Annie D'Agostino, Author at NJEDA

The EDA is mourning the loss of our Chairman and friend.

Words cannot express the high regard and affection we felt for Al, and gratitude for his exemplary leadership. Over the course of his distinguished professional and public service career, we were fortunate that Al served as our Chairman twice; he was appointed by Governor James E. McGreevey in 2003, serving until 2006, and again by Governor Chris Christie in 2010.

During his tenure, he helped oversee and implement initiatives that have left an indelible mark in our cities and across the State. This includes the creation of the School Construction Corporation and the State Economic Recovery Board, subsidiaries of the EDA tasked with designing and constructing schools in the State’s Abbott school districts, and stimulating economic development in the City of Camden respectively; the creation of the Fort Monmouth Economic Revitalization Authority, which was established to guide the investment, growth and integration of Fort Monmouth; and administration of the State's incentive programs under both the New Jersey Economic Stimulus Act and the New Jersey Economic Opportunity Act.

With compassion and integrity, Al drove the EDA to achieve the highest standards in our administration of economic development programs on behalf of New Jersey. He will be sorely missed. Our thoughts and prayers are with his family during this difficult time.

Brandon Ritter – Urban Agriculture Associate, Isles, Inc., Melissa Orsen – CEO, New Jersey Economic Development Authority, and Jim Simon – Deputy Director of Community Planning, Isles, Inc.

Trenton, N.J., (December 9, 2016) – As part of the Christie Administration’s sixth annual “Season of Service” campaign, New Jersey Economic Development Authority (EDA) Chief Executive Officer Melissa Orsen volunteered today with Trenton-based non-profit Isles, Inc., a community development and environmental organization. Orsen assisted in a clean-up at Roberto Clemente Park Children’s Garden, which included pruning trees and shrubs, weeding, and general winter preparation.

Founded in 1981, Isles’ mission is to foster self-reliant families and healthy, sustainable communities. Celebrating its 35 year, Isles has been working alongside Trenton residents to plan for the future by developing energy efficient, affordable and healthy homes, parks, gardens and shared facilities.

Isles offers multiple pathways to self-reliance. In addition to revitalizing communities, Isles works to train and educate both youth and adults through an alternative school, and energy and healthy home training center. The organization also offers housing counseling for first time homebuyers and families working to avoid foreclosure, as well as employer-based financial services and loans. Lastly, Isles targets the environmental hazards that impact family health, such as lead and asthma triggers, and develops cost effective ways to reduce the presence and impact of those hazards.

For more information about Isles, Inc. visit www.isles.org.

The Christie Administration’s annual Season of Service activities allow Administration staff to perform volunteer work at various locations across the State to help New Jersey residents. Continuing the success of previous service initiatives, this year’s activities are focused on serving New Jersey’s at-risk residents.

About Isles, Inc.

Founded in 1981, Isles, Inc. is a community development and environmental organization in Trenton, New Jersey. With a mission to foster self-reliant families and healthy, sustainable communities, Isles designs and develops effective services that support this mission and share what they learn with others who can make a difference. Beyond its central New Jersey base, Isles works to influence policy and practices that support healthy, self-help agendas. For more information, visit www.isles.org.

Pictured above: EDA Chief Executive Officer Melissa Orsen and SLT Foods Logistics & Warehouse Manager Sanjay Patel

TRENTON (December 8, 2016) – What started with a vision to bring rice from India to local ethnic markets in New Jersey has grown into family-owned and operated SLT Foods, Inc., a South Brunswick-based food distribution company that serves the United States and Canada.

Established in 1994, SLT Food imports basmati rice, tea, lentils, coconut water, herbal products and other ethnic food products and distributes them to wholesale clubs, grocery stores and other food outlets.

In addition to distributing a variety of products, SLT Foods also offers its own blend of rice. Branded “Heritage Select®”, the product mixes brown rice, vegetable jambalaya, Mexican- style zesty cilantro, rosemary olive oil, and basmati rice. Heritage Select has been picked up by major food retailers throughout the country, including Whole Foods, Fresh Market, and Meijer, Inc. Other brands distributed by SLT Foods include Khazana® Basmati Rice products and Tetley Tea.

“Our business’s success is not just the story of a minority-owned business flourishing here in New Jersey,” said SLT Foods Owner Sandip Patel, who runs the business with his wife, Sajel Patel, and his brother, Senjay Patel. “It’s also the story of the growing culinary sophistication of the American consumer. We are thankful to the EDA for its support as we continue to grow and reach even more consumers.”

To accommodate its remarkable growth, SLT Foods, Inc. bought a 75,600-square-foot facility in South Brunswick earlier this year. The purchase was supported by a Santander Bank loan through the New Jersey Economic Development Authority’s Premier Lender Program, with a 32 percent EDA participation. The Premier Lender Program lowers the cost of borrowing for small businesses through the EDA’s alliance with more than two dozen banking partners. It offers low-cost financing with quick turnaround time from approval to closing, while the EDA’s exposure by participating in or guaranteeing a portion of a loan reduces the lender’s risk. Businesses can use this financing for fixed assets, working capital, and/or the refinancing of other bank debt.

When SLT Foods was approved for its loan in February 2015, the company had nine employees in New Jersey. Its workforce has now more than doubled to 20 employees.

“Family-owned and operated businesses like SLT Foods serve a niche within the community while at the same time create localized jobs,” said EDA Chief Executive Officer Melissa Orsen.

Orsen visited SLT Foods today as part of the EDA’s ongoing efforts to facilitate awareness of the programs it offers to support small and mid-sized businesses and not-for-profits.

The EDA’s activities to promote its programs in support of small businesses are based on the theme “EDA Was Here.” The campaign and new social media presence highlight how organizations like SLT Foods have used the EDA’s financing programs to overcome challenges, meet their needs and grow.

To learn about EDA resources for small businesses and not-for-profits, visit
https://www.njeda.gov/small_midsize_business and follow @NJEDAWasHere 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.

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 (866) 534-7789.

Tabula Rasa's year of extraordinary growth was accentuated by the ribbon cutting at its newly-expanded headquarters in Moorestown. (Photo credit: Tabula Rasa)

TRENTON (December 7, 2016) – Healthcare information technology company Tabula Rasa Healthcare, Inc. (TRHC) will enter 2017 buoyed by its many growth milestones in 2016. This year alone, the New Jersey Economic Development Authority (EDA)-supported company became a publicly traded entity, expanded into a larger location in Burlington County, and inked an agreement with a trade association serving hundreds of healthcare organizations.

TRHC, which formerly did business as CareKinesis, partners with healthcare organizations to provide and coordinate medication risk mitigation services for individuals with complex medication needs. The Burlington County-based company offers personalized medication risk mitigation services, unique robotic reminder packaging systems, and an online medication risk mitigation portal.

“Unintentional overdoses and misuse of prescription drugs result in more than 100,000 deaths annually, approximately 125,000 hospitalizations, and one million emergency room visits,” TRHC Chief Executive Officer (CEO) and Chairman Dr. Calvin Knowlton said. “Through our patient-centric, data-driven technology, we are striving to reduce adverse drug events, enhance compliance and quality of care, and mitigate patient risk.”

After experiencing an annual growth rate of over 80 percent since its launch in 2011, TRHC, which currently employs 250 people, filed for an initial public offering (IPO) earlier this year. The IPO, which closed in September, raised $52 million. The company plans to use the funds to pay down existing debt, acquire intellectual property, and expand its sales infrastructure.

Another example of TRHC’s success was the expansion of its headquarters this year into a 75,000-square-foot facility in Moorestown. The move, driven by the company’s rapid growth, was encouraged by the approval of Grow New Jersey (Grow NJ) tax credits. Grow NJ is the state’s primary program for job creation and retention.

The company received a $500,000 loan from the EDA in 2012 through the Edison Innovation VC Growth Fund to support working capital needs. Created to enhance support of early-stage businesses that have attracted funds through venture capital investors, the Fund helps companies directly finance uses such as hiring key staff, product marketing, and sales by providing up to $1 million in subordinated convertible debt financing.

“TRHC is a prime example of a New Jersey company that is leveraging State resources to accomplish its goals and positively impact the healthcare industry,” EDA CEO Melissa Orsen said. “It’s exciting to watch innovative companies like TRHC grow in New Jersey and expand their presence in the marketplace.”

TRHC also entered into a three-year agreement this year with NJHA Healthcare Business Solutions Inc., a subsidiary of the New Jersey Hospital Association (NJHA), to offer TRHC’s proprietary Medication Risk Mitigation™ products and services to NJHA’s nearly 400 member healthcare organizations.

@NJEDATech asked Knowlton about his company’s experience in New Jersey and its plans for the future:

Your company has experienced significant growth in the past year. To what do you attribute these successes?
TRHC’s vision is to be "the vanguard in eliminating preventable adverse drug events.” Our mission is "improving lives through innovative medication risk mitigation technology”.

The mission of TRHC quickly becomes the passion of the individual. Our culture is one where we emphasize that behavior is what supports our values. Focusing upon altruism and caring for clients and team members, we value personal integrity, innovation, accountability, problem resolution, equality, service and product excellence, client and team collaboration, and fun!

From the very beginning of our company, we set out to be different. Different in how we treat our clients, different in how we work with each other, and different in the results we achieve. These differences are best captured now in the 32 “fundamentals” that are the foundation of our unique culture. We call it: The TRHC Way.
I have lived here my whole life and appreciate the EDA’s for supporting entrepreneurial endeavors.

What’s in store for TRHC in 2017?
We are continuing to expand our services for the frail elderly in the United State, including entering offering services to companies and organizations within the healthcare payor industry.

What advice do you have for entrepreneurs starting out in New Jersey?
Beyond the requisite passion and domain expertise entrepreneurs must embody, reach out to the EDA to understand the variety of funding support that is available to you.

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

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The New Jersey Economic Development Authority's next public Board Meeting will be held on Tuesday, December 13, 2016 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.

A meeting of the Capital City Redevelopment Corporation (CCRC) Board has been scheduled for Wednesday, December 7, 2016 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

From left: Vicky Gaddy, Michael Wiley and Jorge Ramirez each bring a unique perspective to their positions on the CCIT's Advisory Board.

TRENTON (December 1, 2016) – Adding to the esteemed list of industry leaders mentoring life sciences tenants at its Commercialization Center for Innovative Technologies (CCIT), the New Jersey Economic Development Authority (EDA) today announced the addition of three new members to the CCIT Advisory Board.

Strategically located at the 75-acre campus of the Technology Centre of New Jersey in the heart of the State’s research corridor between Rutgers and Princeton universities, CCIT offers both small and large labs, including the most wet labs of any incubator in New Jersey. Currently home to nearly two dozen life sciences companies, the incubator also provides tenant companies with educational programs and a host of supporting resources. These include helping to identify funding sources and providing access to small business development resources and networking opportunities, as well as an active Advisory Board that routinely interacts with tenants to provide guidance as they grow and thrive in New Jersey.

BioNJ’s Vicki Gaddy, Foundation Venture Capital Group’s Michael Wiley, and H.I.G. Capital BioHealth Partners’ Jorge Ramirez join 17 other members on the CCIT Advisory Board. The Board is comprised of professionals from the many types of organizations that are involved with growing companies, such as the ones housed at CCIT. Accountants, investors, lawyers, trade organizations, senior executives, educators, consultants, hospital administrators, and CCIT graduates all have seats on the Board. A complete list of advisory board members can be found here.

“Each of our CCIT Advisory Board members brings a unique perspective,” EDA Chief Executive Officer Melissa Orsen said. “Collectively, the Board offers a wide spectrum of expertise from which our tenant companies can draw when they need guidance growing their companies and commercializing their products here in New Jersey.”

Gaddy, of Long Branch, brings a heavy human-resources background to her position on the CCIT Advisory Board. As the vice president of BioNJ’s Talent Services for the past seven years, Gaddy has a pulse on New Jersey’s highly-talented workforce and connects emerging biotechnology companies with suitable potential employees. Throughout her career, Gaddy has served in a variety of human resources leadership roles for biotechnology companies.

Foundation Venture Capital Group Vice President, Michael Wiley, of Hightstown, provides CCIT tenants with insight into what investors look for in early stage investment opportunities. Foundation Venture Capital Group, located in New Brunswick, routinely invests pre-seed funding in New Jersey early-stage life sciences companies, including a $500,000 investment earlier this year in CCIT tenant Visikol, Inc. Wiley worked for the EDA for six years, during which time he focused on various business development initiatives and financing innovative companies across healthcare, high-tech and clean tech business start-ups.

Ramirez, of Mountain Lakes, is a Vice President at H.I.G. BioHealth Partners, the life sciences investment affiliate of H.I.G. Capital, where he focuses on development stage and growth investments in the healthcare sector. Prior to joining H.I.G. BioHealth Partners, he was with ProQuest Investments, a Princeton-based healthcare-focused private equity firm. Ramirez has been an observer or board member of numerous life sciences companies, including Nutrinia, which recently opened an office in Morris County, and Eagle Pharmaceuticals, located in Bergen County. With a background in both investing and management, Ramirez is available to help CCIT tenants develop fundraising and clinical development strategies as well as answers entrepreneurs’ questions about running businesses.

@NJEDATech asked the new members about the CCIT Advisory Board and their vision for its future:

Why did you decide to join the CCIT Advisory Board?
Gaddy: It’s an honor for me to serve as the BioNJ representative to support the work of such a highly successful incubator in New Jersey and provide whatever insight may be beneficial to the evolving companies there. I grew up in a household where my father built and owned his own highly successful businesses, so I was exposed to, and bitten by, the entrepreneur bug very early in life. Additionally, through my work overseeing the various talent services we provide at BioNJ, I have had the benefit of interacting with the leadership and companies at CCIT as we helped to build supportive programs there, linking industry expertise with the emerging businesses.

Wiley: CCIT has provided such great support to life science companies, entrepreneurs, and the broader ecosystem for so many years in New Jersey. I appreciate and value having CCIT as a resource in the state and so when I was asked to join the advisory board, it was an easy decision to say “yes” to lending assistance to CCIT and its tenant companies.

Ramirez: CCIT has become a model incubator for life sciences and technology companies. From my perspective, CCIT’s approach is unique: the entire organization is committed to helping and encouraging entrepreneurs to create sustainable businesses. The Center offers relevant programing for companies at different stages of development and is proactive about partnering with other industry organizations from the region. My goal is to contribute meaningfully to CCIT’s mission of supporting the life sciences ecosystem in New Jersey.

Where do you see CCIT five years from now?
Gaddy: CCIT has a history of launching companies to success in our region, and I would love to see it continue on this path and leverage that good work by enabling even greater visibility for New Jersey as a key region for innovative and successful new businesses.

Wiley: I see CCIT continuing to support leading life science companies in the region. With this in mind, I hope to see CCIT building upon its success by further developing its value-added programming, integrating learnings and mentorship from successful CCIT graduates and entrepreneurs in New Jersey, and continuing to make a positive impact within New Jersey’s life sciences ecosystem.

Ramirez: Over the next five years, I hope to see growth in the number of life sciences companies based in and around CCIT. There is a powerful network effect when companies and entrepreneurs are co-located and I expect CCIT to be in the middle of it all.

From left: Bike Ahead Co-Owner Leib Lefkowitz, EDA President/Chief Operating Officer Tim Lizura, Bike Ahead Co-Owner Jacob Lefkowitz, Two River Community Bank Business Development Officer Jeffrey Zatta.

TRENTON (November 29, 2016) – With a passion for cycling and through a combination of its brick-and-mortar store, its website BikeAhead.com, and online retailers, Bike Ahead has established a reputation for providing quality products and services to bicycling enthusiasts around the world.

Bolstered by the success of its storefront and online shops, Bike Ahead needed a larger space to accommodate its rapid growth. Earlier this year, company owners and brothers Leib and Jacob Lefkowitz turned to the New Jersey Economic Development Authority’s (EDA) Premier Lender Program to support its purchase of a new, 33,000-square-foot warehouse in Totowa to house its operations. Through the program, Bike Ahead obtained a $1.89 million loan from Two River Community Bank that included a 30 percent EDA participation.

“When we outgrew locations in Brooklyn, we faced a strategic decision: continue paying rent on three locations in New York, or combine into a larger, yet lower-cost warehouse in New Jersey,” Leib Lefkowitz said. “With EDA support, we chose the latter and have been very satisfied with our decision to locate in Totowa.”

While Bike Ahead still maintains a shop in Brooklyn, most of its operations, including storage and shipping, come from its new warehouse in Totowa.

The Premier Lender Program lowers the cost of borrowing for small businesses through the EDA’s alliance with more than two dozen banking partners. It offers low-cost financing with quick turnaround time from approval to closing, while the EDA’s exposure by participating in or guaranteeing a portion of a loan reduces the lender’s risk. Businesses can use this financing for fixed assets, working capital, and/or the refinancing of other bank debt.

EDA President and Chief Operating Officer Tim Lizura visited the company’s Totowa location today as part of the EDA’s ongoing efforts to facilitate awareness of the programs it offers to support small and mid-sized businesses and not-for-profits. Two River Community Bank Business Development Officer Jeffrey Zatta joined Lizura on the visit.

“It’s always exciting to see small businesses expanding into New Jersey and to hear success stories from entrepreneurs like Leib and Jacob who have leveraged State resources to grow their company here in the Garden State,” Lizura said.

The EDA’s activities to promote its programs in support of small businesses are based on the theme “EDA Was Here.” The campaign and new social media presence highlight how organizations like Bike Ahead have used the EDA’s financing programs to overcome challenges, meet their needs and grow.