A Camden Economic Recovery Board Meeting will take place at 10:00 a.m. on Tuesday, June 28, 2016  at the Waterfront Technology Center, 200 Federal Street, Camden, NJ 08102.

A copy of the proposed agenda can be found prior to the meeting at https://www.njeda.gov/public_information/erb/agenda.

Following the Board Meeting, minutes will be available at https://www.njeda.gov/public_information/erb/minutes.

 

Under the direction of its founder Mahesh Muchhala (pictured above), DataMotion was one of 41 businesses approved in 2015 to share a total of $47.4 million through the State's NOL Program.

TRENTON, N.J. (June 23, 2016) – Ensuring that its customers can send emails and other electronic data securely has always been at the core of DataMotion’s mission, and since 2012, the information technology (IT) startup has turned to the State’s Technology Business Tax Certificate Transfer (NOL) Program as a way to raise additional capital to fund its operations.

Florham Park-based DataMotion offers data delivery encryption solutions, including email encryption, for a wide variety of industries, from government to small businesses. The company currently employs 38 people nationwide, including 25 in New Jersey. In 2014, DataMotion launched DataMotion Health, an encryption platform for the healthcare industry. DataMotion Health was created to help providers communicate more efficiently across the care continuum and with their patients. Earlier this month, the company announced the DataMotion Direct Provisioning Portal, a new resource aimed at extending direct secure messaging to patients nationwide. 

DataMotion Founder Mahesh Muchhala noted that his company’s clients include the Hackensack University Medical Center, Rite Aid Pharmacy, and Sun Life Financials.

DataMotion was one of 41 businesses approved in 2015 to share a total of $47.4 million through the NOL Program. Administered by the New Jersey Economic Development Authority (EDA) and the New Jersey Department of Treasury's Division of Taxation, the NOL Program allows eligible technology and biotechnology companies to sell unused New Jersey net operating losses and research and development (R&D) tax credits to unrelated profitable corporations. The NOL Program offers non-dilutive funding, meaning that entrepreneurs do not have to relinquish a portion of their company in return for funding.

As a serial entrepreneur with more than 40 years of experience, Muchhala is an active participant in New Jersey’s technology scene and an avid supporter of up-and-coming entrepreneurs. He is an investor with JumpStart New Jersey Angel Investor Network (Jumpstart) and has also been a member of the New Jersey Technology Council since it was founded in 1996. He previously served as a board member of the New Jersey chapter of the Association for Corporate Growth (ACG).

“We applaud Mahesh and all of the entrepreneurs in New Jersey that continue to have a vested interest in the success of the Garden State’s startup community,” EDA Chief Executive Officer Melissa Orsen said. “New Jersey’s collaborative environment is just one more example of how New Jersey is leading the way in innovation.” 

New Jersey startup companies like DataMotion have until 11:59 p.m. on June 30 to apply to sell their net operating losses and unused R&D tax credits for cash through this year’s NOL Program. A complete list of NOL Program requirements and program details can be found at https://www.njeda.gov/nol.

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

You’re very involved with New Jersey’s technology scene. What advice do you have for entrepreneurs just starting out in the Garden State?
Entrepreneurs have put New Jersey on the national map for startups. Associations such as the New Jersey Technology Council, the New Jersey Innovation Institute (NJII), and Jumpstart provide excellent access to experienced professionals eager to help – most of who have succeeded with their own ventures. This network of talent helps in acquiring resources and leads to funding sources in a state which has been side-stepped by the venture capital community. The New Jersey Institute of Technology, Rutgers University, Fairleigh Dickinson University, and other educational institutions provide excellent fresh and new talent. I encourage entrepreneurs to continue to network despite the heavy burden of being a startup entrepreneur. And remember that the EDA has a friendly team willing and eager to help!

Why did you choose to grow DataMotion in New Jersey?
When I migrated from India in 1987, I landed here in New Jersey and launched my first IT venture. Over the years, I’ve witnessed tremendous growth in the Garden State’s startup culture and remained rooted here, despite repeated overtures from Silicon Valley. The proximity to New York City has been a great benefit, as have organizations such as NJ Tech Council that provided networking opportunities. NJII, Jumpstart, New Jersey’s chapter of ACG, and the EDA have also provided ample opportunities for growth.

How did DataMotion benefit from funding it received through the NOL Program?
New Jersey’s NOL Program is one of the best programs in the nation. 2012 was the first year DataMotion took advantage of the program and the cash we received was extremely useful. Since then, support from the program has helped us tremendously in our diversification into data security for healthcare IT.

What’s on the horizon for DataMotion?
Our client base continues to grow at a rapid rate. We’re also landing excellent strategic partnerships, both in data security and healthcare IT. The epicenter of this growth is our innovative technology, seamlessly implementing the highest level of security for privacy compliance and without requiring user involvement. We are slated for high double-digit annual growth over the next few years.
 
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.

One key asset is the New Jersey Economic Development Authority’s (EDA) Commercialization Center for Innovative Technologies (CCIT), the Garden State’s leading life sciences incubator. Recognized as a hub of activity within New Jersey’s technology sector, CCIT offers tenant companies, and the biotechnology community at large, a variety of resources to help them grow and thrive.

Since the life sciences incubator opened its doors in 2002, tenant companies have generated a total of over $130 million in revenues during their time at CCIT, and received $385 million in outside funding. The companies also obtained more than $10.6 million through State financing. Companies at the incubator have collaborated with world-renowned New Jersey universities such as Rutgers, Princeton, Stevens Institute of Technology, and New Jersey Institute of Technology. Including New Jersey’s own Princeton University, tenant companies have collaborated with six of the eight Ivy League universities throughout the country, as well as with cancer research/treatment facilities Sloan Kettering in New York and MD Anderson Cancer Center in Texas. CCIT has graduated over 40 companies.

“This data corroborates what we’ve known for a long time,” EDA Chief Executive Officer Melissa Orsen said. “CCIT is a bastion of innovative entrepreneurship whose impact reaches far beyond its doors. We look forward to seeing what the future holds for each of our tenant companies.”

Strategically located in the heart of the State’s research corridor between Rutgers and Princeton universities, CCIT not only offers the most wet labs of any incubator in New Jersey, but also provides access to a wide array of resource and networking opportunities essential to the startup community. The incubator’s leasable space includes offices, as well as both small and large labs.  CCIT also offers discounted first-year rent for university spinouts. Additionally, CCIT provides tenant companies with educational programs and a wealth of supporting resources, including helping to identify funding sources and providing access to small business development resources and administrative support. From hosting events such as New Jersey Founders & Funders, which introduces startup companies to angel and venture investors, to Lunch and Learn presentations that bring in industry experts to discuss topics relevant to emerging companies, CCIT offers something to each of its tenants and to the greater technology community.

CCIT graduates have gone on to have an impact across a broad spectrum of areas, including patient care. Princeton-based biotechnology company Advaxis develops tailor-made immunotherapies customized to target the patient’s unique cancer genes, harness the power of the body’s immune system, and attack various forms of cancer. In just the past few months, Advaxis has received a fast track designation for ADXS-HER2 for patients with osteosarcoma, announced promising survival rates from their Phase 2 study of AXAL in women with advanced cervical cancer and was awarded $1.1 million from the FDA’s Orphan Products Grants Program to support their ongoing Phase 2 trial with Baylor College of Medicine for axalimogene filolisbac. Advaxis currently employs more than 45 people.

Amicus Therapeutics is a global biotechnology company at the forefront of advanced therapies to treat a range of devastating rare and orphan diseases. Amicus became CCIT’s first graduate in 2005 when it moved from the incubator to its current facility in Cranbury to accommodate its growing workforce. Amicus currently employs 165 people in the United States, with the majority of the company situated in the Garden State. They also employ 50 people internationally. 

GENEWIZ, a global leader in research and development genomics services, grew from a two-person operation at CCIT into an internationally-recognized operation. Now headquartered in South Plainfield, GENEWIZ employs more than 700 people across 12 facilities at major biotech hubs around the world.
CCIT is currently 100 percent leased, with nearly two-dozen companies currently calling the facility “home.”

Aucta Pharmaceuticals is a new drug product development company concentrating on novel and niche generic product development. Since arriving at CCIT in 2014, Aucta and its founder and CEO Shoufeng Li have enjoyed the collaborative atmosphere that incubator offers. The company also benefited investments made through the Angel Investor Tax Credit Program, which provides a 10 percent refundable tax credit against New Jersey corporation business or gross income tax for qualified investments in an emerging technology business.

VEESAG Mobile creates devices designed to reduce hospital visits and to help people focus on health and wellness. Late summer, both Verizon and Sprint determined that the company’s smartwatch was compatible for use on their networks. With that critical infrastructure in place, VEESAG has started to scale up the manufacturing of its watches in order to make them widely available to consumers. While VEESAG does not lease wet lab space at CCIT, company founder Raj Sadhu points to numerous CCIT resources that have helped him grow his company – particularly the advice he is able seek from professionals on a wide variety of topics, and synergetic environment that the incubator offers.

Visikol, CCIT’s newest tenant, is a Rutgers University spinout that develops a versatile biological clearing agent, known as Visikol, which penetrates tissue and renders it transparent for optical analysis. Visikol received a $500,000 commitment from New Brunswick-based Foundation Venture Capital Group, LLC.

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. (June 14, 2016) – Reinforcing its commitment to cultivate New Jersey’s technology sector and create jobs within the Garden State, the Board of the New Jersey Economic Development Authority (EDA) today approved Grow New Jersey (Grow NJ) tax credits to encourage two companies to establish locations at Bell Works, the former Bell Laboratories site in Holmdel. Advanced under the New Jersey Economic Opportunity Act (EOA), Grow NJ is the state’s primary job creation and retention incentive program and offers enhanced benefits to help strengthen the technology industry.

Today’s approvals come one month after the EDA Board approved Grow NJ tax credits to encourage a third technology company to consider the Bell Works site.

Combined, these three projects are expected to create more than 730 new jobs and retain over 700 jobs at-risk of leaving the State. These projects, which are associated with private investment of over $51 million, would occupy more than 425,000 square feet at Bell Works, which is currently undergoing a transformation to a vibrant live-work-play environment.

“For decades, the former Bell Laboratories site was at the global forefront of innovation,” EDA Chief Executive Officer Melissa Orsen said. “We are hopeful that these companies will choose to locate their operations at the Holmdel site and bring hundreds of high-paying jobs back to the region.”

Matawan-based iCIMS, Inc., a software services company specializing in applicant-tracking software for human resources professionals, is considering consolidating two existing locations into one at the Bell Works facility to accommodate its expansion. Choosing the Holmdel site over consolidating in Arizona would result in the creation of 390 new jobs and the retention of 552 jobs at-risk of leaving the State.

Grow NJ tax credits were also approved for Manhattan Telecommunication Corporation, doing business as MetTel, which offers communication and related support services to corporate clients. The company, whose growth has created a need for additional space, would create 100 new jobs at Bell Works or a competing location in Utah.

The EDA previously approved Grow NJ tax credits for Workwave LLC, which has since announced that it will move into more than 71,000 square feet at Bell Works to accommodate its expansion. WorkWave is expected to create 247 new jobs and retain 154 jobs that were at-risk of leaving the State.

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 (866) 534-7789.

TRENTON, N.J. (June 14, 2016) – At its monthly meeting, held today in Camden, the Board of the New Jersey Economic Development Authority (EDA) approved two transformational projects in the City representing a total of more than $97 million in private investment through the Economic and Redevelopment Growth (ERG) Program. The State’s key developer incentive program was created under the Economic Opportunity Act of 2013 (EOA). 

“We’re beginning to see the impact of the EOA in Camden, and the projects approved today will add to that momentum through the investment, infrastructure, and construction jobs they bring,” said EDA Chief Executive Officer Melissa Orsen. “These two projects help to advance a key objective of the EOA, which is driving investment in areas where it is needed most.”

One Cooper Residential Urban Renewal, L.L.C. was approved for a residential ERG of up to $20.4 million over ten years to advance the construction of a mixed-use project on two parcels between Cooper Street and Delaware Ave on what are now surface parking lots. Two four-story buildings will contain approximately 6,515 square feet of retail space, 184 apartment units, and 217 parking spaces. While the EOA does not include an employment requirement for residential ERGs, the project is anticipated to create approximately 270 construction jobs.

The project is the first phase of The Camden Waterfront Development Enterprise, a multi-phase, mixed-use development consisting of up to two million square feet situated on 20 acres, which will include residential units, a hotel, retail space, parking, and more than 1.4 million square feet of office space. It is anticipated that targeted office space tenants for this space will include 7,300 workers.

The Board also approved the Parking Authority of the City of Camden for a Mixed-Use Parking ERG of up to $14 million over ten years for the construction of a 1,300 space garage, 800 square feet of retail, and 28,153 square feet of office space. The project will be located in close proximity to the Camden Waterfront Development Enterprise. An estimated 200 jobs are expected to be created during the construction phase.

Signed into law by Governor Christie in September 2013, the EOA created ERG as an incentive for developers and businesses to address revenue gaps in development projects, defined as having insufficient revenues to support the project debt service under a standard financing scenario. The EOA also created Grow NJ as the state’s main job creation and retention incentive program. Both performance-based programs place extra emphasis on spurring development and private sector job growth in targeted communities. Approved projects must demonstrate compliance with program requirements, including generation of new tax revenue, completion of capital investments, and/or the hiring or retention of employees, prior to receipt of any approved benefits. No funds are provided up front, and annual certification is required.

To date under the EOA, 23 projects in Camden have been approved, leveraging $1.2 billion in private investment. These projects are expected to create 1,430 new permanent jobs and 4,800 construction jobs, and involve 2,590 retained jobs, many of which are new to the City. In addition, 460 new or renovated residential units are expected to result from these projects, and nearly three million square feet of new or improved space.

The EDA is part of the State’s results-driven Partnership for Action, the hub for all economic development activity in New Jersey. The Partnership 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.

TRENTON, N.J. (June 10, 2016) – Hailed as a business leader and champion for economic development, Alfred C. Koeppe was honored by New Jersey Future with the Cary Edwards Leadership Award.  Presented at the nonprofit, nonpartisan organization’s Smart Growth Awards last night, the Award recognizes individuals who have an outstanding commitment to improving the quality of life and promoting smart growth in New Jersey through sustainable land-use policy and practice.
 
Over the course of his distinguished professional and public service career, Koeppe has served as chairman of the New Economic Development Authority (EDA) twice; he was appointed by Governor James E. McGreevey in 2003, serving until 2006, and again by Governor Chris Christie in 2010. He continues to preside over the 16-member Board today.
 
“This well-deserved honor recognizes Al’s strength of character and a career defined by integrity, compassion and effectiveness,” said EDA Chief Executive Officer Melissa Orsen. “Under Al’s leadership, the depth and capacity of the EDA has grown considerably.  He has left an indelible mark at the Authority and in this State, and we are deeply grateful for his continued service.”
 
Koeppe most recently retired as President and Chief Executive Officer of the Newark Alliance, a nonprofit he helped found over a decade ago to improve Newark’s public schools and economic conditions.  He began his career as a lineman with New Jersey Bell in 1969, and went on to earn his Juris Doctorate by attending the evening program at Seton Hall University School of Law.  By 1993, Koeppe was elected President and Chief Executive Officer of Bell Atlantic-New Jersey, and subsequently joined Public Service Electric and Gas Company as President and Chief Operating Officer in 2000.
 
Among his myriad accomplishments, Koeppe was appointed Chairman of Chief Justice Wilentz's Supreme Court Commission to reform the New Jersey Court System, and also was asked by Acting Governor Richard Codey to assume the chairmanship of the New Jersey Schools Construction Corporation in 2005 to enhance its fiscal oversight. He previously chaired the New Jersey Higher Education Commission and the New Jersey Chamber of Commerce. Koeppe currently serves as a trustee for St. Benedict’s Prep School in Newark and a director of the Board of Horizon Blue Cross/Blue Shield of New Jersey and of the New Jersey Resources Corporation.
 
Having earned his BA from Rutgers University-Newark, Koeppe is a member of the Rutgers University Hall of Distinguished Alumni. He is the recipient of numerous awards including the Trailblazer Award, presented by the Council for Action for Minority Professionals; the Diversity Award, presented by the Consortium of Information Technological Executives; the Anti-Defamation League's Americanism Award; the NCCJ Humanitarian of the Year Award; and both the NAACP's and AFL-CIO's Corporate Leader Award.
 
At the EDA, Koeppe helped to oversee implementation of the Municipal Rehabilitation and Recovery Act, which included the creation of the State Economic Recovery Board, a subsidiary of the Authority tasked with stimulating economic development in the City of Camden.  He also has presided over the EDA’s administration of the State’s incentive programs, both under the New Jersey Economic Stimulus Act and through the New Jersey Economic Opportunity Act.
 
“With his Jersey City roots, Al has brought a unique and personal perspective to the EDA Board, grounded by an unwavering commitment to spurring economic opportunity in New Jersey’s cities,” said EDA President and Chief Operating Officer Tim Lizura.  “His integrity is paramount and he has continuously guided the EDA with a steady and skilled hand, demanding the highest level of operational and ethical performance from staff, whom hold him in deep regard.”
 
New Jersey Future hosted its 15^th annual 2016 Smart Growth Awards last night at the Newark headquarters of Panasonic North America.   Among the projects recognized was the redevelopment of the Hahne and Co. Building in Newark. Approved by the EDA under the Economic Redevelopment and Growth (ERG) program, the project is currently under construction and will convert the former department store into mixed-income housing, street-level retail featuring a Whole Foods, and a new arts and cultural center for Rutgers University.  The public-private partnership includes Rutgers University-Newark, L+M Development Partners, Hanini Group, Prudential, Goldman Sachs, and Citibank.

 

Under the direction of Co-Founder and CEO Ari Rabban, Phone.com continues to attract the attention of customers and the telecommunications industry alike.

TRENTON, N.J. (June 9, 2016) – Cloud-based phone services provider Phone.com has come a long way since its inception nearly a decade ago, and the company continues to attract the attention of customers and the telecommunications industry alike.

Phone.com offers its more than 25,000 customers a variety of innovative and economical business and home phone services. The company recently announced that its home city of Newark is now using its phone services at various departments and offices. In addition, Phone.com recently extended its agreement with LiftMaster, one of the leading suppliers of gated community access systems in the United States, to incorporate Phone.com’s Voice over Internet Protocol (VoIP) services into LiftMaster’s “next generation” products.

Since 2008, Phone.com has grown from two to 17 employees in New Jersey. The company’s fast-paced growth has attracted recognition from INC Magazine, which named Phone.com to its list of 5000 Fastest Growing Companies last year for the fourth-straight year. The company also was previously named to Deloitte Technology’s Fast 500™ list.

In 2013, Phone.com relocated from Livingston to its current home at the Enterprise Development Center (EDC) at the New Jersey Institute of Technology (NJIT) in Newark. The EDC is an incubator/accelerator that provides technology startups access to NJIT resources, mentors and other programming.

Phone.com Co-founder and Chief Executive Officer Ari Rabban points to funding provided by the New Jersey Economic Development Authority (EDA) as one of the ways his company was able to move to its location at the EDC. The EDA has supported Phone.com throughout its lifecycle, including providing a $1 million Edison Innovation VC Growth Fund loan, which the company used to support growth capital needs, including marketing and product development. Launched in 2011, the Edison Innovation VC Growth Fund supports venture capital-supported technology companies that have a minimum of $500,000 in revenues in the preceding 12 months.

Prior to starting Phone.com, Rabban worked for two New Jersey telecommunications companies, VocalTec Communications, a VoIP-industry pioneer that was co-founded by Phone.com Executive Vice President & Chief Technology Officer Alon Cohen, and Lucent Technologies. An active participant in New Jersey’s vibrant technology scene, Rabban is passionate about grooming the next generation of entrepreneurs. He serves on the board of directors for both the New Jersey Technology Council, based in New Brunswick, and the Institute for Entrepreneurial Leadership in Newark. Rabban is also a mentor for the accelerator TechLaunch, and he speaks to emerging entrepreneurs at various Meetup events throughout the state.

Exemplifying the startup’s commitment to the Garden State’s technology ecosystem, Phone.com was also a sponsor at last month’s first ever Propeller, a technology festival that brought together entrepreneurs and investors around New Jersey and its surrounding states.

“Having grown Phone.com into a successful business in the Garden State, Ari is ensuring that emerging entrepreneurs have access to the resources they need to thrive,” EDA Chief Executive Officer Melissa Orsen said. “That’s the type of collaborative effort that is a hallmark of New Jersey.”

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

Why did you choose to grow your company in New Jersey?
I am from New Jersey.  Having previously worked at VocalTec Communications and Lucent Technologies, we know the history and the rich base of technology talent in general, and telecommunications in particular, in New Jersey. So naturally, we knew New Jersey was an ideal place to grow the company.

What is your company’s biggest success to date?
Our biggest success thus far is our ongoing growth. We’ve been able to innovate year after year and continually grow our customer base. Each satisfied customer that mentions our name brings exposure and potential for additional growth.

What’s on the horizon for Phone.com?
We have two simple goals: to grow and to innovate. We want to continue to offer an excellent product and outstanding service to our growing base of customers, while adding new technology and features that our user base has come to expect from us.

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.

The New Jersey Economic Development Authority's next public Board Meeting will be held on Tuesday, June 14, 2016 at 10 a.m. at the Waterfront Technology Center of Camden, 200 Federal Street, Camden. 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.