The New Jersey Economic Development Authority's next public Board Meeting will be held on Tuesday, August 8, 2017 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.

NORTH BRUNSWICK, N.J. (July 27, 2017) – When Rutgers University Associate Professor Dr. Nathan Treff co-founded Genomic Prediction earlier this year to help couples undergoing fertility treatments test their embryos for chromosomal abnormalities and genetic disorders, his requirements included a wet lab with a multitude of amenities and easy access to both New York and Philadelphia. Through word of mouth from industry leaders, Treff learned the many benefits offered by the New Jersey Economic Development Authority’s (EDA’s) Commercialization Center for Innovative Technologies (CCIT) and decided to set down his company’s roots at the life sciences incubator.

“CCIT is widely known as a hub of activity within the State’s biotechnology industry and is brimming with companies impacting the global marketplace,” EDA Chief Executive Officer (CEO) Melissa Orsen said. “We welcome Genomic Prediction to this collaborative community and look forward to adding the company to the growing list of CCIT success stories.”

CCIT, which is considered to be one of the most significant incubation facilities in the nation dedicated to life sciences and biotechnology, is strategically located in the heart of the State’s research corridor between Rutgers and Princeton universities and offers the most wet labs of any incubator in New Jersey. At CCIT, Genomic Prediction will have access to affordable “plug and play” ready lab and office space, educational programs, and a wealth of supporting resources. The company’s founders will have many opportunities to network with other entrepreneurs at the life sciences incubator. Additionally, CCIT’s advisory board includes representation from pharmaceutical and biotechnology businesses and academia to coach companies into the future. 

Genomic Prediction, which began leasing a small lab and an office at CCIT in June, provides services for advanced genetic testing for In Vitro Fertilization (IVF). The company, which intends to make its CCIT lab the core of its national and international activities, has developed a variation of a current test known as pre-implantation genomic screening (PGS), which screens embryos before implantation into the mother. PGS assesses embryos fertilized in a lab and determines from their DNA which embryos are normal and healthy, screening out diseases and improving newborn health by identifying which embryos are genetically normal. Genomic Prediction has developed and released to market a PGS technological innovation called ⓖSEQ, which does this task with higher sensitivity and accuracy, lower cost, and vastly easier laboratory protocol than existing tests. Genomic Prediction is also soon to release a proprietary technology called EPⓖT, which allows testing of an expanded set of genetic variants compared to standard PGS, including a wider variety of chromosomal conditions, single and polygenic gene diseases, and other abnormalities, providing a visualized digital report for the doctor with crucial genotypes and numbers. The company is also developing educational software for doctors to use in creating and reviewing these laboratory reports, seeing the provision of accurate, intuitive information to the clinician as a key component of the IVF puzzle. 

Along with Dr. Treff, who serves as Genomic Prediction’s Chief Science Officer, the company was co-founded by Dr. Laurent Christian Asker Melchior Tellier, the company’s Chief Executive and Technology Officer and Dr. Stephen Hsu, Chairman of the Board. All three have an extensive background teaching genomics in universities around the world and each brings a unique background in genetics, obstetrics and IVF to their respective positions within Genomic Prediction.

@NJEDATech asked Dr. Treff about his plans to grow Genomic Prediction in New Jersey:

Why did Genomic Prediction choose to grow here in New Jersey?
Some of our key personnel have developed relationships in New Jersey, including Rutgers University; that made the decision to reside in New Jersey very practical.  The CCIT is located in a hotspot for genomic research and as a result it has been very easy to find highly talented individuals in our field.

What CCIT resources do you plan to use as you expand your company?
CCIT has already provided us with amazing support for developing our laboratory and business, including referrals to financial consultants and top-notch life science vendors.  In addition, the plug-and-play laboratory space and administrative support from the program officer and specialist has made the initial setup extremely convenient and smooth.  The NJEDA Venture Officers also brought the New Jersey Angel Investor tax credit program to our attention, giving us an opportunity to significantly improve our investor relations moving forward.  Due to this incredible support, we have reached important milestones ahead of schedule.  Finally, many of the existing tenants have given us support during our setup phase and we have begun to establish collaborative efforts that will undoubtedly improve our ability to succeed.

What is Genomic Prediction’s biggest success to date?
Our long-term goal of being the first provider of polygenic disorder preimplantation genetic testing has seen great advancements as our bioinformatics team develops rigorous validation from public and private biorepositories.  For example, we are working on polygenic tests for predicting risk of
conditions such as Type I Diabetes. This, in parallel with the development of novel molecular genetic testing strategies has placed us in an exciting position of establishing Genomic Prediction as a pioneer in preimplantation genetic testing.

What’s on the horizon for your company? 
We are planning our first exhibit at the American Society for Reproductive Medicine Annual Conference in San Antonio in late October and hope to make a big splash.  Preimplantation genetic testing has seen little innovation in the last several years and we believe the introduction of polygenic disease testing will be seen as such. In the next two months, we plan to launch our official website and begin shipping beta test kits to key collaborators throughout the world.

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.

 

TRENTON, N.J. (July 19, 2017) – John Gorsegner Hardwood Floors opened its doors in Monmouth County in 1951 as a family-owned and operated business. Over time, entrepreneur John Gorsegner, Sr. turned the business over to his sons, Fred and John Gorsegner, Jr., who renamed the company Gorsegner Brothers Hardwood Floors, but maintained their father’s mission of selling and installing flooring and stair and rail systems to residential and commercial customers in the central New Jersey region. Today, the company, which also offers painting, sanding, and refurnishing services, is run by Dan Gorsegner, John Gorsegner, Jr.'s son.

In 2016, after years of assisting customers in its leased office/showroom in Atlantic Highlands, the Gorsegner brothers decided to seek a permanent location. Upon identifying a 1,900-square-foot facility in Holmdel as its new home, Gorsegner Brothers was approved for a $432,000 Ocean First Bank commercial mortgage loan with a 16.67 percent Economic Development Authority (EDA) participation through the EDA’s Premier Lender Program.

“For decades, we’ve made it our mission to carry on the family legacy and remain at the forefront with new technology and salesmanship, while maintaining a personal connection to our customers,” Dan Gorsegner said. “Thanks to the EDA’s Premier Lender Program, we were able to secure the necessary funding to buy our new facility and expand our reach to an even broader market.”

The EDA partners with Premier Lender banks to provide small businesses with low cost financing that includes EDA loan participations and/or guarantees, and line of credit guarantees. Businesses can use this financing for fixed assets or term working capital. In partnership with its 25 Premier Lenders banks, EDA can provide up to a $2 million loan participation or $1.5 million loan guarantee for fixed assets, up to a $750,000 loan participation or $1.5 million loan guarantee for term working capital, and up to a $750,000 line of credit guarantee. The full list of eligibility requirements and Premier Lender banks can be found at www.njeda.gov/premierlender. 

EDA President and Chief Operating Officer Tim Lizura visited Gorsegner Brothers today to raise awareness of the programs it offers to support small and mid-sized businesses and not-for-profits. He was joined by Ocean First Commercial Lender Vice President Christine Gray.
 
“Our Premier Lender Program offers benefits to both small businesses and participating banks,” Lizura said. “The EDA’s ability to provide guarantees or participations for a portion of these loans helps improve a business’s chance of getting approved, or of receiving a larger amount of financing, while reducing risk for lenders.”

To learn more about EDA resources for small businesses, visit www.njeda.gov/lending and follow @NJEDAWasHere on Twitter and LinkedIn.

The EDA is part of the state’s results-driven Partnership for Action. Created by Governor Christie and led by Lt. Governor Kim Guadagno, the Partnership is the hub for all economic development activity in New Jersey and is comprised of four interconnected and highly focused organizational elements: Choose New Jersey, the Business Action Center, the Office of the Secretary of Higher Education and the EDA. 

To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov or call the Business Action Center at (800) Jersey-7.

TechLaunch BullPen 2 judges and audience Members listen to pitches at NJIT.

TRENTON (July 12, 2017) – The New Jersey Economic Development Authority (EDA) has long been at the forefront of ensuring that growing technology companies have the resources they need to thrive – from loans and investments to training and mentoring opportunities. One example of this is TechLaunch, which was founded in 2012 by successful entrepreneur and angel investor, Mario Casabona, in collaboration with the EDA and New Jersey’s angel investor community. 

The investor-led technology accelerator was launched to drive the commercialization of emerging technology created by aspiring entrepreneurs. TechLaunch 1.0 provided a 16-week business boot camp program, from which entrepreneurs graduated by presenting their companies at a final “Demo Day.” It provided co-working space, mentoring, business workshops, coaching and access to capital to 26 ventures, 65 entrepreneurs, and 55 interns in the last three years.

This year, TechLaunch 2.0 features a reinvented accelerator model, moving away from the boot camp-style training program and toward single pitch events called “BullPen.” BullPen is loosely modeled after the hit ABC show “Shark Tank,” with entrepreneurs making the case for funding to a panel of investors and an audience of business leaders and academics.

Casabona and his team of entrepreneurs, angel investors, and business leaders have created a collaborative dynamic in which the BullPen functions seamlessly. Furthering the collaborative nature of New Jersey’s vibrant technology ecosystem, before and after presenting at a TechLaunch BullPen event, teams have the option to partner with one or more of TechLaunch’s 150 mentors to receive coaching and advice in areas where their companies need assistance. EDA Program Manager Kamran Hashmi serves as a TechLaunch mentor.

The bi-monthly competitions are held at university campuses throughout the State, with an average of four presenting companies per BullPen, of which three are considered early-stage, and one slot is reserved for a student entrepreneur from the hosting school. To date, BullPens have been held at Rutgers University, New Jersey Institute of Technology, Princeton University and Fairleigh Dickinson University. The next TechLaunch BullPen is scheduled for September 20 at Montclair State University. An online application can be found on TechLaunch’s website. Applications are accepted on a rolling basis.

“New Jersey is ripe with innovation, and competitions like TechLaunch BullPen give emerging entrepreneurs the opportunity for one-on-one training from mentors and face time with multiple investors,” EDA Chief Executive Officer Melissa Orsen said. “The EDA routinely attends BullPen events to keep a pulse on New Jersey’s technology sector.”

Several TechLaunch graduates and BullPen participants have also pitched to investors during the EDA’s New Jersey Founders and Funders events. Held semi-annually, New Jersey Founders & Funders enables early-stage New Jersey businesses to meet one-on-one with investors in 10-minute, “speed dating” sessions to discuss strategy, business models and funding opportunities. TechLaunch graduates FUSAR, NuSkool, and SHIELDtech have all gleaned invaluable advice through New Jersey Founders & Funders, as have BullPen #1 participant PeduL and BullPen #3 winner iSport360.

Casabona has a long history of bolstering the State’s emerging technology companies. Among his many accomplishments, he currently serves on the EDA’s Technology Advisory Board and is a Chairman Emeritus of Jumpstart New Jersey Angel Network and the Research & Development Council of New Jersey.
@NJEDATech asked Casabona about his experience as an investor in New Jersey:

Why is investing in New Jersey companies such a priority for you?
As a proud immigrant from Italy who has worked hard to fulfill the American Dream right here in New Jersey, I can’t help but feel a fierce loyalty to the State and its diverse population of likeminded, hardworking dreamers. New Jersey’s legacy is one of innovation and elevation, with countless successes in our past and countless more in our future. It just takes the right mix of leadership and vision to help steer our talented technology ecosystem toward profitable and inspiring achievements.

How do you choose which companies to bring into your portfolio?
As an entrepreneur and angel investor, my objective is to identify seed and early stage companies that have already proven themselves viable and worth my investment, based on a variety of return on investment criteria. I’m particularly interested in Northeast-based technology driven start-ups. By partnering with dynamic executive teams, I aim to commercialize innovative and industry-impacting technologies, driving them from the laboratory to the marketplace. But it’s not just a numbers game, for me. My investment strategy leans heavily on the team itself. Are team members coachable?  How much sweat equity have they invested in their company? How much have they sacrificed? These factors all play a role in managing my portfolio for my venture capital firm, Casabona Ventures, and preparing these companies for the TechLaunch BullPen.

What advice do you have for entrepreneurs participating in their first pitch competition?
Practice and preparation are the key words in approaching BullPen. This is a highly professional event, judged and attended by seasoned business people, investors and entrepreneurs widely respected throughout the State. If you think you may need some guidance in advance of BullPen, perhaps to address gaps in your business model, I encourage you to take advantage of the coaching opportunities offered by our vast stable of volunteer mentors whose expertise is sure to prove invaluable. And when you’re facing the scrutiny of the investor panel and audience, listen, and learn. Many of these investors have stood where you are now and speak from hard-earned experience.

How do you select which companies to accept into BullPen?
With TechLaunch’s transition to an accelerator centered on the pitch, our rolling application process is ideal for early stage startup companies with high growth potential and an experienced team. Our selection committee seeks out companies with an existing product, at least one potential customer on board, some seed capital in the coffers, and sweat equity of six to 12 months already banked. Participating companies should be seeking anywhere from $50,000 to $500,000 in additional funding. And bottom line: They must be coachable.

The EDA offers a multitude of resources to help technology and biotechnology companies grow and thrive in New Jersey. To learn more, 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 Thursday, July 13, 2017 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.

A meeting of the Capital City Redevelopment Corporation (CCRC) Board has been scheduled for Wednesday, June 14, 2017 at 1:00 pm in the EDA Board Room, 36 West State Street, Trenton, NJ.

 

A copy of the proposed agenda can be found at http://web.njeda.com/ccrc/page.aspx?id=2461

Edison Solutions cuts the ribbon on its new digital printing press. From left: Pennsauken Economic Development Director Terry Carr, New Jersey Economic Development Authority CEO Melissa Orsen, Edison Solutions Co-Owners Susan and Joseph Ostreicher, and Pennsauken Deputy Mayor Jack Killion

Trenton, N.J. (June 8, 2017) – Since opening its doors in New Jersey in the 1980s, Edison Lithography & Printing Company has been delivering cost-effective printing services, and manufacturing temporary cardboard displays, in-store décor and signage for globally recognized companies throughout the world.

In 2015, buoyed by its success, Edison Lithography acquired Compass, a display company in Georgia, and, in 2016, formed a new entity – Edison Solutions, LLC. Following the formation of the new company, Edison Solutions’ co-owners, husband and wife Joe and Susan Ostreicher, joined by Susan’s brother George Gross, opted to open a second location.

In June 2016, the New Jersey Economic Development Authority (EDA) Board approved Edison Solutions for Grow New Jersey (Grow NJ) tax credits to encourage the company to remain in New Jersey and set up its new operation in Pennsauken rather than Kennesaw, Georgia. The approval was based on the expected creation of 95 jobs in New Jersey, in addition to the retention of 60 employees that were at risk of being relocated out of state. Grow NJ is the State’s primary program for job creation and retention under the Economic Opportunity Act (EOA).

As a complement to its award of Grow NJ tax credits, Edison Solutions also leveraged traditional EDA financing programs, which included loans, as well as tax-exempt bonds, to support its expansion.

In December, Edison Solutions closed on two direct loans from the EDA totaling $2 million that will help further the company’s expansion in Pennsauken. The company, which will also maintain its headquarters in North Bergen, used the loans to support the purchase of its new 115,500-square-foot facility in Camden County, as well as new printing equipment. Also helping with the purchase of new equipment and machinery were two tax-exempt bonds totaling up to $5.6 million issued by the EDA and directly purchased by TD Bank. 

“As a family-owned-and-operated business, we have been delivering the highest-quality products for the retail industry for over 55 years,” said Susan Ostreicher, who is also Edison Solutions’ chief financial officer. “With EDA and TD Bank support, we have been able to expand strategically while continuing to offer the same level of quality that our customers have enjoyed for generations.”

Through the EDA’s direct loan program, qualifying businesses are eligible for up to $2 million for fixed assets and up to $750,000 for working capital, and tax-exempt bonds of up to $10 million are available for manufacturers looking to expand in the State.

EDA Chief Executive Officer Melissa Orsen visited Edison Solutions' Pennsauken location today to showcase the company's growth and to highlight financing oppportunitiese available to small businesses throughout the Garden State. She was joined by Pennsauken Deputy Mayork Jack Killion and Terry Carr, the township's director of economic develoment.  

“Edison Solutions’ expansion is a shining example of how the EDA can tailor a combination of resources to meet the unique needs of businesses as they grow,” Orsen said. “Manufacturers, in particular, are drawn to New Jersey for its ideal location and highly-skilled labor pool, and both the Grow NJ program and traditional EDA resources offer unique benefits for businesses in this sector as they expand and create skilled jobs in the State.”
 
Orsen notes that more than 60 percent of tax credits approved to date under Grow NJ are for projects in a defined targeted industry; of those, more than 45 percent are in the manufacturing sector. Other targeted sectors under the EOA include technology, life sciences, finance, and logistics.

The EDA regularly partners with financial institutions, local organizations and other State agencies to help borrowers bridge financing gaps and increase their access to capital. This includes offering low-interest loans, bond financing, and support for micro-lenders to increase their lending capacity and the technical assistance and training services they offer.

To learn more about EDA financing options available to manufacturing companies, visit https://www.njeda.gov/manufacturing or follow @NJEDAWasHere on Twitter and LinkedIn.

To learn more about opportunities for business growth throughout New Jersey, visit the State’s business portal at www.NewJerseyBusiness.gov or call the Business Action Center at (800) Jersey-7.
 

The New Jersey Economic Development Authority's next public Board Meeting will be held on Tuesday, June 13, 2017 at 10 a.m. at the DRPA Offices, One Port Center, Camden, NJ. 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.