Center will offer key services to small business owners to help grow their business and close wealth disparity gap

TRENTON, N.J. (January 14, 2026) – The New Jersey Economic Development Authority (NJEDA) and Rowan University have partnered together to support the African American Chamber of Commerce of New Jersey’s (AACCNJ) Transformation Center. The Center, which has been designated by the NJEDA as a statewide Economic Empowerment Center, is a first-of-its kind, main street-focused business incubator designed to strengthen small businesses and expand access to resources for entrepreneurs across New Jersey.

At its December board meeting, the NJEDA Board approved a Memorandum of Understanding (MOU) with Rowan University, which will serve as the academic and research partner of the Center. The NJEDA will allocate $1.5 million to Rowan University to support the planning, coordination, and implementation of the Center, including technical assistance, training, mentorship, workforce development programming, and outreach to small business owners.

“Since taking office, Governor Murphy has prioritized expanding opportunity and advancing equitable economic growth across New Jersey,” said NJEDA Acting Chief Executive Officer Mary Maples. “The NJEDA looks forward to working with the African American Chamber of Commerce of New Jersey and Rowan University to ensure small business owners have access to the tools and resources they need to grow and thrive.”

Rowan University was selected as a partner based on its expertise in applied research, innovation, regional collaboration, and workforce development, including its long-standing work through the Rowan Center for Innovation and Entrepreneurship. Rowan will work to ensure Center programming is responsive to local business needs and aligned with the State’s wealth disparity reduction goals.

“This partnership with AACCNJ’s Transformation Center will amplify the power of individuals and organizations to build and sustain businesses and communities together,” said Ali A. Houshmand, president, Rowan University. “Our strengths in education, research and economic development will empower more of our New Jersey neighbors in ways we can only imagine.” 

The Center will leverage AACCNJ’s direct ties to local businesses and industry networks to deliver practical, community-based support in the areas most affected by wealth disparities.

“We are extremely proud of our relationship with the Murphy Administration and our collaboration with the New Jersey Economic Development Authority (NJEDA) and Rowan University. These collective efforts are essential in bringing the vision of our Transformation Center to reality,” said Dr. John E. Harmon, Sr., President & CEO, African American Chamber of Commerce of New Jersey (AACCNJ). “This partnership serves as an excellent example of the public sector engaging strategically with the AACCNJ to mitigate socioeconomic disparities in New Jersey, resulting in a definitive win for everyone – including community stakeholders and small business owners.”

In 2021, Governor Phil Murphy issued Executive Order No. 262, establishing the Wealth Disparity Task Force to examine the causes of longstanding wealth disparities affecting Black and Hispanic New Jerseyans. Building on the Task Force’s findings, NJEDA has advanced targeted strategies to strengthen local capacity, expand access to resources, and foster collaboration to ensure minority- and women-owned businesses can fully participate in the state’s economy.

“The mission of the Wealth Disparity Task Force to close opportunity gaps and support wealth building will be advanced through the AACCNJ’s Transformation Center,” said Jayné Johnson, Director of the Governor’s Office of Equity, and Convenor of the Wealth Disparity Task Force.“The Center, like the employee stock ownership pilot, pipeline initiatives, and numerous other NJEDA programs, brings to fruition the recommendations of the Wealth Disparity Task Force and increases the bottom line for minority- and women-owned businesses. Thank you to the NJEDA, the African American Chamber of Commerce of New Jersey, and Rowan University for ensuring that the task force’s work is more than words on a page but instead meaningful action that improves the lives of people.”

“The Transformation Center represents a long-term investment in the people and places that power New Jersey’s local economies,” said NJEDA Chief Equity and Inclusive Culture Officer Michelle Bodden. “By expanding access to opportunity and investing in community-based entrepreneurship, we are building a more inclusive economy for all New Jerseyans.”

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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TRENTON, N.J. (January 8, 2026) – The New Jersey Commission on Science, Innovation, and Technology (CSIT) today announced that it has awarded approximately $1.3 million in grants to 17 startups through the fourth round of its Clean Tech Research & Development Seed Grant Program. The awards will help young companies accelerate development of their technologies and transform their discoveries from the research stage into commercially viable products and services. Since 2020, CSIT has approved 150 awards totaling $13 million to New Jersey companies working in the clean tech sector.

“Funding New Jersey startups through grant programs like the Clean Tech Research & Development Seed Grant helps build a stronger economy for the future,” said CSIT Executive Director Judith Sheft. “Cultivating companies within our state during their formative years helps them establish roots in New Jersey and position them for future financial growth, sustainability, and economic mobility for years to come.”

The Clean Tech Research & Development Seed Grant Program, which was jointly developed by CSIT and the New Jersey Economic Development Authority (NJEDA), provides grants of up to $75,000 for R&D activities to very early-stage, New Jersey-based clean technology companies that will help them advance their development on products and services to a point where they can more readily appeal to outside investors and, in some cases, begin to generate revenue. 13 awardees (72%) have five or fewer employees, and 10 awardees (58%) are certified as either minority- or women-owned.

“New Jersey’s startups are among the very best in the nation and truly place the State at the forefront of innovation,” said CSIT Chair and BioNJ Founding President and CEO Debbie Hart. “The Clean Tech Research & Development Seed Grant Program reinforces the State’s commitment to its small businesses and nurtures advancements across a range of innovation areas aimed at reducing greenhouse gas emissions. We have seen early-stage companies leverage CSIT funding 15X in follow-on funding and accelerate their development trajectory.”

“Governor Murphy has invested robust resources to create a strong innovation ecosystem, making New Jersey a top state in the nation to grow and scale a startup,” said NJEDA Acting Chief Executive Officer Mary Maples. “CSIT’s Clean Tech Research & Development Seed Grant program helps entrepreneurs secure funding for vitally important research and new technologies that create new high-paying jobs, grow our economy, and solidify New Jersey’s reputation as a leader in equitable, diverse, and transformative innovation.”

The funding for the Clean Tech Seed Grant Program, which is being provided through the New Jersey Board of Public Utility’s (NJBPU) Clean Energy Program, will advance innovation that will help the state achieve clean energy goals as outlined in New Jersey’s Energy Master Plan. The plan, created in 2019 and updated in 2024, puts New Jersey on a path toward 100 percent clean energy by 2035.

“New Jersey’s legacy as a hub of innovation and entrepreneurial excellence continues to thrive through initiatives like the Clean Tech Seed Grant Program,” said NJBPU President Christine Guhl-Sadovy. “Our collaboration with NJEDA and CSIT reflects a strategic, cross-agency commitment to fostering transformative technologies that strengthen our clean energy ecosystem and drive sustainable economic growth across the state.”

The companies awarded funding work in a range of technology areas including fusion, innovative solar technology, microgrids, fuel cells, and advanced materials and recycling.

A list of all awardees can be found below:

About CSIT
In August 2018, Governor Murphy signed legislation re-establishing the former New Jersey Commission on Science and Technology as the CSIT. Comprised of representatives from the public and private sectors, as well as academia, the Commission is tasked with leading the way in promoting the state as a home for academic and technological research, development, and commercialization.

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about state resources available to New Jersey entrepreneurs and early-stage companies, visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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Investment in Strategic Innovation Centers will bolster entrepreneurship and catalyze economic growth

TRENTON, N.J. (January 7, 2026) – The New Jersey Economic Development Authority (NJEDA) Board recently approved a $12.55 million commitment into two Strategic Innovation Centers (SICs) focused on medical technology and maternal health, facilitating startup creation and bolstering New Jersey’s innovation ecosystem. The New Jersey Accelerator for Innovation in Medtech (NJ AIM), a multi-location SIC in Camden and Mullica Hill, will support the research, development, and commercialization of novel medical technologies and devices. The New Baby New Jersey SIC, which will be located in Trenton’s Maternal and Infant Health Innovation Center (MIHIC), will assist early-stage companies advance groundbreaking maternal and infant health solutions. 

“Throughout the Murphy administration, New Jersey has invested heavily in creating environments where entrepreneurs can thrive, opening pathways to capital, encouraging collaboration, and leveraging the strength of the state’s academic institutions and private sector partners,” said NJEDA Acting Chief Executive Officer Mary Maples. “The NJEDA’s latest investments into NJ AIM and the New Baby New Jersey SIC further establish the state’s leadership in the medtech and maternal health sectors, advancing scientific breakthroughs, creating jobs, and bolstering the regional economy.”

The NJ AIM and New Baby New Jersey SIC programs, managed by Plug and Play, will include a combination of services, including workshops, mentorship sessions, business development services, education opportunities, access to unique equipment and industry partners, and investment opportunities. The programs will accelerate two cohorts of startups per year comprised of no less than 20 independent companies per cohort in both Camden and Trenton. 20 percent of participating companies must be from New Jersey, and the remaining participants will include companies from out of state that may relocate to New Jersey with support from resources that support early-stage startups, such as NJ Accelerate.  

The NJEDA will commit up to $5.5 million to invest in NJ AIM and New Baby New Jersey SIC companies and $2.25 million, matched by SIC partner Rowan University, to support the accelerator programs. Additionally, the NJEDA will invest $1.5 million in a new venture studio operated by NLC Ventures, a leading global venture builder in health technology, which will support the development of new medtech and maternal health companies in the state. The NJEDA will reserve $3 million for an early-phase maternal and infant health pre-venture development and early-stage initiative located in Trenton to include programmatic and technical support administered by a third-party. 

“New Jersey is making a clear statement about its commitment to building the next generation of medical technology companies,” said NLC Ventures USA Director Jaap Haemers. “Through this venture studio, we will work hands-on with founders to translate breakthrough science into scalable companies, while embedding them in a world-class ecosystem of clinical partners, universities, and investors. We’re proud to partner with NJEDA to help position New Jersey as a global launchpad for health innovation.”

The NJ AIM SIC will encompass 8,500 square feet of space within two locations in Camden: the Joint Health Sciences Center and the Cooper Medical School of Rowan University. It will also have space on Rowan University’s West Campus in Mullica Hill, alongside the Shreiber School of Veterinary Medicine when open. The SIC will include comprehensive laboratory, diagnostic, and testing spaces for research and development of new technologies in a collaborative environment. Cooper University Health Care will serve as the anchor commercial affiliate and the Rowan Foundation will invest in select participating accelerator companies. 

“Innovation begins with bold investment,” said Rowan University President Ali A. Houshmand. “The future of New Jersey is built on collaboration and partnerships that make a difference. Backed by the New Jersey Economic Development Authority and strengthened by private industry, early-stage investors, and public entities like ours, together we will shape a stronger, more vibrant New Jersey.”

The New Baby New Jersey SIC will include 5,000 square feet of space within the MIHIC. In collaboration with public and private stakeholders, the location will provide first-in-class research and development focused on maternal health care, driving breakthrough solutions in maternal care equity, digital health, doula support, perinatal mental health, and public benefits access. The SIC will further the state’s national leadership in maternal and infant health innovation, leveraging startups, academic institutions, public agencies, and community voices to advance maternal health equity and inventive medical technologies.

“We’re incredibly proud to be part of this pivotal moment in New Jersey’s innovation journey. The accelerator is more than a program — it’s a launchpad for bold ideas that have the power to reshape maternal health across our state,” said Lisa Asare, CEO of the New Jersey Maternal and Infant Health Innovation Authority (NJMIHIA). “Our vision is a world where every mother and baby flourish. NJEDA’s investments to scale maternal health companies and support entrepreneurs is critical — not only to uplift NJ’s mothers and babies, but also strengthening the infrastructures that deliver on the highest level of care.” 

With over 60 offices globally and partnerships with more than 550 corporations, Plug and Play runs more than 100 accelerator programs annually across sectors like AI, fintech, health, and energy. The NJEDA previously partnered with Plug and Play on the Fintech Accelerator at Stevens Institute of Technology (NJ FAST), a financial technology and insurance technology SIC.

“New Jersey is doubling down on startup innovation where it matters most: helping breakthrough medical technologies reach patients and accelerating solutions that improve health outcomes,” said Plug and Play Partner and Chief Revenue Officer Michael Olmstead. “Plug and Play is proud to partner with NJEDA, Rowan University, and Cooper University Health Care to give founders what they need to scale: deep clinical and academic collaboration, hands-on commercialization support, and direct pathways to customers and capital.”

SICs are facilities that support research and development, innovation, and entrepreneurship through mentorship, networking opportunities, hands-on training, business support services, and education opportunities. SICs can be accelerators, incubators, or research centers. Having a physical location where entrepreneurs can collaborate will help support new, diverse innovators and help drive long-term economic growth.

The NJEDA has announced investments into 12 SICs in New Jersey, focused on industries such as artificial intelligence, fintech, aerospace, life sciences, and biotech. To learn more about the NJEDA’s SIC initiative, visit https://www.njeda.gov/strategic-innovation-centers/. 

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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TRENTON, N.J. (December 22, 2025) – The New Jersey Economic Development Authority (NJEDA) is now accepting applications for the Historic Property Reinvestment Program (HPRP). The HPRP is a tax credit program to leverage the federal historic tax credit program to support rehabilitation projects of identified historic properties.

WHAT: HPRP’s focus is historic preservation as a component of community development, aiming to attract long-term private investment into New Jersey while preserving properties that have historic value. The revitalization of historic structures will help to bring these often-underutilized properties back to productive use, thereby reducing the need for new development at these locations.

WHO: Under the HPRP’s updated rules, properties with an approved Part 1 by the National Parks Service now qualify to apply. Additionally, projects located within a Government Restricted Municipality and/or with a total cost of rehabilitation of $5 million or less, are no longer required to show a project funding gap exists.

Program information, including a complete list of eligibility requirements and new rules reflecting recent legislative changes, can be found here.

WHEN: Applications are now open and will be accepted on a rolling basis. Awards will be based on the order in which complete applications are received by the Authority.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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TRENTON, N.J. (December 22, 2025) – Last week, the New Jersey Economic Development Authority (NJEDA) Board approved the creation of Phase 2 of the New Jersey Green Workforce Training Grant Challenge. Building upon the success of Phase 1, the $4 million grant program will position New Jersey residents for green economy careers, with a particular focus on serving New Jersey’s Overburdened Communities.

“Throughout the Murphy administration, the NJEDA has made major investments to support our clean energy future, helping build a stronger economy for the next generation,” said NJEDA Acting Chief Executive Officer Mary Maples. “The Green Workforce Training Grant Challenge is helping expand access to critical workforce development initiatives, ensuring New Jersey residents, particularly those in overburdened communities, are at the forefront for careers in the growing green economy.”

The competitive grant challenge will ask applicants to submit proposals that outline their plans to develop and implement workforce development initiatives to bolster the green economy, with a focus on New Jersey’s Overburdened Communities. Grants ranging from $500,000 to $800,000 will be awarded, and may be used to cover planning, outreach, construction, and implementation to offer training programs in green economy industries.

Following the New Jersey Council on the Green Economy’s Building our Resilient, Inclusive, and Diverse Green Economy (BRIDGE) initiative, the New Jersey Green Workforce Training Grant Challenge was first approved by the NJEDA Board in April 2024. Four applicants were approved under Phase 1 of the program, totaling $4.3 million in grant funding to support training programs in solar energy, weatherization, green infrastructure, electric vehicles and more. Phase 2 of the program is funded with $4 million provided through a Memorandum of Understanding between the NJEDA and the New Jersey Department of Environmental Protection (NJDEP).

Eligible applicants include, but are not limited to, community-based organizations, workforce training organizations, labor unions, technical high schools, county colleges, non-profits, regional workforce development boards, and private-sector companies. Applicants must include at least one Community-Based Organization (CBO) that serves one or more New Jersey overburdened communities as part of their application either as the primary applicant or a collaborator.

Applicants’ proposals must include their plans to implement workforce programs that provide industry-recognized credentials, connect participants with job opportunities in the green economy, develop outreach that targets and support a diverse and inclusive pool of participants, including those from overburdened communities, and define program evaluation and success metrics. The grant program will prioritize support of training programs that connect participants with near-term job opportunities in the green economy.

More information about Phase 2 of the New Jersey Green Workforce Training Grant Challenge, including eligibility requirements and a formal application, will be available at www.njeda.gov.

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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Independently prepared report details how NJEDA’s $190M SIC commitment will enhance NJ’s economic competitiveness

TRENTON, N.J. (December 22, 2025) – The New Jersey Economic Development Authority (NJEDA) today released findings from an economic impact assessment of the Strategic Innovation Center (SIC) initiative, which brings together startup founders, investors, academic institutions, and private sector leaders to foster research and development in high-growth sectors such as artificial intelligence (AI), the life sciences, and advanced manufacturing. The results found that the state’s 12 SICs will catalyze new and sustained economic activity in key industries, creating economic opportunities, supporting and retaining innovative early-stage companies, and driving long-term economic growth.

The report quantifies the 10-year economic impact of each SIC and showcases how the NJEDA’s investments in development, operations, and startup financing will lead to widespread economic growth. Collectively, the NJEDA’s $190 million SIC commitment is projected to create $8.9 billion in direct economic impact of graduated startup operations and research activities by year 10. New businesses that are formed and developed at SICs are expected to generate $17.2 billion in economic output, support 28,000 jobs, and contribute $427 million in total annual tax revenue.

“Since taking office, my administration has been focused on expanding resources for entrepreneurs and supporting startup development to reclaim New Jersey’s historic position as an innovation hub,” said Governor Phil Murphy. “The state’s growing roster of Strategic Innovation Centers will create new and long-term opportunities for startup founders, researchers, and industry stakeholders, increasing tax revenues and creating jobs across the Garden State.”

SICs are facilities that support research and development, innovation, and entrepreneurship through mentorship, networking opportunities, hands-on training, business support services, and education opportunities. SICs can be accelerators, incubators, or research centers. Having a physical location where entrepreneurs can collaborate will help support new, diverse innovators and help drive long-term economic growth.

“Over the past eight years, Governor Murphy and the Legislature have made historic investments into fostering a strong and equitable innovation ecosystem, ensuring all entrepreneurs have access to capital and the resources needed to build and grow in the Garden State,” said NJEDA Acting Chief Executive Officer Mary Maples. “The NJEDA’s Strategic Innovation Center initiative is creating collaborative environments where startups can thrive, creating billions in economic output and generating thousands of jobs in the decades to come.”

The independent report was conducted by Econsult Solutions Inc. It assessed employment, labor income, output, and tax revenue impacts using the IMPLAN modeling software, projecting both financial and economic development outcomes for each SIC to offer a total view across the SIC platform. Click here to read more.

“From North Jersey to South Jersey, Strategic Innovation Centers are supporting startups and technological innovation, helping drive our economy forward,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello. “New Jersey has invested robust resources into its innovation economy throughout the Murphy Administration, and this report confirms that the return on our investment will be thousands of good-paying jobs and billions of dollars in economic impact. As we continue supporting our innovation ecosystem, it’ll lead to sustainable, long-term economic growth across the whole state.”

The report organizes New Jersey’s SICs into three clusters: Information and High Technology, Life Sciences, and Advanced Manufacturing. The 12 SICs are:

Information and High Technology

  • NJII Venture Studio (Newark) will accelerate and commercialize high-tech and information technology in collaboration with the New Jersey Innovation Institute, a subsidiary of the New Jersey Institute of Technology.
  • New Jersey Fintech Accelerator at Stevens Institute of Technology (NJ FAST) (Hoboken and Newark) is an accelerator focused on advancing innovation in digital payments, cybersecurity, data analytics, and financial services modernization.
  • NJ AI Hub (Princeton) is a center for artificial intelligence research, workforce development, and entrepreneurship, in partnership with Princeton University, Microsoft, and CoreWeave.

Life Sciences

  • Edge Works at SciTech Scity (Jersey City) is a planned mixed-use innovation complex linking digital health, medtech, and climate technology entrepreneurship with Liberty Science Center’s education and research mission.
  • The Health and Life Sciences Exchange (HELIX) and the NJ Innovation Hub (New Brunswick) will be a world-class center for translational research and innovation to be completed in Spring 2026 bringing together Rutgers University, RWJBarnabas Health, Hackensack Meridian Health, and private industry partners.
  • NJ Coriell Labs Innovation Center (Camden) will be a hub for advanced biotechnology and genomics-based start-ups co-located within Coriell’s new science campus in Camden and engaging with academic partners Rowan University and Rutgers University.
  • New Jersey Accelerator for Innovation in Medtech (NJ AIM) (Camden and Mullica Hill) will be an accelerator for early-stage medical technology ventures operated by Plug and Play in partnership with Rowan University.
  • Nurture NJ Innovation Center (Trenton) is the nation’s first accelerator dedicated to maternal and infant health innovation, building on the leadership of the Nurture NJ initiative.

Advanced Manufacturing

  • NJ Nokia Bell Labs Innovation Center (New Brunswick) will be located at the second phase of HELIX to provide emerging companies with necessary business training, operating services, physical space, and management guidance to transform their research into commercially viable products and services. The Bell Labs Venture Studio (Murray Hill) is a venture creation platform that pairs Bell Labs’ deep scientific expertise with start-up acceleration, targeting advanced manufacturing applications in photonics, materials science, and communications infrastructure to be relocated to NJ Nokia Bell Labs Innovation Center.
  • Atlantic County NJ Aerospace SIC (Egg Harbor Township) will be located in the National Aerospace Research & Technology Park and provide state-of-the-art aerospace research spaces, high-speed connectivity data systems, laboratories, and co-working and studio spaces.
  • HAX (Newark) is an advanced hardware accelerator operated by SOSV that supports early-stage companies developing robotics, climate technologies, and physical products that merge design, engineering, and scalable production.
  • NJ HAX Plasma Forge (Princeton) will be a specialized technology development platform focused on plasma-based energy and manufacturing innovations, exploring applications in clean energy systems, materials processing, and sustainable industrial production.

To learn more about the NJEDA’s SIC initiative, visit https://www.njeda.gov/strategic-innovation-centers/.

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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TRENTON, N.J. (December 19, 2025) – The New Jersey Economic Development Authority (NJEDA) Board approved ten corporations to purchase $85 million in tax credits to fuel the New Jersey Innovation Evergreen Fund (NJIEF). This is the NJIEF’s second tax credit auction since the program launched in 2022.

“Both investors and entrepreneurs have praised the NJIEF as a strong driver for channeling investment into New Jersey startups, and once again business leaders have recognized the Fund’s significant value,” said NJEDA Acting Chief Executive Officer Mary Maples. “The Murphy Administration has bolstered New Jersey’s innovation economy by engaging with the state’s industry leaders to catalyze investment and foster mentorship and networking opportunities for emerging entrepreneurs.”

The NJIEF is a unique tool to increase access to strategic resources and venture capital in New Jersey. Under the NJIEF, the State acts as an equity investor in early-stage companies, deploying up to $600 million into companies alongside professional venture capital firms. The Evergreen Fund currently has approximately $13.6 million of unallocated capital available to fund additional investments into high-growth businesses in New Jersey.

Following a successful inaugural sale in 2022, a second auction of $50 million was announced this summer. Due to greater than anticipated demand, funding for the tax credit auction was increased in September to $85 million. The companies approved represent a diverse array of industries, with businesses hailing from the financial technology, information technology consulting, consumer goods, insurance, banking, and healthcare sectors.

“The NJIEF provides the Authority with another distinct resource to support start-ups through a holistic approach that extends well beyond financial assistance,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello. “This recent tax credit auction demonstrates the state’s commitment to supporting innovative ventures and we look forward to continuing to invest high-growth startups that will propel economic growth across the state.”

The following applicants were approved to purchase tax credits through the NJIEF:

As part of the auction, each corporation will support the state’s innovation economy along with their financial bids, including through a commitment to serve on the NJIEF Advisory Board for one year. Additionally, the ten corporations made strategic commitments to support the State’s innovation community through unique and impactful projects with costs totaling nearly $4.4 million. Examples of this strategic support include contributions to support innovation focused workforce development and mentorship programs throughout New Jersey, free shared workspace open to innovative startups, and partnerships with Strategic Innovation Centers. These commitments, which include networking, mentoring, and educational opportunities, are a scored component of the tax credit purchasers’ bids.

These purchases will fund Program investments into innovative high-growth NJ-based businesses made through public-private partnerships with Qualified Venture Firms (QVFs), who also invest their own private sector capital into the transactions. Additionally, the Program portfolio companies and innovation ecosystem stakeholders throughout the Garden State will benefit from the strategic commitments made by NJIEF tax credit purchasers.

Applications for venture firms seeking to qualify as a QVF can be found here and are being accepted on a rolling basis. The firms approved to date represent diversity in terms of investment strategy, industry, and stage. Additionally, there continues to be strong momentum from interested managers. The roster of the 28 currently approved managers can be found here.

Applications for approved QVFs to apply for Qualified Investments into high-growth, innovative businesses based in New Jersey are also now open. The total capital available for new investments stands at approximately $13.6 million.

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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This marks $30 million food security program’s second round of awards, which will support initiatives that improve residents’ ability to access fresh, affordable, and healthy food

TRENTON, N.J. (December 17, 2025) – The New Jersey Economic Development Authority (NJEDA) Board approved more than $9.3 million in grant awards to 23 organizations under the Food Equity and Economic Development in New Jersey (FEED NJ) Pilot Program. The approvals mark the second round of awards under the $30 million program and will expand the NJEDA’s support for food security projects in New Jersey’s 14 most acute Food Desert Communities (FDCs), catalyzing innovative, sustainable, and scalable food access initiatives in underserved areas. The first round of 50 approvals totaling $20.6 million was made during the NJEDA’s November board meeting. The total funding of $30 million to 73 organizations is one of the largest investments in recent years dedicated to strengthening New Jersey’s food security infrastructure.  

“The NJEDA has broadened its food security efforts throughout Governor Murphy’s administration, supporting innovative solutions that uplift New Jersey’s families, strengthen our economy, and open new doors of opportunity,” said NJEDA Acting Chief Executive Officer Mary Maples. “The funding approved today will support a range of projects, including grocery delivery and urban farming programs, empowering local partners and providing lasting support to communities that need it most.”

Each of the 23 grant recipients will receive awards of up to $500,000 and will primarily focus their projects on serving residents of one or more of the highest-need FDCs, which are spread across seven counties, comprise portions of 12 municipalities, and are home to 567,349 residents. Primary Focus FDCs include portions of Bridgeton, Camden, Fairfield Township, Lawrence Township, Newark, New Brunswick, Passaic City, Paterson, Pennsauken, Salem City, Trenton, and Woodlynne.

The second round of awards approved by the NJEDA board will also serve 36 additional FDCs such as Dover, Jersey City, Irvington, East Orange, and Perth Amboy.  All 50 of the state’s designated FDCs will be served by FEED NJ projects, which include creating new or expanded food pantries and mobile markets, partnering with farmers to bring locally-grown food to New Jersey residents, buying new delivery vehicles, and strengthening meal recovery initiatives.

Click here to view the full list of all 73 awardees and descriptions of their proposed projects.

“With community-driven initiatives like FEED NJ, the NJEDA is continuing to make transformative investments to advance food security, recognizing that access to fresh, affordable food is essential for both economic stability and social well-being,” said NJEDA Chief Economic Security Officer Tara Colton. “FEED NJ will empower nonprofits and private partners to bring meaningful food access programs to underserved areas, opening the door to greater opportunity for countless families.”

The NJEDA’s list of New Jersey’s 50 FDCs, which was created in consultation with the New Jersey Department of Community Affairs and the New Jersey Department of Agriculture, considers more than 24 variables related to the food retail environment, demographics, economic health, and community factors. A full list and map of all 50 FDCs is available on the FEED NJ website.

“FEED NJ represents targeted investments in the districts and communities across our state and helps ensure families can access fresh, affordable food in the neighborhoods where they live,” said Assembly Speaker Craig J. Coughlin. “This second round of grants continues our commitment to meeting needs on the ground and supporting the local partners who work tirelessly to strengthen local food access. Fighting food insecurity is fundamental, and when we take the steps to make sure families have what they need, we lay the foundation for better health and lasting opportunity.”

“Just this week a survey of Americans revealed that nearly 70% of people are struggling to afford groceries for their household. That is staggering,” said Department of Human Services Commissioner Sarah Adelman. “These grants will help community feeding organizations expand their programs and more effectively address hunger needs in neighborhoods that lack consistent, reliable and affordable access to nutritious food. I am grateful to the NJEDA for continuing to prioritize basic necessities like food access as critical components of economic security and success for all New Jersey families.”

“The FEED NJ grants are another tool New Jersey is using to build a more sustainable food system,” said Ed Wengryn, New Jersey Secretary of Agriculture. “These grants create opportunities to connect our state’s farmers with food desert communities, providing local foods, strengthening our food system, and meeting critical nutritional needs.”

“Every community deserves a fair opportunity to close the gaps that exist between local residents and dignified access to nourishing food, and to address the root causes of those gaps,” said NJ Office of the Food Security Advocate Executive Director Mark Dinglasan. “This second round of FEED NJ funding expands that opportunity to more communities, and does so through a number of trusted local organizations I know are collaborating with farmers and growers, healthcare, school- and faith- based partners, residents, peer service providers and municipal and county offices to help prevent neighbors from being swept into a time of dire need, even as they care for the neighbors they serve each day. OFSA congratulates and is ready to support the new FEED NJ grantees and our NJEDA colleagues in this intentionally broader, more holistic work.”

FEED NJ complements the NJEDA’s robust toolkit of existing programs taking different approaches to expanding food access, which includes the Food Security Planning Grant Program, the Atlantic City Food Security Grants Pilot Program, and the Food Desert Relief Supermarket Tax Credit Program. Last month, the NJEDA announced that it provided $900,000 to support the State’s six Emergency Feeding Organizations as they faced increased demand due to the federal Supplemental Nutrition Assistance Program (SNAP) benefits crisis caused by the federal government shutdown.

FEED NJ is funded with $30 million in proceeds from the NJEDA’s 2023 and 2024 Food Desert Relief Tax Credit Auctions, which were authorized by the Food Desert Relief Act of 2021. For more information on the NJEDA’s food security programs, visit https://www.njeda.gov/food-security-programs/.

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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Award to IUOE Local 825 will increase training capacity and prepare apprentices for modern projects

TRENTON, N.J. (December 16, 2025) – Yesterday, the New Jersey Economic Development Authority (NJEDA) Board approved a grant award of more than $1.2 million to the International Union of Operating Engineers (IUOE) Local 825 for the construction of a new training facility in Dayton. The funding, awarded under the Apprenticeship Training Centers Construction Grant Program, will allow IUOE Local 825 to increase its apprentice intake, provide comprehensive skill development to New Jerseyans, and ensure apprentices are equipped to meet the demands of modern construction projects, bolstering workforce development opportunities in a crucial industry. 

“Under Governor Phil Murphy’s leadership, New Jersey has invested in innovative apprenticeship and workforce development programs to prepare residents for high-quality job opportunities in the state’s key industries,” said NJEDA Chief Executive Officer Tim Sullivan. “With new construction and development occurring across the Garden State, the expansion of Local 825’s training facilities will ensure New Jerseyans have the skills necessary to capitalize on these new economic opportunities.”

IUOE Local 825, based in Springfield, has more than 8,200 members across the Garden State and New York’s Hudson Valley. Its workers operate heavy equipment such as cranes, bulldozers, front-end loaders, backhoes, and graders for construction projects across the region. To prepare members for modern development projects, Local 825 is committed to expanding training opportunities in new technologies and processes to preserve mastery of heavy equipment.

The new construction project at IUOE Local 825’s training facility will replace existing trailer structures on-site and supplement the currently insufficient office and classroom space. The grant award will cover 70 percent of eligible project costs, with IUOE Local 825 covering the remainder.

“Thank you to Governor Phil Murphy, NJEDA CEO Tim Sullivan, and the NJEDA Board for recognizing the technology-driven evolution of operating engineering and the strong demand reflected in Local 825’s annual apprentice applications,” said IUOE Local 825 Business Manager Greg Lalevee. “Their commitment to training New Jerseyans will enable us to expand our facilities in line with these realities and deliver cutting‑edge instruction to more apprentices.” 

The grant program is supported by the New Jersey Department of Labor and Workforce Development’s (NJDOL) Workforce Development Partnership Fund. In February 2024, the NJEDA Board approved an MOU with the NJDOL that permits disbursement from the fund for the NJEDA to create and sustain workforce development programs and projects. Since 2018, New Jersey has invested more than $100 million in grant funding to support registered apprenticeship programs and has experienced a 157 percent increase in earn-while-you-learn opportunities.

“We are incredibly proud to see workforce development funds fueling opportunities that expand New Jersey’s record-setting achievements in apprenticeship over the past eight years,” said Labor Commissioner Robert Asaro-Angelo. “The construction of this new training center is a powerful example of how strategic investment in our workers strengthens our economy, opens doors to good careers, and helps our state continue to lead the nation.”

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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NJ AI Hub investment fund will provide entrepreneurs with essential resources for scaling inventive businesses

TRENTON, N.J. (December 15, 2025) –Today, the New Jersey Economic Development Authority (NJEDA) and CoreWeave, along with other accredited investors, announced a $20 million investment to support a fund for startups that are associated with the NJ AI Hub Strategic Innovation Center (SIC). The investment fund will help startups access capital, overcome challenges, and accelerate growth, strengthening New Jersey’s standing as a national leader in AI innovation.

On Monday, the NJEDA Board approved the $10 million investment into the fund, which will be matched by an equal investment from CoreWeave and affiliated investors.

“The growth of New Jersey’s innovation ecosystem creates immense opportunities for residents and entrepreneurs, helping create jobs in growing industries, transform communities, and catalyze new startup creation,” said Governor Phil Murphy. “With this new Hub Fund, along with our ongoing efforts to shape AI’s future, we are reviving the Garden State’s legendary legacy of innovation and, in the process, making our state more competitive in the global economy for decades to come.”

“Under Governor Murphy’s leadership, the NJEDA has utilized its Strategic Innovation Center initiative to support growth among the state’s most dynamic industries, partnering with private sector leaders, academia, and other stakeholders to accelerate research and bolster entrepreneurship,” said NJEDA Chief Executive Officer Tim Sullivan. “The NJEDA’s and CoreWeave’s investment into the NJ AI Hub will ensure that startup founders in New Jersey have access to the capital needed to grow in the state, helping create jobs and boost local economies.”

This morning, the NJ AI Hub announced that Plug and Play will manage an accelerator program at the SIC, connecting New Jersey’s AI startups and higher-ed-affiliated entrepreneurs with mentors, investors, and industry partners. Plug and Play will run selected cohorts each year that support startups at different stages of development.

The NJEDA also announced today that Plug and Play has been awarded a $3.8 million grant to develop and manage the upcoming AI Challenge, which will engage New Jersey residents, researchers, entrepreneurs, students, and companies to identify challenges across the state and develop AI-based software solutions. Winners of the challenge will work with Plug and Play on pilot testing or commercialization of the software and receive mentorship and advisory support from Plug and Play’s network of subject matter experts.

Building on its partnership with the NJEDA through the existing New Jersey Fintech Accelerator at Stevens Institute of Technology (NJ FAST) SIC and a new multi-location SIC in Camden, Mullica Hill, and Trenton in collaboration with Rowan University, Plug and Play will leverage its global network of venture capital firms, corporate investors, and innovation partners to help founders secure follow-on funding and achieve long-term growth. With over 60 offices globally and partnerships with more than 550 corporations, Plug and Play runs more than 100 accelerator programs annually across sectors like AI, fintech, health, and energy.

“New Jersey is fast becoming one of the most compelling places in the country to build an AI company, and this fund makes that real for founders, not just on paper,” said Plug and Play Partner and Chief Revenue Officer Michael Olmstead. “By pairing NJEDA’s commitment with CoreWeave and the NJ AI Hub, we’re giving New Jersey startups the capital, connections, and support they need to go from first pilot to meaningful scale right here in the Garden State. We’re excited to back founders who are using AI to solve practical problems, create good jobs, and carry New Jersey’s long legacy of innovation into the next decade.”

Announced in December 2023 and founded by the NJEDA, CoreWeave, Microsoft, and Princeton University, the NJ AI Hub brings together AI researchers, industry leaders, start-up companies, and other collaborators to advance research and development, bolster startup creation, advance the use of ethical AI for positive societal impact, and promote workforce development. The $20 million investment announced today will foster further private capital funding into AI startups, eliminating barriers to capital and resources faced by early-stage companies

“New Jersey has the talent, the infrastructure, and the drive to become a national leader in AI innovation,” said Brian Venturo, Co-Founder and CSO at CoreWeave. “This commitment is designed to deliver real benefits for people across the state, more opportunity, more high quality jobs, and a stronger economy, while supporting the next generation of AI leaders building technology that will improve how we live and work. We are proud to partner with Governor Murphy, the NJEDA, and the NJ AI Hub to help make New Jersey a top destination for AI advancement.”

“The launch of this $20 million fund is an essential catalyst for AI startups in New Jersey,” said NJ AI Hub Executive Director Liat Krawczyk. “It will provide critical support to entrepreneurs, helping to position New Jersey for the next generation of transformative technologies.”

The NJ AI Hub is an integral part of Governor Murphy and the NJEDA’s efforts to expand state resources for the AI sector. In June, the NJEDA opened applications for the Next New Jersey Program – AI, which provides tax credits to eligible businesses investing in large-scale AI data centers and companies engaging in AI-related activities. The NJEDA also approved a dedicated AI cohort within the New Jersey Innovation Fellows Program (NJIF) in 2024, which will provide income replacement grants of up to $400,000 to eligible entrepreneur teams looking to launch an AI-driven business.

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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