TRENTON (July 19, 2016) – Indicative of the influx of emerging technology companies within New Jersey and collaboration among the state’s entrepreneurs, accelerators are cropping up throughout  the Garden State as a way to support technology startups as they grow.

Accelerators can provide early-stage technology companies with capital, mentorship, business training, key services and exposure to qualified investors, which will increase the value of an enterprise and the likelihood of follow-on funding.

“Long seen as a leader in innovation, New Jersey is fertile ground for up-and-coming entrepreneurs to launch their businesses,” New Jersey Economic Development Authority (EDA) Chief Executive Officer Melissa Orsen said. “Along with a collaborative environment and a multitude of resources, accelerators offer yet another tool for emerging companies to grow and thrive in the Garden State.”

Members of the EDA’s Technology and Life Sciences Division are always keeping a pulse on the latest in New Jersey’s technology sector and today @NJEDATech looks at several technology accelerators that are currently accepting applications:

Newark Venture Partners (NVP) is accepting applications through Thursday (July 21) for its inaugural accelerator class, known as a “cohort,” which will run September 7 through November 30. NVP partners with investors such as Audible, Prudential Financial, Fidelco Realty Group, Dun & Bradstreet and Rutgers University Business School to provide capital, mentoring and technical expertise to a new generation of fast‐growing companies. NVP invests $80,000 in participating companies in exchange for five percent equity. It also guarantees a minimum $100,000 investment for companies that raise a qualified financing round. Located in a brand new, 25,000-square-foot co-working space located in the same building as Audible's global headquarters in Newark, NVP has a 10-gigabit bandwidth, which it says is 10 times faster than Google fiber. Newark Venture Partners Labs will give graduate companies post-accelerator access to its investor network and guarantees a co-investment in the companies’ first venture financings.

In Camden, the Philadelphia 76ers and Kimball Office have teamed up to create an innovation lab at the new 76ers Training Complex. The Sixers Innovation Lab is accepting applications for its new accelerator on a rolling basis, with flexible start dates to accommodate companies’ needs.  Advisors already signed up to mentor companies hail from nearly two-dozen entities, including the Wharton School of the University of Pennsylvania, StubHub, Edison Partners, Touchdown Venture and IBM Watson. In addition, participating companies will receive free office space for three months, as well as access to legal, accounting, finance, web design, marketing activation, and creative services, a weekly speaker series, and the Innovation Lab Board of Governors.

Another new arrival to the accelerator scene is EntreprenYOURS, which is accepting applications through August 1. Founded by members of the venture capital and emerging growth companies practice group at McCarter & English in East Brunswick, EntreprenYOURS is a “virtual” accelerator that provides access to information, networking and financial and professional services provided by already-vetted, renowned service providers, each well known and respected for its role in the ecosystem. Unlike many accelerators, EntreprenYOURS does not require founders to move their businesses to a co-location. Additionally, the accelerator is only accepting one cohort per year, allowing its advisors and mentors to continue to work with the accepted companies well beyond the traditional 12-16 weeks. Perhaps most novel and unique is entreprenYOURS’ cross ownership structure –in exchange for a small equity stake in each member company, each company accepted into EntreprenYOURS will receive an equity stake in its EntreprenYOURS cohort in the form of a carried interest, in addition to a cash stipend.

Tigerlabs in Princeton offers a six-month accelerator program for early-stage software companies across a broad array of sectors, including digital health, financial services, Internet of Things (IoT), advertising and media, education, and enterprise. Tigerlabs notes that, to date, it has invested in more than 40 companies that have raised a total of more than $40 million and have a collective valuation of over $120 million. Accelerator participants have access to appropriate and targeted mentorship from leading executives, entrepreneurs, and investors, direct access to decision makers at leading corporations, and shared office space in its expansive co-working facility. Tigerlabs provides $25,000 up front to participating companies, with up to $50,000 in additional matching capital. Applications are accepted on a rolling basis.

The TechLaunch accelerator has rebranded itself to work with post-seed stage startups. TechLaunch will still offer a three-month, investor-led business accelerator program; however, unlike its prior model, this new virtual program will drive business growth and due diligence preparation for funding. TechLaunch is leveraging the region’s existing resources to focus on the IoT, which includes robotics, MedTech, augmented reality, DroneTech, autonomous vehicles, and WearTech. Among other services, TechLaunch will aid the startup in filling their business model gaps by providing mentoring and coaching from experienced entrepreneurs and investors. TechLaunch’s new mission is on generating quality deal flow. Interested startups can visit TechLaunch.com for the self-qualifying, on-going program application. Recent TechLaunch graduates, NuSkool, Fusar Technologies, and ShieldTech have previously participated in the EDA’s New Jersey Founders & Funders, semi-annual events that enable early-stage businesses to meet with potential investors in 10-minute, one-on-one “speed dating” sessions to discuss strategy, business models and funding opportunities.
 

TRENTON (July 14, 2016) – Stressing the importance of keeping critical infrastructures operational during natural disasters, the Board of the New Jersey Economic Development Authority (EDA) today awarded preliminary approval for the funding of two projects under the Energy Resilience Bank (ERB). One project is a combined heat and power (CHP) system at Cooper University Hospital (CUH) and the other is a resiliency project at the Bergen County Utilities Authority (BCUA), which provides wastewater treatment and solid waste management for more than 500,000 people.
 
Created by the Christie Administration in the aftermath of Superstorm Sandy, the ERB is the first public infrastructure bank in the nation to focus on energy resilience. Administered by the EDA, the ERB is utilizing $200 million from New Jersey’s second Community Development Block Grant-Disaster Recovery (CDBG-DR) allocation to support the development of distributed energy resources (DER) at critical facilities throughout the state that will enable them to remain operational during future outages.
 
The intent of the ERB is to finance the installation or upgrading of commercially available and cost effective resilient energy technologies at critical facilities, with a focus on effective DER technologies, including CHP and fuel cells, which are designed to start up and function in “island” mode, disconnected and isolated from the grid during a power outage or other event.  As an added benefit, these technologies typically provide cleaner and more efficient power than more traditional forms of electricity generation.
 
“It is essential that New Jersey’s communities and residents have access to hospitals and clean water through any emergency,” EDA Chief Executive Officer Melissa Orsen said. “When complete, the projects approved today will enable these facilities to continue operating independently from the electrical grid and providing necessary community services and benefits in the event of future storms, disasters, or other emergency situations.”
 
ERB applicants must be eligible entities and must demonstrate that they were either directly or indirectly impacted by Superstorm Sandy or directly impacted by another qualifying disaster. Priority, as established through the ERB scoring system, is placed on projects which serve low and moderate income communities. Financing options available through the ERB consist of grants and loans to address unmet funding needs. 
 
CUH, formally known as Cooper University Health Care Systems, is a not-for-profit, acute care hospital located in downtown Camden that serves more than 500,000 patients a year. A regional Level One Trauma Center for the southern seven counties of New Jersey, CUH suffered direct physical damage and a substantial business interruption loss from Superstorm Sandy.
 
Today’s Board action will allow the CUH project to advance to the next phase of the ERB program review. As authorized, $28.2 million of ERB funds will be reserved for the project, approximately $19.5 million as a grant and $8.7 million as a low-interest loan. An additional $2 million will be provided in the form of a loan from the Public Service Electric & Gas (PSE&G) Hospital Efficiency Program, which will cover the gap between the ERB funding and the project’s total estimated cost of $30.2 million.
 
Consistent with ERB and U.S. Department of Housing and Urban Development’s (HUD) CDBG-DR program requirements, CUH will develop a new CHP on its hospital campus in Camden. The project will include a 4.4 Megawatt recuperated combustion turbine generator that will be interconnected within the hospital campus, which includes the main hospital, the MD Anderson Cancer Center, 3 Cooper Plaza, the Education and Research Building, and two adjacent parking garages.
 
The BCUA is responsible for wastewater treatment and solid waste management services for Bergen County municipalities. The BCUA’s two wastewater treatment facilities process 83 million gallons of wastewater per day. The Little Ferry water pollution control facility (WPCF) collection system consists of approximately 90 miles of sewer interceptor lines and eight pumping stations serving all or part of 46 municipalities and 20 private customers in Bergen County, for a total wastewater service population of 536,000. BCUA suffered millions of dollars of physical storm damage and flooding at the treatment facility caused a loss to system functionality that resulted in an inefficient process for maintaining the sanitization of the water supply for one of New Jersey’s most densely populated counties.
 
The action taken at today’s board meeting will allow the BCUA project to advance to the next phase of the ERB program review. As authorized, $26.99 million of ERB funds will be reserved for the project, approximately $25 million as a grant and $1.9 million as a low-interest loan.
 
Consistent with ERB and HUD’s CDBG-DR program requirements, BCUA will implement a resiliency project at the Little Ferry WPCF site that entails three components to help enable BCUA to remain operational in the event of future storms, disasters, or emergency situations. First, BCUA is going to retrofit its two existing CHP cogeneration units with black start and islanding capabilities. BCUA will also raise its substations to protect its power assets from flooding and to avoid cascading impacts to the entire Little Ferry plant that could be caused by flooding of the substations. Substation assets that can be relocated above the proposed mitigation design flood elevation will be replaced and raised, as appropriate. Finally, BCUA will purchase a 175,000-cubic-foot biogas storage tank that will stabilize the fluctuation in biogas supply and demand, and provide BCUA with the capability to augment biogas feeding the cogeneration units during power outages, to make the system more resilient.
 
Based on today’s action, the CUH and BCUA projects will now proceed to the NJ Department of Environmental Protection’s (DEP) environmental review process.  This authorization to proceed allows these entities to make the necessary financial commitments to finalize engineering and design of the projects, with the understanding that any material changes to the projects’ scope or budget will be brought back to the Board for reconsideration. 
 
The ERB Financing Program Guide and application can be found at http://www.NJERB.com, or by calling (866) 534-7789, or emailing erb@njeda.com.
 
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.

 
Created to enhance support of early-stage businesses that have attracted funds through venture capital investors, the Edison Innovation VC Growth Fund helps companies directly finance uses such as hiring key staff, product marketing, and sales. Up to $1 million in subordinated convertible debt financing is available for venture capital-supported technology companies with minimum commercial revenues of $500,000 in the prior 12 months. There is a 1:1 VC match funding requirement.
 
Like many New Jersey-based technology businesses, Tabtor is a small company making a large impact. The education technology company is determined to ensure that every child has a personalized, positive experience that will create a strong academic foundation. The results — an increase in math scores for students and worldwide recognition for the South Brunswick-based startup.
 
Tabtor’s learning program provides personal attention from a dedicated tutor and is specifically tailored to every child’s unique learning needs. According to the company, it has rapidly become the world leader in personalized iPad and Android tablet-based math tutoring using a unique combination of digital analytics, dedicated tutors and patent-pending Active Replay Technology (ART). ART provides the ability to play back students’ handwritten work and empowers Tabtor tutors to grade beyond right or wrong answers; Tutors can not only identify the type of error, but also understand when and why it occurred, enabling them to give feedback specific to a particular mistake. A companion smartphone app provides parents with insight on a daily basis.
 
“Our unique tutoring approach allows us to deliver unprecedented results that are consistent, repeatable, and scalable – attributes which are desired and demanded by parents. Until now, results like this have remained elusive in the highly fragmented tutoring market,” said Raj Valli, Tabtor’s Chief Executive Officer. “As a disruptor and innovator in the tutoring space, Tabtor continues to grow rapidly with over 60,000 registered users in 12 countries.”
 
The company also notes a more than 90 percent improvement in math performance after just three months of use by students.
 
“With its highly-ranked school systems and vibrant technology ecosystem, New Jersey is the ideal location for education technology startups like Tabtor,” EDA CEO Melissa Orsen said. “Add in access to a multitude of resources, and it’s not surprising that Tabtor is flourishing in the Garden State.”
 
In addition to the Edison Innovation VC Growth Fund loan, Tabtor also benefited from the State’s Angel Investor Tax Credit Program. Between 2013 and 2015, Tabtor raised over $2 million from investors, several of whom took advantage of the State’s Angel Investor Tax Credit Program.  Ideal for emerging companies, the program offers a 10 percent tax credit against New Jersey corporation business or gross income tax for qualified investments in an eligible emerging technology business with a physical presence in New Jersey. More than $125 million has been invested in New Jersey-based emerging technology and biotechnology businesses since the Angel Investor Tax Credit Program launched in 2013.
 
@NJEDATech spoke with Valli about his company’s experience in New Jersey and its plans for the future:
 
Why did you choose to grow Tabtor in New Jersey?
When we introduced the program into New Jersey’s educational community, we noticed a strong correlation between students adopting the Tabtor platform and improved math performance. The community in New Jersey is overwhelmingly supportive of providing the best educational outcomes for its children; more than 15 percent of our overall global consumers are based in the Garden State and the evidence of student success has been overwhelming. Given the success in the consumer segment, Tabtor launched a pilot program in Greenbrook Elementary School in South Brunswick with the support of the district, and saw an average of 70 percent improvement in math scores. As a result of the success, the program is now used across all South Brunswick elementary schools and we are actively working with the middle school and high school as well. Rutgers Preparatory School, a private school in Somerset, has also adopted Tabtor.
 
What is Tabtor’s biggest success to date?
In addition to receiving the Seal of Approval from the National Parenting Center for our “superb design, quality and appeal” and our effectiveness in providing great learning outcomes, Tabtor is now being used by customers across 12 countries. We opened our first tutoring center in Cape Town, South Africa this month along with our partner Via Afrika, part of Naspers, a $65 billion internet and entertainment conglomerate. We are also happy to see a 335 percent increase in the number of paid subscribers in the last 18 months. More than anything, we have been able to maintain excellent customer satisfaction ratings, as evidenced by a 97 percent retention rate.
 
What’s on the horizon for your company?
We are a platform-based company and our plans include expansion into reading, higher-grade math, Advanced Placement and test prep among other subjects. We are also looking at growing our presence in Asia, Europe and Latin America. We have had an anchor center in South Brunswick since January 2015 and, due to overwhelming demand, are planning to open additional learning centers in neighboring areas in New Jersey.
 

The New Jersey Economic Development Authority's next public Board Meeting will be held on Thursday, July 14, 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.

  

Chromocell Co-founder and Chief Executive Officer Christian Kopfli was named one of 12 winners of Ernst & Young’s Entrepreneur Of The Year® 2016 New Jersey Award.

TRENTON (July 7, 2016) – June 2016 was an eventful month for life sciences business Chromocell. The company announced the continuation of a partnership with multi-national nutrition, health and wellness company Nestlé, one of several companies with which Chromocell collaborates to enhance the consumer experience. In addition, Chromocell’s co-founder and Chief Executive Officer Christian Kopfli was named one of 12 winners of Ernst & Young’s Entrepreneur Of The Year® 2016 New Jersey Award.

Founded in 2002, Chromocell has grown from a small biotechnology startup that utilized space in the EDA’s Commercialization for Innovative Technologies (CCIT), into an innovative life sciences company that now employs over 120 people in graduate space on the Technology Centre of New Jersey campus in North Brunswick. The company is focused on discovering new drugs to manage pain, and develops and commercializes novel technologies beneficial to the average consumer – including new flavors, nutritional ingredients and therapeutics.

Food and beverage companies have often turned to Chromocell to enhance the flavors of their products. On June 28, Chromocell announced the extension of its longstanding partnership with Nestlé to find alternatives to salt and develop ways to reduce the amount of sodium in foods. Chromocell previously partnered with Coca-Cola to discover and develop sweetness enhancers, natural sweeteners and other flavoring ingredients. Chromocell also has a license and collaboration agreement with Astellas Pharma, a major global pharmaceutical company headquartered in Tokyo, for the development and commercialization of new therapies to treat neuropathic pain.

“Creating partnerships and leveraging resources has always been at the cornerstone of successful enterprises,” Chief Executive Officer Melissa Orsen said. “The EDA understands the value of starting these partnerships early and, through CCIT, provides an environment where collaboration is not only encouraged, but also cultivated.”

Chromocell is one of more than 40 companies to graduate from CCIT. Strategically located in the heart of the State’s research corridor between Rutgers and Princeton universities, CCIT is the region’s most significant wet lab incubator. It not only offers the most plug-and-play wet labs of any incubator in New Jersey, but also provides access to a wide array of resources essential to the startup community, including networking opportunities, help identifying funding sources, and access to small business development resources and administrative support.

In 2009, Chromocell expanded into a 26,000-square-foot research facility at the Biotechnology Development Center (BDC) on the Technology Centre of New Jersey campus. Designed as graduate or “tweener” space, the BDC is ideal for companies that have outgrown an incubator but are not ready to move into a much larger facility. The Technology Centre of New Jersey, which includes CCIT and the BDC, sits on 75-acres and consists of approximately 325,000 square feet of lab, production and office space, as well as approximately 560,000 square feet of "build-to-suit” sites.

On June 23, Kopfli won Ernst & Young’s Entrepreneur Of The Year® 2016 New Jersey Award in the biopharmaceutical category. Like many entrepreneurs in the Garden State, Kopfli is heavily involved with New Jersey’s technology scene. He currently serves on CCIT’s advisory board, sharing his expertise with tenant companies. Earlier this year, Kopfli was re-elected to his position as Secretary of the Board of Trustees for BioNJ, the trade association for New Jersey’s life sciences industry.

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

Why did you choose to grow your company in New Jersey?
Growing the company in New Jersey has provided a variety of benefits. First and foremost, access to talent in the area is unprecedented. Not only is there much to be said about the availability of established professionals in the metropolitan area, but the number of universities in the vicinity also allows for the selection and development of those in the earlier stages of their careers. Additionally, New Jersey has an attractive mix of space for growth and established infrastructure.

What did you find most beneficial about your time at CCIT and at the Technology Centre of New Jersey?

CCIT and the Technology Centre of New Jersey have really allowed us to focus on building the business. With these facilities providing a fully functional lab and regular support from both CCIT and EDA staff, Chromocell has been able to concentrate on becoming Chromocell.

What do you consider Chromocell’s biggest success to date?
Chromocell has been fortunate enough to achieve a number of milestones over the years, with two that particularly stand out: Having worked extensively on sugar and sodium reduction, Chromocell’s flavors division has been able to become a trusted partner with some of the world’s largest beverage and food companies. In the therapeutics division, we have succeeded in developing a novel, non-opioid pain medication that is moving swiftly toward clinical development. 

What’s on the horizon for Chromocell?
With regard to the development of our pain medication, we are planning on filing our Investigational New Drug (IND) application very soon and becoming a fully-fledged clinical development company. In terms of building on our established flavor business, we are seeking a broader range of clients and will launch our direct sales business at this year’s Institute of Food Technologists conference in Chicago. 

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

@NJEDATech today concludes its three-part series focusing on technology Meetups throughout New Jersey. The two previous articles in the series can be found on the EDA’s Technology and Life Sciences feature articles’ webpage.

TRENTON, N.J. (June 30, 2016) – In addition to providing funding and resources  to New Jersey’s technology and biotechnology community, the New Jersey Economic Development Authority (EDA) continuously promotes networking opportunities for entrepreneurs as a way to foster synergy within the Garden State’s vibrant technology ecosystem.

Through its social media pages — @NJEDATech on Twitter and LinkedIn — the EDA routinely highlights events such as technology Meetups, where innovators can convene with other technology professionals. Meetups create an atmosphere of collaboration and provide a platform for entrepreneurs to discuss topics that affect their businesses. Meetup organizers often invite industry leaders to these events to provide attendees with insight into areas relevant to New Jersey’s thriving technology industry. In addition to in-person events, Meetup websites offer members an online forum for communication, leading to a free-flowing exchange of ideas. The Meetups are free to join, but there may be fees for specific events.

“Collaboration is a hallmark of New Jersey’s extraordinary technology sector and we continue to encourage interaction among innovators,” EDA Chief Executive Officer Melissa Orsen said. “Positive energy generated at Jersey Shore and South Jersey Meetups carry over long after the events have ended.”

Innovators looking to network at the Jersey Shore or in South Jersey have several options including:

Jersey Shore Tech (Monmouth County) – Located at Cowerks coworking space in Asbury Park, Jersey Shore Tech is considered the largest tech Meetup in the area. Ideal for entrepreneurs, startups, software developers, tech enthusiasts, and business leaders looking to network, learn, and grow their businesses, this group currently has more than 1,600 members. Recent Meetup events have included a Lunch and Learn with attorneys with McCarter & English, their monthly Coffee and Coworking networking event, and a panel discussion on how to launch better products. The next event scheduled is Coffee and Coworking #33 on July 15. The morning networking event will take place at High Voltage in Asbury Park.

Central NJ Strategic Design + Tech (Monmouth County) – Central NJ Strategic Design + Tech, based at Bell Works in Holmdel, supports innovators from all technology areas by educating them on new ways of designing, prototyping, building and fulfilling tech hardware, software, system and components. Through a series of events such as demo nights, hackathons, startup weekends and other hands-on workshops, the Meetup aims to help people accelerate the commercialization process, and reduce the risk of moving from concept, into production and releasing to the public market. The group, which is sponsored by Wisdom + Craft consulting company, currently has close to 700 members. Recent events have included “Lessons from Startup CEOs – Sanjay Macwan – Media Labs at NBCUniversal,” and “Helping Business Owners Manage the Big Picture.” The next event – Design + UX Networking – is tentatively scheduled for July 18 at Bell Works.

Venture HUB of the Burlington County Library System (BCLS) (Burlington County) -The BCLS Venture HUB is dedicated to building an active and vigorous entrepreneurial community of startups, techies, creators, freelancers, telecommuters and collaborators in Burlington County and beyond. The group, which currently has more than 300 members, has hosted  a variety of Meetup events including  “Lean Venture Series – Creative Techniques for Nimble Business,” “Startup Storyslam,” “Content Marketing Explained – Using Social and Digital Tools to Grow your Business,” and “Cyber security: Protecting Your Most Important Assets.” Tonight at 7:30 p.m. the BCLS Venture HUB will host Megan DeGeorge, cofounder and chief operating officer of Think Like a Girl, a startup company of young entrepreneurs seeking to empower girls “to develop into our world’s problem solvers.” Registration is required and space is limited.

Waterfront Ventures (Camden County) – Waterfront Ventures is an organization dedicated to developing a thriving culture in Camden by bringing fun, innovation, and networking opportunities to the Camden Waterfront. Waterfront Ventures’ Meetup began last month at a kickoff startup conference and already has over 100 members on its Meetup roster. With the motto that by building a thriving culture first, it can attract startups, small businesses and investors to grow the local community, Waterfront Ventures has several events in its pipeline, including a Demo Day festival slated for Sept. 30. 

A Special Meeting of the New Jersey Economic Development Authority has been scheduled for Thursday, June 30, 2016 at 12 noon at the EDA offices at 36 West State Street, Trenton NJ. The Members will meet to discuss and act upon a request from BMW of North America for tax credits under the Grow New Jersey Assistance Program. The agenda can be found 48 hours prior to the meeting at our website: www.njeda.gov.