Tripod Technologies CEO Badri Nittoor

TRENTON (August 25, 2016) – In a digital age, when having a robust web presence is essential for any small business, Cherry Hill-based Tripod Technologies software testing services help growing companies reduce their internet technology costs and improve their return on investments.

Tripod Technologies, headquartered in Cherry Hill, provides software testing services to growth-stage technology companies, along with companies in the healthcare and pharmaceutical industries. In 2014, Tripod Technologies unveiled eureQa, a cloud-based platform that enables companies to test their ecommerce sites and web browser-based applications before making them live for customer use. These services help companies not just at the launch of the site or the app, but continuously throughout the year. Tripod Technologies’ solutions push changes to the site content and updates to the app, making sure that all portions of the website and app are maintained without a glitch. The company’s clients include New Jersey-based iContracts and Bare Necessities®, as well as TargetX, a leading customer relationship management (CRM) Company in higher education.

The EDA recently closed on an Edison Innovation Angel Growth Fund loan to support Tripod Technologies. The company anticipates using the funding to grow its sales and expand its marketing efforts, and plans to grow its New Jersey presence to a staff of eight or more over the next two years.

“The funding will enable us to continue to help companies from New Jersey and around the world build better products faster and more efficiently, and, in turn, support their growth,” Tripod Technologies Chief Executive Officer Badri Nittoor said.  

Created to enhance support of early-stage businesses that have already attracted funds from angel investors, the Edison Innovation Angel Growth Fund helps companies leverage that funding to directly finance uses such as key hires, product rollout, product enhancement and marketing/sales. Up to $250,000 in subordinated convertible debt financing is available for angel investor-supported technology companies. There is a 2:1 angel match funding requirement that must be received within 90 days prior to application.

“Many EDA programs are geared toward technology companies at their earliest stages,” EDA CEO Melissa Orsen said. “By providing funding to businesses that have attracted capital from investors, the Edison Innovation Angel Growth Fund helps companies like Tripod Technologies take their platforms and products to the next level.”

Since arriving on New Jersey’s technology scene in 2002, Tripod Technologies has repeatedly been recognized for its continued growth. Nittoor noted that his company was named as one of the Top 25 fastest growing private companies in South Jersey by Philadelphia Business Journal and Rowan University’s Rohrer College of Business, and as one of the fastest growing private companies in the United States by Inc.com.

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

Why did you choose to grow Tripod Technologies in New Jersey?
New Jersey provides us with a unique blend of access to resources and markets that are necessary to grow a company. New Jersey’s technology ecosystem offers a wealth of support to entrepreneurs. Additionally, the state’s close proximity to other technology companies in NJ, as well as major markets like New York City, Philadelphia and Washington, DC, is a huge advantage to a startup.

What is your biggest success to date?
Our biggest success has been our ability to consistently demonstrate the strength of the eureQa Testing Platform in accelerating the time to market for products released across different companies and industries. It has proven that the value proposition we offer is tangible and repeatable across companies of different sizes and domains.

What’s on the horizon for Tripod Technologies?
Over the next few quarters, we will be adding a number of features to the eureQa platform to support testing enterprise applications and mobile apps, and to improve analytics and reporting.  We will also be expanding our sales and marketing teams to grow our customer base both in the US and globally.

What advice do you have for emerging entrepreneurs?
My advice is to focus on solving a pressing need for your customer and provide a clear demonstrable value proposition.
 

By Deborah Smarth, Chief Operating Officer/Associate State Director, New Jersey Small Business Development Centers

Small and medium sized businesses might think that sustainability is only achievable by large companies who have the capacity and resources to develop comprehensive plans and hire dedicated sustainability staff.  However, this is a misperception; the most successful sustainability strategies often start with simple, low cost initiatives that even the smallest business can accomplish. There are real opportunities for small businesses to yield significant benefits from the adoption of basic environmental best practices.   
 
For businesses interested in sustainability, but not sure where to start, the New Jersey Small Business Development Centers (NJSBDC) offer pro bono sustainability consulting and technical assistance.  Over the past two years small businesses across New Jersey have taken advantage of this no cost service to find ways to integrate environmentally friendly practices into their day to day operations.  NJSDBC’s expert counselors work with business owners to identify ways to increase efficiency through energy conservation, waste reduction, pollution prevention, streamlined procurement and risk management.  Businesses are provided a baseline assessment of their environmental footprint, and a series of recommendations on how to implement sustainable practices.  Small business owners can take advantage of this service, by visiting https://www.njsbdc.com/sustainability-consulting/.
 
In addition to no-cost environmental counseling services, NJSBDC, in collaboration with the New Jersey Department of Environmental Protection, has developed the New Jersey Sustainability Business Registry (NJSBR).  The Registry was created to recognize and promote sustainable businesses across the state.  The NJSBR is open to companies of all types and sizes and there is no cost to join.  Businesses that have implemented five sustainable practices are eligible to create a NJSBR profile and receive membership benefits. 
 
NJSBR membership benefits include free marketing and promotional materials, including the use of the NJSBR logo on your business website, a “Sustainable Business” seal which can be displayed on site, a promotional profile of your company’s environmental efforts on the website, along with recognition and eligibility for the annual NJSBDC Sustainable Business Award.  The NJSBR also offers comprehensive online resources to help organizations set and meet their sustainability goals.  Businesses can apply online at http://registry.njsbdc.com/ to become recognized for their sustainability efforts.   
 
For Stacey Schlosser, owner of Glassworks Studio in Morristown, joining the Registry was a smart business choice:

“I am so proud as a small business owner to have a place to register and be recognized for all of the large and small efforts I am making on behalf of a sustainable future. The process of registering was quite simple and I was able to use the recognition in marketing materials to grow my business by appealing to like-minded individuals. And of course, as a business person every action I registered for actually saved me money with the exception of 100% renewable energy which cost a little bit more. But the overall number is a plus for profitability. Last year Glassworks had its largest profit ever!”

Ultimately, it makes sense, business-wise, to run a sustainable, environmentally responsible business. New Jersey small business owners should explore integrating sustainable business practices for three very simple reasons.
 

• Sustainable business practices often increase profits and reduce waste;
• The practices small businesses need to adopt to increase sustainability are not that hard to implement; and,
• Sustainability increasingly transfers into good PR; especially positive brand association and stronger community engagement.

 
Businesses interested in learning more about how sustainable business practices can positively impact their company should reach out to NJSBDC to schedule a no cost sustainability consultation.  Businesses already committed to and implementing environmentally friendly practices should take advantage of the benefits of the NJSBR by becoming a member today.

Deborah Smarth is the NJSBDC network Chief Operating Officer/Associate State Director.  NJSBDC Headquarters contact information: 973-353-1927, or at sbdcINFO@njsbdc.com  

Pictured from left: Adagio Teas Chief Executive Officer Michael Cramer,  M&T Bank Group Vice President /Metro Market Manager Eleni Monios and EDA President/Chief Operating Officer Tim Lizura

TRENTON (August 19, 2016) – Founded in a New Jersey basement 17 years ago, family-owned and operated Adagio Teas has continued to expand, increasing its footprint into a 40,000-square-foot commercial facility and growing its workforce from a staff of three to 50. When the company wanted to upgrade its manufacturing capabilities and create operational efficiencies, it turned to the Small Business Fund, a program of the New Jersey Economic Development Authority (EDA) that offers qualified businesses direct loans or participations and guarantees of commercial bank loans.

Elmwood Park-based Adagio Teas, which manufactures and sells gourmet teas and tea-making accessories, began largely as an online tea company in 1999. Today, the company offers a range of products, including the IngenuiTEA, AnTEAdote and realiTEA teabags.

“From my mother’s tiny basement to our state-of-the-art facility in Bergen County, we are proud to be a part of New Jersey’s small business community,” Adagio Teas Chief Executive Officer Michael Cramer said. “With the support of M&T Bank and the EDA, we will be able to continue our growth and focus on providing our customers with the best quality teas and products.”

Through the Small Business Fund, the company received an M&T Bank loan that included a 50 percent EDA participation. The Fund offers creditworthy small, minority-owned or women-owned businesses assistance of up to $500,000 and features an expedited approval process and fixed interest rates. In addition to ramping up its manufacturing abilities, Adagio Teas has increased its workforce by approximately 20 percent since securing the loan in 2014.

To showcase Adagio’s growth and highlight financing opportunities available to small businesses throughout the Garden State, EDA President and Chief Operating Officer Tim Lizura today visited the company at its Elmwood Park facility. M&T Bank Group Vice President /Metro Market Manager Eleni Monios joined Lizura on the visit. 

“Small businesses and manufacturing play a key role in New Jersey’s robust economy,” Lizura said. “With the Small Business Fund assistance, Adagio Teas is able to increase their product output and improve efficiencies, ultimately creating jobs and helping to ensure the company’s continued success in New Jersey.”

Nearly $24 million has been provided to 76 businesses through the EDA’s Small Business Fund since 2010, with an average loan size of more than $300,000. To be eligible, businesses must have been in operation for at least one full year. Not-for-profit corporations that have been operating for at least three full years may also be eligible. 

Today’s visit complements the EDA’s enhanced efforts to facilitate awareness of the programs it offers to support small and mid-sized businesses and not-for-profits, including a print and digital marketing campaign and social media channels. Centered on the theme “EDA Was Here,” the campaign and new social media presence highlight how organizations, like Adagio Teas, have used the EDA’s financing programs to overcome challenges, meet their needs and grow.

To learn about EDA resources for small businesses and not-for-profits, visit
https://www.njeda.gov/small_midsize_business 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 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 (866) 534-7789.
 

CCIT Manager Lenzie Harcum

TRENTON (August 18, 2016) – Bolstering the already active ecosystem at the Garden State’s leading life sciences incubator, the New Jersey Economic Development Authority (EDA) today announced that Lenzie Harcum has joined the EDA as the manager of its Commercialization Center for Innovative Technologies (CCIT).

Strategically located in the heart of New Jersey’s research corridor between Rutgers and Princeton universities, CCIT not only offers the most wet labs of any incubator in New Jersey, but also provides access to a wide array of resource and networking opportunities essential to the startup community. CCIT provides tenant companies with educational programs and a wealth of supporting resources, including helping to identify funding sources and providing access to small business development resources and administrative support. The incubator routinely hosts events such as New Jersey Founders & Funders, which introduces startup companies to angel and venture investors, and Lunch & Learn presentations that bring in industry experts to discuss topics relevant to emerging companies.

Among his many duties as CCIT Manager, Harcum will be responsible for all aspects of developing and administering CCIT programming. Harcum’s activities will support the growth of the life sciences businesses at CCIT, managing tenant relationships while providing guidance to foster successful expansion or graduation of tenant companies. Harcum will also cultivate the EDA’s relationship with graduate companies, supporting their growth through introductions and continued engagement with CCIT programming, member tenants and CCIT’s advisory board, and will help to develop new opportunities for the EDA within the State’s life sciences sector, resulting in increased technology-driven economic development.

Harcum joins the EDA after a decade spent at the New York City Economic Development Corporation, where he ultimately served as vice president of the agency’s Life Sciences & Healthcare Team. He also spent several years leading the University of North Carolina’s technology program. Harcum received his MBA from Campbell University in North Carolina and his Bachelor of Science in Business from East Carolina University.

“With nearly two decades of experience in both the life sciences and economic development fields, Lenzie brings a breadth of knowledge to his position at CCIT,” EDA Chief Executive Officer Melissa Orsen said. “Having such a talented individual at the helm of our life sciences incubator has the dual benefit of increasing CCIT’s visibility and providing yet another resource to help emerging companies grow at CCIT and beyond.”

@NJEDATech spoke with Harcum about CCIT and his plans for its future:

What attracted you to the position at CCIT?
New Jersey has significant life sciences assets including a large pharmaceutical community, an impressive life sciences talent pool, local access to significant academic research and development base and affordable and appropriate lab real estate for entrepreneurial startups. The New Jersey life sciences ecosystem has great strengths and I look forward to helping the community grow further.

What do you envision as your goals during your first few months at CCIT?
Having spent the past ten years developing the New York City life sciences community, it is important to begin developing relationships with the life sciences stakeholders in New Jersey. These stakeholders are important resources for the entrepreneurial community. I look forward to building New Jersey’s bio community while creating new programming to benefit the CCIT community. I also look forward to raising the visibility of New Jersey’s life sciences assets.

Given your vast experience with the economic development and biotechnology companies, what’s one piece of advice that you have for emerging biotechnology companies?
Choose wisely when seeking private investment. Securing an investor is more than just gaining access to money. The right investors will leverage their network and strategic contacts to benefit the company.  They will provide management guidance and technical expertise.

  
Coworking spaces like Cowerks enable entrepreneurs from different

TRENTON (August 11, 2016) – Illustrating the important role that coworking spaces play in fostering innovation among entrepreneurs, the New Jersey Economic Development Authority (EDA) announced it has closed on a loan to Cowerks to help the shared workspace and tech hub expand its footprint in Asbury Park.

Coworking spaces like Cowerks enable entrepreneurs from different companies to work side by side, sharing ideas. They are often located near mass transit routes, reflecting renewed interest in urban living and working arrangements. For entrepreneurs and startup companies with limited access to immediate revenue, coworking spaces do not require members to sign long-term leases and also offer mentoring networks for their members. 

Cowerks currently has approximately 250 members, with a high concentration of software developers. Founded in 2010, Cowerks has outgrown its current office space of 1,600 square feet in Asbury Park and plans to use the loan to occupy and build out another facility in the city, close to its existing location and near the transit center. Cowerks also anticipates expanding its existing location.

“Funding provided through the loan will help us quadruple our available space for startups and entrepreneurs to run their business,” Cowerks Co-Founder Bret Morgan noted. “With the expanded facility will also come opportunities for us to hold even more classes and workshops, enabling us to become the go-to resource for technology and entrepreneurial activities in the area.”

Morgan and fellow Cowerks co-founder Danny Croak are already heavily involved in the Jersey Shore’s technology scene, and Cowerks regularly hosts tech-related events and workshops focused on startups, software development, internet marketing, business development and legal/accounting advice for small businesses. Cowerks is also home to the Jersey Shore Tech Meetup. The group, which currently has more than 1,600 members, is ideal for those looking to network, learn, and grow their businesses.

“Danny and Bret exemplify New Jersey’s entrepreneurial spirit, EDA Chief Executive Officer Melissa Orsen said. “Growing the State’s innovation ecosystem remains a top priority of the EDA, and we are thrilled to support an organization that shares this commitment.”

Cowerks routinely hosts Coffee and Coworking events, which provide an informal setting for entrepreneurs, developers, designers, and investors to network, as well as lunch and learns, during which industry leaders are available to answer entrepreneurs’ questions. Beginning on Monday, August 15, Cowerks will partner with the College of Robotics in Oregon to offer Monmouth County students a five-day robotics curriculum. Students can choose to participate during the week of August 15 or August 22. More information can be found online. 

Cowerks is also a co-producer of this year’s Asbury Agile, the Jersey Shore Tech Meetup's largest gathering of web and mobile professionals, startup entrepreneurs, designers, developers, small business owners, and tech enthusiasts. More information can be found at http://www.asburyagile.com  

Cowerks has also established strategic partnerships with Rutgers University, NJ Makerspace Association, NJ Tech Meetup and WithumSmith+Brown. Specifically, these partnerships expand the scope of industries with which member companies have access to resources and helpful information. For example, tomorrow, August 12, an accountant from WithumSmith+Brown will be on site to answer accounting questions for tenant companies and the technology community at large.

@NJEDATech asked Morgan about Cowerks’ experience in New Jersey and its plans for the future:

Why did you choose to establish Cowerks in New Jersey?
Whether you consider yourself a musician or artist, a mobile app developer, a startup, a maker, or any combination of the aforementioned, Asbury Park is an incredible melting pot for creativity and talent.

We are quickly approaching a positive inflection point for technology and entrepreneurship in both New Jersey and at the Jersey Shore. What we are building is bigger than any one individual or business and that is evident in the community that has grown in and around Cowerks these past six years.

On a personal note, Danny and I are both Asbury Park residents, so it’s only natural to want to work where you live.

What do you consider Cowerks’ biggest success to date?
I’m particularly proud of the grassroots community we’ve built here in Asbury Park. Over the past six years we’ve completely bootstrapped a tech and entrepreneurial community in an area where there was very little culture of entrepreneurship. We were in Asbury Park when it just started to make its comeback and now since that revitalization has arrived, you’re really starting to see this culture start to transcend our space and community – that’s something we’re extremely humbled by and proud of. 

What advice do you have for entrepreneurs starting out in New Jersey?
Don’t wait – start building today! Far too often people come to us with ideas, yet there seems to be a fear of the unknown that holds them back from starting. If you don’t know how to code, hire a developer or, better yet, learn to code – there are plenty of affordable online tools or classes to get started. If you don’t have money, start with something small, try and build a customer base, and take it from there; even the tallest skyscrapers are started by digging a hole. I feel that tech and entrepreneurship have gone from the fringe to the forefront – it’s hip and prestigious to run a startup. Just make sure that you’re an entrepreneur and not a “wantrepreneur” and remember that the first step to making the leap is to just build something and ship it.
 

Crystal Pharmatech Vice President of Business Development Robert Wenslow points

TRENTON (August 4, 2016) – In addition to the dozens of New Jersey entrepreneurs who have used the New Jersey Economic Development Authority’s (EDA) Commercialization Center for Innovative Technologies (CCIT) over the last decade and a half as a springboard to grow their companies, several international companies have found the life sciences incubator an ideal location to establish their United States presence.

Of the nearly two-dozen current CCIT tenants, four, including China-based Crystal Pharmatech, are US entities of larger international companies. The additional international companies include FLUIDDA from Belgium, Shionogi from Japan, and Aucta Pharmaceuticals from China.

“The types of resources that make New Jersey and CCIT perfect for the State’s emerging biotechnology companies are the same assets that attract international companies to the Garden State and our life sciences incubator,” EDA Chief Executive Officer Melissa Orsen said.

CCIT offers tenant companies affordable lab and office space, assistance with identifying funding sources, including state incentives, help making matches to private sector support, and access to small business development resources and administrative support. CCIT entrepreneurs also have access to educational and support programs such as a Lunch and Learn series, during which local entrepreneurs speak about best practices in their areas of expertise.

Crystal Pharmatech, a contract research organization (CRO) that aims to help clients reduce research and development costs and deliver medicine to treat unmet needs, opened its doors at CCIT in March 2014. Crystal Pharmatech is one of four current CCIT tenants that are US entities of larger international companies. The CRO, which currently has seven employees at CCIT, has benefited immensely from establishing itself in New Jersey, and specifically at CCIT.

“Over the last two and a half years, we have grown tremendously thanks, in large part, to the resources provided by CCIT,” Crystal Pharmatech Vice President of Business Development Robert Wenslow said. “From the walk-in ready lab space to the excellent and accessible staff, CCIT has met all of our needs as we’ve grown.”

Wenslow also noted that the state’s proximity to pharmaceutical giants played a factor in the company’s decision to locate in New Jersey. Fourteen of the world’s leading biopharmaceutical companies have locations in the Garden State. 

During its time at CCIT, Crystal Pharmatech has grown its client base to include more than 150 global pharmaceutical companies. The company partners with these clients to ensure comprehensive solutions for their needs in solid-state research, crystallization process development and pre-formulation studies. It also guides them through the optimal solid phase for drug development, using all aspects of pre-formulation studies, including regulatory support and intellectual property protection.

Wenslow is familiar with New Jersey’s biopharmaceutical community, having worked at Merck in Rahway prior to joining Crystal Pharmatech. Several other individuals on the CRO’s executive team have strong ties to New Jersey and its pharmaceutical ecosystem; its co-founders CEO Alex Chen and Chief Scientific Officer Yanfeng Zhang received their education at Rutgers and Princeton Universities respectively and worked at Merck in Rahway prior to starting Crystal Pharmatech. Ann Newman, the company’s vice president of scientific development, worked for Bristol-Myers Squibb in Princeton before arriving at Crystal Pharmatech.

@NJEDATech spoke with Wenslow about Crystal Pharmatech’s experience at CCIT and its plans for the future:

Why did you choose to grow your company in New Jersey?
We found New Jersey to be a central hub for both our clients and New Jersey’s talented employee-pool. Locating in an area so densely populated with pharmaceutical companies has been beneficial to our company.

What do you consider Crystal Pharmatech’s biggest success to date?
We would consider our New Jersey expansion efforts our biggest success to date!  We started out being a “China lab” company.  We had doubts that our competitive advantage would lead to a successful lab in the US.  But in our business, it’s all about the science. Hire good people, perform good science, and the business will come!

What’s on the horizon for Crystal Pharmatech?
We are looking to expand lab space and capabilities. We are realizing that focused early formulation development research is lacking in the CRO world. We’re going to try and fill that gap.

What advice would you give to entrepreneurs just starting out?
Know your client base well and your competition better. Find your competitive advantage and focus like a laser beam.
 

The New Jersey Economic Development Authority's next public Board Meeting will be held on Tuesday, August 9, 2016 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.

TRENTON (July 19, 2016) – Indicative of the influx of emerging technology companies within New Jersey and collaboration among the state’s entrepreneurs, accelerators are cropping up throughout  the Garden State as a way to support technology startups as they grow.

Accelerators can provide early-stage technology companies with capital, mentorship, business training, key services and exposure to qualified investors, which will increase the value of an enterprise and the likelihood of follow-on funding.

“Long seen as a leader in innovation, New Jersey is fertile ground for up-and-coming entrepreneurs to launch their businesses,” New Jersey Economic Development Authority (EDA) Chief Executive Officer Melissa Orsen said. “Along with a collaborative environment and a multitude of resources, accelerators offer yet another tool for emerging companies to grow and thrive in the Garden State.”

Members of the EDA’s Technology and Life Sciences Division are always keeping a pulse on the latest in New Jersey’s technology sector and today @NJEDATech looks at several technology accelerators that are currently accepting applications:

Newark Venture Partners (NVP) is accepting applications through Thursday (July 21) for its inaugural accelerator class, known as a “cohort,” which will run September 7 through November 30. NVP partners with investors such as Audible, Prudential Financial, Fidelco Realty Group, Dun & Bradstreet and Rutgers University Business School to provide capital, mentoring and technical expertise to a new generation of fast‐growing companies. NVP invests $80,000 in participating companies in exchange for five percent equity. It also guarantees a minimum $100,000 investment for companies that raise a qualified financing round. Located in a brand new, 25,000-square-foot co-working space located in the same building as Audible's global headquarters in Newark, NVP has a 10-gigabit bandwidth, which it says is 10 times faster than Google fiber. Newark Venture Partners Labs will give graduate companies post-accelerator access to its investor network and guarantees a co-investment in the companies’ first venture financings.

In Camden, the Philadelphia 76ers and Kimball Office have teamed up to create an innovation lab at the new 76ers Training Complex. The Sixers Innovation Lab is accepting applications for its new accelerator on a rolling basis, with flexible start dates to accommodate companies’ needs.  Advisors already signed up to mentor companies hail from nearly two-dozen entities, including the Wharton School of the University of Pennsylvania, StubHub, Edison Partners, Touchdown Venture and IBM Watson. In addition, participating companies will receive free office space for three months, as well as access to legal, accounting, finance, web design, marketing activation, and creative services, a weekly speaker series, and the Innovation Lab Board of Governors.

Another new arrival to the accelerator scene is EntreprenYOURS, which is accepting applications through August 1. Founded by members of the venture capital and emerging growth companies practice group at McCarter & English in East Brunswick, EntreprenYOURS is a “virtual” accelerator that provides access to information, networking and financial and professional services provided by already-vetted, renowned service providers, each well known and respected for its role in the ecosystem. Unlike many accelerators, EntreprenYOURS does not require founders to move their businesses to a co-location. Additionally, the accelerator is only accepting one cohort per year, allowing its advisors and mentors to continue to work with the accepted companies well beyond the traditional 12-16 weeks. Perhaps most novel and unique is entreprenYOURS’ cross ownership structure –in exchange for a small equity stake in each member company, each company accepted into EntreprenYOURS will receive an equity stake in its EntreprenYOURS cohort in the form of a carried interest, in addition to a cash stipend.

Tigerlabs in Princeton offers a six-month accelerator program for early-stage software companies across a broad array of sectors, including digital health, financial services, Internet of Things (IoT), advertising and media, education, and enterprise. Tigerlabs notes that, to date, it has invested in more than 40 companies that have raised a total of more than $40 million and have a collective valuation of over $120 million. Accelerator participants have access to appropriate and targeted mentorship from leading executives, entrepreneurs, and investors, direct access to decision makers at leading corporations, and shared office space in its expansive co-working facility. Tigerlabs provides $25,000 up front to participating companies, with up to $50,000 in additional matching capital. Applications are accepted on a rolling basis.

The TechLaunch accelerator has rebranded itself to work with post-seed stage startups. TechLaunch will still offer a three-month, investor-led business accelerator program; however, unlike its prior model, this new virtual program will drive business growth and due diligence preparation for funding. TechLaunch is leveraging the region’s existing resources to focus on the IoT, which includes robotics, MedTech, augmented reality, DroneTech, autonomous vehicles, and WearTech. Among other services, TechLaunch will aid the startup in filling their business model gaps by providing mentoring and coaching from experienced entrepreneurs and investors. TechLaunch’s new mission is on generating quality deal flow. Interested startups can visit TechLaunch.com for the self-qualifying, on-going program application. Recent TechLaunch graduates, NuSkool, Fusar Technologies, and ShieldTech have previously participated in the EDA’s New Jersey Founders & Funders, semi-annual events that enable early-stage businesses to meet with potential investors in 10-minute, one-on-one “speed dating” sessions to discuss strategy, business models and funding opportunities.
 

TRENTON (July 14, 2016) – Stressing the importance of keeping critical infrastructures operational during natural disasters, the Board of the New Jersey Economic Development Authority (EDA) today awarded preliminary approval for the funding of two projects under the Energy Resilience Bank (ERB). One project is a combined heat and power (CHP) system at Cooper University Hospital (CUH) and the other is a resiliency project at the Bergen County Utilities Authority (BCUA), which provides wastewater treatment and solid waste management for more than 500,000 people.
 
Created by the Christie Administration in the aftermath of Superstorm Sandy, the ERB is the first public infrastructure bank in the nation to focus on energy resilience. Administered by the EDA, the ERB is utilizing $200 million from New Jersey’s second Community Development Block Grant-Disaster Recovery (CDBG-DR) allocation to support the development of distributed energy resources (DER) at critical facilities throughout the state that will enable them to remain operational during future outages.
 
The intent of the ERB is to finance the installation or upgrading of commercially available and cost effective resilient energy technologies at critical facilities, with a focus on effective DER technologies, including CHP and fuel cells, which are designed to start up and function in “island” mode, disconnected and isolated from the grid during a power outage or other event.  As an added benefit, these technologies typically provide cleaner and more efficient power than more traditional forms of electricity generation.
 
“It is essential that New Jersey’s communities and residents have access to hospitals and clean water through any emergency,” EDA Chief Executive Officer Melissa Orsen said. “When complete, the projects approved today will enable these facilities to continue operating independently from the electrical grid and providing necessary community services and benefits in the event of future storms, disasters, or other emergency situations.”
 
ERB applicants must be eligible entities and must demonstrate that they were either directly or indirectly impacted by Superstorm Sandy or directly impacted by another qualifying disaster. Priority, as established through the ERB scoring system, is placed on projects which serve low and moderate income communities. Financing options available through the ERB consist of grants and loans to address unmet funding needs. 
 
CUH, formally known as Cooper University Health Care Systems, is a not-for-profit, acute care hospital located in downtown Camden that serves more than 500,000 patients a year. A regional Level One Trauma Center for the southern seven counties of New Jersey, CUH suffered direct physical damage and a substantial business interruption loss from Superstorm Sandy.
 
Today’s Board action will allow the CUH project to advance to the next phase of the ERB program review. As authorized, $28.2 million of ERB funds will be reserved for the project, approximately $19.5 million as a grant and $8.7 million as a low-interest loan. An additional $2 million will be provided in the form of a loan from the Public Service Electric & Gas (PSE&G) Hospital Efficiency Program, which will cover the gap between the ERB funding and the project’s total estimated cost of $30.2 million.
 
Consistent with ERB and U.S. Department of Housing and Urban Development’s (HUD) CDBG-DR program requirements, CUH will develop a new CHP on its hospital campus in Camden. The project will include a 4.4 Megawatt recuperated combustion turbine generator that will be interconnected within the hospital campus, which includes the main hospital, the MD Anderson Cancer Center, 3 Cooper Plaza, the Education and Research Building, and two adjacent parking garages.
 
The BCUA is responsible for wastewater treatment and solid waste management services for Bergen County municipalities. The BCUA’s two wastewater treatment facilities process 83 million gallons of wastewater per day. The Little Ferry water pollution control facility (WPCF) collection system consists of approximately 90 miles of sewer interceptor lines and eight pumping stations serving all or part of 46 municipalities and 20 private customers in Bergen County, for a total wastewater service population of 536,000. BCUA suffered millions of dollars of physical storm damage and flooding at the treatment facility caused a loss to system functionality that resulted in an inefficient process for maintaining the sanitization of the water supply for one of New Jersey’s most densely populated counties.
 
The action taken at today’s board meeting will allow the BCUA project to advance to the next phase of the ERB program review. As authorized, $26.99 million of ERB funds will be reserved for the project, approximately $25 million as a grant and $1.9 million as a low-interest loan.
 
Consistent with ERB and HUD’s CDBG-DR program requirements, BCUA will implement a resiliency project at the Little Ferry WPCF site that entails three components to help enable BCUA to remain operational in the event of future storms, disasters, or emergency situations. First, BCUA is going to retrofit its two existing CHP cogeneration units with black start and islanding capabilities. BCUA will also raise its substations to protect its power assets from flooding and to avoid cascading impacts to the entire Little Ferry plant that could be caused by flooding of the substations. Substation assets that can be relocated above the proposed mitigation design flood elevation will be replaced and raised, as appropriate. Finally, BCUA will purchase a 175,000-cubic-foot biogas storage tank that will stabilize the fluctuation in biogas supply and demand, and provide BCUA with the capability to augment biogas feeding the cogeneration units during power outages, to make the system more resilient.
 
Based on today’s action, the CUH and BCUA projects will now proceed to the NJ Department of Environmental Protection’s (DEP) environmental review process.  This authorization to proceed allows these entities to make the necessary financial commitments to finalize engineering and design of the projects, with the understanding that any material changes to the projects’ scope or budget will be brought back to the Board for reconsideration. 
 
The ERB Financing Program Guide and application can be found at http://www.NJERB.com, or by calling (866) 534-7789, or emailing erb@njeda.com.
 
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.