Jake Trinidad, Author at NJEDA

Bullpen Capital has invested over $3 million into The Many Company

TRENTON, N.J. (July 17, 2024) – The New Jersey Economic Development Authority (NJEDA) Board today approved an investment from the New Jersey Innovation Evergreen Fund (NJIEF) into an emerging women-led company, The Many Company. Located in Ridgewood, the investment into The Many Company comes from the approval of an application submitted by Bullpen Capital for an initial Qualified Investment of $3 million.

“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.

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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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

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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

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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

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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

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. (June 14, 2024) – The Murphy Administration today unveiled a legislative proposal that would direct the New Jersey Economic Development Authority (NJEDA) to purchase up to $100 million in property from NJ TRANSIT to help expand commuter hubs across the state and meet a variety of critical needs. Under the proposal, the NJEDA would purchase a number of NJ TRANSIT properties, such as surface parking lots, and transform them into mixed-use, transit-oriented developments that will spur economic activity and increase walkability near transit lines while also creating a direct revenue source for the mass transit agency.

“Investing in transit-oriented development will revitalize commuter hubs, promote walkable neighborhoods, and improve overall affordability for working families in New Jersey, and potentially generate much-needed, new, affordable housing,” said Governor Murphy. “Together with our partners in the Legislature, we can transform communities around NJ TRANSIT rail stations, help spur economic activity across the state, and generate new revenue to support the operation of NJ TRANSIT, which has been forced to contend with a shift in ridership trends in the wake of the pandemic.”

Under the proposed legislation, which has already garnered legislative support, NJEDA, in partnership with NJ TRANSIT, would identify a portfolio of properties to be purchased by NJEDA who would then market the properties as a portfolio to be bid on for purchase or lease by developers, either as a whole or individually. To facilitate the purchase, the State would allocate a portion of the proposed Corporate Transit Fee’s first-year proceeds to fund the NJEDA’s purchase of the properties.

“Providing NJ TRANSIT with a long-term funding source is critical to ensure the agency can continue providing safe and reliable transportation options for New Jersey’s residents and commuters,” said Senator Patrick Diegnan. “I appreciate Governor Murphy, NJ TRANSIT, and the NJEDA working together to come up with a solution that will not only enhance NJ TRANSIT’s financial viability but will also support the revitalization of communities through transit-oriented development.”

“This is a win-win. NJ TRANSIT needs cash, these lots could use repurposing, and our state needs more affordable housing and transit-oriented development,” said Senator Raj Mukherji.

“Transit is vital to District 37, with thousands of our residents relying on it every single day. It’s important that we leave no stone unturned to ensure the health and stability of this agency in the future,” said Assemblywoman Ellen Park.

“Mercer County is home to four NJ TRANSIT stations and the Trenton Light Rail. We understand the importance of quality transit to the economic success of our communities. Having the NJEDA manage the development of these valuable properties in cooperation with our towns will ensure that it’s a win-win for taxpayers, commuters, and smart planning,” said Mercer County Executive Dan Benson.

“Under Governor Murphy’s leadership, communities across New Jersey are being transformed by major transit-oriented development projects,” said NJEDA Chief Executive Officer Tim Sullivan. “The legislation proposed today would empower the NJEDA to expand our efforts to revitalize neighborhoods and drive mixed-use property development. Transit-oriented real estate projects along NJ TRANSIT rail stops will advance the renaissance of neighborhoods and improve quality of life by creating new job opportunities and modern housing options for families and commuters.”

In addition to the upfront payment to NJ TRANSIT for the properties, the transit agency stands to reap many ancillary benefits from catalytic development in the vicinity of transit hubs, and potentially a recurring revenue stream if the properties are leased, rather than purchased, all of which would enhance its long-term financial viability.

“Governor Murphy’s plan to accelerate transit-oriented communities around NJ TRANSIT properties through immediate funding reinforces a forward-thinking approach to sustainable development,” said NJ TRANSIT President & CEO Kevin S. Corbett. “This funding will drive economic growth, increase walkability, and provide ongoing financial support for NJ TRANSIT.”

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.

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1888 Studios, developed by Togus Urban Renewal, will feature 23 soundstages and 58 total acres of production facilities

TRENTON, N.J. (June 12, 2024) – The New Jersey Economic Development Authority (NJEDA) Board today approved tax credits under the Aspire Program for 1888 Studios in Bayonne. The studio, developed by Togus Urban Renewal, will be the largest and first campus-style film and television studio facility in the Northeast, and will occupy 58 acres of land just minutes from New York City.

“With support from the NJEDA’s Aspire program, the development of transformative projects across the Garden State is revitalizing communities and creating thousands of good-paying jobs,” said Governor Phil Murphy. “The development of 1888 Studios in Bayonne furthers my administration’s goal of establishing the state as a leader in movie and television production, helping small businesses and municipalities reap the benefits of local production.”

“1888 Studios exemplifies the type of projects that are being attracted to New Jersey by Governor Murphy’s support for film and digital media production. The incomparable resources and logistical and artistic assets New Jersey offers are contributing to the industry’s momentum in the state, creating thousands of jobs, and enhancing the revitalization of communities and small businesses,” said NJEDA Chief Executive Officer Tim Sullivan. “Today’s approval under the Aspire Program ensures the continued development of this transformative project, which will provide countless opportunities for the city of Bayonne and further New Jersey’s standing as a national leader in film production.”

1888 Studios is considered a transformative project under the Aspire Program and was approved for an award of up to 50 percent of the total project cost, not to exceed $400 million. The development will contain 17 buildings encompassing over 1.5 million square feet of end-to-end film production services, including 23 mega-powered smart sound stages ranging from 18,000 to 60,000 square feet with 40- to 50-foot-high ceilings, more than 350,000 square feet of production support space, outdoor backlot space, amenities, office spaces, mills, lighting and grip facilities, a parking garage, and storage.

In addition to the studio space, the development will also include over five acres of public space, featuring a waterfront walkway adjacent to the Newark Bay and a public park. Construction is expected to be completed in 2026.

In May, the NJEDA designated 1888 Studios as a Film-Lease Partner Facility, which commits the developer to occupying the facility for at least five years and grants future tenants eligibility to apply for increased tax credits for projects filmed at the facility under the Film and Digital Media Tax Credit program.

“Today’s announcement is the affirmation of 1888 Studios’ ability to hasten and secure the transformation of New Jersey’s film industry from a regional leader to a global powerhouse. Governor Murphy and the state legislature equipped the NJEDA, under the leadership of Tim Sullivan, with the Aspire economic development tool to identify and evaluate capital projects of strategic significance to New Jersey’s economic future. We are grateful that the culmination of the Agency’s extensive analysis of the 1888 Studios project is approval to earn Aspire credits over time as we build with New Jersey’s excellent construction crews and suppliers a facility that will serve as a powerful force of attraction for the film industry’s direct investment, technological innovation and job creation for thousands of New Jerseyans,” said Arpad “Arki” Busson, Chairman of Togus Urban Renewal. “Governor Murphy’s ambition to create good paying, lasting jobs in New Jersey communities and diversify the economy across the state remains the driving force behind the film industry’s expansion, which now includes the realization of 1888 Studios. New Jersey’s film industry growth strategy, centered on competitive film, television and digital media tax credits and the development of production facility infrastructure, continues to deliver enviable results in a challenging, competitive environment. On behalf of 1888 Studios, we are enormously honored to have the opportunity to contribute to New Jersey’s long term prosperity, which would not be possible without the support of Governor Murphy, Senator Raj Mukherji, Senator John McKeon, Assemblywoman Eliana Pintor Marin and Mayor Jimmy Davis.”

“The Aspire Program’s support for 1888 Studios not only underscores the transformative potential film will bring to Bayonne, but also what Bayonne will bring to the studio and film industry,” Bayonne Mayor Jimmy Davis said. “NJEDA’s belief in the project and our city is a testament to Bayonne’s growing prominence as a hub for innovation, creativity, and skilled labor.”

About the NJEDA

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Tech Council Ventures will invest $1.5 million into the travel-tech startup

TRENTON, N.J. (June 12, 2024) – The New Jersey Economic Development Authority (NJEDA) Board today approved an investment into an emerging New Jersey-based company from the New Jersey Innovation Evergreen Fund (NJIEF). The investment into Morristown-based TripWorks, Inc. comes from the approval of an application submitted by Tech Council Ventures, LLC for an initial Qualified Investment of $1.5 million.

“Under Governor Phil Murphy’s leadership, New Jersey has been committed to supporting the next generation of innovators and entrepreneurs, who will become the business leaders and job creators of tomorrow,” said NJEDA Chief Executive Officer Tim Sullivan. “This unique program creates a self-sustaining cycle of investment, which allows for industry leaders to constantly improve, network, and grow. Today’s approval is another great step in bolstering our state’s innovation economy.”

The NJIEF, launched in 2022, is a groundbreaking tool to increase access to strategic resources and venture capital in New Jersey. Under the NJIEF, the State acts as an equity investor in startups, deploying up to $600 million into companies alongside professional venture capital groups. The Evergreen Fund currently has over $40 million available and is expected to use this to fund initial investments into six to ten 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 endorsement of Tech Council Venture’s funding for TripWorks underscores the NJIEF’s success in fulfilling its mission: to foster an environment conducive to investment in New Jersey’s high-caliber companies and innovators. It’s a testament to our commitment to nurturing revolutionary innovations and pioneering enterprises,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello. “The NJIEF is instrumental in realizing this goal, and we anticipate it will propel numerous emerging businesses in New Jersey towards prosperity.”

Based in Morristown, TripWorks, Inc. is a software platform that enables tour and activity operators to offer a fully digital end-to-end booking, reservation, and payment system to their customers. By utilizing a capital-efficient and reliable approach, TripWorks has grown to over 150 tour operators in the United States and internationally.

“Tour and activity operators face a market saturated with a hodgepodge of antiquated and immature solutions, making it difficult for business owners to successfully run their business,” said Aaron Fessler, Founder and CEO of Trip Works. “TripWorks changes that dynamic for tour operators, thanks to world class, easy-to-use, enterprise-grade software that helps business owners grow their revenue and easily operate. Our team already has traction in this market with customer wins, and a track record of innovation. We’re excited to see what’s next. This grant – coupled with recognition and backing from industry-leading sources like Arival – will allow us to continue to invest in the product and continue our rapid growth.”

Tech Council Ventures, LLC is one of the 13 Qualified Venture Firms (QVF) approved to date to access up to $12.5 million annually from the NJIEF to co-invest in innovative, high-growth New Jersey-based businesses. Founded in 2000, Tech Council Ventures is a leader in investing and supporting innovative, New Jersey-based entrepreneurs and companies. The firm serves on the NJEDA’s Technology Advisory Board, has participated in New Jersey Founders and Funders events, and has utilized the Angel Investor Tax Credit program.

“Tech Council Ventures is excited to invest in the great business Aaron Fessler is building at TripWorks working with tour and attraction operators, and we are pleased to partner with the NJEDA and its Innovation Evergreen Fund in supporting one of New Jersey’s most promising technology companies and experienced entrepreneurs,” said Jim Gunton, Managing Partner of Tech Council Ventures, LLC.

About the NJEDA

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The Aerospace Innovation Center will be the fifth Strategic Innovation Center in the state, and will support state-of-the-art aerospace research and innovation

TRENTON, N.J. (June 11, 2024) – Governor Phil Murphy today announced that the New Jersey Economic Development Authority (NJEDA) and the Atlantic County Improvement Authority (ACIA) have launched the Aerospace Innovation Center (AIC), a Strategic Innovation Center (SIC) located in Atlantic County that will focus on the aerospace industry. This will be the fifth SIC in New Jersey and the first with a focus on aerospace innovation.

Located in the National Aerospace Research & Technology Park (NARTP) in Egg Harbor Township, the AIC will provide state-of-the-art aerospace research spaces, high-speed connectivity to the FAA William J. Hughes Center for Advanced Aerospace data systems and laboratories, and co-working and studio spaces that are ideal for collaboration and innovation. The AIC will be the second of seven planned buildings within the aerospace innovation hub. Building One first opened in June 2019 and achieved full occupancy in January 2020.

“Since taking office, it has been my goal to ensure New Jersey is at the forefront of innovation and technology development, including aerospace engineering,” said Governor Phil Murphy. “As the state’s fifth Strategic Innovation Center, the Aerospace Innovation Center will give budding students and entrepreneurs access to state-of-the-art equipment and opportunities to collaborate with experts in the field. This exciting venture solidifies New Jersey as the place to be when it comes to innovation and research.”

The NJEDA and ACIA have signed a non-binding letter of intent to form a two-member limited liability company which will plan, develop, construct, and manage the innovation hub. ACIA, in partnership with the NARTP and Atlantic County Economic Alliance (ACEA), will contribute $10.5 million dollars in funding to construct the innovation center, while the NJEDA will invest $8 million. Construction for the innovation center is underway and is expected to be completed in October 2025. The Center is expected to be fully operational in January 2026. ACIA is managing the construction of the facility and NARTP will manage the AIC’s operations.

“Governor Murphy is committed to growing New Jersey’s innovation economy by investing in diverse industries and providing entrepreneurs with access to the resources needed to grow and scale their business,” said NJEDA Chief Executive Officer Tim Sullivan. “Powered by NJEDA’s Strategic Innovation Center program, and paired with Atlantic County’s deeps roots in aerospace, the Aerospace Innovation Center will drive the creation of new technologies that in turn will create jobs and support long-term, sustainable economic growth across the state.”

The AIC intends to partner with New Jersey institutions of higher education, including Stockton University, Rowan University, and Rutgers School of Engineering. The AIC also intends to partner with world-class aeronautical institutions such as Embry-Riddle Aeronautical University and the National Institute of Aerospace, offering aerospace students hands-on experiences to train within their field.

NARTP Building One, which opened officially in June 2020 and is fully occupied, has several notable tenants, including General Dynamics Info Tech., Woolpert Engineering, Signature Scientific, and an FAA remote lab. Several companies have also signed letters of interest in locating in the AIC.

“I want to applaud Governor Murphy, NJEDA CEO Tim Sullivan, and all the members of their staff in the Governor’s and the Economic Development Authority office for the launch of this Strategic Innovation Center right here in Atlantic County,” said Senator Vince Polistina (LD-2). “For years, we have talked about the need to diversify our economy in Atlantic County and this initiative finally brings about opportunities in aerospace and aviation which are needed. I’m excited to continue to work with the administration on these initiatives and I look forward to the increased collaboration and the new jobs immediately being created here, in Atlantic County, following the completion of this agreement.”

“ACIA looks forward to partnering with NARTP, ACEA, and NJEDA on establishing an Aerospace Innovation Center,” said Timothy Edmunds, Executive Director of the Atlantic County Improvement Authority. “We thank County Executive Dennis Levinson since without his vision and financial support the research park would not have happened. We are also grateful to Governor Murphy and our state legislative team for their efforts in making the AIC a reality.”

“The launch of the Aerospace Innovation Center marks a transformative moment for Atlantic County and the aerospace industry at large,” said Mark Loeben, Chairman of the National Aerospace Research and Technology Park (NARTP). “We are thrilled to see this vision come to life, offering unparalleled opportunities for research, collaboration, and innovation in aerospace technology, while driving economic growth. We extend our deepest gratitude to Governor Phil Murphy and NJEDA Chief Executive Officer Tim Sullivan for their vision and continued support to make this project a reality in Atlantic County, further solidifying New Jersey’s position as a national destination for aerospace innovation.”

“We are at the dawn of a new era in aerospace innovation and technology,” said Michael Viscount, Chairman of the Atlantic County Economic Alliance (ACEA). “The Aerospace Innovation Center is set to become a beacon for pioneering aerospace advancements and will play a crucial role in shaping the future of this industry. We thank Senator Vince Polistina for his hard work, dedication, and advocacy in the Legislature to acquire the funding needed to ensure that we remain at the forefront of technological breakthroughs. The ACEA also recognizes the support of Governor Phil Murphy and NJEDA Chief Executive Officer Tim Sullivan. It is only through their shared vision of a diversified Atlantic County economy that we can make monumental strides in hosting a game-changing program like the Aerospace Innovation Center. I am honored to be a part of this extraordinary journey.”

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 Aerospace Innovation Center will create new and exciting opportunities for students and entrepreneurs in Atlantic County and across South Jersey,” said NJEDA Chief Transformation Officer Kathleen Coviello. “The AIC’s unique proximity to the Atlantic City International Airport and other aerospace industry leaders will unlock opportunities for innovators to pursue their research, testing, and development of aerospace technologies.”

In May, Governor Murphy attended the ribbon cutting for HAX, LLC in Newark and announced the launch of NJ FAST in Hoboken, the newest SICs in New Jersey.

About the NJEDA

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TRENTON, N.J. (June 7, 2024) – The New Jersey Economic Development Authority (NJEDA) is seeking public input on amendments to the rules for the Main Street Recovery Finance Program. The Main Street Program is a suite of products created to provide financial support and technical assistance to New Jersey’s small businesses. The proposed rules clarify technical elements of the Main Street Program.

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 noon on Thursday, June 14, 2024. Written feedback can be submitted here.

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