TRENTON, N.J. (February 13, 2018) – With a focus on fostering innovation in the Garden State, the New Jersey Economic Development Authority (EDA) today approved a $250,000 loan for Jersey City-based Apprentice.io  through the NJ CoVest Fund. Launched last year, the Fund was designed to help emerging technology companies bridge the funding gap between product development and commercialization and furthers the EDA’s ability to support businesses throughout their lifecycle of growth.
 
Apprentice is a leader in enterprise augmented reality, offering solutions for complex manufacturing processes, biopharma and research and development. Its proprietary technology provides for virtual collaboration, creates automated documentation for labs and manufacturing suites, and improves adherence to regulatory requirements through intelligent data capture. The company previously earned the ‘Best New Product/Service’ award from INTERPHEX for its three augmented reality modules: Tandem, Manuals, and BioCapture.
 
“Our company’s motto is, ‘We don’t just augment reality, we augment human ability,’” Apprentice Chief Executive Officer and Co-Founder Angelo Stracquatanio said. “With support from the NJ CoVest Fund, we will be able to further our mission of helping today’s scientists and manufacturers work with artificial intelligence to accomplish their goals, reduce errors and help with troubleshooting and general processes.” 
 
The NJ CoVest Fund provides funding to New Jersey-based early-stage technology companies in the form of convertible notes with warrants, requiring a negative pledge and springing lien on protected intellectual property. With a total funding pool of $3 million, eligible technology companies can receive investments ranging from $100,000 to $250,000.  NJ CoVest funds feature three percent interest and 10-year maturity, with no payments due for the first seven years.
 
Also today, the EDA announced that it approved 256 Angel Investor Tax Credit applications in 2017, representing the injection of a total of $111 million of private capital into 39 different technology and life sciences companies throughout the Garden State. The Angel Investor Tax Credit Program offers a 10 percent refundable tax credit against New Jersey corporation business or gross income tax for qualified investments in an emerging technology business with a physical presence in New Jersey and that conducts research, manufacturing, or technology commercialization in the state. Since the program’s inception in 2013, the EDA has approved 929 applications for investments in 65 New Jersey-based technology businesses totaling more than $332 million.

2017 saw several additional milestones for New Jersey’s technology and life sciences sector, including partnering with two New Jersey-based venture capital firms that will deploy EDA capital on a 1:3 basis in New Jersey companies.  A $1 million investment supported Newark Venture Partners’ $23 million early stage venture fund, providing capital, company building services and residence to innovative tech startups; up to a $7.5 million investment will support Tech Council Ventures, which will make early stage venture capital investments. Tech Council Ventures has committed to invest up to 50 percent of their fund in New Jersey companies.

2017 also marked the arrival of six new tenants at the EDA’s Commercialization Center for Innovative Technologies (CCIT), New Jersey’s leading life sciences incubator located on the 50-acre Technology Centre of New Jersey campus in North Brunswick: Angex Pharmaceuticals, Genomic Prediction, EUProtein, Health Interactive, Innovera Pharmaceuticals, and SPES Pharmaceuticals. In August, the EDA announced the expansion of its successful incubator program with the creation of the Biotechnology Development Center (BDC), also on the Tech Centre campus. The BDC offers suites of intermediate lab and office space from 3,400 to 10,000 square feet for emerging life sciences companies including those that have outgrown incubator space.

“From the early stages of a technology or life sciences company’s growth to the post-product phase and beyond, the EDA offers a continuum of assistance to meet specific needs,” EDA President and Chief Operating Officer Tim Lizura said. “I encourage entrepreneurs to visit our website to learn how the EDA can help their companies grow here in the Garden State.” 

EDA Board meetings are typically held at 10 a.m. on the second Tuesday of each month at 36 West State Street in Trenton. The Board meeting schedule, as well as Board agendas and minutes, are available at www.njeda.gov. All Board actions will take effect at the expiration of the statutory period for the Governor’s review and consideration of the meeting minutes.
 
The EDA offers a multitude of resources to help technology grow and thrive. To learn about these resources, visit https://www.njeda.gov/tls and follow @NJEDATech on Facebook, Twitter and LinkedIn.

Arable Labs' technology helps farmers worldwide real-time, continuous visibility and predictive analytics of more than 40 metrics.
 

TRENTON (February 8, 2018) – For farmers in the Garden State and around the world, the ability to keep a pulse on variables impacting their crops is essential. Arable Labs, located in Princeton, helps farmers keep vital data that enables them to make informed decisions at their fingertips via a laptop, tablet or smart phone. The company’s name comes directly from the word “arable,” meaning “suitable for growing crops.”

Arable Labs’ proprietary smart technology, called Arable Mark IoT (short for Internet of Things), offers farmers real-time, continuous visibility and predictive analytics of more than 40 metrics. These metrics include weather, readiness for harvesting, precipitation, plant health, and disease risk. Data is gathered by a device placed in the ground and is easily accessible via a cloud-based dashboard. The company started shipping Arable Mark IoT to customers in 2017 and ramped up distribution toward the end of the year. While Arable has clients around the world, New Jersey presents fertile ground for this burgeoning technology, with approximately 9,000 farms and food and agriculture being the state’s third largest industry.

“We believe that arming farmers with meaningful data leads to them spending less time trekking through their fields and helps reduce crop loss and financial risk,” Arable Labs Founder and Chief Executive Officer Adam Wolf said. “Arable Mark IoT is ideal not just for small farms, but also for big-name brands that depend on crops for the reliable production of their products.”

Arable Labs had the opportunity to showcase its technology at this week’s Vegetable Growers Association of New Jersey Annual Convention in Atlantic City. Throughout the week, Wolf and his team touted the company’s role in the New Jersey ecosystem. Arable Labs works with scientists at Rutgers University who are developing and improving a variety of hazelnut for chocolate manufacturer and distributor Ferrero Rocher®, as well as those at Rutgers striving to improve basil varieties for Shenandoah Growers®. Arable Labs also works closely with vineyards, keeping a close eye on their grapes. New Jersey alone has more than 50 wineries, and according to a recent study by the New Jersey Wine Growers Association, the State’s wine production increased by more than 73 percent between 2011 and 2016.

Arable Labs was one of 39 companies to be approved for the State’s Technology Business Tax Certificate (NOL) Program in 2017. Administered by the New Jersey Economic Development Authority (EDA) and the New Jersey Department of Treasury's Division of Taxation, this competitive program enables eligible technology and biotechnology companies to sell New Jersey tax losses and/or research and development tax credits to raise cash to finance their growth and operations. The NOL Program offers non-dilutive funding, meaning that entrepreneurs do not have to relinquish a portion of their company in return for funding.

“One of the most valuable benefits of the NOL Program for technology companies like Arable Labs is that they can use the cash resulting from their NOL sale to fund their working capital as they continue to impact the State and the global marketplace,” EDA President and Chief Operating Officer Tim Lizura said.

Collectively, the 39 approved applicants shared over $46 million through the NOL Program in 2017.  More than 525 businesses have been approved for awards totaling over $950 million since the program was established in the late 1990’s. 

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

Why did you choose to grow Arable Labs here in NJ?
I came here to take a research position at Princeton University and fell in love with New Jersey!

How has your company benefited from the NOL program?
For a startup, cash is king, and we have experienced direct financial impact from the program.

What do you consider your company’s biggest success to date?
We have developed an extraordinary array of intellectual property around collecting unique data that provides new and useful analytics for our customers.  We are also proud to have an unparalleled lens into how this creates value by linking players in the food chain, from growers to processors.

What is on the horizon for Arable Labs?
We are focused on scalability, being able to provide specific insights into individual crops and locales around the world.

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

The New Jersey Economic Development Authority's next public Board Meeting will be held on Tuesday, February 13, 2018 at 10 a.m. at the EDA offices at 36 West State Street, Trenton. A copy of the proposed agenda can be found prior to the meeting at www.njeda.gov/Board. Following the Board Meeting, minutes and the full agenda will also be available at www.njeda.gov/Board.

Moblty employee Brenna Stuhler showcasing the giant interactive experience built by Moblty for Altice in the Garden State Plaza, Paramus. 

TRENTON, N.J. (January 24, 2018) – Understanding the needs of retailers to keep pace in a digital age, Livingston-based Moblty has developed what is emerging as a leading shopper marketing software platform, helping businesses digitize their footprint and enhance customers’ shopping experiences.

Through a unique suite of products and services, Moblty enables brands to offer customers digital shopping inside the brick-and-mortar store experience. Among other features, shoppers can use interactive in-store displays to swipe, click, and engage with video, social media and coupons.

The platform also provides retailers with big shopper data and analytics. Moblty Chief Executive Officer Rajesh Saggi explained that clients have noticed that Moblty has led to “bigger basket size, higher dwell time, greater loyalty club sign-up, and better product navigation and cross-channel support.”

Moblty’s clients include high-profile brands across such sectors as beauty, wine and spirits, hospitality, and airport duty-free shops.

“In a short period of time, global companies have adopted Moblty’s platform ,” Saggi said. “As retail continues to re-invent itself, for the purpose of survival, modernization, and digitization, Moblty is the firm to which businesses are turning.”

He credits the State’s Technology Business Tax Certificate Transfer (NOL) Program with helping his business grow. Administered by the New Jersey Economic Development Authority (EDA) and the New Jersey Department of Treasury's Division of Taxation, this competitive program enables eligible technology and biotechnology companies to sell New Jersey tax losses and/or research and development tax credits to raise cash to finance their growth and operations. 

“With funding from the NOL Program, we will be able to hire more people, grow our client base and, in turn, help them draw in additional customers,” Saggi said.

Moblty was one of 39 companies approved to share over $46 million through the program in 2017. This is the first time Moblty is participating in the NOL Program. More than 525 businesses have been approved for awards totaling over $950 million since the program was established in 1999. 

“We repeatedly hear from participants what a lifeline the NOL Program is for their companies,” EDA President and Chief Operating Officer Tim Lizura said. “We are excited that Moblty has joined the growing list of businesses benefitting from this program.”

@NJEDATech spoke with Saggi about Moblty’s experience in New Jersey and its plans for the future:

Why did you choose to grow your business in New Jersey?
New Jersey has an amazing pool of technology talent that wants to work in the state, and not commute to New York City. We are a beneficiary of that talent. New Jersey also has a great business climate — the State is very pro-business; it has a great investment climate, and it is home to many of our major clients. Also, from our Livingston headquarters, it is just a short commute to New York City.

How has Moblty most benefitted from the NOL Program?
The NOL program has proven itself to be a perfect non-dilutive mechanism to generate additional working capital to run the and grow the business.

What’s on the horizon for Moblty?
Our goal is to develop a global footprint. We have clients who are taking us to Europe and the Middle East, and want us in China “yesterday.”

For more information about resources available to support New Jersey’s technology industry, visit https://www.njeda.gov/tls and follow @NJEDATech on Twitter and LinkedIn.

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Meetings of the New Jersey Biotechnology Task Force will be held on Thursday, January 25 and Friday, January 26 at 10:00 am at the Commercialization Center for Innovative Technologies, 675 US Highway One, North Brunswick, New Jersey 08902.

The Task Force will hear testimony from members of the academic community on Thursday, January 25 and from members of the biotechnology industry on Friday, January 26.

Project Advances Under New Program Designed to Encourage Growth in Targeted Urban Areas 
 

  

TRENTON, NJ (January 24, 2018) – Advancing its commitment to bolster small businesses and not-for-profit organizations in targeted commercial corridors around the Garden State, the New Jersey Economic Development Authority (EDA) announced today that the New Jersey Utilities Association (NJUA) has become the first entity to be approved for a grant under the recently-launched Business Lease Incentive (BLI) program. Together with the Business Improvement Incentive (BII) Program, the BLI Program is designed to support the growth of retail and services in Garden State Growth Zones (GSGZs) by providing grants to street level, new and expanding businesses. These GSGZs were designated as Atlantic City, Camden, Passaic, Paterson, and Trenton through the New Jersey Economic Opportunity Act (EOA).
 
NJUA is the statewide trade association for investor-owned utilities that provide essential water, wastewater, electric, natural gas and telecommunications services to New Jersey residents and businesses. NJUA has provided a forum for the exchange of ideas and a unified voice in the public policy arena for its members since 1915.
 
NJUA has occupied a suite at 50 West State Street in Trenton since 1990. The announcement of the BLI program prompted NJUA’s leadership to consider a move to a street-level location. After identifying newly-renovated space at nearby 154 West State Street, NJUA applied and was approved for assistance under the BLI program, which offers reimbursement of a percentage of annual lease payments to for-profit businesses and non-profit organizations in eligible areas that plan to lease between 500 – 5,000 square feet of new or additional market-rate, first-floor office, industrial or retail space for a minimum five-year term. NJUA will receive reimbursement of 15 percent of its lease payments after making those payments for one year. This incentive will be paid out for two years after the applicant provides the necessary documentation.

“The BLI program was a key factor in our decision to relocate within Trenton,” said NJUA President Andrew Hendry. “Our new street-level offices on West State Street will increase our visibility and accessibility and enable us to engage more fully with the community.”
 
The organization’s new headquarters will occupy 1,890 square feet in a recently renovated historic property.  The three-story brownstone, located just 250 feet from the State House, is one of five Trenton properties purchased and renovated in the last year by Staten Island native and real estate developer John Salis.
 
“When I purchased the property, it needed a lot of work, but the architecture and the location appealed to me,” said Salis. “I see the potential of the capital city, and hope to influence other investors to be a part of the change taking place in Trenton.” Salis noted that he believes the BLI and BII programs will be instrumental in encouraging businesses to locate or expand in Trenton.
 
Administered by the EDA in collaboration with GSGZs, the BLI and BII programs are available to businesses in targeted commercial corridors. A detailed map of eligible locations is available via http://njeda.com/bli. The programs are available on a pilot basis and up to $200,000 is available per city, per year, over the three-year life of the programs.
 
“We are excited to see business owners in eligible areas beginning to take advantage of the BLI and BII programs, and encourage others to apply,” said EDA President and Chief Operating Officer Tim Lizura.  “These programs are helping to revitalize and position businesses to capitalize on the increased foot traffic in areas where investment and economic momentum are building.”
 
In addition to the BLI program, the BII program offers grants of up to 50 percent of total project costs, up to a maximum of $20,000, for improvements made to the first floor of a facility in an eligible GSGZ.
 
For general program questions, please contact Christina Fuentes, EDA Senior Community Development Officer at 609-858-6663 or cfuentes@njeda.com. For more information on eligible locations in Trenton, please contact:

Eric Maywar
Economic Development Specialist, City of Trenton
609-989-3529
emaywar@trentonnj.org
 
The EDA offers a range of resources to support small business growth, including low-interest loansand bond financing. Visit www.njeda.gov/lending and follow @NJEDAWasHere on Twitter and LinkedIn to learn more.

Project Advances Under New Program Designed to Help Businesses and Communities

TRENTON, NJ (January 19, 2018) – The New Jersey Economic Development Authority (EDA) today announced its first approval in Passaic under a program recently launched to support small businesses in Garden State Growth Zones (GSGZs), designated as Atlantic City, Camden, Passaic, Paterson, and Trenton through the New Jersey Economic Opportunity Act (EOA). The Business Lease Incentive (BLI) and Business Improvement Incentive (BII) programs are designed to support the growth of retail and services in GSGZs by providing grants to street level, new and expanding businesses.

Vidal Travel, a travel service and tax preparation business located at the intersection of Main Avenue and Prospect Street in Passaic for over 25 years, was approved for assistance under the BII program, which offers grants of up to 50 percent of total project costs, up to a maximum of $20,000, for improvements made to the first floor of a facility in an eligible GSGZ. A $20,000 grant will reimburse costs associated with replacement of Vidal Travel’s sidewalk, improving access to the business and enhancing the surrounding streetscape.

"The launch of the BII program helped to make the decision to move forward with these improvements make sense," said Gonzalo Vidal, President, Vidal Travel. "Our sidewalk has needed replacement for some time, and it’s a complex undertaking. This grant is helping to offset the cost of improving the safety and appearance of our business and the community."

Administered by the EDA in collaboration with GSGZs, the BLI and BII programs are available to businesses in targeted commercial corridors. A detailed map of eligible locations in Passaic is available via /wp-content/uploads/pdfs/GSGZ_Passaic_Map.pdf.  The programs are available on a pilot basis and up to $200,000 is available per city, per year, over the three-year life of the programs.

"We hope business owners in eligible areas will consider applying for the BLI and BII programs to assist them in establishing or improving their businesses," said EDA President and Chief Operating Officer Tim Lizura.  "These programs help position businesses to take advantage of the uptick in foot traffic in areas where increased investment and economic activity are already underway, driven by programs the EDA administers under the EOA."

In addition to the BII program, the BLI program offers reimbursement of fifteen percent of annual lease payments for two years to for-profit businesses and non-profit organizations in eligible areas that plan to lease between 500 and 5,000 square feet of new or additional market-rate, first-floor office, industrial or retail space for a minimum five-year term. An applicant leasing over 5,000 square feet can be eligible, but the BLI grant will only incentivize the first 5,000 square feet.

For general program questions, please contact Christina Fuentes, EDA Senior Community Development Officer at 609-858-6663 or cfuentes@njeda.com. For more information on eligible locations in Passaic, please contact:

Passaic:   Soraya Stam                                                   
UEZ Coordinator-City of Passaic
973-365-5500
sstam@cityofpassaicnj.gov

The EDA offers a range of resources to support small business growth, including low-interest loans and bond financing. Visit www.njeda.gov/lending and follow @NJEDAWasHere on Twitter and LinkedIn to learn more.

Legislation was recently enacted (P.L.2017, c.261) that references the EDA’s Urban Plus Program.
 
Please note that the financing that the law refers to is available under the EDA’s Direct Loan Program. More information about the Direct Loan Program is available here.
 
EDA direct loans are typically capped at $2 million but, consistent with the terms of Urban Plus, up to $3 million may be available if the applicant is in an eligible location and meets various eligibility requirements.
 
For more information on EDA Direct Loans or to speak to an EDA Business Banking Officer, please contact Customer Care at 609-858-6767 or customercare@njeda.com.

A meeting of the Economic Recovery Board for Camden has been scheduled for Wednesday, January 10, 2018 at 1:00 pm at Delaware River Port Authority Offices, 2 Riverside Drive, Camden, NJ. 

The agenda can be found at our website: www.njeda.gov/camdenerb