centre of New Jersey also features the Commercialization Center for Innovative Technologies (CCIT), one of the more significant incubation facilities in the nation dedicated to life sciences and biotechnology companies.

“More than 400 biotechnology companies are situated in the Garden State, a 300 percent increase from less than a decade ago,” EDA Chief Executive Officer Melissa Orsen said. “By creating new intermediate lab and office space, we are providing additional opportunities for these growing entities to plant their roots and thrive. The Technology Centre is now well positioned to offer young, growing firms, as well as large established companies, customizable laboratory and production facilities, ensuring we are able to support companies at all stages of growth.”

The BDC space will target all subsectors of the biotechnology industry, with the goal of serving graduates of the CCIT and other well-funded startups that are ready for intermediate space.  In addition to affordable lab space, the BDC will offer common area amenities that include glass washing, kitchen, dining areas, and conference space. The EDA has committed $1 million to support capital improvements, fixture furniture and equipment and one-time first year maintenance expenses for the new BDC space. 

Upon graduation from CCIT, tenants frequently request access to expansion space in or near the research park so that they can accommodate the commuting patterns of their existing employees. Several successful CCIT graduates, such as Chromocell, Hurel, Orthobond, and Ascendia, have already established themselves on the Technology Centre campus, which is ideally located on the Rt. 1 Research Corridor. Proximity to prestigious institutions of higher learning and major research corporations provides occupants with access to a highly-educated and skilled labor pool.  Over the last 15 years, CCIT has resulted in high-impact returns to New Jersey.  To date, CCIT has graduated 46 companies.

Today’s announcement marks the fourth expansion of the EDA’s tech incubator program. CCIT opened in 2002 with just 17 labs totaling 20,000 square feet and was expanded in 2005 to 46,000 square feet, with the addition of 10 wet labs, business accelerator office space and flexible conference facilities. Following that success, the EDA added intermediate lab space totaling 37,000 square feet in two phases for companies recently graduated from incubator space at CCIT. Today’s expansion brings the total of EDA’s incubation space to more than 115,000 square feet.

New Jersey is home to 13 of 20 largest biopharmaceutical companies in the world. With more than 3,100 facilities operating across all sectors, New Jersey’s life sciences industry directly employs over 116,000 people and contributes $47.5 billion annually to the State’s economy.

To learn more about the resources available to New Jersey’s technology and life sciences companies, visit www.njeda.gov/tls and follow @NJEDATech on Twitter and LinkedIn.
 

TRENTON, N.J. (August 8, 2017) –  Action taken today by the Board of the New Jersey Economic Development Authority (EDA) will help advance one of the key legislative objectives of the Economic Opportunity Act (EOA) — driving growth in targeted industries. Potential investment in the manufacturing sector was highlighted at today’s EDA Board meeting, as three manufacturers of pharmaceutical products were approved for Grow New Jersey (Grow NJ) tax credits to either locate or expand in New Jersey. Grow NJ is the main job creation and retention program administered under the EOA. 
 
“Manufacturers choose to locate in New Jersey for its convenient location and highly-skilled labor pool, and the State is home to 13 out of 20 of the world’s largest pharmaceutical companies,” said EDA Chief Executive Officer Melissa Orsen. “This ecosystem is a natural fit for these hybrid companies whose sweet spot falls where the two sectors meet.”
 
Orsen noted that under Grow NJ, targeted industries include manufacturing, technology and life sciences, finance, logistics, and energy. To date, more than 70 percent of tax credits approved are for projects in a targeted industry, and of those, more than 43 percent are in the manufacturing sector.
 
The three projects approved today are associated with the creation of nearly 200 new jobs and private investment totaling over $20.7 million.

In Middlesex County, Eywa Pharma Inc., a subsidiary of a Singapore-based generic pharmaceutical company, may establish its first U.S. operation in an existing 52,626-square-foot facility in Cranbury Township. The company, which is deciding between New Jersey and Wayne, Pennsylvania, would create 34 new jobs and invest more than $14.5 million in its new location.
 
Considering a relocation from Brooklyn to Ocean County, Geri-Care Pharmaceuticals Corp., a manufacturer and distributor of liquid and solid-dose over the counter generics and supplements, would lease 50,000 square feet of an existing facility in Lakewood. The company expects to create more than 130 new jobs and invest more than $1.3 million in the expansion of its manufacturing capacity if New Jersey is chosen over a competing location in Gulfport, Mississippi.
 
In Camden County, Aptapharma, Inc. is considering expanding and upgrading its existing facility in Pennsauken, rather than relocating its manufacturing facility to Bensalem, Pennsylvania. The company, which offers oral drug delivery technologies and provides product development services for the pharmaceutical industry, would invest approximately $4.9 million in the expansion of its current facility, growing from 29,000 square feet to 43,000 square feet.  Aptapharma’s increased capacity would involve the creation of 35 new positions, while retaining 40 jobs at risk of leaving the State.
 
Please note:  Applications for businesses seeking an award as a Mega Project must be submitted by the statutory deadline of September 18, 2017, and those applications must be presented to the EDA Board no later than the December 2017 Board meeting. A mega project is defined by statute as having, among other factors, capital investment exceeding $20 million, and more than 250 full-time new or retained jobs, OR, a project must be associated with more than 1,000 new or retained jobs. All other applications for assistance under the Grow NJ program, including for projects in Garden State Growth Zones, must be submitted no later than June 30, 2019.
 
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 is part of the State’s results-driven Partnership for Action.  Created by Governor Christie and led by Lt. Governor Guadagno, the Partnership is the hub for all economic development activity in New Jersey and is comprised of four interconnected and highly focused organizational elements: Choose New Jersey, The Business Action Center, the Office of the Secretary of Higher Education and the EDA.
 
To learn more about EDA resources for manufacturing companies, visit www.njeda.gov and follow @NJEDAWasHere on Twitter and LinkedIn.
 
For information about opportunities for business growth throughout New Jersey, visit the State’s business portal at www.NewJerseyBusiness.gov or call the Business Action Center at (800) JERSEY-7.

The New Jersey Economic Development Authority's next public Board Meeting will be held on Tuesday, August 8, 2017 at 10 a.m. at the EDA offices at 36 West State Street, Trenton. A copy of the proposed agenda can be found prior to the meeting at www.njeda.gov/Board. Following the Board Meeting, minutes and the full agenda will also be available at www.njeda.gov/Board.