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TRENTON, N.J. (July 25, 2024) – The New Jersey Economic Development Authority (NJEDA) is seeking public input on amendments to the Authority’s prevailing wage rules. The Authority’s prevailing wage rules were last updated over a decade ago. These amendments are proposed to bring the rules up to date with the statutory changes that have since occurred, including the Economic Recovery Act, the Public Works Contractor Registration Act, and the Prevailing Wage Act.
WHAT: The document posted on the NJEDA webpage is a draft, which will be presented to the NJEDA Board, with any final edits, for its review and consideration for approval. If approved, the amendments will be published in the New Jersey Register for formal public comment as required by the Administrative Procedure Act before adoption.
WHEN: Feedback must be submitted in writing no later than 5:00 p.m. onThursday, August 1, 2024. Written feedback can be submitted here.
A virtual listening session will be held at 11:00 a.m. onWednesday, July 31, 2024. Click here for more information.
The Next New Jersey Program Provides Tax Credits to Innovative AI Companies
ROSELAND – Governor Phil Murphy today signed A4558/S3432, establishing the Next New Jersey Program that will attract new investment into the state’s artificial intelligence (AI) industry, creating new jobs and economic opportunities. The program will unlock access to capital for New Jersey’s innovators and entrepreneurs and ensure they have access to the infrastructure necessary to make new, cutting-edge developments, which will position the state as a national leader in the industry.
“AI has already started to revolutionize our everyday lives, and New Jersey is capitalizing on this moment to ensure we establish ourselves as a frontrunner in generative AI innovation,” said Governor Murphy. “The creation of this program will support the growth of AI-related businesses, which could lead to scientific breakthroughs and lifesaving discoveries right in our backyard. AI will be a transformative industry that will change lives and grow our economy and New Jersey is ready to take the lead.”
The Next New Jersey Program will be administered by the New Jersey Economic Development Authority (NJEDA), which will award tax credits to eligible businesses that are engaged in artificial intelligence work or large-scale artificial intelligence data centers. Artificial intelligence related activities could include developing new algorithms and techniques, such as machine learning and natural language processing; creating AI-powered software and hardware products, including for medical modeling; and developing AI chatbots for customer service.
“Under Governor Murphy’s leadership, New Jersey has been making major investments in emerging industries to help create sustainable, long-term economic growth,” said NJEDA Chief Executive Officer Tim Sullivan. “The Next New Jersey Program will build upon the Garden State’s longstanding legacy in innovation and drive the state’s prominence in the rapidly growing AI industry, and create a strategic advantage for our innovators. AI presents an opportunity for new industry development in the state, good-paying jobs for our residents, and a stronger and more diverse economy for the next generation.”
Last December, the Murphy Administration and Princeton University announced a partnership to develop an AI Hub, which will advance New Jersey’s leadership in the field and catalyze innovation in AI technologies. The AI Hub is expected to bring together industry leaders, researchers, and start-up companies to advance research and development in the emerging field. The hub will promote workforce development to support new AI technology development and implementation. Additionally, the AI Hub will house dedicated accelerator space and work to advance the use of ethical AI for positive societal impact.
Last fall, Governor Murphy also established the AI Task Force, charged with studying emerging AI technologies and its societal impacts. The state’s AI initiative draws on New Jersey’s unique strengths in the health, sustainability, financial, and technology sectors, which stand to benefit from the application of AI technologies to advance innovative breakthroughs.
The prime sponsors of this bill are Senator Raj Mukherji and Assemblyman Chris Tully.
“From life-saving healthcare breakthroughs to traffic jams, artificial intelligence will touch every aspect of our daily lives,” said Senator Raj Mukherji, a former information technology CEO. “Through the responsible incentives in the Next New Jersey legislation, we are cementing New Jersey’s place at the forefront of technological advancement and economic competitiveness as we tap into the transformative potential of AI. Through job creation, catalyzing innovation, and empowering our higher education institutions, we will see incredible return on our investment.”
“The Next New Jersey Program is a bold step forward in making our state a leading hub for the rapidly evolving AI industry and ensure we continue building a prosperous and innovative future for all of New Jersey,” said Assemblyman Tully. “New Jersey’s investment lets industry know our state is a competitive and committed leader in AI.”
“The signing of this bill is definitive proof that New Jersey is open for AI business,” said Brian Venturo, co-founder and Chief Strategy Officer at CoreWeave. “This not only reinforces New Jersey’s heritage as a state of innovators but also paves the way for significant advancements and opportunities in AI development. As the AI Hyperscaler, CoreWeave is proud to be headquartered here and excited to continue driving this industry forward.”
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.
Wellness center in city’s South Ward will house major Federally Qualified Health Center
TRENTON, N.J. (July 23, 2024) – Last week, the New Jersey Economic Development Authority (NJEDA) Board approved Aspire tax credits for a health care center in Newark. Located along Clinton Avenue in the city’s South Ward, the center will house a Federally Qualified Health Center (FQHC), a pharmacy, and a variety of other community health offerings.
“Governor Phil Murphy envisioned the Aspire Program to support a wide-range of projects to spur community development and economic growth. Since its implementation, the program has gone on to support mixed-use housing developments, innovation hubs, production studios, and now a major health care center in the South Ward of Newark,” said NJEDA Chief Executive Officer Tim Sullivan. “The South Ward Wellness Center will help transform the community by addressing health care inequities, while creating good-paying jobs and serving as an economic driver in the neighborhood. The Aspire Program is continuing to make a difference in communities across the state.”
The South Ward Wellness Center, which was approved for up to $21.7 million in Aspire tax credits, will consist of over 46,000 square feet, including a nearly 12,000-square-foot FQHC. FQHCs are nonprofit, community-based clinics focused on providing quality health care services to medically underserved areas and populations, regardless of a patient’s ability to pay. The Wellness Center’s FQHC space will be leased by Saint James Health, Inc., which operates several FQHCs across Newark, and will offer primary and preventative community health care services.
The applicant, South Ward Promise Neighborhood (SWPN), will be the tenant for the remainder of the space at the Wellness Center. The community-focused nonprofit organization will provide numerous health care services, including group therapy, as well as maternal, medical, and physical health services. SWPN was formed in 2014 as a place-based organization focused on expanding access to quality education, food, housing, employment, and physical and mental health resources for families in Newark’s South Ward.
“I commend the NJEDA and all involved in making this transformative project a reality for our community,” said Senate Majority Leader M. Teresa Ruiz (D-Essex/Hudson). “It is great to see what is possible when we lock arms to bring legislative policies to life as intended. This project not only delivers crucial health services to the South Ward but also stimulates local economic growth and job creation. The South Ward Wellness Center exemplifies our ongoing efforts to tackle decades of inequality in Newark while strengthening our families through a mission-driven approach.”
“Being born and raised in Newark, I understand the impact of ensuring access to healthcare in creating a healthier, more equitable community. Establishing a one-stop health center that offers access to a variety of services without needing to travel outside of this city will make a world of difference to its residents,” said Assemblywoman Eliana Pintor Marin (D-Essex, Hudson). “The tax credit awards being announced today are the latest testament to the difference the Aspire program is having in cities and towns throughout New Jersey.”
“The approval of the Aspire award for the South Ward Wellness Center is a monumental achievement for New Jersey,” said Assemblywoman Shanique Speight (D-Essex, Hudson). “I am thrilled about the transformative impact this will have on our community, fostering wellness, growth, and a brighter future for the South Ward.”
The site is located at 479-485 Clinton Avenue and 648-652 Bergen Street, and is within proximity to multiple NJ TRANSIT bus lines. The site currently consists of vacant land and older retail and warehouse buildings which will be demolished to complete the project. The project will have four stories of approximately 11,500 square feet per story. Once complete, the building will include up to 11,000 square feet of solar panels to generate clean, renewable electricity and reduce operating costs.
“The South Ward Wellness Center is yet another example of our holistic approach to progress,” said Newark Mayor Ras J. Baraka. “This enables us to move several pegs forward at once, and in this case, we will provide residents with physical and mental healthcare and other wellness services, employment opportunities, a beautified neighborhood, and a boost in the community’s economy. I’m grateful to the South Ward Promise Neighborhood for helping to secure this very important tax credit and grateful for the many ways that Governor Murphy and NJEDA partner with us to help the people of Newark.”
Aspire is a place-based economic development program created under the New Jersey Economic Recovery Act of 2020 (ERA) to support mixed-use, transit-oriented development with tax credits to commercial and residential real estate development projects that have financing gaps. As a performance-based program, projects must certify that all commitments established at time of approval have been met before receiving their first disbursement of tax credits.
In line with Governor Murphy’s and the NJEDA’s commitment to fiscal responsibility and transparency, the Aspire program rules include provisions, such as a gap financing review and excess revenue sharing requirements, to ensure tax credits are awarded responsibly.
The Aspire program application, as well as complete rules, eligibility requirements, award sizes, and other information can be found here.
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.
Agreement Lays Groundwork for Planned NJEDA Initiative to Foster Employee Ownership Plans and Drive Generational Wealth
TRENTON, N.J. (July 18, 2024) – The New Jersey Economic Development Authority (NJEDA) Board approved the Authority’s entry into an agreement with the Rutgers University School of Management and Labor Relations (SMLR), to create educational and informational programming in order to increase the quantity of New Jersey businesses utilizing an Employee Stock Ownership Plan (ESOP). An ESOP is an employee ownership model in which employees retain interest in shares of a company through holding corporate stock in a trust, providing a succession plan for business owners while building wealth for workers.
In 2021, Governor Murphy issued Executive Order 262, which established the Wealth Disparity Task Force and tasked it with examining the causes of, and creating remedies for, the longstanding wealth disparities that affect Black and Hispanic or Latino New Jerseyans. As part of the State Fiscal Year 2024 Appropriations Act, $6 million of funding was allocated to the NJEDA for Wealth Disparity Initiatives based on the work of the Wealth Disparity Task Force. This MOU will be funded through part of that allocation.
“The ESOP model has been deployed successfully by thousands of companies nationally and presents a fantastic alternative for New Jersey businesses looking to solidify their succession plans and offer a family- sustaining benefit to their employees,” said Governor Phil Murphy. “The team at Rutgers has amassed significant expertise on the deployment of ESOPs, and will be a crucial partner in raising awareness of this tremendous financial opportunity for New Jerseyans.”
Despite the success of ESOPs nationwide, to date, New Jersey continues to report one of the lowest rates of employee-owned companies across the United States. Currently, New Jersey is home to 88 ESOPs, holding $64.9 billion in plan assets covering 423,429 current employees and retirees, with an average stock account for eligible current employees of $188,868.
“ESOPs offer a powerful mechanism for creating a stable transition plan for companies, while also helping employee owners accumulate wealth to pass on to future generations, particularly within communities of color,” said NJEDA CEO Tim Sullivan. “Under Governor Phil Murphy’s leadership, the Wealth Disparity Task Force identified an opportunity to mitigate barriers for entry into ESOPs, releasing their potential to secure the future of businesses and their employee owners that outpaces more widely-employed forms of savings and investment.”
Funded at $2 million, the MOU between the NJEDA and Rutgers SMLR will support the creation of a technical assistance program in which Rutgers SMLR will develop a tool to help interested New Jersey businesses determine if transitioning to an ESOP may be a viable option for succession planning. Additionally, Rutgers will spearhead a series of outreach initiatives designed to increase awareness and access to information for employees and business owners interested in considering becoming an ESOP. The programming will be led by SMLR’s Institute for the Study of Employee Ownership and Profit Sharing and its New Jersey/New York Center for Employee Ownership.
“A large percentage of retiring business owners have few succession plan options, and don’t realize they can sell the company to their employees instead of closing up shop,” said Professor Bill Castellano, Executive Director of the New Jersey/New York Center for Employee Ownership. “Employee ownership strategies save jobs and help to keep the business and the local economy going. Our research shows that when low-income workers own some or all of the companies where they work, they can also build significant wealth over time. Yet, this important option for succession and wealth preservation has to date not been sufficiently communicated to underrepresented business owners. This program aims to begin to correct that.”
In April 2024, the NJEDA issued a Request for Information (RFI) for Development of a Statewide Employee Ownership Program to solicit information on the current ecosystem surrounding employee ownership models, assistance programs offered by other jurisdictions, and barriers faced by aspiring employee-owned companies. The RFI revealed that the employee ownership transition process presents technical and financial barriers to entry that present challenges to business owners and employees related to the complex legal, accounting, administrative and compliance requirements. Despite these hurdles, many employee-owned companies continue to thrive, creating and sustaining wealth for their employee owners.
“The Wealth Disparity Task Force’s recommendation of ESOPs as a means to support businesses and help people of color build generational wealth is groundbreaking, as ESOPs offer a proven framework for achieving financial stability,” said NJEDA Chief Diversity Officer Michelle Bodden. “The collaboration of the NJEDA and Rutgers SMLR to advance this framework and educate the public on this opportunity will help families that struggle to save for the future achieve their long-term financial goals.”
“Studies show that employee ownership models support wealth building and retirement opportunities for workers. The Wealth Disparity Task Force found that employee ownership models can effectively address long-standing wealth disparities that disproportionately affect Black and Hispanic workers,” said Jayné Johnson, Director, NJ Office of Equity, Office of the NJ Governor. “This initiative will advance existing work in our state to expand opportunities for asset-limited workers and their families.”
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.
Funds will support investments in early-stage technology companies
TRENTON, N.J. (July 17, 2024) – The New Jersey Economic Development Authority (NJEDA) today approved an investment into Newark Venture Partners, III, L.P. (NVP III) of up to $6 million under the NJEDA’s Venture Fund Investment Program. As a requirement of the program, NVP III will work to match every dollar of the NJEDA’s commitment to the Fund with an additional $2 into New Jersey-based companies. Additionally, up to $1 million of the NJEDA’s aggregate commitment will be invested through a fund to exclusively invest in Newark-based startups.
“Under Governor Murphy’s leadership, New Jersey has been laser-focused on connecting entrepreneurs and companies of the future with access to capital,” said NJEDA Chief Executive Officer Tim Sullivan. “Strategic investments in New Jersey’s innovation sector, like those made available under the NJEDA’s Venture Fund Investment Program, help drive ingenuity, generate good-paying jobs, and strengthen our economy, further positioning the Garden State as the premier destination for technology and innovation companies.”
NVP III is the third fund for Newark Venture Partners (NVP), a Newark-based early-stage venture capital firm. NVP leverages its corporate limited partner relationships, which include top corporate investors such as Audible (an Amazon company), Prudential, RWJBarnabas, Bank of America, and Horizon Blue Cross Blue Shield, to source potential investments, evaluate the commercial viability of opportunities, and add value to portfolio companies.
“This investment in NVP will have exponentially greater impact as it leverages the firm’s network and expertise, advancing the performance of technology businesses across the State,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello. “Investing in early-stage firms such as these will lead to economic transformation, job growth, and innovation for diverse New Jersey companies.”
The Authority prioritizes support for venture capital funds that invest in early-stage companies with less than $3 million in revenue, as well as supporting emerging technology companies. To date, the NJEDA has approved investments in 22 venture capital funds with cumulative commitments of more than $77 million, including an approximately $5.3 million commitment to NVP’s first two funds.
“The NJEDA has supported Newark Venture Partners from the beginning and continues to be a best-in-class partner as we evolve as a firm,” said Dan Borok, Managing Partner of NVP.
“We value our ongoing partnership with the NJEDA and its efforts to propel New Jersey’s innovation economy forward,” said Vaughn Crowe, Managing Partner of NVP and a Newark native.
Cumulatively, past venture capital partners have invested approximately four times the NJEDA’s investment into more than 100 New Jersey early-stage technology and life science companies. Including other third-party investors, companies in the NJEDA venture fund portfolio have received $3 billion of funding. Active portfolio companies employed over 1,000 full time employees.
More information on Venture Fund Investments, including program details, evaluation criteria, and applications, can be found here.
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.
“The New Jersey Innovation Evergreen Fund is a groundbreaking tool that propels New Jersey’s economy forward by leveraging public and private dollars to invest in high-growth start-ups and entrepreneurs, providing a self-sustaining cycle of investment for innovators in need of access to capital,” said NJEDA Chief Executive Officer Tim Sullivan. “Throughout Governor Murphy’s administration, New Jersey continues to further its legacy as a global leader in innovation by making substantial investments in the next generation of pioneering companies that call the Garden State home.”
The NJIEF, launched in 2022, 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 over $37 million available and is expected to use this to fund initial investments into additional high-growth businesses in New Jersey. The NJEDA is planning for another tax credit auction in 2025 to raise additional capital for further investment.
“The investment approved by our Board today adds to the NJIEF’s momentum and exemplifies the state’s commitment to supporting up-and-coming women-owned companies and entrepreneurs,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello. “By creating a stream of venture capital investment into high growth start-ups, the NJIEF will continue to drive job creation and economic growth across the State.”
Based in Ridgewood, The Many Company was founded in 2020 by Carolyn Butler, a graduate of the Stevens Institute of Technology, and Rich Amsinger. Brought on by the birth of the founders’ first child and the realization that they had no use for outgrown baby clothes, The Many Company was conceived to enable direct-to-consumer (“DTC”) sustainable brands to accelerate growth and participate in the “circular economy.” Today, The Many Company sells refurbished, pre-owned resale apparel, overstock items, and offers returns through hosted web platforms, including through its own website, ManyMoons. Originally focused on children’s apparel, the company is now expanding into women’s apparel brand partners.
“Brands face a landscape fraught with logistical challenges and financial losses due to unsold inventory and retail returns. The Many Company changes that dynamic by transforming what was once considered a write-off loss into a significant revenue-generating opportunity,” said Carolyn Butler, Founder and CEO of The Many Company. “Our technology handles complex operations at scale, paired with syndication technology that drives sell-through across e-commerce platforms. This makes it easy for brands to unlock the value of physical assets while simultaneously reducing their environmental impact – a win-win for everyone. This investment from NJEDA, along with backing from industry-leading VCs like Bullpen Capital, will enable us to rapidly scale our technology and bring more brands into this new core pillar of retail technology and logistics.”
The Many Company, like all companies approved for investment under the NJIEF, will benefit from the strategic commitments made by NJIEF tax credit purchasers. These purchases, which fund investments made by the Qualified Venture Firms (QVFs), are made in tandem with commitments to provide strategic support to strengthen the State’s innovation ecosystem. These commitments, which include networking, mentoring, and educational opportunities, are a scored component of the tax credit purchasers’ bids.
Bullpen Management, LLC is one of the 14 QVFs approved to date to access up to $12.5 million from the NJIEF to co-invest in innovative, high-growth New Jersey-based businesses. Founded in 2010, Bullpen Capital is an early-stage venture capital firm headquartered in San Francisco, California, and has a rich history of founding and investing in some of the industry’s most prominent technology companies such as FanDuel, Carbon Health, and Paper. Bullpen Management also has a history of providing support and mentorship to assist their portfolio companies in crossing over to mainstream consensus.
“Bullpen Capital strongly believes in the vision of the circular economy drawn by Carolyn Butler and the team at ManyMoons,” said Eric Wiesen, General Partner at Bullpen Capital. “Throughout our history, Bullpen has sought out non-consensus businesses, often located in emerging tech hubs like the one being built in New Jersey. We are thrilled to work with the NJEDA in our shared support of this dynamic and exciting company.”
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 current 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 over $37 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.
AfroTech’s Inaugural Newark Event Highlights City’s Innovation Community
TRENTON, N.J. (July 11, 2024) – On Friday, June 28, the New Jersey Economic Development Authority (NJEDA) and AfroTech celebrated AfroTech Executive 2024, with over 240 people in attendance. Held during this year’s North to Shore Festival, the event brought together corporate executives, founders, entrepreneurs, and investors for vital discussions on tech innovation, financial literacy and responsibility, and generational wealth creation.
“AfroTech is just one of many events held during North to Shore that showcased New Jersey’s commitment to diversity and innovation,” said Governor Phil Murphy. “When we bring together corporate executives and entrepreneurs in the City of Newark, one of the birthplaces of American innovation, we do our part in increasing access to economic opportunity and improving the prospects for generational wealth for all New Jerseyans.”
AfroTech brought together executives, entrepreneurs, and investors for vital discussions on innovation, financial literacy, and generational wealth creation. (Photo: AfroTech)
“Under Governor Murphy’s leadership, we have prioritized breaking down barriers to opportunity for minority and women entrepreneurs, especially in the tech and innovation sectors,” said NJEDA Chief Executive Officer Tim Sullivan. “AfroTech exemplifies the NJEDA’s commitment to supporting a diverse innovation economy, which in turn, leads to job creation, thriving communities, and a stronger New Jersey for years to come.”
Held at Prudential Tower in Newark, AfroTech Executive 2024 included two fireside chats and a panel discussion, followed by a networking reception. Award-winning host, social justice advocate, lawyer, commentator, and entrepreneur Angela Rye served as the keynote speaker.
“Our week hosting the North to Shore Festival, and the City of Newark itself are the perfect combination of time and space to showcase the brightest and most spirited African American innovators, investors, makers, moguls, and mavericks,” said Newark Mayor Ras J. Baraka. “Newark is at the crossroad of diversity and next-level technology, making it the ideal location for a dynamic exchange of insights and visions. It’s a thrilling time to be in Newark and we’re proud to be at the center of paradigm-shifting conversations.”
“This was a collaboration which confirmed the possibilities are limitless when you close your eyes to false perceptions and allow the finest minds to intersect with a mutual goal of excellence,” said John E. Harmon, Sr., IOM, Founder, President, & CEO, African American Chamber of Commerce of New Jersey. “I applaud all contributing parties that enabled Afro Tech to happen in the most diverse state in the country. Let’s keep it going.”
“AfroTech Executive 2024 was a great success, bringing together prominent voices in tech and innovation in Newark to discuss breaking down barriers for Black Americans while showcasing technology, entrepreneurialism, and innovation,” said NJEDA Chief Diversity & Inclusion Officer Michelle Bodden. “Conversations like these are essential for our communities and businesses, fostering greater upward mobility for members of the Black community.”
The fireside chat featured Angela Rye, Principal and CEO of IMPACT Strategies Global.(Photo: AfroTech)
The session was moderated by Vaughn Crowe, Managing Partner at Newark Venture Partners, and featured Erica Duignan Minnihan, Founder and General Partner at Reign Ventures. Together, they discussed how diversity is essential in fostering creativity and resilience, explored the innovative economies of New Jersey and the funding opportunities driving them forward.
The second session was a panel exploring practical Artificial Intelligence (AI) applications to streamline workflows, reduce biases, and promote inclusivity. The AI-focused panel included Sam Caucci, Founder and CEO of 1Huddle, Michele Alcazar, Head of HR for Global Technology & Data at Prudential, and was moderated by Daniel Adeyanju, Director of Partnerships at The Knowledge House.
The fireside chat explored the importance of providing funding opportunities and access to fueling an innovative landscape. The chat featured Angela Rye as the keynote speaker and was moderated by Will Lucas, Brand Manager at AfroTech. Rye currently serves as the Principal and CEO of IMPACT Strategies Global, a political advocacy firm based in Washington, D.C. She is a special correspondent on ESPN and was formally a Political Commentator on CNN.
“We are thrilled to have partnered with NJEDA for our AfroTech Executive event in Newark, marking an important milestone in our mission to highlight and foster diverse innovation,” said SVP of AfroTech and Live Events, Simone Tyler. “This event underscored the power of collaboration and the critical need to create economic opportunities that include all voices, driving forward both technological advancements and generational wealth within our communities.”
“Prudential was honored to host this energizing, impactful event at our Newark headquarters during the North to Shore Festival,” said Robert Gulliver, Chief Talent & Diversity Officer at Prudential Financial, Inc. “As an organization committed to attracting, developing, and retaining a diverse, best-in-class workforce supported by an inclusive culture, we applaud AfroTech’s work to connect tech talent with meaningful career opportunities and look forward to continuing our partnership.”
AfroTech Executive 2024 included two fireside chats and a panel discussion, followed by a networking reception. (Photo: AfroTech)
AfroTech Executive 2024 was held during the Newark portion of the North to Shore Festival. The festival is an annual three-week long festival that celebrates New Jersey’s leadership in entertainment, film, innovation, technology with over 300 events across 100 venues in Atlantic City, Asbury Park, and Newark. Last year, the North to Shore Festival drew an audience of nearly 250,000 to more than 300 shows. This year served as the second North to Shore festival, running from June 10th – 30th. To date, the festival has recorded over $7.6 million in ticket sales and is expecting over 250,000 attendees.
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.
TRENTON, N.J. (June 19, 2024) – The New Jersey Economic Development Authority (NJEDA) and AfroTech have partnered to host AfroTech Executive 2024 in Newark during this year’s North to Shore Festival. The event will bring together corporate executives, founders, entrepreneurs, and investors for vital discussions on tech innovation, financial literacy and responsibility, and generational wealth creation. Award-winning host, social justice advocate, lawyer, commentator, and entrepreneur Angela Rye will serve at the keynote speaker.
AfroTech Executive 2024 will take place on Friday, June 28, 2024, at 3:00 p.m. at Prudential Tower, 655 Broad St, Newark, N.J., 07102. The event will include two panel discussions and a fireside chat, followed by a networking reception. Click here to learn more and to purchase tickets.
“We are thrilled to partner with AfroTech, which has been dedicated to uplifting the Black community in the tech and innovation sectors. This event will bring together state and national figures for in-depth conversations focused on growing the innovation economy, and advancements in technology amidst the excitement of the North to Shore Festival,” said NJEDA Chief Executive Officer Tim Sullivan. “Under Governor Phil Murphy’s leadership, New Jersey has prioritized supporting minority and women entrepreneurs by ensuring they have equitable access to the tools they need to thrive and succeed. As we continue our mission to grow our diverse innovation economy, it will lead to greater ingenuity, new technologies, good-paying jobs, and a stronger New Jersey for the next generation.”
The first panel, which will be moderated by Vaughn Crowe, Managing Partner at Newark Venture Partners, will explore the diverse innovative economies of New Jersey and the funding opportunities driving them forward. The second panel will explore practical Artificial Intelligence (AI) applications to streamline workflows, reduce biases, and promote inclusivity. The AI-focused panel will include Sam Caucci, Founder and CEO of 1Huddle and Nina Edwards, Vice President of Strategic Initiatives, Global Technology at Prudential.
The fireside chat will explore the importance of providing opportunities and access to fueling an innovative landscape. The chat will feature Angela Rye as the keynote speaker and Will Lucas, Brand Manager at AfroTech, as the moderator. Rye currently serves as the Principal and CEO of IMPACT Strategies, a political advocacy firm formerly based in Washington, DC. She is a special correspondent on ESPN and was formally a Political Commentator on CNN.
“Once again, the Murphy Administration and NJEDA CEO Tim Sullivan have responded affirmatively to a request from the African American Chamber of Commerce of New Jersey to bring AfroTech to our state. This is an opportunity to showcase technology, innovation, and entrepreneurialism at the highest level and there is no better person to lead this presentation than Founder, Aaron Samuels,” said John E. Harmon, Sr., IOM, Founder, President & CEO, African American Chamber of Commerce of New Jersey. “Lastly, there is always an opportunity to have a thought-provoking discussion on issues that matter to individuals, businesses, and communities that have not had access to the transformational components of society, and this too will be a part of AfroTech. This is truly a must attend event.”
“The Murphy Administration has long been committed to supporting diverse entrepreneurs, which is good for our communities, our state, and our nation,” said Michelle Bodden, NJEDA’s Chief Diversity & Inclusion Officer. “This incredible event will bring prominent voices together in Newark to discuss ways we can continue breaking down barriers for the Black community and ensure they can reap the benefits of New Jersey’s growing innovation economy.”
AfroTech Executive 2024 will be held during the Newark portion of the North to Shore Festival. The festival is an annual three-week long festival that celebrates New Jersey’s leadership in entertainment, film, innovation, technology with over 300 events across 100 venues in Atlantic City, Asbury Park, and Newark. Last year, the North to Shore Festival drew an audience of nearly 250,000 to more than 300 shows. This year serves as the second North to Shore festival, running from June 10th – 30th. To date, the festival has recorded over $7.6 million in ticket sales and is expecting over 250,000 attendees.
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.
Analysis finds North Brunswick incubator has been an integral resource for New Jersey’s life sciences sector and a driver of the state’s overall economy
NORTH BRUNSWICK, N.J. (June 18, 2024) – The New Jersey Economic Development Authority (NJEDA) today released findings from the NJ Bioscience Center Incubator (BCI) IMPACT Study, a report seeking to understand and quantify the economic impacts of the incubator and the companies it has hosted and nurtured. The results found that BCI has been a vital resource for New Jersey’s life sciences sector and has had a positive impact on the state’s overall economy in terms of job creation, tax revenue, and total economic output.
The Incubator at North Brunswick is part of the 50-acre research park known as the New Jersey Bioscience Center, located on Route 1. The Incubator offers lab space starting at 900 square feet up to 1,300 square feet, conference rooms, loading docks, glass washing, autoclaves, and private offices. The space creates an environment for entrepreneurs to collaborate and develop a natural synergy. Additionally, companies have access to support services including venture capital training events and one-on-one office hours led by experienced life sciences professionals.
The IMPACT Study found that from 2019 to 2023, BCI supported companies which have created an average of 2,744 jobs per year, and in 2023, the resident companies generated $32 million in state and local tax revenue. Since 2002, BCI companies have generated over $9 billion in total output and $4 billion in total labor income in New Jersey. The full impact study document is available here.
“Located alongside New Jersey’s Route 1 Research Corridor, the Incubator at the New Jersey Bioscience Center leverages its close proximity to leading universities and corporations to attract, retain, and grow companies of the future that fuel our highly talented workforce,” said NJEDA Chief Executive Officer Tim Sullivan. “Since taking office, Governor Phil Murphy has been committed to creating resources for biotech startups to help bring life-saving products to market, and further New Jersey’s legacy as a leader in innovation, especially within the life sciences sector. The report released today clearly demonstrates how the Incubator is supporting early-stage biotech and life sciences businesses, providing them with the ecosystem, space, and resources needed to scale their operations.”
The report was conducted by BJH Advisors and East Egg Project Management. As part of the study, 18 graduates and current tenants of BCI were interviewed and unanimously agreed that the incubator contributed to the success and growth of their companies, with factors pointing towards BCI’s staff, resources, and programming, in addition to the facility’s space and equipment.
Of the 96 companies that have graduated from the incubator since 2002, 50 percent continue to operate their headquarters or maintain a presence and employment in New Jersey. Notable successful companies that have graduated from the incubator include Amicus Therapeutics, GENEWIZ, and Advaxis, now known as Ayala.
“The BCI is one of many ways the NJEDA is supporting biotech and life sciences businesses and start-ups by providing them with the space and resources to grow their companies, while encouraging collaboration among like-minded entrepreneurs,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello. “This report shows that New Jersey has what it takes to remain at the forefront of innovation.”
New Jersey is home to 14 of the world’s 20 largest pharmaceutical companies and more than 400 biotechnology companies. The life sciences industry employs 115,000 people in the state and has one of the country’s largest concentrations of science and engineering talent anywhere in the world. Middlesex County has the largest life sciences workforce in New Jersey, at over 11,200 people.
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.
Will create much-needed housing, support local economy
TRENTON, N.J. (June 17, 2024) – Last week, the New Jersey Economic Development Authority (NJEDA) Board approved a mixed-use residential development project in Newark for Aspire tax credits. The project, known as The Metropolitan, will create 207 residential units, 67 of which will be affordable.
“Thanks to Aspire’s flexible design and Governor Murphy’s commitment to reinvigorate communities, mixed-use projects will help spur development in neighborhoods across the state and create good-paying jobs. The added bonus of The Metropolitan’s downtown location and proximity to several major transit options makes it ideal for families and commuters,” said NJEDA Chief Executive Officer Tim Sullivan. “The development will help generate economic activity in the neighborhood, with dedicated retail space aimed to attract diverse businesses and clientele. With this latest approval, the Aspire Program continues to support the expansion of affordable housing, while creating stronger communities.”
The project, located at 260-272 Washington Street in Downtown Newark, was approved for up to $74 million in Aspire tax credits, which represents 60 percent of eligible project costs of $123.8 million.
“When we created the Aspire Program, it was designed with the intention of producing projects like the Metropolitan that benefit Newark families and commuters alike through job creation, transportation access, affordable housing, and business empowerment,” said Senate Majority Leader M. Teresa Ruiz (D-Essex/Hudson). “This forward-thinking project is an exciting step forward in revitalizing downtown Newark in an inclusive, innovative way that respects the unique needs of our community. Its careful consideration for promoting equity in redevelopment will greatly benefit Newark residents and bring new visitors to our growing downtown.”
“The Metropolitan embodies the spirit of the Aspire program,” said Assemblywoman Eliana Pintor Marin (D-Essex/Hudson). “It is our commitment to ensure that all residents have access to quality, affordable homes. As sponsor, I am proud to see the impact it is having in fostering economic growth and community in Newark and across the state of New Jersey.”
The Metropolitan will be a 23-story high-rise with 4,000 square feet in retail space on the ground floor. The retail component will be specifically targeted toward BIPOC businesses, helping to spur local economic activity in this area.
Additionally, the project intends to incorporate the Good Neighbor Program, which will allow tenants to receive credits toward their rent in exchange for volunteering at a local nonprofit organization in Newark.
The Applicant has demolished the site’s existing buildings but will retain the historic façade on the new development. The location is within walking distance of Newark Penn Station, the Newark Light Rail, and several bus stops.
“This mixed-use residential development project contributes to many of our goals: revitalizing our downtown, offering more affordable housing for our residents, and helping to strengthen our economy,” said Newark Mayor Ras J. Baraka. “With a nod to our past, this development project also retains historic features of the previous building’s façade and with eyes on our future, it encourages tenants to give back to Newark as volunteers with incentives connected to its partnership with the Good Neighbor Program. This is a win-win for our city. I thank the New Jersey Economic Development Authority, the Hanini Group, Shift Catalyst, and their partners for creating this project. They and the tenants who will live and volunteer here are what make us Newark and proud of it!”
The applicant is comprised of a partnership between The Hanini Group LLC, with a 75 percent stake, and Shift Catalyst, with a 25 percent stake. The Hanini Group and its affiliates have been a significant player in downtown Newark. Some of its notable projects include Hahne & Co., Hotel Indigo, and The People’s Bank Building in Passaic.
Aspire is a place-based economic development program created under the New Jersey Economic Recovery Act of 2020 (ERA) to support mixed-use, transit-oriented development with tax credits to commercial and residential real estate development projects that have financing gaps. As a performance-based program, projects must certify that all commitments established at time of approval have been met before receiving their first disbursement of tax credits.
In line with Governor Murphy’s and the NJEDA’s commitment to fiscal responsibility and transparency, the Aspire program rules include provisions, such as a gap financing review and excess revenue sharing requirements, to ensure tax credits are awarded responsibly. The Aspire program application, as well as complete rules, eligibility requirements, award sizes, and other information can be found here.
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.
