Under the leadership of CEO Paul Thomas, Roka Bioscience was one of 41 companies to share $47.4 million through the State’s NOL Program in Fiscal Year 2016. 
 

TRENTON, N.J. (May 25, 2016) –Funding provided through the State’s Technology Business Tax Certificate Transfer (NOL) Program has helped Roka Bioscience, Inc. develop and commercialize advanced testing solutions — known as “assays” — for the food safety testing market. The NOL program has enabled hundreds of New Jersey technology and biotechnology companies to raise cash to finance their growth and operations in New Jersey.

Roka Bioscience, a molecular diagnostics company located in Warren that currently employs 85 people, was one of 41 companies 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 capital. Since the program was established in 1999, more than 500 unique businesses have been approved for awards totaling $860 million.
 

“Long-seen as a lifeline to startups in need of cash, New Jersey’s NOL Program has been widely upheld as a model of support for technology and biotechnology companies as they grow,” EDA Chief Executive Officer Melissa Orsen said. “We encourage companies in the greater technology sector to explore the NOL Program and other State resources as they expand in New Jersey.”

Roka Bioscience, which has participated in the NOL Program for the last several years, is dedicated to developing rapid, highly accurate molecular assays and instrument systems for the Food Safety Industry. The Atlas® System represents a new tier of molecular rapid pathogen testing, offering automation and technology that bring convenience and workflow advantages to the laboratory. The assay kits enable food processors and contract laboratories to detect the presence of pathogenic Salmonella, Listeria, & E. coli in their environment, ingredients, and products. The Atlas System and its Detection assays are designed to provide customers with accurate and rapid results, with reduced labor costs and improved laboratory efficiencies.

The company announced earlier this month that its Extended On Board Stability feature is now available for the Atlas System, noting that this marks a “significant advance in the flexibility, efficiency, and economics of operating the Atlas System and is designed to deliver the benefits of automation and high-quality molecular technology to mid- and lower-volume food testing laboratories.” The company said that this will lead to less hands-on time and faster results.

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

@NJEDATech asked Roka Bioscience Founder and CEO Paul Thomas 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?
New Jersey’s strong history of technology and life sciences has given us access to a deep talent pool, which has helped us build our organization.
 

How have you benefited from funding provided through the Technology Business Tax Certificate Transfer (NOL) Program?
The NOL Program has provided a valuable non-dilutive source of financing for Roka Bioscience, as we have sought to establish and grow our business in Food Safety. As a new company that is developing molecular test assays and launching them in nationally, the NOL Program has enabled us to invest in our efforts to improve food safety in the U.S.
 

What other New Jersey resources have you tapped into to further your company’s growth?
While we have not (yet!) tapped into any other financial resources that the State offers, Roka Bioscience has benefited from networking and educational resources provided through BioNJ. Additionally, I was honored to be awarded BioNJ’s Dr. Sol J. Barer Award for Vision, Innovation and Leadership in 2011.
 
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.

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@NJEDATech today continues its series highlighting tech Meetups throughout New Jersey. A previous article showcasing northern New Jersey tech Meetups can be found on the EDA’s Technology and Life Sciences feature articles’ webpage.
 
TRENTON (May 19, 2016) – Collaboration between New Jersey entrepreneurs, investors and industry leaders is the heart and soul of the State’s vibrant technology ecosystem. Central New Jersey technology Meetups provide an outlet for this critical synergy to occur.
 
Through frequent events, Meetups provide a platform for entrepreneurs to network, discuss topics that affect their businesses, share information, and learn from one another. Meetup organizers often invite industry leaders to provide attendees insight into areas relevant to New Jersey’s thriving technology industry. In addition to in-person events, Meetup websites offer members an online forum to communicate, leading to a free-flowing exchange of ideas.
 
“Located near world-class Rutgers and Princeton universities, these Meetups continue New Jersey’s long-standing tradition of cultivating the next generation of entrepreneurs and offering an atmosphere of collaboration for established startup founders,” New Jersey Economic Development Authority (EDA) Chief Executive Officer Melissa Orsen said.

EDA staff members routinely participate in central New Jersey Meetup events, which provide an opportunity for the Authority to get a firsthand view into New Jersey’s technology sector and to become familiar with emerging technology and biotechnology companies. Central New Jersey Meetup events include:

 
Scarlet Startups (New Brunswick) – Coordinated by entrepreneur Clark Lagemann, Scarlet Startups caters to “entrepreneurs, hackers, dreamers and investors.” Often held on the Rutgers University campus, Scarlet Startups events encourage students, alumni and faculty to get involved with the group. Previous Scarlet Startups Meetup events have included a presentation by Daniel Cherry III, the Chief Marketing and Innovation Officer of the NJ Devils and the Prudential Center, and a Co-Founder “Match Night” where entrepreneurs looking for a venture partner can meet in the hopes of connecting with a business partner. Scarlet Startup currently has approximately 1,100 members.
 
Central Jersey Tech Meetup (South Amboy) – For anyone interested in design, applications or programming, this Meetup is for you! Started in 2013, the group covers a range of topics from telephony to jquery (a Javascript library) plugins built from the ground up. Co-organized by Bryan Moyles, Eli Finkelman and Nate Kapitanski, Central Jersey Tech Meetup has more than 570 members.
 
In nearby Somerset, co-working space JuiceTank Innovation Lab offers several Meetups for entrepreneurs, including:
 
New Jersey Entrepreneurs and Tech Startups (NJETS) (Somerset) – NJETS is dedicated to connecting entrepreneurs, techies, visionaries, and creative types through fun and insightful events. The group is consistently expanding its network of members through pitch fests, keynotes by industry experts and thought leaders, networking events, and panel discussions by successful entrepreneurs and technologists. NJETS currently has over 3,500 members.
 
NJ Women's Network (Somerset) – Founded by Hettle Patel, NJ Women's Network, based at JuiceTank, is a dynamic group of over 650 women consisting of existing and aspiring entrepreneurs, technologists, professionals, and executives. Through networking events, speaker series, panel discussions with prominent keynote speakers and workshops, this group comes together to share ideas and ignite their true passions. JuiceTank recently announced that NJ Women’s Network Meetup will soon launch a spinoff called SuiteGirls, where high school girls aspiring to reach the C-suite are mentored by successful women entrepreneurs, executives, and professionals. 

Innovation, Creativity, and Entrepreneurship (ICE) (New Brunswick) – Just launched last week, ICE is for innovators, entrepreneurs, and creative types who want to connect with seasoned game changers and difference makers to transform fluid thoughts to solid ideas. This Meetup is affiliated with JuiceTank and numerous universities and innovation centers, promoting public-private partnerships, collaborations and strategic alliances. Stay tuned for more details in the near future!!
Down Route 1 from Middlesex and Somerset Counties, Mercer County’s Princeton is quickly becoming a hub of innovative activity. EDA staff members can regularly be found at two of its Meetups: 
 
Princeton Tech Meetup – Founded in 2012, Princeton Tech Meetup touts itself as “A community similar to the NY, NJ (Hoboken), Jersey Shore and Philly Tech Meetup groups, without the long drive for those who live and work in between the metro areas.” More than 4,200 members strong, the group’s meetings include startup demos, a keynote speaker, and some unstructured time for networking and socializing. Co-organized by Chris Boraski and Venu Moola, the group occasionally brings in guest speakers to discuss particular topics.
 
Startup Grind Princeton (Mercer County) – As part of the Startup Grind global community, Startup Grind Princeton Meetup events are designed to help educate, inspire, and connect local entrepreneurs. Held at Tigerlabs, a co-working space and digital health accelerator, these events welcome speakers to share their stories, to highlight what worked, what didn't, and what they'll do differently next time.  Launched in January 2015, the group has more than 770 members and is co-organized by David Stengle, Bert Navarrete, and Trish Ryan.
 
The EDA offers a multitude of resources to help technology companies grow and thrive. To learn about these resources, visit https://www.njeda.gov/tls and follow @NJEDATech on Twitter and LinkedIn.

A meeting of the Capital City Redevelopment Corporation (CCRC) Board has been scheduled for Wednesday, May 18, 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

   

Eventcombo plans to launch version 2.0 of its platform within the next few weeks.

TRENTON, N.J. (May 12, 2016) –New Jersey Founders & Funders events are beginning to bear fruit, as Bergen County-based Eventcombo recently received funding from NJIT Highlanders Angel Network as a result of the New Jersey Economic Development Authority (EDA)-hosted program.

Held at the EDA’s Commercialization Center for Innovative Technologies, semi-annual NJ Founders & Funders events introduce entrepreneurs to investors in 10-minute one-on-one “speed dating” match ups, paving the way for emerging companies to attain the funding they need to grow in the state. To date, more than 150 startup companies have met with investors during five NJ Founders & Funders events.

“As any entrepreneur can tell you, investment opportunities take time to cultivate and develop,” EDA Chief Executive Officer Melissa Orsen said. “We are glad to have played a role in matching Eventcombo with NJIT Highlanders, and we look forward to many more success stories.”

Eventcombo offers an online ticketing platform for events across all the major cities in the United States. The company plans to launch version 2.0 of its platform within the next few weeks. The “self-service” platform will bring added value to event organizers, enabling them to “bundle” other amenities event-goers might need along with the tickets, including dinner reservations, merchandise and parking and eventually branding. Eventcombo received the award for Most Innovative Product/Service at the New Jersey Technology Council’s 2015 Venture Conference.

Eventcombo Co-Founder and Chief Marketing Officer Joseph Kaufman noted that NJ Founders & Funders was the first time his company met with NJIT Highlanders. It was as a result of one-on-one conversations at the event and subsequent meetings that NJIT Highlanders investors chose to support Eventcombo. NJIT Highlanders participated in Eventcombo’s latest round of funding, which was led by JumpStart New Jersey Angel Network. Both NJIT Highlanders and JumpStart New Jersey attended last week’s NJ Founders & Funders event.

“From the minute we met Eventcombo we were impressed,” NJIT Highlanders Investor Cristian Ossa said. “Their business model, combined with their reasonable valuation and the executive team all contributed to our decision to invest.”

The EDA hosts NJ Founders & Funders events semi-annually. The next event is scheduled for October 26, 2016 and registration can be accessed via https://application.njeda.com/tls/.

@NJEDATech spoke with Kaufman about his company’s experience in New Jersey and its plans for the future:

Why did you choose to locate your company in New Jersey?
New Jersey is home to the majority of our team, so we have a personal interest in developing our business in the state and contributing to the community. New Jersey has a lot to offer, which sometimes gets lost in the news with New York City being so close. We want to not only take advantage of what New Jersey has to offer, but nurture it as well. Perhaps our hard work will influence others to also start new companies.

What New Jersey resources has Eventcombo found most useful?
Being part of the technology community, there is always a lot going on. The NJ Founders & Funders event has been an amazing resource in developing relationships and connections. There are many Meetups across New Jersey that have been beneficial, specifically when looking to connect with other tech professionals. Finally, the EDA has been a valuable resource for us – every time we have needed anything, we simply pick up the phone and receive full support, from investment introductions to strategic discussions.

What’s Eventcombo’s biggest success to date?  
The growth we have experienced has to be our biggest success. Driven by our clients — event organizers coming back time and time again to continue to use our platform–  has given us strong validation in what we are doing. We are excited to keep going!

What’s on the horizon for Eventcombo?
We have invested a lot of resources toward building a new shiny, sleek, revolutionary platform to take online ticketing to the next level. We are looking forward to continuing to support and give back to event organizers with our online ticketing platform. As you'll see, we truly are going "beyond ticketing!"

The EDA offers a multitude of resources to help technology companies grow and thrive. To learn about these resources, visit https://www.njeda.gov/tls and follow @NJEDATech on Twitter and LinkedIn.

EDA Provides $1 million loan to support economic development in four South Jersey Counties
 
TRENTON, N.J. (May 5, 2016) – New Jersey Community Capital (NJCC) announced today the first investments under its THRIVE South Jersey initiative, which deploys flexible, affordable capital and technical assistance to generate quality jobs and improve economic opportunities across a four-county area in South Jersey, including Cumberland, Gloucester, Salem, and Western Atlantic counties.  A $1 million loan from the New Jersey Economic Development Authority (EDA) will be used to boost the $13 million loan fund, supporting small businesses and workforce development programs in the region.
 
At the Riverfront Renaissance Center in Millville, NJCC announced the program’s initial investments, which include the Millville Arts and Innovation Center, the Vineland and Millville Public Charter Schools, the Glasstown Creative Enterprise Center, the Millville Neighborhood Alliance, and Andrea Trattoria Italiana in Millville.
 
“We fully support NJCC’s commitment to economic development in areas of South Jersey and THRIVE SJ will prove to be very impactful,” said EDA Chief Executive Officer Melissa Orsen. “These initial investments, complemented by future THRIVE SJ loans to small businesses, will further arts, education, and the small business community.”
 
THRIVE SJ is part of the Pascal Sykes Foundation’s (PSF) South Jersey Economic Initiative, through which NJCC has already received $4.1 million in seed money to develop traditional and non-traditional financing within the four-county target area.  NJCC has already leveraged this initial PSF grant by obtaining another $9 million for THRIVE SJ from partnering lenders including TD Bank, Wells Fargo, Fulton Bank of New Jersey, and the EDA.
 
“We appreciate the commitment of the EDA and our other partners to growing economic development opportunities in South Jersey,” said Wayne T. Meyer, President of NJCC. “We anticipate that investments made under the THRIVE SJ initiative will have a widespread and lasting impact on families and communities throughout these four counties.”
 
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.

The New Jersey Economic Development Authority's next public Board Meeting will be held on Friday, May 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.

  
NuSkool Founder Abran Maldonado gets ready to speak to investors at the

TRENTON (May 5, 2016) – Yesterday’s New Jersey Founders & Funders event provided education technology (EdTech) startup founder Abran Maldonado with the opportunity to pitch his company, NuSkool,  to investors. The day-long event, which provides entrepreneurs with one-on-one access to investors, was the latest State resource the company has tapped as it expands in New Jersey.

More than 30 emerging technology and biotechnology companies participated in yesterday’s NJ Founders & Funders event. Hosted by the New Jersey Economic Development Authority (EDA) at its Commercialization Center for Innovative Technologies (CCIT), the event connected these companies with access to angel and venture capital investors in 10-minute , one-on-one “speed dating” sessions to discuss strategy, business models and funding opportunities. To date, more than 150 entrepreneurs have participated in NJ Founders & Funders events.

“Whether providing mentoring and networking opportunities or offering access to funding sources, New Jersey has a variety of resources to help emerging companies grow,” EDA Chief Executive Officer Melissa Orsen said. “It’s great to see entrepreneurs like Abran leveraging multiple New Jersey  resources to grow their companies and contribute to the momentum of New Jersey’s technology sector.”

NuSkool creates an entertainment-learning platform that finds teachable moments in popular culture and helps students and teachers find the hidden lessons in all aspects of entertainment. This subscription-based online platform allows teachers to create virtual classes, providing access to lessons based on trending topics that matter most in students’ lives. NuSkool provides resources to teachers such as its complete library of standards-based lesson plans, access to assessments, quizzes and test prep exams. In addition, the platform provides articles on a wide variety of topics, such as politics and sports.

NuSkool’s approach to learning has been featured by Entrpreneur.com and Verizon Fios’ “New Jersey Means Business” television series. Maldonado was also honored by Bill Gates as a Gates Millennium Scholar, an award given to future leaders in the community. Maldonado is active in New Jersey’s technology community, including leading the LaunchNJ Meetup’s EdTech section.

As a Long Branch resident, Maldonado leases space for NuSkool at co-working spaces CoWerks in Asbury Park and Vi Innovation Hub in Holmdel. The EDA previously approved a $240,000 loan for CoWerks to expand its facility. Co-working spaces enable entrepreneurs from different companies to work side by side, sharing ideas. They are often easily accessible to mass transit, reflecting renewed interest in urban living and working arrangements. For entrepreneurs and startup companies with limited access to immediate revenue, co-working spaces do not require members to sign long-term leases and also offer mentoring networks for their members.  NuSkool also took advantage of TechLaunch, a start-up technology accelerator based in New Jersey.

@NJEDATech spoke with Maldonado about his company’s experience in New Jersey and its plan for the future:

Why did you decide to grow your company in New Jersey?
Even though I’m from New York, I’ve lived in New Jersey for many years now and I’ve always appreciated the underdog mentality it embraces. I wanted to make sure that the kids here in New Jersey have access to the same innovation and technology found in New York and Silicon Valley. If there’s anything I can do to make that happen, then I’ll feel like I’ve done my part.

What New Jersey resources have you found most helpful to date?
TechLaunch was an amazing experience; I would not know how to run a company if it wasn’t for the accelerator’s guidance, curriculum and support. The Meetups and co-working spaces here are also more intimate. When you form friendships and bonds with other entrepreneurs at spaces like CoWerks and ViHub at Bell Works, you begin to root for one another. You want to see your peers win, and they wish the same for you.

What’s on the horizon for NuSkool?
NuSkool is ready to monetize and scale; we’re getting in front of customers and learning more about our product. NuSkool has also become a recognizable brand for its content, whether it’s our videos, lessons, quizzes or podcasts. We have some new tricks up our sleeve and are excited to share our message with the world. Stay tuned!

The EDA offers a multitude of resources to help technology companies grow and thrive. To learn about these resources, visit https://www.njeda.gov/tls and follow @NJEDATech on Twitter and LinkedIn.